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ICBA Thanks Senators for Seeking Meaningful Call Report Relief

Washington, D.C. (Dec. 20, 2018) — The Independent Community Bankers of America (ICBA)® today thanked a bipartisan group of 19 senators for calling on banking regulators to revisit their proposed rule implementing call report relief for community banks. In a letter…

ICBA/Travelers Deliver Nearly $4 Million in Dividends for Participating Community Banks

    Washington, D.C. (Dec. 17, 2018) — The Independent Community Bankers of America® (ICBA) announced today that almost 1,300 member banks will share a policyholder dividend totaling nearly $4 million from their participation in the ICBA/Travelers insurance program in 2017.…

ICBA Urges Federal Reserve Role in Faster Payments

Fed should develop, operate real-time payments settlement system Washington, D.C. (Dec. 17, 2018) — The Independent Community Bankers of America (ICBA)® expressed strong support for the development of a real-time payment system and urged the Federal Reserve to develop and operate…

ICBA Executives Named to The Hill’s Top Lobbyists List

Washington, D.C. (Dec. 13. 2018) — Independent Community Bankers of America (ICBA)® senior executives were named to The Hill’s 2018 list of the nation’s top influencers. ICBA President and CEO Rebeca Romero Rainey and ICBA Group Executive Vice President of Congressional Relations and…

ICBA Applauds House Passage on Farm Bill

Washington, D.C. (Dec. 12, 2018) — Independent Community Bankers of America® (ICBA) President and CEO Rebeca Romero Rainey issued the following statement on the House of Representatives’ passage of the Agriculture and Nutrition Act of 2018 (H.R. 2). “ICBA applauds today’s…

ICBA Applauds Senate Passage on Farm Bill

  Washington, D.C. (Dec. 11, 2018) — Independent Community Bankers of America® (ICBA) President and CEO Rebeca Romero Rainey issued the following statement on the Senate’s passage of the Agriculture and Nutrition Act of 2018 (H.R. 2). “ICBA applauds today’s bipartisan…

ICBA Congratulates Kathy Kraninger on Confirmation

Washington, D.C. (Dec. 06, 2018) — Independent Community Bankers of America® (ICBA) President and CEO Rebeca Romero Rainey issued the following statement on the confirmation of Kathy Kraninger to head the Bureau of Consumer Financial Protection. “ICBA and the nation’s community…

Media Advisory: Community Bankers to Gather in Nashville for 2019 ICBA LIVE

WHAT: Register today for the Independent Community Bankers of America’s ® (ICBA) 2019 National Convention, ICBA LIVE®! — the largest, most comprehensive educational and networking event for the nation’s community bankers with more than 60 learning labs and seven tracks…

ICBA Statement on Community Bank Leverage Ratio

  Washington, D.C. (Nov. 20, 2018) — Independent Community Bankers of America® (ICBA) President and CEO Rebeca Romero Rainey today issued the following statement on today’s proposed rule to reform capital requirements for community banks. The proposed rule would implement a…

ICBA Urges Community Reinvestment Act Modernization

Washington, D.C. (Nov. 19, 2018) — The Independent Community Bankers of America® (ICBA) today called on regulators to improve consistency and transparency as they reform the Community Reinvestment Act framework. In a letter to the Office of the Comptroller of the Currency, ICBA…

ICBA Statement on FDIC Call Report Proposal

Washington, D.C. (Nov. 07, 2018) — Independent Community Bankers of America® (ICBA) President and CEO Rebeca Romero Rainey today issued the following statement on federal regulators’ proposed rule to implement quarterly reporting relief required by the Economic Growth, Regulatory Relief, and…

ICBA and Venture Center Launch First Community Bank Fintech Accelerator

ICBA will invest in each accelerator finalist Washington, D.C. (Oct. 31, 2018) — The Independent Community Bankers of America® (ICBA) today announced that it is partnering with The Venture Center in Little Rock, Ark., to launch the ICBA ThinkTech Accelerator, a…

Media Advisory: ICBA ThinkTech Accelerator Announcement

  The Venture Center, Independent Community Bankers of America and State of Arkansas To Announce ICBA ThinkTech Accelerator WHAT: The Venture Center, in partnership with the Independent Community Bankers of America® (ICBA) and the State of Arkansas, will announce the launch of the…

ICBA Supports Senate Letter Urging Broad Access to Tax Deduction

Treasury Approach to Subchapter S Banks Should Be Revisited Washington D.C. (Oct. 17, 2018) — The Independent Community Bankers of America® (ICBA) today thanked Sen. Jerry Moran (R-Kan.) for leading a letter with 11 other senators calling on the Treasury Department…

