Like each of you, I’m processing the events of the past twenty-four hours. A peaceful transition of power is critical to our democracy. Like our freedoms, it’s something that often we take for granted. The right to peacefully demonstrate is important for each of us as Americans. We’ve seen too many times in the past year where peaceful protests escalate into something much more sinister. The MBA has many friends in Washington, on both sides of the political spectrum, elected officials who ultimately were in harms way yesterday as well as their teams who were nearby.
Our nation has missed opportunities to unite in the past year, now, another opportunity to come together to unify as a country. Each of us has a responsibility to work towards a better America for all.
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Vaccine Rollout Priorities
The MBA continues to engage with state government on the prioritization, implementation and rollout of the COVID vaccines. Changes in classification from 1b to 1c in the state plan for frontline essential employees were disappointing however, the waves of distribution priority are in overlapping waves and will also be impacted by supply and overall preparedness. The MBA is dialoguing with officials to ensure that those within our industry that are least able to carry out essential services while maintaining all recommended safety and social distancing protocols. Our industry continues to be creative and innovative in adopting solutions to concierge banking service utilizing the varied tools of delivery available. The risk is still present, however, and we seek earliest available opportunities to protect our banking front line and their customers while be cognizant of the priorities for those in 1b that have less ability to innovate or mitigate risks.
Please refer to the graph below on the overlapping waves of rollout prioritization. Our focus is on the side of preparedness to ensure as much clarity and transparency for our front lines to have access to the immunization for COVID-19.This prioritization is subject to a great many other factors such as supply, distribution logistics and willingness to participate.
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Register for the MBA Roundtable on January 12th featuring Rob Campau, CEO, Michigan Realtors at 7:30 a.m. Register here.
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SBA Releases Details, Rules for PPP Relaunch - Community financial institutions will be able to submit loan applications for the Small Business Administration’s Paycheck Protection Program for at least two days before other lenders, SBA said late last night as it released interim final rules covering the pending relaunch of the PPP. However, SBA did not announce the date on which it will reopen its portal for applications for the $284 billion round. ABA staff are reviewing the rules closely, and ABA will communicate with members as new information and dates become available. Read the guidance on PPP loan access. Read the IFR amending the PPP rules. Read the IFR on second-draw loans.
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View the discount window & payment system risk contact information for Chicago. The number is 800-895-2627.
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Register for the next ABA DEI Open Forum - Discussion on Neurodiversity - January 19, 2020 - 2:30 pm EST - A guest speaker will speak on the topic of neurodiversity and following a time for questions for approximately the first 20 minutes of the Open Forum, then move on to banker questions and comments on any DEI topic.
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View the Comerica Michigan Economic Activity Index, December 2020.
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MBA Service Corporation Resources
(Click on the articles to read more)
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MBASC Recommended Partner Abrigo Webinar | What’s Changed with PPP in 2021?
The new stimulus bill sets the stage for a third round of Paycheck Protection Program (PPP) loans. The SBA has clarified how lenders can participate in the next round of the Paycheck Protection Program (PPP), giving struggling small businesses access to more than $300 billion. While many things are similar in this round of PPP loans, the SBA has also made key changes banks and borrowers should know.
We want to make sure you are prepared to support your business communities as soon as funds are available. On Monday, January 11 at 1:00 p.m. ET, Abrigo will be hosting a complimentary webinar with the SBA District Office of North Carolina to discuss the changes in this latest round of PPP lending, including information on new qualifications and eligibility for a second draw. Register here.
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Register for a complimentary webinar offered from our MBA Service Corporation Endorsed Partner Cinnaire on January 19 from 3:30-4:30 PM for a discussion about the impact of the 2020 election results on the policy landscape in Washington and what the election could mean for the Community Reinvestment Act, affordable housing and community development policies. Register here.
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View the Compliance Alliance Question of the Week - Bank A has a new loan to pay down a line of credit held at Bank B. The original loan with Bank B was used to purchase real estate. Would this be HMDA reportable? View the answer.
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Learn more about #workcompwednesday tips here. The tips include weekly information on keeping you and your team safe!
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January
February
- Introduction to Commercial Lending – February 4
- Basic Personal & Business Tax Return Analysis – February 5
- Call Reports – February 18-19
- IRA Essentials – February 23
- Advanced IRAs – February 24
March
- Mortgage Lending Workshop - March 9-10
- Loan Documentation for “Secured” Commercial Lending Transactions – March 11
- Loan Documentation for “Commercial Real Estate” Lending Transactions – March 12
Opening New Accounts - Michigan specific.
Three-Part Webinar Series - Credit Risk Management in the Covid-19 Recession.
