2023 Bank Compliance School to Be Held May 22-25

Graduate School of Banking Scholarship Deadline Approaching

About the Graduate School of Banking

Since 1945, the Graduate School of Banking at the University of Wisconsin-Madison (GSB) has developed banking leaders through a rigorous academic program designed especially for experienced bankers. GSB is sponsored and governed by the Central States Conference of Bankers Associations in partnership with the University of Wisconsin-Madison. By relying on its alumni, Banker Advisory Board and Academic Committee, GSB creates an unparalleled learning and networking experience that has been the school of choice for more than 23,000 
bankers. Led by GSB’s talented and knowledgeable faculty, the 25-month GSB program is held in two-week sessions over three summers and features a comprehensive core of relevant bank leadership courses across all areas of banking – finance, technology, marketing, management and more. A wide range of electives allows participants to tailor their educational program. The curriculum is enhanced by FiSim, GSB’s robust bank management simulation, and in-depth intersession assignments that allow students to use learned concepts to improve their own institutions, adding relevance and value. 

About the Scholarship

For the Graduate School of Banking, the scholarship amount is $1,500 for each year of the student’s attendance. 

Deadline to apply for this 2023 scholarship: June 2, 2023 

Find the scholarship application here.

For Additional Information

To learn more about the Graduate School of Banking, please visit the GSB website: gsb.org or call 608-243-1945.

Please note: Scholarships are for incoming 1st year GSB students only. A separate application for the School must be completed - via the GSB website - by the published enrollment deadline in order to attend the 2023 School. 

ABA Accepting Nominations for their 11th Annual Community Commitment Awards

The American Bankers Association Foundation is accepting submissions for its 11th annual Community Commitment Awards and encouraging banks of all sizes to enter their successful community initiatives. The awards, ABA’s highest honors for extraordinary community engagement, recognize innovative, high-impact bank programs that improve the quality of life for the communities they serve. The entry period for submitting nominations closes July 7.

“The Community Commitment Awards give ABA a great chance to recognize banks of all sizes for their wide-ranging efforts to improve the lives of the customers and communities they serve,” said Rob Nichols, ABA president and CEO. “I encourage banks across the country to submit a nomination, so that we can showcase the incredible programs making a real difference, and hopefully inspire other banks to duplicate those initiatives.”

Banks interested in submitting Community Commitment Award nominations can enter into one of seven categories ranging from affordable housing to volunteerism, while the George Bailey Award recognizes an individual non-CEO bank employee demonstrating extraordinary commitment to their bank and community.

Banks of all asset sizes are eligible to enter and submissions will be judged by a panel of nationally recognized experts in each category. The categories are:

• Affordable Housing;
• Community and Economic Development;
• Financial Education;
• Economic Inclusion;
• Protecting Older Americans;
• Supporting Military Families;
• Volunteerism; and
• The George Bailey Distinguished Service Award, for non-CEO bank employees who demonstrate outstanding service to their bank, industry and community.

Full category descriptions are available here.

Winners will be recognized at ABA’s Annual Convention in Nashville this October and featured in the Foundation’s “Banks in Their Communities” database. The searchable database on the ABA website, showcases program entries by state highlighting corporate social responsibility efforts within the banking industry. Over 500 program profiles are currently displayed from across America.

For an entry form or a list of past winners, visit aba.com/awards. For more information on applying, please contact Melissa Murray at [email protected] or 202-663-5440.

This year’s Community Commitment Awards are generously sponsored by CNote. 

ABA Foundation Recognizes Older Americans Month, Offers New Resources on Financial Caregiving

In recognition of Older Americans Month, the ABA Foundation today released three new videos on financial caregiving as a part of its Safe Banking for Seniors program. The free national program, which aims to protect older Americans from financial exploitation, provides bankers with turnkey tools and resources to help them connect with their communities on this complex issue.