ICBA Continues Call for Fed Role in Faster Payments

Washington D.C. (Oct. 10, 2018) — The Independent Community Bankers of America® (ICBA) today congratulated the community bankers who have been named to serve on the FDIC Advisory Committee on Community Banking. The committee was established in 2009 to provide…

ICBA Launches Bipartisan Campaign Supporting Pro-Community Bank Efforts of Lawmakers

Washington D.C. (Oct. 10, 2018) — The Independent Community Bankers of America® (ICBA) today launched a bipartisan campaign applauding the work of pro-community bank members of Congress and encouraging them to continue their support of local communities. The ongoing issue advocacy…

ICBA Continues Call for Fed Role in Faster Payments

Washington, D.C. (Oct. 03, 2018) — Independent Community Bankers of America® (ICBA) President and CEO Rebeca Romero Rainey issued the following statement on today’s Federal Reserve Board request for comments on its role in faster payments. “ICBA and the nation’s community…

ICBA Urges Swift Implementation of Remaining S. 2155 Provisions

Washington, D.C. (Oct. 02, 2018) — The Independent Community Bankers of America® (ICBA) today called on regulators to quickly implement provisions of the ICBA-advocated Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155), including simpler capital rules and short-form…

ICBA Offers Cybersecurity Tips to Protect Sensitive Information

Washington, D.C. (Oct. 1, 2018) — In recognition of National Cybersecurity Month in October, the Independent Community Bankers of America® (ICBA) is reminding consumers of simple steps they can take to safeguard their sensitive data when making purchases online or via…

ICBA Statement on Nelnet’s Withdrawal of ILC Application

Washington, D.C. (Sept. 26, 2018) — Independent Community Bankers of America® (ICBA) President and CEO Rebeca Romero Rainey issued the following statement on Nelnet’s withdrawal of its deposit-insurance and industrial loan corporation applications with the Federal Deposit Insurance Corp. and Utah…

ICBA Offers Tips To Help Prepare for Natural Disasters

Washington, D.C. (Sept. 12, 2018) — Hurricanes, earthquakes and wildfires can destroy property and wreak financial havoc on families and communities. As Hurricane Florence approaches the United States and Americans recognize National Preparedness Month in September, the Independent Community Bankers of…

Media Advisory: ICBA Releases S.2155 Implementation Tracker

  Washington D.C. (Sept. 10, 2018) — As the Senate Banking Committee prepares to hear from regulators on Thursday about the implementation of the S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act, the Independent Community Bankers of…

ICBA Articles

Trump Announces New Fed Nominee

Sept. 20, 2018 — President Donald Trump announced plans to nominate Jean Liang to be a member of the Federal Reserve Board. If confirmed, Liang would fill a term expiring Jan. 31, 2024. Liang is a senior fellow in economic studies…

Take Action: Protect Subchapter S Deduction

Sept. 13, 2018 — ICBA is urging community bankers to contact the IRS and Congress to express concern about a proposed regulation that could affect the small-business tax deduction for Subchapter S banks. Under the proposal to implement Section 199A of…

State Regulators Sue OCC Over Fintech Charter

Oct. 26, 2018 — The Conference of State Bank Supervisors filed a complaint against the Office of the Comptroller of the Currency to prevent it from granting special-purpose national bank charters to nonbank financial technology companies. The complaint renews a CSBS…

Senate Set to Vote on Miki Bowman Nomination

Oct. 15, 2018 — The Senate adjourned and will return to Washington after next month’s elections to take up the ICBA-advocated nomination of Michelle “Miki” Bowman for the Federal Reserve Board. Both chambers of Congress are scheduled to return on Nov.…

Senate S. 2155 Hearing Postponed

Sept. 12, 2018 — The Senate Banking Committee postponed its hearing on the implementation of the S. 2155 regulatory relief law. Originally scheduled for tomorrow, the hearing is now slated for Tuesday, Oct. 2. FDIC Chairman Jelena McWilliams, Comptroller of the Currency…

SEC Launches Fintech Hub

Oct. 22, 2018 — The Securities and Exchange Commission launched a webpage dedicated to its fintech-related issues and initiatives, such as distributed ledger technology, automated investment advice, digital marketplace financing, and artificial intelligence. The Strategic Hub for Innovation and Financial Technology,…

