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Banks Reap Rewards from Single Bank Pooled Collateral Program

Three years since its launch, the Single Bank Pooled Collateral Program (SBPC) has steadily attracted more bank participants and public depositors. Twenty-five banks, collectively representing 360 public depositors, are part of the program.

The program allows participating banks to consolidate their public deposits and secure collateral coverage for their entire public deposit portfolio, as opposed to pledging collateral individually per entity. This shift to aggregated pledging not only enhances operational efficiency but also maintains security and safeguards for public deposits. Participating banks experience enhanced efficiency compared to the conventional method of pledging collateral.

The SBPC program is under the supervision of the Nebraska Department of Banking and Finance, with administration handled by NBISCO, the for-profit subsidiary of the NBA.

To learn how your bank can experience the benefits of the SBPC program, visit the program website or contact NBISCO Program Administrator Misty Rushing at [email protected] or 402-904-7060.

Connect with Future Bankers at UNK

The NBA is hosting a Meet the Bankers lunch on Sept. 27 from noon to 1:30 p.m. at the University of Nebraska at Kearney, in collaboration with the College of Business and Technology (CBT). The event is an opportunity for bankers and students to discuss careers in banking in an informal setting. Prior to lunch, there will be several opportunities for bankers to join the NBA in visiting CBT classrooms for 15-20-minute presentations. For more information, contact Steven Mah at the NBA at [email protected] or 402-474-1555.

Legislative, Policy & Regulatory Updates

Ask Congress to Oppose Credit Card Routing Bill

Supporters of the Credit Card Competition Act (S. 1838) are attempting to attach the bill as an amendment to spending legislation under consideration in the Senate.

In a letter to Sen. Deb Fischer, the NBA called the credit card routing legislation "anti-fair enterprise" and said it will "...harm consumers and benefit big box retailers by reducing the number of credit card issuers competing for consumers' business, thereby removing consumers' choice of preferred card network." A similar letter was sent to Sen. Pete Ricketts.

Bankers are urged to contact Sens. Fischer and Ricketts and ask them to oppose attempts to attach the Credit Card Competition Act to any appropriation legislation.

Take Action

NBA Files Comment Letter on FHFA Suspended County Program

In a comment letter send to the Federal Housing Finance Agency (FHFA) yesterday, the NBA asked the Agency to withdraw its proposal to amend the Suspended Counterparty Program. "It is evident that FHFA has not contemplated the potential harm on the housing finance market and the impact of being suspended from FHFA-regulated sources of funding," the NBA said in the letter.

The proposal would broaden the scope of "covered misconduct" categories that could lead to the suspension of a counterparty (such as a seller/servicer or vendor). These expanded categories now encompass sanctions stemming from various forms of civil misconduct related to activities like real property management or ownership. In addition, the FHFA would gain the authority to issue an immediate suspension order when the misconduct has resulted in the debarment, suspension or limited denial of participation by a federal agency.

Read the Letter

Compliance Updates - Sept. 15, 2023

• OCC: Legal Lending Limit Guidance - Loan Purchase Activities

Kentucky Court Temporarily Blocks CFPB Data Collection Rule

The United States District Court for the Eastern District of Kentucky has issued a nationwide injunction against the enforcement of the Consumer Financial Protection Bureau's (CFPB) Section 1071 final rule on small business lending data collection. The injunction will remain in effect while the Supreme Court hears a constitutional challenge to the CFPB’s funding structure. Arguments in the case, CFPB v. Community Financial Services Association of America, are scheduled for October. A ruling on the matter is expected next summer.

In August, the Kentucky Bankers Association and eight Kentucky banks filed a motion seeking to pause implementation of the CFPB rule.

Lawmakers Urge Withdrawal of Proposed Capital Requirements

Republican members on the House Financial Services Committee recently sent a letter to federal regulators, urging them to reconsider the “Basel III endgame” proposed capital requirements for banks holding assets exceeding $100 billion. In their letter, the lawmakers said regulators have not adequately provided the reasoning or supporting data for the recent rulemaking and other regulatory adjustments.  “As currently drafted, these proposals will undermine core principles and risk models that serve as the foundation of our financial system,” the lawmakers said.

Thank you to Rep. Mike Flood for joining the letter. 

Read the Letter

Graduate School of Banking-Wisconsin Opportunities

The NBA and the Graduate School of Banking-Wisconsin (GSB) are cosponsoring a wide variety of online seminars throughout the remainder of 2023. Click on each month to learn more: September, October, November and December. GSB seminars are designed to meet the dynamic learning needs of today's busy financial professionals and are delivered by some of today's top industry experts. All sessions are recorded, so if you’re unable to attend one of the live presentations, it’s no problem!

Meet A Banker

Happy Hispanic Heritage Month! Gonzalo Ledesma is a commercial relationship manager at First Interstate Bank in Omaha. He prioritizes building strong, long-lasting relationships with businesses in the community while providing invaluable financial guidance.

While pursuing a finance degree at the University of Nebraska at Omaha, he interviewed for an internship at a bank. This decision to explore banking showed him that banking isn’t just about numbers; it’s about people and building meaningful connections.

Gonzalo said, “As I reflect on my journey to success, I can’t help but recognize the profound influence of my Hispanic heritage. It’s a heritage deeply rooted in resilience, family values and a strong work ethic that has propelled me forward.”

Learn More

Do you know a banker we should feature for Hispanic Heritage Month? Share this form with them and help the NBA highlight the many opportunities available in banking.

Review Alliance

Did you know that there are four specific situations where SAR filing is required?

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Compliance Alliance

Q: For an open-end credit card account can a due date on the monthly billing statement vary if the usual due date lands on a Sunday?

Learn the Answer

The Nebraska Society of Certified Public Accountants is hosting a free webinar on the Pass-Through Entity Tax election. The webinar will cover an explanation of Nebraska Department of Revenue Forms and a discussion of income taxability. The webinar is Oct. 5 from 11:30 a.m. to 12:30 p.m. CDT. The registration link has been updated from last week.

Register