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Alyssa, don't miss these important MBA updates...
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FRIENDS OF BANKING
MBA Friends of Banking Primary Election Guide is Available
The MiBankPAC evaluates candidates for the upcoming election based on answers provided to our Friends of Banking survey and, if an incumbent, voting and policy position history. Our 2024 Primary Election Friends of Banking Guide allows you to see who on your ballot is aligned with the banking industry.
After reviewing the Friends of Banking Primary Election Voter Guide, please share it with others on your team, in your bank, or anyone with an interest in our industry.
Access the guide.
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VOTING
MBA Election Resources
MBA has compiled several resources to prepare you to go to the polls in November. Check out the link below to learn about who is running and much more! Access the resources.
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CALL TO ACTION
Ask Your Senators to Support Reg II Stop-and-Study Bill
The Federal Reserve is proposing to further lower debit interchange via Regulation II.
The proposal is based on incomplete data and does not consider the impact that reducing interchange revenue could have on the affordability and availability of low or no-cost banking products.
While the public comment period has closed, Congress can prevent the Fed from finalizing this damaging proposal without adequate analysis.
Senator Ted Budd (R-NC) has introduced S. 4570, the Secure Payments Act, a bill which would require the Federal Reserve to pause its current Regulation II proposal and complete a quantitative impact study of the effects of the proposal before moving forward. This is a companion bill to Rep. Luetkemeyer’s bill in the House.
Write to Senators Stabenow and Peters today and urge them to co-sponsor the Secure Payments Act.
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PROFESSIONAL DEVELOPMENT
See You on a Course Near You!
Gather a foursome, sponsor a hole and have a fun day on the course supporting the Harding Scholarship Foundation.
- Thumb Region: July 11, Ubly
- Harding Scholarship Fund Outing: July 25, Bath
- U.P. Region: August 13, Marquette
- SW/SE Region: August 22, Ann Arbor
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PROFESSIONAL DEVELOPMENT
2024 George Harding Scholarship - Apply by July 15!
The George Harding Scholarship, established in 1984 by the MBA and the Michigan Traveling Circus, is dedicated to supporting college juniors and seniors majoring in finance or banking. This scholarship aims to assist students in their academic and professional pursuits in the banking and finance sectors, with support from members of Michigan banks. Learn more and apply at bit.ly/GeorgeHardingScholarship.
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LOCAL ELECTIONS
Bouchard for School Board
Every election counts. Our team continually encourages bankers to run for office. One of our own, Vice President, Communications, Alyssa Bouchard, is running for the Swartz Creek School Board. Kudos to Alyssa and all the best on her quest.
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LEGAL ISSUES
Supreme Court Overturns Legal Test for Deferring to Agency Interpretations
In a 6-3 decision on Friday, the U.S. Supreme Court overturned the longstanding “Chevron deference,” which instructs courts to defer to a federal agency’s reasonable interpretation of an ambiguous statute. The majority ruled that courts must instead rely on their independent judgment when deciding whether an agency has acted within its statutory authority. Read the decision.
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LEGAL ISSUES
Federal Court Issues Partial Injunction Against Labor Department Overtime Rule
A federal court in Texas issued a preliminary injunction partially blocking the Department of Labor’s overtime final rule late last week. The state of Texas had filed a lawsuit challenging the rule, and the court blocked enforcement of the rule against Texas (as an employer) only. A group of nonfinancial employer-side trade associations had filed a separate lawsuit. The court did not rule on that lawsuit, which had not sought a preliminary injunction to enjoin the July 1 salary increase. Consequently, unless there is further judicial action, the rule takes effect today with respect to all private employers, including banks.
The rule increases the salary level below which an employee is automatically subject to the Fair Labor Standards Act’s overtime and minimum wage requirements. As of July 1, the existing $35,568 salary level increased to $43,888. Therefore, if a bank has exempt employees who make between $35,568 and $43,888, the bank will need to reclassify the employee as nonexempt—and therefore subject to federal overtime and minimum wage requirements—or increase the employee’s salary to $43,888.