Problem Loan Workout in Today’s Market
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The scholarship amount is $1,500 for each year of the student’s attendance (approximately 1/3 of the annual tuition fees) for a total value of $4,500. This scholarship is for students who will be entering their first year at GSB. Deadline to apply: March 1, 2021. Contact Stephanie Fisher with any questions.
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Join an MBA Peer Forum
Ever wondered what it would be like to attend a peer forum? Well, now is your chance. If you have never participated in one of our forums, you may attend your first one at no charge. We look forward to connecting! Peer Forums are for bankers only.
- Branch Administrator Forum
- Finance Forum
- Operations and Facilities Management Forum - new
- Credit Analyst/Manager Forum
- Marketing Forum
- Senior Lender Forum
- Technology Forum
- Training Officer Forum - new
- Cash Management/Treasury Forum - new
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What digital products and services do your customers expect? Be ready to meet their needs with the ABA's NEW Digital Banker Certificate. This certificate takes a deep dive into new technologies, platforms, payment options and cybersecurity. The courses include on-demand reference materials to help you learn and topic summaries you can easily share with colleagues and peers. Earn Yours Today!
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Advocacy
(Click on the articles to read more)
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The Michigan House and Senate both released 2021 session schedules this week. Both chambers first day will be Wednesday, January 13 and goes through the week of June 28. The summer in-district break is scheduled for July and August. View the schedules: House Schedule; Senate Schedule.
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Governor Announces State of the State Will Be Virtual: Governor Whitmer announced this week that her 2021 State of the State Address will not be given from the House chambers as is typical, citing COVID-19 concerns. The address will likely be given from the Governor’s Executive office in the capitol and can be viewed via television or other digital media. No date has been announced.
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HB 4186-87 Data Breach Legislation Falls Victim to Governor’s Pocket Veto: The MBA was successful in securing passage of the data breach package which would establish a state regulatory framework for notification after a breach and exempted banks who are subject to more stringent regulations under the federal Gramm-Leach-Bliley Act. The bill passed the Michigan House 99-10 and by unanimous vote, 38-0, in the Michigan Senate. Despite this strong, bi-partisan support the Governor’s office cited legal concerns related to process and reporting, which ultimately lead to the veto.
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MBA Building Relationships with 28 New Policymakers - The MBA held introductory meetings with 21 of the 28 new Michigan House freshmen to date, with 4 more already scheduled. It is our goal that the MBA Advocacy team will have met with all 28 freshman by the first day of House session. Building relationships is key to educating these new lawmakers!
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Back the MiBankPAC
The MiBankPAC was highly influential in this election year including engagement at a crucial time in September and October contributing over $88,000 in general election funds to help secure success for 103/105 of the races in which MiBankPAC had “Friends of Banking” identified. Get your 2021 MiBankPAC campaign kicked off early to take advantage of bi-weekly payroll deduction options to make giving most convenient for you and your team! We will need your support more than ever in the coming year. Please contact Mary Rettenmaier, [email protected], for a MiBankPAC form to be shared electronically so you can help us help candidates who help our industry!
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COVID-19/PPP
(Click on the articles to read more)
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- IRS Addresses EIP Processing Issue in Updated FAQs. Read the IRS FAQ.
- SBA Extends Comment Period on PPP Forms to Cover Loan Necessity Questionnaires. Comments now due March 5. Read more.
- IRS: ‘Get My Payment’ Portal Now Live. Read more.
- FinCEN Issues Notice on COVID-19 Vaccine Scams. Read more.
- CFPB Issues Compliance Sandboxes for Dual Usage Credit Cards, Wage Access. Read more.
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Regulators/Agencies
(Click on the articles to read more)
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- FDIC Appoints Conneely Director of Complex Institution Supervision and Resolution. Read more.
- CFPB Releases Report on Improving Consumer Protection in Financial Marketplace. Read Volume I. Read Volume II.
- OCC Proposes Tweaks to Requirements for Permissible Bank Premises. Read more.
- FCC Adopts Notification Requirement for Erroneously Blocked Calls. Read more.
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View the OCC Annual Report.
- CSBS Files Complaint Against OCC Challenging Figure Bank Application. Read more.
- FDIC Issues Advisory on Audit Relief for Banks with COVID-Bulked Balance Sheets. Read the FIL.
- OCC Greenlights Use of Stablecoins for Payments Activities. Read the interpretive letter.
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The Consumer Financial Protection Bureau announced the filing period for Home Mortgage Disclosure Act data collected in 2020 opened on Jan. 1. Submissions will be considered on time if they are received on or before March 1. Financial institutions subject to Regulation C other than insured depository institutions or insured credit unions must collect, record and report all HMDA data. Access the HMDA platform.
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