|
Alyssa, don't miss these important MBA updates...
| |
|
PROFESSIONAL DEVELOPMENT
Learning Takes You Places - JOIN US!
Register for the Bankers Education Summit and Trade Show (BEST) March 20-22 in Traverse City There are close to 40 sessions, dynamic keynotes, networking opportunities and discover new products and services for your bank. Make plans today! We'll see you in March.
Reserve your room by February 22.
| |
|
ADVOCACY EVENTS
Join us at the MBA/ABA Washington Summit!
Immerse yourself in a transformative adventure at the upcoming MBA/ABA Washington Summit from March 18-22 in the vibrant city of Washington D.C. This event isn't just about attendance; it's about plunging into the dynamic landscape of policymaking on Capitol Hill. Connect with influential regulatory figures, feel the energy of decision-makers, and become the driving force behind the action. Don't just be a spectator; be the catalyst for change. Join us on an exhilarating journey into the epicenter of political influence and strategic insights!
Scholarships Available for Emerging Leaders
Two $750 scholarships to Emerging Leaders in Michigan to attend the 2024 Emerging Leaders Forum on March 18 in Washington D.C. are available. The $750 can be used for travel and/or lodging expenses and is reimbursed by the ABA after the conference. Please submit the name, bank, title, and email of your emerging leader at your bank to Alyssa Bouchard at abouchard@michigan.bank. Previous scholarship recipients are not eligible.
| |
|
MICHIGAN BUDGET
Governor Whitmer Proposes Executive Budget to Legislature
Governor Whitmer gave her FY 25 budget proposal this week to a joint gathering of the House and Senate Appropriations committees earlier this week. Her proposed $80.7B budget details how she proposed to pay for many of the programs laid out in last month's State of the State Address. One notable new addition was a proposed deposit to the state’s Rainy-Day Fund bringing it to a highwater mark of $2.2B. The proposed budget is balanced as required by the Michigan Constitution.
Lowering Costs
- Housing
- $1.4B proposed investment to build or re-furbish $10,000 homes through MSHDA
- Health Care
- Proposing $0 premiums for the Mi Child program to provide better access to healthcare.
Education
- Proposing $670M more for k-12 from Michigan Public School Employees Retirement System (MPSERS) savings
- MI pre-k proposal – would save approximately $10k per family.
- Childcare
- Free childcare for childcare workers
- K-12
- Proposed to raise per-pupil funding by the state.
- Investments in campus safety and mental health investment
- Post-secondary education
- Proposing free Community College for all Michigan graduates.
Workforce & Economic Development:
- Innovation fund for startup investment
- More funding benefiting rural development and farmers
- Roads & Bridges
- Proposing taking advantage of federal matches
- $1.1B total investment ($700M bonded, $400M federal match)
UNDER THE DOME
Senate Approves MBA-Supported Probate Changes
The Michigan Senate approved a package of bi-partisan bills that will simplify the Probate and Estate process in Michigan. HB 4416-4419 will now go to the Governor who is expected to sign the bills.
| |
|
LEGAL ISSUES
ABA Urgently Seeks Banker Input on Section 1071 Compliance Costs
ABA is asking banks to participate by Friday in a new survey gathering data about the cost of compliance with the CFPB’s Section 1071 final rule, with the anonymous responses used as part of the association’s lawsuit challenging the regulation. Last year, ABA and the Texas Bankers Association sued the CFPB over the rule in part because the bureau did not fully assess the costs the rule would impose on financial institutions. A federal court in Texas granted a preliminary injunction against enforcement of the rule until the U.S. Supreme Court rules on a separate case involving the agency’s funding, which is expected to come no later than June.
ABA must file a motion this month with the Texas court and is seeking information from banks about the cost of complying with the final rule. Banker responses in the survey will be critically important to help the association challenge the CFPB’s cost-benefit analysis in support of its claim in the lawsuit that the CFPB acted “arbitrarily and capriciously” when it added the discretionary data points. Responses are needed by the close of business Friday. Take the survey.
| |
|
REGULATORS
Letter Urging FTC to Exclude Banks from Proposed Ban on ‘Unfair’ Fees
A Federal Trade Commission proposal to prohibit unfair or deceptive practices relating to fees for goods or services risks creating substantial confusion about the cost of financial products and exceeds the agency’s statutory jurisdiction, ABA and the Consumer Bankers Association said yesterday in a joint comment letter. The FTC late last year announced the proposed rule as part of the Biden administration’s effort to curtail so-called “junk fees” across a wide range of industries. Under the proposal, the agency would prohibit any business from misrepresenting the total costs of goods and services by omitting mandatory fees from advertised prices and misrepresenting the nature and purpose of fees.
