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State Legislative Update: North Carolina Property Taxes in Focus
| | A bill (S 889) to pause county property tax assessments for a year passed a floor vote this week in the NC Senate by a margin of 36-9. An amendment adopted and added to the bill exempts small counties with populations of less than 15,000 from the moratorium. | Meanwhile in the House, a group of 38 legislators, including Speaker Destin Hall, have cosponsored a bill (H 1089) that proposes a constitutional amendment to limit counties' ability to increase property taxes. | | | | |
Powell to Remain on Fed Board | Federal Reserve Chairman Jerome Powell will remain on the Fed board following the end of his term as chairman on May 15. Powell said he will wait to leave the Fed board until a DOJ probe is “well and truly over, with finality and transparency.” | | Small-Business Lending Data | The CFPB has finalized revisions to its small-business lending data rule to scale back the scope of data collection. The final rule is effective June 30, 2026, while the compliance date is January 1, 2027. | | | | |
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NCBA President & CEO Peter Gwaltney Named Alongside North Carolina Bankers on Business NC's 2026 Power List | | |
NCBA President & CEO Peter Gwaltney was named to Business North Carolina’s 2026 Power List, which highlights the state’s most influential private-sector leaders.
The annual list showcases leaders who have played key roles in North Carolina’s growth across sectors including finance, education, healthcare, life sciences and manufacturing.
| | Gwaltney was recognized alongside many leaders from across the state, including several from North Carolina’s banking industry. His inclusion reflects both his leadership of the NCBA and the important role banks continue to play in supporting North Carolina’s economy, communities and future growth. | | | | |
North Carolina Bankers Meet in Washington for ICBA Summit | | The North Carolina Bankers Association joined bankers and state banking associations from across the country in Washington, D.C., this week for the ICBA Capital Summit. | During the summit, NCBA representatives met with members of North Carolina’s congressional delegation to discuss a wide range of timely issues affecting the banking industry and the communities banks serve. Topics included the CLARITY Act, fraud prevention, regulatory relief, housing affordability, capital formation, deposit insurance modernization and fair competition. | | | | |
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NCBA President & CEO Peter Gwaltney expressed his appreciation to James Sills, Earl W. Worley Jr., Valerie Quiett, David Barksdale and Kyle Chavis for traveling to Washington and dedicating their time to advocating for North Carolina’s banking industry and communities. | Gwaltney also thanked members of the North Carolina congressional delegation for their service, noting the demanding schedules they manage and the important work they do on behalf of the state. | | | | |
Strong Banks, Strong Communities: KS Bank and NC Rural Center Partner to Help Jernigan Furniture Carry Local Legacies Forward | | The Jernigan family has been selling furniture in North Carolina for over a century. As more and more family-owned independent furniture companies around the state decide to close, Jernigan Furniture is stepping in, saving jobs, and ensuring service to more rural citizens in the process. | The Jernigan family entered the furniture business with the Edwards family in 1924. The Edwards family sold furniture in Goldsboro and the Jernigan family operated a store in Durham. Today, the fourth-generation family continues to operate out of Goldsboro, and thanks to a loan through a partnership between KS Bank and the NC Rural Center, the business' footprint is expanding. | | | | |
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The loan allowed Jernigan’s to purchase and restore the former Whitley Furniture Galleries building in Zebulon, helping preserve the legacy of a business that served its community for more than a century. The company later worked with KS Bank and the Rural Center again to purchase a Greenville building owned by Bostic Sugg Furniture, another long-standing family furniture business preparing to close. | Read the full story from the NC Rural Center to learn more about Jernigan Furniture’s growth and the partnership helping carry these local legacies forward. | | | | |
Federal Legislative &
Regulatory Update⚖️ | | SCAM Act Gains Additional Momentum | Representative Don Davis has joined as a cosponsor of H.R. 7548 – the SCAM Act. The bill would help to cut down on fraud by holding social media and online platforms accountable for fraudulent advertisements. It requires platforms to verify advertisers' identities, detect scams, and rapidly remove deceptive ads. | | | Other cosponsors from North Carolina of this important bipartisan legislation are Representatives Pat Harrigan, Chuck Edwards, and Valerie Foushee. | | | | |