Romero Rainey: End the Credit Union Free Ride

Sept. 18, 2018 — Credit unions are feeling pressure from policymakers who are finally beginning to question whether their tax exemption is still justified, ICBA President and CEO Rebeca Romero Rainey wrote in a new op-ed. In American Banker, Romero Rainey…

Romero Rainey Talks Sheltered Harbor in New Video

Sept. 11, 2018 — A new video from ICBA President and CEO Rebeca Romero Rainey spotlights Sheltered Harbor, the financial services sector’s initiative to protect against natural disasters and cybercrime.  Romero Rainey notes that Sheltered Harbor allows participating institutions to archive…

Regulators Update BSA/AML Site

Oct. 19, 2018 — Federal financial regulators launched a redesigned site with information on Bank Secrecy Act and anti-money-laundering examination procedures. The Federal Financial Institutions Examination Council updated its BSA/AML InfoBase site to improve navigation, enhance search capabilities, provide mobile-friendly capability,…

Rate of Unbanked Continues Decline

Oct. 24, 2018 — The number of U.S. households without a bank account continued to fall in 2017, according to the latest FDIC unbanked and underbanked survey. Unbanked households declined to 6.5 percent last year, the third consecutive decrease and the…

Quarles: Community Banking Stronger Than Ever In Many Areas

Oct. 05, 2018 — Federal Reserve Vice Chairman for Supervision Randal Quarles offered context to the trend of consolidation in the banking industry in remarks at the “Community Banking in the 21st Century” research conference. Speaking in St. Louis, Quarles said…

OCC Targeting Recovery-Planning Guidelines to Largest Banks

Sept. 20, 2018 — The OCC is proposing to amend its enforceable guidelines relating to recovery-planning standards for insured national banks and federal savings associations. The agency said its goal is limiting application of the guidelines to the largest and most…

OCC Releases 2019 Bank Supervision Plan

Sept. 26, 2018 — The OCC released its bank supervision operating plan for fiscal 2019. OCC staff members use this plan to guide their supervisory priorities, planning, and resource allocations. Fiscal 2019 supervisory strategies include cybersecurity and operational resiliency, commercial and…

OCC Issues Thrift Flexibility Proposal

Sept. 11, 2018 — The Office of the Comptroller of the Currency requested comment on a proposed rule to implement a provision of S. 2155 offering expanded powers to certain federal savings associations. The ICBA-advocated provision would allow federal savings associations…

Independent Banker Details Post-S. 2155 Priorities

Oct. 09, 2018 — The October issue of ICBA’s Independent Banker® magazine features ICBA’s policy priorities following passage of the S. 2155 regulatory relief law, and how community bankers can help advance them. The cover story spotlights unfinished business such as…

ICBA’s Haynie: Release the GSEs from Conservatorship

Sept. 18, 2018 — Policymakers must end the federal takeover of Fannie Mae and Freddie Mac to promote stability in the housing market and reduce the risk of additional taxpayer bailouts, ICBA Senior Vice President of Mortgage Finance Policy Ron Haynie…

ICBA: Quickly Implement Remaining S. 2155 Provisions

Oct. 03, 2018 — ICBA called on regulators to quickly implement outstanding provisions of the ICBA-advocated S. 2155 regulatory relief law, including simpler capital rules and short-form call reports for community banks. In a statement for a Senate Banking Committee hearing,…

ICBA: Act Fast on New PACE Loans Standards

Oct. 16, 2018 — ICBA and other groups called on the Bureau of Consumer Financial Protection to quickly write rules subjecting Property Assessed Clean Energy loans to the same standards as other forms of consumer mortgage credit. PACE loans allow homeowners…

ICBA-Opposed ILC Application Withdrawn

Sept. 26, 2018 — Nelnet withdrew its ICBA-opposed application to form an industrial loan corporation. The massive student-loan servicer said withdrawing the application with the FDIC and the Utah Department of Financial Institutions is a “temporary step back” in a long…

ICBA Updates Marketing Toolkit

Sept. 18, 2018 — Community banks that are developing fourth-quarter marketing and communications plans can use ICBA’s newly updated, member-exclusive Marketing & Communications Toolkit. The toolkit features customizable press releases and op-eds, sample social media posts and images, an updated editorial…

ICBA to Policymakers: Lock in Positive Housing Reforms

Sept. 06, 2018 — With the conservatorship of Fannie Mae and Freddie Mac nearing its 10-year anniversary, ICBA and other groups called on policymakers to cement certain housing-finance reforms implemented over the past decade. In a joint letter, the groups urged…

