Webinars to Address Financial Education, Protection of Older Customers
In recognition of Older Americans Month, the ABA Foundation wants to help banks reach your their customers and their financial caregivers.
Join the ABA Foundation for a free webinar on Tues., May 17, at noon CDT to hear from your peers on the creative, innovative ways they have effectively partnered with law enforcement and social service agencies to host educational events for seniors. Guest speakers will include:
- Jennell Huff, Bank of the Rockies
- Angela DeLeon, People’s United Bank
- Elaine Dodd, Oklahoma Bankers Association
Register for the May 17 webinar.
The CFPB will hold a free webinar on Wednesday, May 25, at 1 p.m. CDT on how banks can protect older consumers from financial exploitation. The call will begin with remarks from CFPB Director Richard Cordray and will be followed by a presentation from the CFPB’s Office for Older Americans and an opportunity for questions.
This presentation will highlight a recent CFPB report that provides an in-depth look at financial exploitation, case scenarios and detailed recommendations for banks on how to prevent, recognize, report and respond to financial exploitation of older Americans.
Register for the May 25 webinar.
NDBA/SDBA Annual Convention Early Registration Deadline Nearing
If you haven't yet registered for the NDBA/SDBA 2016 Annual Convention, now is the time to do so to receive the early registration discount.
This year's event will take the stage June 12-14 at the Best Western Ramkota Hotel Plus in Bismarck, N.D. Those in the banking industry are invited to come together with like-minded professionals to network, recharge and hit the jackpot with two days of timely information critical to the banking industry.
The "Winning Together" theme not only encompasses the fun Las Vegas vibe but also delves a bit deeper. By gathering ideas from each other and learning from nationally-acclaimed speakers, attendees will take key points back to their hometown banks to effect positive change.
The deadline to reserve a hotel room at the discounted convention rate is Monday, May 16. Complete agenda and registration forms.
ABA Calls for Congressional Action to Stall DOL Overtime Proposal
In a letter to leaders of the Senate Committee on Small Business and Entrepreneurship on Tuesday, ABA urged lawmakers to support the Protecting Workplace Advancement and Opportunity Act, a bill that would nullify a proposed rule by the Department of Labor to dramatically increase the salary threshold for employees to be exempt from overtime. The letter came in advance of a committee hearing on the rule yesterday.
As proposed, the rule would raise the overtime threshold from $23,660 to $50,440 -- a 113 percent increase --for all employees nationwide, regardless of regional differences in cost of living. It also calls for the threshold to be re-evaluated and adjusted annually.
ABA has aggressively opposed the rule, submitting comments to the DOL, meeting with representatives from the Office of Management and Budget and collecting feedback from bankers across the country on the rule’s consequences, particularly for community banks and their employees. Despite advocacy efforts by ABA and others, however, the association pointed out that “DOL is not taking seriously the public’s concerns with its proposal… it is clear that [the DOL] is not willing to reconsider the rule in a meaningful way without Congressional action.” Read the letter.
Regulatory Feedback Initiative Surveys Due by May 21
Many bankers report wrestling with burdensome, duplicative and sometimes unnecessary banking rules and regulations. Others report that bank exams lately have become more reasonable. To help ensure that regulatory examinations are fair and examiners apply consistent standards, ABA and the state bankers associations are asking every bank across the country to participate in the Regulatory Feedback Initiative by completing a new, streamlined post exam survey after each safety and soundness and compliance examination.
Since 2011, the goal of the survey has been to aggregate banks' exam experiences, share results with regulators, generate banker requested reports, and fight for fair and consistent application of all regulations, rules and regulatory guidance.
To date, almost 3,100 surveys have been completed. Banks that have not already completed a survey since their last exam are urged to do so by May 31. The survey is anonymous, and participants are guaranteed data confidentiality. Take the survey. For more information, contact ABA's Rick Freer.
FinCEN Issues Final Customer Due Diligence Rule
The Financial Crimes Enforcement Network last week released the text of its long-awaited final customer due diligence rule, which is expected to be published in the Federal Register on May 11. While the final rule reflects many changes made as the result of patient ABA advocacy, ABA President and CEO Rob Nichols expressed concern that “the application of the rule could add to the existing challenges of maintaining certain account relationships when customer information is not easily obtainable, leading to further derisking.”
The final rule will require banks to collect information on beneficial owners when an account is opened, using the model form included with the rule or taking other steps to collect the same information. A beneficial owner is an individual who owns more than 25 percent of the equity interests in a company or is the single individual who exercises control. The bank must use Customer Identification Program procedures to verify the identity of beneficial owners, although when documentation is used, the bank can rely on copies. The rule allows banks to rely on information provided by the customer, and it also includes a number of exceptions from coverage.
Although the actual rule will be effective July 11, compliance is not mandatory until May 11, 2018, reflecting ABA's request for a sufficient transition period to allow banks to fully adapt. “As we have frequently emphasized to policymakers, law enforcement and the banking industry share a common objective of fighting the use of the payments system for criminal and terrorist purposes,” Nichols said. “The inclusion of a two-year transition period, along with manageable expectations for customer and beneficial ownership identification, alleviates some of the potential burden.
As a companion to the rule, Treasury also sent a letter to House Speaker Paul Ryan (R-Wis.) encouraging the adoption of legislation that would require companies to disclose beneficial ownership information to the states at the time the company is created.
UMACHA To Hold Same-Day ACH Town Hall Meetings
Upper Midwest Automated Clearing House Association's (UMACHA's) team of payments experts will hold a series of town hall meetings to talk about the same-day ACH amendment and what it means for banks. The Same Day ACH Town Hall Meeting will be held May 24 at Hilton Garden Inn in Sioux Falls; May 25 at Hilton Garden Inn in Fargo, N.D.; and May 26 at Embassy Suites by Hilton in Bloomington, Minn.
This special event is designed to get questions answered and help everyone get on the same page with what same-day ACH really means. The meetings will address end-of-day processing and much more.
With a rule this size, it is sure to affect more than just one department at the bank. UMACHA's special pricing allows additional attendees from the same financial institution to attend at a discount. Learn more and register.
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