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May 3, 2023

NBA BankPAC Silent Auction Online Bidding Is Open

This is your opportunity to support NBA BankPAC and score some great items, including concert tickets, Husker volleyball tickets, golf packages and more. Bidding ends tomorrow, May 4, at 6:00 p.m. CST. Plus, don't miss your chance to win a Traeger grill by purchasing raffle tickets starting at only $25!

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NBA Annual Convention Begins Today

Follow the NBA on Facebook, Instagram, LinkedIn and Twitter for updates from the Annual Convention, May 3-5.

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Contact Congress: Support Section 1071 Resolution

Bankers are urged to contact their lawmakers and ask them to support a Congressional Review Act resolution expressing disapproval of the Consumer Financial Protection Bureau's (CFPB) recent final rule under Dodd-Frank Act Section 1071. The rule requires the collection and reporting of credit application data for small businesses, including women-owned and minority-owned small businesses, which may restrict access to credit for small businesses and create privacy risks.

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Legislative, Policy & Regulatory Updates

Legislative Update

April 28, 2023

Stay up to date by subscribing to the NBA Legislative Update. Sent every Friday during the legislative session, the newsletter recaps the week in the Nebraska Unicameral and issues affecting the banking industry.


Texas Bankers Association Sues to Block Section 1071 Rule

The Texas Bankers Association and Rio Bank filed a lawsuit against the Consumer Financial Protection Bureau (CFPB) to prevent the implementation of the final rule under Section 1071 of the Dodd-Frank Act. Section 1071 requires the collection and submission of data related to credit applications by women-owned, minority-owned, and small businesses. The suit claims that the CFPB has exceeded its authority by turning three pages of legislation requiring 13 data points into nearly 900 pages of regulation requiring 81 data points.

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FDIC Recommends ‘Targeted’ Coverage for Deposit Insurance Reform

The Federal Deposit Insurance Corporation (FDIC) has released a report on the Deposit Insurance Fund (DIF) and recommended a "targeted" deposit insurance system that provides additional coverage for business payment accounts as the best option for balancing financial stability and depositor protection. The FDIC considered three options: the existing limited coverage option, an unlimited coverage option, and the targeted system. However, the agency acknowledged that implementing the targeted option presents "significant, unresolved practical challenges." The report did not address the possibility of a special assessment fee to compensate for the hit to the DIF caused by Silicon Valley Bank and Signature Bank's systemic risk exemption declaration.

Read the Report

Reports: Oversight, Bank Management Led to Bank Failures

Federal Reserve Vice Chairman for Supervision Michael Barr released a report on the failure of Silicon Valley Bank, in which he said that the Federal Reserve supervisors did not fully understand the extent of vulnerabilities as the bank grew in size and complexity. He also recommended changes to the current regulatory framework for bank supervision, including improving the speed, force, and agility of supervision, revisiting tailoring standards for banks with over $100 billion in assets, reevaluating liquidity risk supervision, and considering tougher standards for executive incentive compensation programs. 

Additionally, the FDIC issued a report citing management failures and excessive exposure to the volatile crypto sector as reasons for the collapse of Signature Bank, which failed shortly after Silicon Valley Bank. A report by the Government Accountability Office (GAO) noted that supervisors failed to escalate their concerns about the banks’ management of risk related to deposits in the months preceding the failures. 

Read the Fed Report

Read the FDIC Report

Read the GAO Report

FDIC, OCC Highlight ‘Unfair, Deceptive’ Overdraft Practices

The FDIC and the Office of the Comptroller of the Currency (OCC) released a bulletin on certain overdraft practices that could result in violations of prohibitions against unfair or deceptive practices.

Read the Bulletin

Upcoming Events

To see the complete event schedule, visit the NBA Event Calendar.

Graduate Schools of Banking Opportunities 

Enrollment is full for the Graduate School of Banking at Colorado’s next session, July 16-28, 2023, in Boulder, CO. However, first-year candidates can apply to be added to the waitlist. Candidates who wish to attend the 2023 session should apply and pay the $300 processing fee ASAP to join. Enrollment will be granted upon availability through May 19, 2023; if enrollment is not obtained, waitlisted candidates will receive priority enrollment in the 2024 session.

Learn More and Apply

Enrollment for the following Graduate School of Banking-Wisconsin (GSB-Wisconsin) and the NBA’s co-sponsored schools will close in August: Financial Managers and Sales and Marketing. View next year’s full schedule here.

Banks & Bankers

April 26 - May 2

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Review & Compliance Alliance

Review Alliance

Did you know that banks may not advertise "free" accounts if certain maintenance and activity fees may occur?

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Compliance Alliance

Q: If a customer calls and asks about our current rates do we need to include a statement of "annual percentage yield" along with the rate?

Learn the Answer

ABA Community Commitment Awards

The ABA Foundation’s Community Commitment Awards celebrates America’s banks and bankers and their dedication to the people and communities they serve. Applications for the awards are due July 7.

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