Previously, ABA joined other trade associations in urging the DOL to extend the July 1 implementation date to at least Sept. 1. They also urged the DOL to stay implementation of the rule to allow for judicial review. The agency has not responded to the requests.
Read the final rule.
Read the court’s order.
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CONGRESS
Congress in Recess
Congress is in recess until Monday, July 8.
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REGULATION AND COMPLIANCE
Getting to Yes: Reported Basel Retooling May — or May Not — Have Legs
Banking experts are divided on how regulators will reshape the capital overhaul and if reported revisions being floated by regulators will meet the banking industry's demands. Read more.
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REGULATORS
The Chicago Region's Division of Depositor and Consumer Protection Newsletter 2Q2024
The Chicago Region’s Division of Depositor and Consumer Protection newsletter for the second quarter of 2024 is ready to view. In this issue, they discuss the FDIC’s updated Economic Inclusion Strategic Plan, Fair Credit Reporting Act consumer alerts, valuation discrimination and bias in residential lending, and the new small business lending data collection rule. The newsletter also announces the release of the Consumer Compliance Supervisory Highlights and Third-Party Risk Management – A Guide for Community Banks publications, as well as some upcoming Community Affairs events in the Chicago Region. Read the newsletter.
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CREDIT UNIONS
Op-ed: Credit Unions Using Tax Breaks to Buy Banks
Big credit unions are taking advantage of their tax exemptions to acquire community banks, Mississippi Bankers Association President and CEO Gordon Fellows writes in a new op-ed column for the Greenwood (Mississippi) Commonwealth newspaper. He notes that in just the first half of 2024, credit unions announced their intent to acquire $7.21 billion in bank assets—a 40% uptick from 2022 and an all-time record. Read the op-ed. Take grassroots action.
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MBA SERVICE CORPORATION ENDORSED PARTNER
CFPB Approves Rule to Ensure Accuracy and Accountability in the Use of AI and Algorithms in Home Appraisals
The Consumer Financial Protection Bureau approved a new rule to address the current and future applications of complex algorithms and artificial intelligence used to estimate the value of a home.
When buying or selling a home, an accurate home valuation is critical. Mortgage lenders use this valuation to determine how much they will lend on a property. Over the years, players across the real estate and mortgage industry have made use of computer models to estimate a property’s value. On popular real estate websites, many people even track their own home’s value generated from these algorithmic appraisal tools. As these models grow in complexity to incorporate more and more variables, they can resemble what many people often refer to as artificial intelligence. Read more.
Learn more about Compliance Alliance by contacting Jill Verscheure, Senior Vice President, MBA Service Corporation at jverschuere@michigan.bank.
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MBA SERVICE CORPORATION ENDORSED PARTNER
Research & Analysis: Depositories Banking on Rate Cuts, but Growing Number Marketing High-Rate CDs
Even though interest rates appear to have peaked, many depositories continue to use 1-year certificates of deposit with relatively high rates to attract and retain customers. Read more.
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MBA SERVICE CORPORATION ENDORSED PARTNER
The Future of Banking Jobs: Key Trends
As we continue into the second half of 2024, the banking industry is undergoing profound transformations driven by technology and evolving consumer expectations. These changes are reshaping banking careers, creating new opportunities and emphasizing specialized skills. Read about the key trends.
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MBA SERVICE CORPORATION ENDORSED PARTNER
The Latest from Compliance 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.
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Happy 13-year work anniversary to our Chief Policy Officer Patricia Herndon! Her passion and talent have been instrumental in shaping the success of the MBA! Here's to another year of achievements together! 👏 | |
A big shoutout to Jill Verscheure on her 18 year work anniversary with the Michigan Bankers Association. Jill's commitment, creativity, and hard work have played a vital role in our success. Cheers to more years of collaboration and achievements! | |
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Happy Work Anniversary to our exceptional President and CEO, Rann Paynter!
Celebrating 9 incredible years of leadership, innovation, and success. His dedication and hard work have been the driving force behind our growth and achievements.
Here's to many more milestones and shared successes!
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