The animated videos, each under three minutes, offer guidance on choosing a financial caregiver, serving as a responsible financial caregiver, and understanding financial powers of attorney.  These short films build on the seven, scam-focused Safe Banking for Seniors videos released last year.

“Protecting our nation’s seniors and their money is a top priority for banks of all sizes,” said Sam Kunjukunju, vice president, consumer education for the ABA Foundation. “We hope that by educating people on the importance of responsible financial caregiving, we can help consumers safely prepare for their financial futures.”

In addition to the videos, the ABA Foundation also launched new consumer resource pages with tips and information to guide both seniors and caregivers wherever they are on their financial caregiving journey.

To help educate bankers on how best to leverage these resources, ABA and the ABA Foundation will host a webinar on May 9 at 2 p.m. ET. Participants will learn how to access tools and information to protect their bank’s older customers and hear from peers about strategies they have successfully employed in the field.

More than 420 banks of all sizes and charters plan to participate in the Safe Banking for Seniors program this year, with an anticipated reach of nearly 135,000 consumers. These critically important lessons, led by more than 6,800 banker volunteers, are a key component of the ABA Foundation’s three-year industry-wide commitment to reach five million Americans with financial education lessons through its campaigns.

To learn more about the ABA Foundation’s Safe Banking for Seniors program and how your bank can participate, visit aba.com/seniors.

Texas Bankers Association Sues to Block Section 1071 Rule

The Texas Bankers Association are suing to block the CFPB from implementing its final rule under Section 1071 of the Dodd-Frank Act. Section 1071 requires the collection and submission of data related to credit applications by women-owned, minority-owned and small businesses. The lawsuit was joined by TBA member Rio Bank, based in McAllen, Texas.
 
The “CFPB has taken three pages of legislation requiring 13 data points and turned it into nearly 900 pages of regulation requiring 81 data points. CFPB repeatedly exceeds its authorities and ignores required rulemaking law because its unconstitutional funding and leadership structure make it accountable to no one,” said TBA President and CEO Chris Furlow. “It is unfortunate that the courts are currently the only recourse to challenge a virtually untouchable agency that believes it can hold everyone to account but itself.”
 
To read more, visit: https://www.texasbankers.com/TBA/News_Releases/2023-04-26-TBA-files-suit-to-block-CFPBs-Sec.-1071-Final-Rule.aspx

1071 Small Business Data Collection and Submission: Deep Dive and Operational Impacts Webinar to be Held June 6

The CFPB has (finally) issued its long-awaited Final Rule on Small Business Lending Data Collection, which will require lenders to collect and submit to the CFPB data around small business loan applications by June 1st of each year. Fortunately, there is a transitioned implementation period, and when lenders must comply is based on how many small business loans they originate.

That is but one of several important changes from the proposed rule. This rule will have a dramatic impact on small business lenders’ operations, and not just from an operational standpoint. There are significant cultural issues to address as well, as this will change how small business applications are collected and processed.

Who should attend: Anyone in the institution who is involved in small business lending, particularly the application part of the process needs this course. This could include commercial lenders, processors, front-line staff, commercial lending support staff, and related employees, as well as compliance professionals, auditors, risk managers and officers, and line of business managers. Also, executive management and even Directors would benefit from understanding the requirements of this extensive new rule.

Register here.

CISA News: If You Were Breached...

QUESTION OF THE WEEK

Q: If a customer calls and asks about our current rates do we need to include a statement of “annual percentage yield” along with the rate?

A: In any oral response to a consumer inquiry on deposit rates Regulation DD requires that you state the annual percentage yield. The interest rate may be stated in addition to the annual percentage yield:

"(e) Oral response to inquiries. In an oral response to a consumer's inquiry about interest rates payable on its accounts, the depository institution shall state the annual percentage yield. The interest rate may be stated in addition to the annual percentage yield. No other rate may be stated."

https://www.consumerfinance.gov/policy-compliance/rulemaking/regulations/1030/3/#e

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