ICBA to IRS: Maximize Sub S Access to Tax Deduction

Sept. 24, 2018 — ICBA and other banking groups called on the IRS to reconsider its approach to implementing the Tax Cuts and Jobs Act’s 20 percent tax deduction for pass-through businesses. In a joint comment letter, ICBA said the agency…

ICBA to Congress: Ensure Fintech Regulatory Consistency

Sept. 19, 2018 — ICBA told Congress that it supports the development of a fintech regulatory framework that is no less stringent than that which applies to insured depository institutions.3 In a statement for a Senate Banking Committee hearing, ICBA said…

ICBA Releases Cybersecurity Tips

Oct. 02, 2018 — In recognition of National Cybersecurity Month in October, ICBA issued a news release that reminds consumers of simple steps they can take to safeguard their sensitive data when making purchases online or via a smart device. The…

ICBA Reception Celebrates S. 2155 Reg Relief

Sept. 13, 2018 — ICBA hosted a reception on Capitol Hill to celebrate the pro-community bank regulatory relief policies enacted under S. 2155. Featuring opening remarks from ICBA President and CEO Rebeca Romero Rainey, the reception hosted numerous lawmakers and staff…

ICBA Offers Talking Points for Faster Payments Town Halls

  Oct. 29, 2018 — CBA is offering talking points for community bankers to use at the Federal Reserve’s town hall meetings on its role in faster payments, which start today in Kansas City. The Fed is hosting the town halls…

ICBA Offers Disaster Recovery Resources for Affected Banks

Sept. 18, 2018 — ICBA continues to update its Crisis Response and Preparedness Center with relevant information and resources to assist community banks and their customers in the wake of Hurricane Florence. The site includes important links to regulatory announcements, FS-ISAC…

ICBA Matrix Details S. 2155 Implementation

Sept. 10, 2018 — ICBA released a comprehensive matrix on the implementation of S. 2155 provisions affecting community banks. The guide provides a line-by-line overview and status update on all relevant provisions of the regulatory relief law. Inspired by ICBA’s Plan…

ICBA Has One Quibble With Reciprocal Deposit Proposal

Oct. 29, 2018 — ICBA commended the FDIC for conforming its brokered deposit regulations with the Regulatory Relief Act (S. 2155), which exempts certain reciprocal deposits from being considered brokered deposits. Under the ICBA-advocated exception, well-capitalized and well-rated institutions are not…

ICBA Encourages Participation in Faster Payments Assessment

Oct. 22, 2018 — ICBA is encouraging community bankers to provide feedback to the Federal Reserve on its role in faster payments. The Fed is hosting a series of town hall meetings and accepting comments on facilitating real-time interbank settlement of…

ICBA Continues Push for Streamlined IRS Authentication

  Oct. 12, 2018 — CBA and other trade groups said they appreciate a House Ways and Means subcommittee effort to improve an IRS system that lenders use to protect taxpayers’ personal data. In a joint submission for a recent Subcommittee…

ICBA Continues Push for Fed Role in Faster Payments

Oct. 04, 2018 — ICBA continued its call for the Federal Reserve Board to ensure a role for itself in faster payments after the Fed requested public comment on next steps. In a news release, ICBA also said it is concerned…

ICBA Congratulates New FDIC Advisory Committee Members

  Oct. 11, 2018 — ICBA congratulated the new members of the FDIC Advisory Committee on Community Banking. The committee was established in 2009 to provide advice and recommendations to the FDIC on community bank policy and regulatory matters.. The new…

ICBA Backs Streamlined USDA Programs

  Oct. 23, 2018 — ICBA applauded the USDA for proposing to streamline its Rural Development Agency and standardize regulations for four guaranteed loan programs. Through its OneRD initiative, the department intends to develop a common platform for its business and…

ICBA Backs Fresh Look at Disclosure Trials

Oct. 16, 2018 — ICBA said it appreciates the Bureau of Consumer Financial Protection’s reexamination of its policy allowing banks to propose experimental disclosure statements. Authorized under the Dodd-Frank Act and established in 2013, the policy is designed to encourage the…

ICBA Backs Advance of Data Security Measure

Sept. 13, 2018 — ICBA and other groups said they support House Financial Services Committee passage of data security legislation up for consideration today. The Consumer Information Notification Requirement Act (H.R. 6743) would implement uniform consumer-notification standards across all Gramm-Leach-Bliley Act…