Waters and Warren Send Letter to Fed | Rep. Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, and Senator Elizabeth Warren (D-MA), Ranking Member of the Senate Banking Committee, have sent a letter to Federal Reserve Vice Chair for Supervision Michelle Bowman. The letter accuses the Federal Reserve of dismantling the stress test framework put in place following the 2008 financial crisis. | | Left: Rep. Maxine Waters | Right: Sen. Elizabeth Warren | | In the letter, they said “the Fed is allowing banks to choose the questions designed to assess their resilience to economic shocks and is then providing them with the answer key—creating a dangerous illusion of stability as our economy faces significant stress.” | | | | |
Host State Loan-to-Deposit Ratios | The federal banking agencies have issued updated host state loan-to-deposit ratios. Section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act prohibits a bank from establishing or acquiring a branch or branches outside of its home state primarily for the purpose of deposit production. | | | If the bank’s statewide loan-to-deposit ratio is at least one-half of the published host state loan-to-deposit ratio, the bank has complied with section 109. | | | | |
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The Stablecoin Yield Loophole | The NCBA has joined with other bankers associations from across the country on a comment letter to the OCC urging the agency to strengthen its proposed rule implementing the GENIUS Act to ensure a meaningful and enforceable prohibition on interest and yield payments tied to stablecoins. | | | Senator Tillis Releases Amendment to Restrict Stablecoin Yield Loophole | Senators Thom Tillis (R-NC) and Angela Alsobrooks (D-MD) have released legislative text intended to restrict interest and yield payments tied to stablecoins. The proposed amendment could be offered as Senators work on legislation to create a regulatory framework for cryptocurrencies. | | Pictured: Sen. Thom Tillis | | The House previously passed H.R. 3633, the Digital Asset Market Clarity Act, so the anticipated approach would be to amend and use that legislation as the vehicle for digital asset legislation. | A group of national trade groups issued a joint statement about the proposed amendment. | | | | |
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First BankWork$ Cohort Begins Training for Careers in Banking | | The first BankWork$ cohort launched this week at the NCBA Learning Center, marking an exciting step in preparing students for career opportunities in North Carolina’s banking industry. | Throughout the program, students will build the skills they need to pursue employment in banking, including customer service, financial fundamentals, professionalism and workplace readiness. As part of their first week, the cohort also had the opportunity to learn more about the industry directly from North Carolina banking leaders. | | | | |
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NCBA President & CEO Peter Gwaltney, NCBA Chair and blueharbor bank President & CEO Jim Marshall, and Dit Breault of KS Bank spoke with the students about the role banks play in their communities and the career paths available across the industry. Their insights helped connect the program’s training to the real-world opportunities available at banks throughout the state. | The launch of the first cohort reflects the NCBA’s ongoing commitment to strengthening the banking workforce and helping connect talented individuals with meaningful careers in North Carolina banking. | | | | |
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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 Bancorp Names Kate Nevin and Peter Hans to Board of Directors | |
First Bancorp, the parent company of First Bank, announced the appointment of Kate Nevin and Peter Hans to its Board of Directors, effective immediately.
"These appointments reflect our commitment to strong governance and to bringing diverse perspectives, deep expertise, and thoughtful leadership to the First Bancorp and First Bank boards," said Richard Moore, Chief Executive Officer, First Bancorp. "Kate's extensive investment management experience and values–aligned approach to capital allocation, combined with Peter's long–standing leadership in education, public policy, and organizational innovation, will be tremendous assets as we continue to grow and serve our communities."
| | Left: Kate Nevin | Right: Peter Hans | | | | |
Japanese Bank Chooses Uptown Charlotte Tower as New HQ for 2,000 Employees | Major Japanese bank Sumitomo Mitsui Banking Corp has found a home for its second U.S. headquarters in Charlotte. An uptown building familiar to many as “the jukebox building,” because of its distinctive top. | | | SMBC Group is subleasing about 200,000 square feet at 301 S. College St. and plans to move in the fall, according to a news release from the bank. Monetary terms and the length of the lease were not disclosed. | | | | |
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"The reward of a thing well done is to have done it."
- Ralph Waldo Emerson |
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