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Nomination of CFPB Director | | President Donald Trump has nominated Brian Johnson to lead the CFPB, which has been without a full-time leader since the firing of Rohit Chopra. Between December 2017 and March 2020, Johnson was Acting Deputy and then Deputy Director at the CFPB. He also has experience as Chief Financial Institutions Counsel of the House Financial Services Committee, worked at a major law firm, and has held the position of Vice President, U.S. Card Compliance Officer, at Capital One. | | CFPB Nominee Brian Johnson | | | | |
SCAM Act Gains Additional Cosponsor | Rep. Tim Moore has added his name as a cosponsor of H.R. 7548 – the Safeguarding Consumers from Advertising Misconduct Act (SCAM Act). This bipartisan legislation requires social media platforms to implement new requirements to verify the identity of advertisers and have procedures in place to identify and mitigate fake advertisements and scams. | The list of cosponsors from the North Carolina delegation also includes Representatives Pat Harrigan, Chuck Edwards, Valerie Foushee, and Don Davis. | | FDIC Exploring Changes to Resolution Planning, DIF Assessments | In a recent speech, FDIC Chairman Travis Hill said the agency is exploring whether to slim down its resolution planning requirements for large banks and make adjustments to the Deposit Insurance Fund's assessment framework, including reducing assessment rates. | | | | |
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NCBA Continues Member Bank Visits Across North Carolina | | NCBA President and CEO Peter Gwaltney and NCBA Chairman Jim Marshall continued their mission of visiting member banks across North Carolina, meeting with bankers and celebrating the strength, history and continued growth of institutions serving communities throughout the state. | | | | |
In Greensboro, Gwaltney and Marshall visited Ramsey Hamadi, CEO of Triad Business Bank, at the bank’s headquarters. Triad Business Bank organized in 2019 and opened for business in March 2020, just as the COVID-19 pandemic was beginning to reshape communities and businesses across the country. Today, the bank has grown to more than $530 million in assets and continues to serve the Triad’s vibrant business community. | | | | | |
Gwaltney and Marshall also visited Morganton Savings Bank, S.S.B. in downtown Morganton, where they met with NCBA Past Chairman Mike Ayotte and the bank’s team. Founded in 1903 as Morganton Building and Loan, the depositor-owned mutual savings bank has spent more than 120 years helping local families save, purchase homes and build a stronger community. | | | | | |
At First Savings Bank in Mebane, Gwaltney and Marshall joined President Amy Cannady to celebrate her 24th anniversary with the bank. Cannady is the third generation of her family to lead the institution, which was founded in 1909 as the Mebane Homebuilders Association and now serves Alamance County with $55 million in assets. | | | | | |
In Winston-Salem, Gwaltney and Marshall met with David Barksdale, President and CEO of Piedmont Federal Bank and a former NCBA Board member. Founded in 1903, Piedmont Federal has grown to $1.3 billion in assets and 11 locations in the Triad and Wake Forest. Piedmont Federal is the largest mutual bank headquartered in North Carolina. | | | | | |
NCBA also joined Huntington National Bank in celebrating the community launch of its new Stanleyville branch in Winston-Salem. The event drew a large turnout from the community and included a generous contribution from the bank to Financial Pathways of the Piedmont. | | | | | |
The week also included the grand opening of Fifth Third Bank’s new branch on Pineville-Matthews Road in Charlotte, where NCBA joined local bankers and community members in celebrating the new location. | | | | | |
Atlantic Union Bank Secures Naming Rights for Raleigh Convention Center | | The Raleigh Convention Center will be renamed the Atlantic Union Bank Convention Center under a new naming rights agreement approved by the City of Raleigh. | The initial 15-year agreement will provide the city with $525,000 annually, with the fee increasing 2% each year. The contract also includes options for two additional five-year extensions. | | | The convention center is currently undergoing a nearly $400 million expansion that will add nearly 300,000 square feet of new space, bringing the facility to nearly 800,000 square feet. The project also includes relocating Red Hat Amphitheater one block south to make room for the expansion. | | | | |
First Bank Honored with “Investor of The Year” Award by CAHEC | | First Bank was honored with the Investor of the Year Award at the 2026 CAHEC Partners Conference earlier this week. | The award recognizes First Bank’s commitment to supporting affordable housing and strengthening the communities it serves. | | | “As a community-focused bank, we believe that part of our purpose is to uplift the communities in which we serve,” said First Bank CEO Adam Currie. “Investing in affordable housing is one of the best ways to do that.” | First Bank Chief Accounting Officer Brent Hicks, Director of Affordable Housing Chris Clemmons and other members of the First Bank team were on hand to accept the award. | | | | |
North Carolina Bankers Complete the Graduate School of Banking at LSU | | On May 29, one hundred and fifty-nine bankers received graduation diplomas from the Graduate School of Banking at Louisiana State University. This three-year program provides courses covering all aspects of banking, economics, and related subjects. Students traveled from twenty-three states and Mexico to participate in this session. Five bankers received diplomas from North Carolina: | | |
- R. Alan Lomax, Fidelity Bank
- Jennifer Mabe, First Horizon Bank
- Gulshan Ramani, First Horizon Bank
- Mathew Russell Scribner, Southern Bank and Trust
- Scott Wilson, Southern Bank and Trust Company
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Sponsored by 15 southern-state bankers associations in cooperation with the Division of Continuing Education at LSU, The Graduate School of Banking at LSU requires attendance on campus for three years, with extensive bank study assignments between sessions. The faculty is comprised of more than 50 bankers, business and professional leaders, and educators from all parts of the U.S.