Groups Propose Reforms to Originator Compensation Rules

Sept. 27, 2018 — ICBA joined other trade groups in calling on the Bureau of Consumer Financial Protection to reform compensation rules affecting mortgage loan originators. In a joint letter, the groups urged the bureau to allow originators to voluntarily alter…

Free Credit Freezes Are Here

Sept. 24, 2018 — A provision of S. 2155 requiring credit reporting agencies to freeze consumer credit reports at no charge took effect Friday. These security or credit freezes restrict access to credit files to reduce identity theft. A new blog…

Fraudsters Stocking Up on Gift Cards

Oct. 19, 2018 — The holidays are still months away, but scammers are increasingly demanding that they be paid in gift cards, according to the Federal Trade Commission. The FTC said gift cards and reloadable cards were reported as a payment…

FinCEN Warns of Risks From Nicaragua Corruption

Oct. 05, 2018 — The Financial Crimes Enforcement Network issued an advisory on the increasing risk that proceeds from political corruption in Nicaragua may enter the U.S. financial system. FinCEN asked financial institutions to file suspicious activity reports when they identify…

FinCEN Wants To Talk BSA Reporting With Hurricane-Affected Banks

  Oct. 01, 2018 — The Financial Crimes Enforcement Network said financial institutions affected by Hurricane Florence should contact FinCEN and their functional regulator as soon as practicable to discuss any delays in their ability to file Bank Secrecy Act reports.…

FinCEN Makes Beneficial Owner Relief Permanent

Sept. 11, 2018 — The Financial Crimes Enforcement Network made permanent exceptive relief from beneficial owner requirements for certain account rollovers and renewals. The exception applies to the rollover of certificates of deposits; the renewal of safe deposit box rentals; and…

FinCEN Issues Advisory on Iran

Oct. 15, 2018 — The Financial Crimes Enforcement Network issued an advisory to help financial institutions better detect and report potentially illicit transactions related to Iran. The advisory provides information on the threats the Iranian regime poses to the U.S. financial…

FIL Letter Outlines HMDA Exemptions

Oct. 11, 2018 — The FDIC issued a Financial Institution Letter outlining the Bureau of Consumer Financial Protection’s previously released interpretive and procedural rule to implement and clarify the partial exemption from the Home Mortgage Disclosure Act adopted in the Economic…

FHFA Updates Plan for Minority, Women Inclusion

Oct. 23, 2018 — The Federal Housing Finance Agency released an updated strategic plan for its Office of Minority and Women Inclusion for fiscal 2019-2021. The plan focuses on diversity and inclusion efforts at Fannie Mae, Freddie Mac, and the Federal…

FHFA Seeks Input on “Duty to Serve” Modifications

Oct. 04, 2018 — The Federal Housing Finance Agency is seeking input on proposed modifications to the Underserved Markets Plans for Fannie Mae and Freddie Mac. The “duty to serve” plans require the enterprises to serve three specified underserved markets—manufactured housing,…

Feds Launch Small-Biz Cybersecurity Campaign

Oct. 19, 2018 — The Federal Trade Commission and other federal agencies launched a national education campaign to help small-business owners understand common cyber threats. The “Cybersecurity for Small Business” campaign features fact sheets, videos, and quizzes on topics such as…

Fed’s Powell: Expect More of the Same

Oct. 03, 2018 — Federal Reserve Chairman Jerome Powell said forecasters inside and outside the Fed continue to expect the economy and employment to remain strong while inflation stays at roughly the agency’s 2 percent objective. Speaking in Boston, Powell said…

Fed’s Clarida: Further Rate Hikes Likely

Oct. 26, 2018 — Monetary policy remains accommodative despite recent increases in the federal funds rate, Federal Reserve Vice Chairman Richard Clarida said. In his first speech as the agency’s No. 2, Clarida said further gradual adjustment in the rate will…

Fed Raises Rates for Third Time This Year

Sept. 27, 2018 — The Federal Open Market Committee raised target interest rates by 25 basis points to a range of 2 percent to 2.25 percent, the highest since April 2008. The widely expected move was the third interest rate increase…

Fed Names New Advisory Council Members

Oct. 26, 2018 — The Federal Reserve Board announced six new members of its Community Advisory Council. The CAC is composed of representatives from consumer, workforce, and community development organizations, and it provides information and recommendations to the board. The new…

Fed Expects to Stay the Course on Rates: Minutes

Oct. 19, 2018 — Federal Open Market Committee members generally expect further gradual increases in the target federal funds rate, according to the minutes of their latest meeting. Members of the Fed’s policy-setting panel said gradual rate hikes would be consistent…

