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Nebraska bankers are in Washington, D.C., this week to meet with Nebraska's congressional delegation and to attend the NBA Washington Legislative Visit and the American Bankers Association Washington Summit.

Among the speakers at the Summit were former CFPB Director Kathleen Kraninger, former FDIC Chair Jelena McWilliams and former Federal Reserve Vice Chair for Supervision Randal Quarles. This panel provided perspectives on the shifting regulatory environment for banks. The Points Guy Brian Kelly discussed how the so-called Credit Card Competition Act would impact credit card rewards programs.

Bankers also heard from House Majority Whip Tom Emmer (R-Minn.), Senate Banking Committee members Jon Tester (D-Mont.) and Katie Britt (R-Ala), and House Financial Services Committee member Rep. Josh Gottheimer (D-N.J.).

Three Nebraska bankers also attended the American Bankers Association (ABA) Emerging Leaders Forum held in conjunction with the Summit. Tyler Avery of Commercial State Bank (Nebraska City), Brittany Planos of Union Bank & Trust Co. (Lincoln) and Joanna Sandvold of First State Bank Nebraska (Lincoln) received scholarships from the NBA and ABA to attend.

From left: Brittany Planos, Joanna Sandvold and Tyler Avery attended the Emerging Leaders Forum during the ABA Washington Summit.

Nebraska bankers and NBA leadership represented Nebraska's banking industry at the ABA Washington Summit this week.

A potential ballot initiative, known as the EPIC Option, would overhaul Nebraska's tax system by eliminating income, property and inheritance taxes. Instead, it proposes implementing a statewide consumption tax of 7.5%. However, a new study from the Tax Foundation indicates the plan could require a 21.6% rate or higher to fund the government at current levels.

The study also notes that the EPIC Option does not prevent local governments from imposing additional consumption taxes, potentially resulting in a significantly higher overall tax burden. This could lead to cross-border shopping, where residents near lower-tax states seek better rates.

The NBA has joined a coalition of over 40 businesses and organizations that will conduct an education campaign to provide information on the EPIC Option proposal.

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Legislative, Policy and Regulatory Updates

New Initiative to Address Check Fraud

The ABA and the U.S. Postal Inspection Service announced a new joint effort to combat rapidly increasing check fraud cases. The initiative will concentrate on four key areas: educating customers of the U.S. Postal Service and banks about check fraud prevention, tackling money mules and collusive account holders, collaborating with law enforcement, and providing training to bank employees and postal workers on identifying red flags and prevention measures.

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Financial Industry Associations Highlight Myths About Debit Card Interchange Fees

In response to the Federal Reserve's proposal to lower the cap on interchange fees, several financial industry associations released a "myth vs. fact" guide. The Fed's proposal aims to decrease interchange fees by nearly 30% and implement a biennial review without public comment each time. The groups cite studies showing that merchants did not reduce prices after the enactment of Regulation II in 2011 and highlight research indicating that merchants retained significant savings instead of passing them on to consumers, totaling $42 billion in 2016 alone.

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March 13 - 19

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Review Alliance

Did you know that HMDA specifies when a loan should be reported as a cash-out refinancing rather than a refinancing?

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Compliance Alliance

Q: When is an Anti-Steering Disclosure required?

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Explore CRA-Eligible Funding Opportunities

Join the Federal Reserve for Investment Connection Nebraska to learn about proposals that would receive Community Development Act consideration. Funding requests range from $25,000 to $2.5 million, targeting various geographic areas from single community projects to statewide efforts. The event is April 11 from 11:30 a.m. to 1:45 p.m. CT in Omaha.

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