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The American Bankers Association (ABA) will soon review appointed committees for the 20204-2025 association year. There are openings for a Nebraska banker on the Community Bankers Council and the Government Relations Council. Serving on an ABA council provides an opportunity to have an impact on industry priorities and advocate for the interests of Nebraska banks at the national level. If you are interested in serving on one of these councils, please contact NBA President and CEO Richard Baier at the NBA at [email protected] or 402-474-1555.

The ABA, the Consumer Bankers Association, the U.S. Chamber of Commerce, the Texas Association of Business, the Fort Worth Chamber of Commerce and the Longview Chamber of Commerce filed a lawsuit last week challenging the Consumer Financial Protection Bureau's (CFPB) rule on credit card late fees. The groups say it exceeds the CFPB's authority and lacks proper analysis. The rule reduces the safe harbor dollar amount for late fees to $8, eliminates the higher safe harbor dollar amount for subsequent violations of the same type and removes the annual inflation adjustment for the safe harbor amount.

Thank you to these groups for taking a stand against the CFPB's misguided credit card late fee rule. By capping late fees well below banks' actual costs, this rule will make credit more expensive. It could lead to more late payments, higher debt, lower credit scores and less access to credit for the consumers who need it the most. The CFPB has once again exceeded its statutory authority and ignored stakeholder input, which makes litigation and unfortunate necessity.

Read the Lawsuit

Legislative, Policy and Regulatory Updates

Urge Nebraska Representatives to Cosponsor H.R. 7297

Additional cosponsors are needed for H.R. 7297/S. 3502, the Homebuyers Privacy Protection Act. Thank you to Senators Deb Fischer and Pete Ricketts and Rep. Mike Flood for cosponsoring the bill. Contact Reps. Don Bacon and Adrian Smith and ask them to do the same. The bill would limit the practice of credit agencies selling consumer information to other lenders as "trigger leads" when a mortgage application is submitted.

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FDIC Releases Quarterly Banking Profile

The Federal Deposit Insurance Corporation (FDIC) Quarterly Banking Profile shows a 2023 net income of $256.9 billion, 2.3% lower than the previous year. Fourth-quarter net income decreased by 43.9% to $30 billion from the previous quarter. Total domestic deposits increased by 1.1% in the fourth quarter, marking the first quarterly increase in seven quarters.

The FDIC noted that, while full-year net income declined in 2023, it continues to remain above pre-pandemic levels. An estimated 70% of the quarterly net income decrease was attributed to "specific, nonrecurring, noninterest expenses at large banks."

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Nebraska Report

FHFA Introduces Pilot Program Aimed at Lowering Closing Costs

The Federal Housing Finance Agency (FHFA) announced a pilot program aimed at reducing closing costs for homeowners. Currently, lenders must provide independent verification, such as a legal opinion or title insurance policy, when selling mortgage loans to Fannie Mae or Freddie Mac to ensure the mortgage is a valid first lien. The pilot program will waive this requirement to test whether it can reduce closing costs for homeowners.

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As your bank is preparing to host summer interns, check out the Bank On Your Future Internship Toolkit. This comprehensive toolkit covers all aspects of building and overseeing successful internship programs, including structuring an internship and setting up your intern for success.

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March 6 - 12

Email your news, press releases, photos and/or newspaper articles to be published in Banks & Bankers. Send content to [email protected].

Review Alliance

Did you know that banks should have a callback process in place for electronic wire requests?

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Compliance Alliance

Q: Can a lender order an appraisal prior to receiving intent to proceed? Is it a regulatory violation if a lender orders one without having received intent to proceed? When can we first charge for an appraisal?

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FDIC to Hold Disaster Recovery Webinar

The FDIC will host a webinar for Nebraska bankers, local governments and community-based organizations about activities that revitalize or stabilize designated disaster areas as well as potentially qualify for Community Reinvestment Act consideration. The webinar is March 20 from 11:30 a.m. to 1:00 p.m. CDT.

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