Fed Amends Rules on Check-Collection Disputes

Sept. 13, 2018 — The Federal Reserve Board approved final amendments to the liability provisions of Regulation CC, which governs availability of funds and collection of checks. The amendments affect disputes between banks when original paper checks are unavailable for inspection.…

FDIC’s McWilliams Touts Transparency Initiative

Oct. 19, 2018 — FDIC Chairman Jelena McWilliams reiterated her agency’s focus on transparency in a speech before the International Association of Deposit Insurers. Noting the importance of public trust to an effective deposit-insurance system, McWilliams cited the FDIC’s new “Trust…

FDIC’s Gruenberg Blasts Plan to Ease Megabank Capital Standards

Sept. 07, 2018 — A regulatory proposal to ease capital requirements on the largest bank holding companies would significantly weaken systemic protections and make these institutions more vulnerable, FDIC board member and former chairman Martin Gruenberg said. Speaking in Washington on a…

FDIC Transparency Initiative Features Performance Metrics

Oct. 04, 2018 — The FDIC launched a new section of its website that provides performance metrics on its responsiveness to banks, applicants, and consumers. The “Trust through Transparency” initiative features data on exam and application turnaround times, FDIC call center…

FDIC Seeks Feedback on Improving Communication

Oct. 02, 2018 — The FDIC is seeking comments on how the agency can maximize efficiency and minimize burden when communicating information to banks and consumers. The request for information seeks feedback on the FDIC’s process for disseminating information through Financial…

FDIC Proposes Retiring Risk-Management FILs

Sept. 11, 2018 — The FDIC is seeking comment on a proposal to retire certain Financial Institution Letters to an inactive status. The proposal would target 374 of the 664 FILs related to risk management supervision issued from 1995 through 2017.…

FDIC Expands Cyber Challenge Exercise

Oct. 22, 2018 — The FDIC added two new vignettes to its Cyber Challenge, an exercise designed to encourage community banks to discuss operational risk issues and the potential impact of information technology disruptions on common banking functions. The Cyber Challenge…

FDIC Announces Key Personnel Changes

  Sept. 05, 2018 — The FDIC said two long-term agency veterans were appointed to serve in key leadership positions. Arleas Upton Kea will serve as the deputy to the chairman and chief operating officer, replacing Barbara Ryan, who retired…

FDIC Advances Reciprocal Deposit Reform

Sept. 14, 2018 — The FDIC proposed conforming rules to advance a provision of S. 2155 exempting certain reciprocal deposits from being considered brokered deposits for some institutions. Under the ICBA-advocated exception, well-capitalized and well-rated institutions are not required to treat reciprocal deposits…

FCS Regulator Issues 2019 Oversight Plan

Oct. 04, 2018 — The Farm Credit System’s regulator issued a memorandum discussing risks from FCS borrowers in fiscal 2019 that it will emphasize during examinations. The Farm Credit Administration memo said it is increasingly concerned that many readily available servicing…

Farmer Mac Names New Chief Executive

  Oct. 02, 2018 — Farmer Mac named Bradford T. Nordholm as its new president and CEO, effective Oct. 15. In a career spanning four decades, Nordholm most recently served as CEO and vice chairman of Starwood Energy Group Global, a…

Farm Bill Deal Unlikely Ahead of Sunday Deadline

Sept. 27, 2018 — House and Senate agriculture committee leaders said they continue to negotiate the 2018 farm bill, indicating a final deal is unlikely before the current farm bill expires on Sunday. Following a closed-door meeting, the committee heads—and principal…

Farm Bill Conferees Hold First Public Meeting

Sept. 06, 2018 — The farm bill conference committee conducted its first public meeting and agreed on the dire need to quickly reconcile the House and Senate versions by Sept. 30, when the current five-year bill expires. Several of the conferees,…

FAQs Detail Implementation of LIBOR Alternative

  Sept. 21, 2018 — The Federal Reserve Bank of New York released frequently asked questions on the Alternative Reference Rates Committee’s efforts to replace the London Interbank Offered Rate, or LIBOR. ICBA represents community banks on the Federal Reserve Board panel, which was reconstituted…

Fannie, Freddie Update PMI Standards

  Oct. 01, 2018 — Fannie Mae and Freddie Mac revised eligibility requirements for private mortgage insurers, the Federal Housing Finance Agency announced. The updates include changes to: risk-based asset requirements, the treatment of approved risk-transfer transactions, and risk-transfer credit arising…