In their letter, ABA and CBA noted that banks and financial institutions fall outside the FTC’s legal jurisdiction and therefore should not be covered by the proposal rule. At the same time, the proposal’s potential application to financial services creates a substantial risk of overlap and conflict with other statutes and regulations already governing the disclosure of fees associated with financial products, the associations said. Read the letter.
| |
|
LEGAL ISSUES
Industry Groups Challenge Federal Agencies in Lawsuit
Several industry groups including the American Bankers Association, the US Chamber of Commerce and the Texas Bankers Association filed a lawsuit against the Federal Reserve, the Federal Deposit Insurance Corp., and the Office of the Comptroller of the Currency (OCC) for exceeding their statutory authority in recent amendments to the final rules implementing the Community Reinvestment Act (CRA). The groups filed the lawsuit in the Northern District of Texas, asking the court to vacate the final rules and seeking a preliminary injunction to halt them while the court decides. The groups argue that the rules will risk undermining the goals of CRA by discouraging banks to "offer certain products or lend in geographies outside of their branch network."
| |
|
CREDIT CARDS
Research: Credit Card Routing Bill Benefits Large Retailers Over Small Businesses
A proposed credit card routing mandate bill would result in the transfer of billions of dollars from consumers to the nation’s largest retailers, with small businesses seeing little to no benefit, according to new research. Read the paper.
| |
|
CREDIT CARDS
NCUA to Require Credit Unions to Report Overdraft, NSF Fees
The National Credit Union Administration is planning to require credit unions with more than $1 billion in assets to report their overdraft fees and nonsufficient fund fees, NCUA Chairman Todd Harper said Tuesday. During a Q&A at the Brookings Institution, Harper announced the proposed policy change, although he didn’t provide a timeline for when it may be introduced or implemented. Watch a recording of the Q&A.
| |
|
FRAUD
Treasury Department: Investment Fraud Schemes Cost Consumers Billions of Dollars
Investment fraud schemes have surpassed business email compromise as the leading online scam in terms of dollar losses reported to the FBI, with cyber-enabled investment fraud costing U.S. citizens $3.3 billion in 2022 alone, the Treasury Department said yesterday in its annual National Risk Assessments for Money Laundering, Terrorist Financing and Proliferation Financing. The report also includes a special focus on check fraud, noting that the number of suspicious activity reports related to the crime increased by 94% between 2021 and 2022. Read the report. Learn more about the Check Fraud Claim Directory for banks.
| |
|
FINANCIAL EDUCATION
February FDIC Consumer News Focuses on Student Loans
The February edition of FDIC Consumer News explains the basics of student loans and provides advice on repayment options. Among other things, the newsletter advises students to set up a bank account with an FDIC-insured institution so they can repay the loan using direct deposit. Read more.
| |
REGULATORS
Banking Agencies Seek Public Comment in Review of Regulatory Burden
The Federal Reserve, FDIC and OCC published the first in a series of requests for public comment on reducing the regulatory burden for financial institutions. The Economic Growth and Regulatory Paperwork Reduction Act requires the Federal Financial Institutions Examination Council and bank regulators to review their regulations every 10 years to identify any outdated or otherwise unnecessary regulatory requirements for their supervised institutions.
As part of the review, the agencies divided their regulations into 12 categories. They are first soliciting comments on regulations in just three categories: applications and reporting, powers and activities, and international operations. Comments on the first round of reviews are due by May 6.