During their three summer sessions at the Graduate School of Banking, students receive 180 hours of classroom instruction, planned evening study, and final examinations at the end of each session.
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State Legislative &
Regulatory Update📜 | | | | |
Many were predicting that legislative leaders would this week unveil and quickly vote upon a long-delayed budget for the state. Senate President Pro Tem Phil Berger and Speaker Destin Hall met on Wednesday of last week. Their plan when the meeting was scheduled was to go over a draft budget, but despite that goal, the budget draft had not been finalized by the time they met. Legislative leaders insist that they remain on course to have a budget voted upon this month. | | | A personal income tax cut is anticipated to be included in the budget. In prior announcements, they have suggested the personal income tax rate will drop from 3.99% this year to 3.49% in the 2027, 2028, and 2029 tax years. The rate would drop to 3.24% from 2030 to 2032, followed by another cut to 2.99% in 2033 and 2034. | The budget is expected to make no changes to corporate income tax rates, which are at 2.00% in 2026, will fall to 1% in 2028, and then be eliminated after 2029. | | | | |
Prohibiting Foreign Ownership of Land | For national security reasons, Senate Bill 394 seeks to restrict foreign ownership of NC land. The bill was amended last week in a House committee. The change, which appears on page 4 beginning on line 39, is notable because it deals with affidavits that are required to show compliance in real estate transactions. | | | The bill now has a provision which clarifies that no affidavit is required to be attached by banks or savings institutions to a deed of trust, mortgage, assignment of rents, security interest, or other lien securing payment or performance of an obligation. | | | | |
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Federal Legislative &
Regulatory Update⚖️ | | FDIC & SEC Leadership Vacancies | In a new letter, the Democratic members of the Senate Banking Committee have criticized President Trump for not nominating any Democrats to the boards of the FDIC and other financial regulators, arguing the administration is defying decades of bipartisan tradition. | | | Draft Reporting Forms for Stablecoin Issuers | The OCC has released for public review draft forms that would be used to collect information from payment stablecoin issuers under its jurisdiction. Comments must be received by August 11, 2026. | | | Guidance on Sharing Information about Fraud | FinCEN has issued an updated fact sheet to clarify how financial institutions can share information with each other about suspected fraud under the provisions of the USA PATRIOT Act. It includes examples, including video surveillance footage and cyber-related data, such as IP addresses. | | | | | |
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FHLBank Atlanta 2026 Director Election | Federal Home Loan Bank of Atlanta (Bank) has begun the election to fill four directorships on the Bank’s board of directors, including the member directorships in Florida, Georgia, and Maryland, and one independent director. The term of the directorships to be filled in this election begins on January 1, 2027, and ends on December 31, 2030. | | | Individuals interested in being considered for the independent directorship who meet the requirements must complete and return to the Bank, by 5:00 p.m. EDT on July 13, 2026, the application and related forms that are available on the bank’s website. | If you have questions, please contact Courtney Tobin, Associate General Counsel and Deputy Director of Compliance, at 404-888-5343 or ctobin@fhlbatl.com. | | | | |
Need Credits? Earn CRCM, CPE, SHRM and More! | | Looking to skill up? North Carolina Bankers Association is making it easier than ever to invest in your professional growth. Sign up for one of the upcoming webinars from our partnered providers: | | | | |
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First Carolina's Go-Public Plan | |
Ronald Day has helped build one of North Carolina's largest and fastest-growing community banks over the past 12 years. Now, First Carolina Financial Services, the Raleigh-based owner of First Carolina Bank, plans to raise as much as $88 million in an IPO.
The shares are expected to be priced between $14 and $16, according to the recently filed prospectus for the offering. At the $15 midpoint price, the offering would raise net proceeds of $73.6 million after underwriting costs.
| | Ron Day, First Carolina Bank | | | | |
Georgia Bank to Enter Winston-Salem through Encore Branch Acquisition | Georgia-based American Pride Bank plans to acquire Encore Bank’s Winston-Salem branch in Bailey South as part of a broader Southeast expansion strategy. The deal includes branch employees and follows American Bancorp’s 2025 merger with Charlotte-based New Republic Bank. Veteran bankers Michael Sharpton and Leigha Smith will help lead the bank’s regional growth efforts. | | | | |
First Bancorp Announces Cash Dividend | First Bancorp, the parent company of First Bank, declared a cash dividend of $0.24 per share on its common stock. The dividend is payable July 24 to shareholders of record as of June 30. | | | | |
PNC Multifamily Capital Closes $251.4 Million Affordable Housing Fund | PNC Bank, N.A., a leader in tax credit syndication, today announced the closing of Low-Income Housing Tax Credit (LIHTC) Fund 104, a $251.4 million fund focused on the development and preservation of affordable rental housing across the United States. The fund includes investments from nine financial services and insurance companies, as well as PNC, reflecting PNC Multifamily Capital's continued commitment to addressing the nation's affordable housing shortage through strategic investments and partnerships. | | | | |
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"An investment in knowledge pays the best interest."
- Benjamin Franklin |
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