Fannie Mae Updating Desktop Underwriter

Oct. 26, 2018 — Fannie Mae is scheduled to update its Desktop Underwriter during the weekend of Dec. 8. Desktop Underwriter Version 10.3 will include updates to the risk assessment and appraisal waiver to help Fannie Mae customers better serve their…

Fannie Mae Appoints New CEO

Oct. 11, 2018 — Fannie Mae appointed Hugh R. Frater as interim CEO. Frater’s appointment will take effect Tuesday, Oct. 16, subject to final approval by the Federal Housing Finance Agency. He will succeed Timothy J. Mayopoulos, who announced his intention…

Facebook Breach Affects 50M Users

Oct. 01, 2018 — Facebook announced a security breach affecting nearly 50 million accounts. Attackers exploited a vulnerability in Facebook’s code that affected the “View As” feature that lets users see what their profile looks like to someone else. The attackers…

Cyber Center Encourages Cybersecurity Reviews

Oct. 24, 2018 — The National Cybersecurity and Communications Integration Center encouraged users and administrators of essential infrastructure systems to review several cybersecurity resources. The NCCIC offers information on protecting critical infrastructure and the Critical Infrastructure Cyber Community Voluntary Program. Read…

Community Bankers Testify on Expanding Access to Sub S Deduction

  Oct. 16, 2018 — Community bankers told the IRS that its proposed rule to implement the new 20 percent tax deduction for pass-through business income is unworkable. Testifying at a public hearing on the proposal, the community bankers said the…

Community Bank Small-Biz Loans Undercounted: FDIC

Oct. 02, 2018 — Community banks are more prolific small-business lenders than previously reported, according to a new FDIC report. The agency survey found that community bank small-business lending was understated by at least 29 percent in 2015 because many commercial-and-industrial…

Committee Votes for Uniformed Data Security Standards

Sept. 14, 2018 — Legislation to implement uniform consumer-notification standards across all Gramm-Leach-Bliley Act regulatory agencies passed out of the House Financial Services Committee. Rep. Blaine Luetkemeyer’s (R-Mo.) bill would also preempt state and local data-protection and consumer-notification standards. In a joint letter this week,…

Comments on Sub S Deduction Due Monday

Sept. 25, 2018 — Comments on a proposed regulation affecting the small-business tax deduction for Subchapter S banks are due Monday, Oct. 1. Community bankers can use ICBA’s action center to contact the IRS and Congress. Under the proposal to implement Section 199A…

Clarida Sworn in as Fed Governor

Sept. 18, 2018 — Richard H. Clarida was ceremonially sworn in as a member of the Federal Reserve Board of Governors and as vice chairman on Monday, Sept. 17. Federal Reserve Chairman Jerome Powell presided. President Trump announced his intention to nominate Clarida…

CBA Urges Limited Autodial Interpretation

Oct. 26, 2018 — ICBA called on the Federal Communications Commission to limit its interpretation of Automatic Telephone Dialing Systems to the plain language of the Telephone Consumer Protection Act. ICBA’s comment letter follows a D.C. Circuit Court of Appeals ruling…

Bureau Updates E-Regulation Platform

Sept. 14, 2018 — The Bureau of Consumer Financial Protection released a new version of its electronic regulations platform. Previously known as eRegulations, the new Interactive Bureau Regulations platform now allows the bureau to more quickly and efficiently amend the content…

Bureau Settles With Small-Dollar Lender

Oct. 26, 2018 — The Bureau of Consumer Financial Protection announced a settlement with Cash Express LLC, a small-dollar lender with 328 outlets based in Cookeville, Tenn. The bureau said Cash Express violated the Consumer Financial Protection Act by deceptively threatening…

Bureau Release Filing Guide

Oct. 24, 2018 — The Bureau of Consumer Financial Protection released the Filing Instructions Guide for data collected in 2019. The guide is a technical resource to help financial institutions file Home Mortgage Disclosure Act data collected in 2019 and reported…

Bureau Launches Innovation Webpage

Oct. 17, 2018 — The Bureau of Consumer Financial Protection launched a new innovation webpage with information on how to apply to run a disclosure trial or pitch a pilot program. It also details the Global Financial Innovation Network, which will…

Bureau Issues Rule Implementing S. 2155 HMDA Exemption

Sept. 04, 2018 — The Bureau of Consumer Financial Protection issued a rule implementing an ICBA-advocated provision of the S. 2155 regulatory relief law exempting many community banks from new Home Mortgage Disclosure Act reporting mandates. Under the rule, banks with…