Over the next two years, the agencies will request comment on the regulations in the remaining categories, asking the public to identify regulations they believe are outdated, unnecessary or unduly burdensome. They also plan to hold outreach meetings. Read the Federal Register notice.
| |
|
RESEARCH AND ANALYSIS
Liquidity, Commercial Real Estate Under the Microscope at Community Banks
Deposits remain firmly in focus for community banks, even with interest rates expected to fall in the second half of 2024. Customers continue to shift funds into higher-cost products and demand higher rates for their funds, while regulators are encouraging banks to hold more liquidity, leading to pressure on net interest margins. That pressure will eventually subside but be replaced by higher credit costs. While many community banks will maintain attractive returns, others will seek to improve their situation through efficiency programs or by partnering with another institution. Read more.
| |
|
Women in Banking Day | May 21
Eagle Eye Golf Club | Bath, MI
When we come together to support women in banking, we all benefit. Do your part in cultivating a better banking industry, build strong networks and achieve career advancement. Advancing women in banking leadership is everyone’s business!
Accommodations are available at the Hyatt Lansing - East and Fairfield Inn Eastwood. Join us!
| |
|
WEBINAR
Series: Thriving with AI
Feb. 20, Mar. 20, and Apr. 24 @ 10:00 am
Maximize your potential with our 3-part AI Webinar Series! Learn how to boost productivity, build a foundation to craft your AI strategy, and explore what tools are available for future success. Join us as we unravel the world of AI, providing actionable insights so you — and your organization — can thrive. Register now for a journey into transformative possibilities! Register here.
| |
|
MBA SERVICE CORPORATION
Do you need to fill ongoing operational gaps?
Right now, many banks are facing stop-gap performance throughout the institution. Whether it’s struggling to replace loss of a key member, the lack of resources in the face of growth, or the need for operational compliance continuity—Bankers Alliance has the remedy.
With budgets on the horizon, now is the time to understand how B/A can help your group. Learn how to build a more solid program when you talk with the Compliance Alliance Membership team at info@bankersalliance.org or contact Jill Verscheure, Senior Vice President, MBASC.
| |
|
|
MBA SERVICE CORPORATION
Upcoming Events from Michigan Planners
-
SEMINAR: Mastering Non-Competes: Legal Insights and Best Practices for Business Success
-
Date & Time: February 15th, 9 AM to 10 AM
-
Registration Link: Register Now!
-
WEBINAR: Total Rewards in the Midst of High Inflation
-
Date & Time: February 23rd, 11 AM to 12 PM
-
Registration Link: Register Now!
| |
|
MBA SERVICE CORPORATION ENDORSED PARTNER
The Latest from Bankers Alliance
View the Compliance Alliance Question of the Week.
Banking Matters Podcast - Learn about today’s financial trends, topics, and practical matters on the Banking Matters Podcast. Listen to new episodes every Monday! Listen now.
| |
|
🌟 A heartfelt THANK YOU to all our incredible sponsors and exhibitors at #MBABEST Conference, taking place March 20-22 in Traverse City! 🌟 Your unwavering support is the BEST!
Are you interested in joining this amazing group of partners? There's still time! 💼 Contact us to explore sponsorship and exhibition opportunities. Let's create something extraordinary together! Learn more here: https://conta.cc/4bvY5MO
#Gratitude #MBABEST2024 #Sponsors #Exhibitors #PartnershipOpportunities
| |
|
Celebrating Maggie Walker's groundbreaking banking legacy during #BlackHistoryMonth! 🌟 Tune in to this insightful podcast featuring historian Shennette Garrett-Scott, shedding light on Maggie Walker's historic achievement as the first Black woman to charter a U.S. bank in 1903. Don't miss out—listen here:
https://conta.cc/49lJsJL
| |
|
We are excited to hear from keynote speaker Tony Rubleski, President, Mind Capture Group, at the #MBABEST
Conference, March 20-22 in Traverse City! 🎉 In a world that sometimes feels like a Twilight Zone meets Hunger Games episode, Tony will guide us on a journey of growth, adaptation, and thriving. 🌟
Join the adventure as Tony blends the wisdom of the past with the excitement of the present moment! Embrace a curious mindset for daily breakthroughs, growth, and, of course, loads of fun and innovation! Keep life, work, and relationships dynamic and interesting – because who wants to be stuck in a rut?
Ready for an great experience? Secure your spot at #MBABEST Conference:
https://lnkd.in/edgNnkW. Let's make wisdom, growth, and laughter a part of our journey!
| |
Like Us. Follow Us. Share with Us! | |
Looking for a past MBA Bank Beat? Click here to access the archives. | | | | |
