Language Needed to Strengthen CLARITY Act 

Attached to today’s Bulletin is a letter that state bankers associations – including the NCBA – and ABA and ICBA sent to lawmakers in advance of the cloture vote, urging that they use the CLARITY Act to close the payment-of-interest loophole for payment stablecoins.

The letter argues that this will provide “the clearest path to achieving Congress’ stated objective of preserving local lending by reducing the risk of unintended consequences for local economies.” 

Second BankWork$ Cohort Gets Underway in Raleigh

The second cohort of the NCBA’s BankWork$ program kicked off September 14 at the NCBA Learning Center in Raleigh.

Led by Janice Royster, SVP and Director of BankWork$, and Jen Mathis, Vice President, Director of Learning and Development and BankWork$ instructor, the class began getting acquainted with the banking industry, the NCBA and the role banks play in communities across North Carolina.

Left: Janice Royster | Right: Jen Mathis

Participants came ready with questions as they met members of the NCBA staff and learned more about the association’s work supporting member banks. The discussion also offered an early look at the wide range of opportunities available within the banking industry and the important role community banks play in serving local businesses, families and communities.

The cohort will continue building its banking knowledge and career-ready skills throughout the program as participants prepare to pursue opportunities in the industry over the next eight weeks!

NCBA and Appalachian State University Connect Students With Banking

The North Carolina Bankers Association partnered with Appalachian State University on September 9 for Bank Day, bringing students together with banks from across the region to explore careers in the banking industry.

Held in partnership with Appalachian State University’s Business Career Services, the event gave students an opportunity to meet banking professionals in a relaxed setting, learn more about the industry and discover the wide range of career paths available within financial services. Students heard about internship and full-time opportunities while gaining a closer look at the roles, benefits and possibilities a career in banking can offer.

The event was open to students of all majors, giving participants from across the university an opportunity to ask questions, make connections and learn how their skills and interests might translate into a banking career.

Thank you to HomeTrust Bank, Wells Fargo, LifeStore Bank, North State Bank, Peoples Bank, First Citizens Bank, Fifth Third Bank and the North Carolina Commissioner of Banks for participating and helping introduce the next generation of professionals to opportunities in North Carolina banking!

Live Oak Bank Named Official Business Bank of UNCW Athletics

Live Oak Bank has been named the Official Business Bank of UNC Wilmington Athletics through a new multi-year agreement. The partnership expands Live Oak’s existing relationship with UNCW, which includes title sponsorship of the Live Oak Bank Holiday Classic men’s basketball tournament, and will give the bank a year-round presence across Seahawk athletics. More than 200 UNCW alumni currently work at Live Oak Bank.

Bank of America, Carolina Panthers Launch 3rd & Goal

Bank of America and the Carolina Panthers have launched 3rd & Goal, a new community initiative focused on literacy, physical wellness and personal well-being among third-grade students. The program is expected to reach approximately 10,000 students across North and South Carolina during its first year and will provide participating schools with educational resources, physical activity programming and student engagement opportunities.

FAQs on Mobile Driver’s Licenses 

Financial institutions may use a mobile driver’s license or other government-issued virtual ID as a form of documentary verification for purposes of customer identification program compliance, so long as they maintain the appropriate technology or systems to extract the relevant information from the IDs, according to new FAQs published by FinCEN and the banking agencies. 

Core Provider Business Practices

The federal banking agencies have pledged to step up oversight of third-party core providers whose business practices “unreasonably limit” community banks from conducting due diligence or from negotiating contract terms that address the banks’ business needs. 

State Attorneys General Urge Action by FCC

Forty-nine state attorneys general have urged the FCC to impose stronger know your upstream provider (KYUP) requirements to help prevent illegal robocalls. North Carolina Attorney General Jeff Jackson was one of the five leads on the letter. 

Stablecoin Rulemaking

The FDIC plans to issue a final rulemaking before the end of the year to establish an application process and prudential requirements for stablecoin issuers under its jurisdiction, although likely not until after the OCC issues its own stablecoin rules, FDIC Chairman Travis Hill has said. 

FinCEN Issues Alert on Iran 

FinCEN has issued an alert for financial institutions on identifying and reporting procurement networks supporting Iran’s aviation industry. The alert was issued in conjunction with the announcement that the Treasury Department was imposing sanctions on 36 entities tied to Iran’s aviation sector. 

VantageScore 4.0 Availability 

Fannie Mae and Freddie Mac have announced that they will now allow all lenders the option to use VantageScore 4.0 to assess the creditworthiness of single-family mortgages. 

Last Chance: Don't Get Left Behind on AI Compliance

AI is already reshaping how your institution detects fraud, monitors transactions, and makes lending decisions, and examiners are starting to ask compliance officers pointed questions about it. Join 35-year compliance veteran Carl Pry for a six-part series capped at just 50 participants to keep the experience truly interactive.

Seats are going fast ahead of the series kick off on September 30. Once enrollment closes, you'll have to wait for the next cohort, so don't let this be the training your institution wishes it hadn't missed!

FCC Draft Order to Protect Fraud Alerts 

Under the Telephone Consumer Protection Act, with limited exceptions, a business can place an autodialed or prerecorded voice call or text message only with the prior express consent of the called party. Called parties have the right to revoke their consent to receive the calls.

The FCC has released a draft order that would rewrite the agency’s “revoke all” rule. The FCC will vote on the draft order at its Sept. 30 open meeting. 

FBI Cyber Strategy Roadmap 

The FBI has released its first cyber strategy roadmap that outlines the agency’s priorities in combating cybercrime and protecting critical infrastructure. 

CISA Guide on Insider Threats 

CISA has released an updated guide for organizations on mitigating insider threats. The updated guide addresses evolving considerations such as the rise in hybrid and remote work, and advances in artificial intelligence.

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:

First Bancorp Declares Quarterly Cash Dividend

First Bancorp, the Southern Pines-based parent company of First Bank, has declared a quarterly cash dividend of $0.24 per share of common stock. The dividend will be payable October 23 to shareholders of record as of September 30.

"That is how change comes. 
And it’s never as sweepingly utopian 
or dystopian as we hope or fear.”

- Jonathan Lethem