Bureau Issues Latest Supervisory Update

Sept. 07, 2018 — The Bureau of Consumer Financial Protection released the latest edition of its Supervisory Highlights publication, covering supervision activities generally completed between December 2017 and May 2018. The publication shares observations in areas such as auto loan servicing…

Bureau Includes Right to Security Freeze in Model Disclosures

Sept. 13, 2018 — The Bureau of Consumer Financial Protection issued an interim final rule updating two model disclosures to reflect changes to the Fair Credit Reporting Act. S. 2155 requires national consumer reporting agencies to provide “national security freezes” free…

Bureau Committees Meeting This Month

Sept. 13, 2018 — The Bureau of Consumer Financial Protection said the Community Bank Advisory Council and other committees will hold fall meetings on Sept. 27. The meetings in Washington will be streamed live online. The bureau recently announced the councils’…

Bureau Announces New Advisory Council Members

Sept. 10, 2018 — The Bureau of Consumer Financial Protection announced new members of its Community Bank Advisory Council, which advises the bureau on the unique perspectives of community banks. New members will serve one-year terms. The new council members are…

Bipartisan ICBA Campaign Supports Pro-Community Bankers Lawmakers

Oct. 11, 2018 — ICBA today is launching a bipartisan campaign applauding the work of pro-community bank members of Congress. As part of an ongoing strategic advocacy campaign, ICBA is delivering tens of thousands of mailings targeting the constituents of 13…

Are You Leveraging Your Card’s Core Benefits?

Sept. 10, 2018 — The Visa Liability Waiver Program ICBA Bancard’s Senior Vice President of Card and Payment Products, Julie Hanson, says that many times when she is discussing debit and credit card portfolio strategies with community bankers, they are unaware…

Agency Heads Set to Testify on S. 2155 Progress

Sept. 06, 2018 — The Senate Banking Committee is scheduled to hear from regulators next week on the implementation of the S. 2155 regulatory relief law. The heads of the FDIC, Federal Reserve, OCC and National Credit Union Administration are slated to address…

Agencies Warn of Cash-Out Scheme

  Oct. 09, 2018 — The Treasury Department, Department of Homeland Security and FBI alerted U.S. financial institutions of an ATM cash-out scheme known as “FASTCash.” The agencies said the campaign, in which hackers have stolen tens of millions of dollars…

Agencies Update Appraisal FAQs

Oct. 17, 2018 — Federal banking regulators issued frequently asked questions on appraisal and evaluation functions. The document was developed in response to recent questions about the agencies’ real estate appraisal regulations and replaces previous FAQs on the appraisal regulations issued…

Agencies Release 2017 CRA Data

Oct. 26, 2018 — Community Reinvestment Act reporters in 2017 accounted for roughly 72 percent of small business loans and 30 percent of small farm loans, according to federal banking regulators. Reported small business loans declined last year due to the…

Agencies Propose Updated HVCRE Treatment

Sept. 19, 2018 — Federal regulators invited public comment on a proposal to enact a provision of the S. 2155 regulatory relief law modifying capital rules for high-volatility commercial real estate exposures. The proposal would revise the definition of HVCRE exposures…

Agencies Propose Call Report Updates to Incorporate New Standards

Oct. 03, 2018 — The federal banking agencies are requesting feedback on proposed revisions to the call report. The proposal would incorporate the Current Expected Credit Loss methodology as well as S. 2155 reforms to the reporting of high-volatility commercial real…

Agencies Issue Customer Identification Program Exemptions

Oct. 01, 2018 — Federal regulators exempted loans for property and casualty insurance policies from Customer Identification Program rules. Banks engaging in insurance premium finance lending must continue to comply with all other regulatory requirements implementing the Bank Secrecy Act, including…

Agencies Extend Volcker Rule Comment Deadline

Sept. 05, 2018 — Federal regulators extended until Oct. 17 the comment deadline for a proposed rule to simplify and tailor Volcker Rule compliance requirements. The rule generally restricts banking entities from engaging in proprietary trading and from owning or controlling hedge funds…

“Tax Reform 2.0” Passes House

Oct. 01, 2018 — The House passed legislation to permanently extend the lower individual tax rates included in the tax reform law signed late last year. Known as “Tax Reform 2.0,” the package of bills would lock in lower rates set…

“Tax Reform 2.0” Passes Committee

Sept. 14, 2018 — The House Ways and Means Committee approved legislation to permanently extend the lower individual tax rates included in the tax reform law signed late last year. Known as “Tax Reform 2.0,” the package of bills would lock in…

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