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NBA Foundation Scholarship Application Available

The NBA Foundation will award up to 10 scholarships, each worth $2,000, to eligible students. To qualify for this scholarship, candidates must be enrolled in a business or other banking-related program at one of Nebraska's three state colleges or at a privately funded college or university in Nebraska.

The deadline for scholarship applications is Jan. 31. This is a fantastic opportunity for students with an interest in banking to receive financial support for their education.

Please share this opportunity with college students who are interested in a career in banking. By spreading the word, you can play a role in helping shape students on their journey toward a career in banking. Together, we can help shape the future of the next generation of Nebraska bankers.

This week the NBA expressed objections to a U.S. Department of Labor (DOL) proposal that would significantly increase the number of employees covered by the Fair Labor Standards Act's overtime and minimum wage requirements. Under the proposal, employees earning up to $1,059 per week, equivalent to $55,068 annually, would automatically be subject to those requirements. This represents a significant increase from the 2019 regulations, which set the salary threshold at $684 per week or $35,568 annually. In a letter to the DOL, the NBA noted, "A bank or small business in rural Nebraska should not be subject to the same wage threshold as a business in Washington, D.C."

Read the Letter

NBA, UNL Recognize Ag Banking Scholarship Recipients

The NBA and the University of Nebraska-Lincoln (UNL) Department of Agricultural Economics celebrated scholarship recipients at a dinner on Nov. 1.

The honored students are part of the Ag Banking and Finance Program at UNL. Students in the program are studying agribusiness with an emphasis in banking and finance and receive a scholarship from the NBA. Since the program's inception in 2006, the Nebraska banking industry has provided over $1.1 million in scholarships, and more than 175 students have completed internships through the program.

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Legislative, Policy & Regulatory Updates

Compliance Updates - Nov. 3, 2023

• Truth in Lending Act Annual Threshold Adjustments
• Federal Protections for Pregnant and Nursing Employees
• DOL FMLA Guidance - Holidays During FMLA Leave

FHLB Report Released

Yesterday, the Federal Housing Finance Agency (FHFA) issued a comprehensive report on the Federal Home Loan Banks (FHLB). The report notes that the FHLB mission statement will be updated to better reflect the primary goals of providing stable liquidity and supporting housing and community development. The report also touches upon FHLB membership, potentially allowing nonbank mortgage companies to join with similar requirements. Additionally, the FHFA is considering the implementation of a 10% mortgage asset test for certain FHLB members.

Other proposals include enhancing the management of FHLB liquidity and reducing associated debt issuance costs. The report also advocates for an expansion of the FHLBs' involvement in housing and community development through the introduction of mission-oriented collateral programs and improved engagement with entities like community development financial institutions. Additionally, the FHFA is recommending specific congressional amendments, including an increase in funding for affordable housing programs and the introduction of greater flexibility in the selection of FHLB board members.

Read the Report

CFPB Proposes Oversight of Nonbank Payment Providers

The Consumer Financial Protection Bureau (CFPB) proposed a rule that aims to regulate significant nonbank companies offering digital payment services, such as P2P payments and mobile wallets. The proposal would grant the CFPB the authority to oversee specific nonbank entities involved in the market for "general-use digital consumer payment applications." It seeks to ensure these nonbank payment providers adhere to federal consumer financial protection laws, establishing a more consistent regulatory framework between non-depository and depository institutions.

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Regulators Tighten Liability Standards for Treasury Check Returns

The Treasury Department issued a final rule that would hold financial institutions liable for disbursing canceled Treasury checks without first obtaining return information to confirm their cancellation status. This rule aligns with the launch of the Treasury's updated check post-payment processing system, designed to provide financial institutions with more rapid notifications regarding the return status of Treasury checks.

Read the Final Rule

Review Alliance

Did you know that FEMA map changes can affect flood insurance needs for existing loans?

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Compliance Alliance

Q: I read that the FDIC recently proposed rules that would remove restrictions on hiring candidates with criminal histories. What should we be considering regarding these new proposed changes?

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Nebraska Attorney General Mike Hilgers released a video today warning consumers about bank impersonation scams. This action was prompted by reports from banks that Nebraskans were receiving calls and text messages falsely claiming to be from their bank.

Fraudulent activities like these have become increasingly common, with the Federal Trade Commission recording an estimated $8.8 billion loss to phishing scams and related fraud in 2022, representing a substantial 44% surge from the previous year.

In response to this alarming increase in bank fraud, the American Bankers Association (ABA) launched the #BanksNeverAskThat campaign, emphasizing through humor the types of questions that banks would never legitimately pose to customers, such as requests for PINs, passwords or social security numbers.

Participation in the campaign is open to all banks, regardless of ABA membership, with available resources accessible at no cost. Banks interested in joining the campaign can register here.