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Celebrating the Season of Gratitude
As we gather to celebrate the season, we at the NCBA would like to extend our heartfelt gratitude to the remarkable North Carolina banking community. Your dedication and service have been instrumental in strengthening our state's financial foundations and supporting local economies.
We also want to express our deep appreciation for our friends and fellow bankers who have tirelessly advocated for our industry, ensuring that our collective voice is heard in legislative and regulatory spheres. Click here for a look back at the important role of advocacy in 2023!
Wishing everyone in our community a joyous and peaceful holiday season. Happy Thanksgiving from your friends at the NCBA!
Senior Leadership Development Institute | Apply by Dec. 1, 2023
Last call! Apply for the Senior Leadership Development Institute by December 1 and take the next step in your leadership journey.
Over the course of six monthly sessions, the SLDI curriculum will enhance your leadership knowledge, skills, and abilities through group activities, case studies and practical application. Let Sharon Justice (Justice Leadership) be your guide as you connect with your peers and explore what it means to lead!
Learn More and Apply

Federal Legislative & Regulatory Update

Final Special Assessment to Approve Deposit Insurance Fund
The FDIC has approved a final special assessment to replenish the Deposit Insurance Fund following the Silicon Valley Bank and Signature Bank failures.
In accordance with the FDIC's decision, no bank with total assets below $5 billion will pay the assessment. The assessment will be collected at an annual rate of approximately 13.4 basis points for an anticipated eight quarterly assessment periods.
FDIC Under Scrutiny
In a letter to FDIC Chairman Martin Gruenberg, Representatives Lisa McClain of Michigan and Andy Biggs of Arizona, who serve on the House Oversight Committee, wrote that the agency “may have turned a blind eye to sexual harassment and discrimination within its staff.” 
McClain and Biggs requested records including complaints, investigations and reports, as well as all communications involving human-resources officials and the office of the chairman related to allegations of sexual misconduct, harassment or discrimination. They also requested a list of individuals who have been reassigned within the agency, and where they were reassigned to, related to such allegations.
The letter follows a Wall Street Journal news report last week that included numerous allegations. On Friday, twelve Democrats on the Senate Banking Committee sent a letter to the FDIC’s acting inspector general, asking the office to lead a “comprehensive investigation into the workplace culture,” while the House Financial Services Committee is launching its own investigation. In a video to staff on Friday, Gruenberg took responsibility and apologized for the agency’s workplace culture, while indicating he doesn’t plan to resign.
SEC Cyber Incident Reporting Rules
Sen. Thom Tillis has introduced a resolution of disapproval to overturn the SEC’s cyber incident reporting rule, which the SEC adopted in July and which requires public companies to disclose material cybersecurity incidents within four business days. Under the rule, public companies also must disclose information about their cybersecurity risk management, strategy and governance on an annual basis. 
The resolution of disapproval, which was brought under the Congressional Review Act, would overturn the SEC rule if adopted by both chambers of Congress and signed by the president.
“As we have continuously seen, Gary Gensler’s SEC is doing their best to hurt market participants by overregulating firms into oblivion,” said Senator Tillis in a statement. “I am proud to co-introduce the Resolution of Disapproval to strike down this overreaching rule that creates unrealistic timelines and unnecessary red tape that will ultimately make markets less safe overall.”
Federal Home Loan Bank Report
The FHFA has issued a report as part of its comprehensive review of the Federal Home Loan Banks. The agency said that it will consider harmonizing how membership eligibility requirements are applied to the different membership types and will propose a rule to impose an ongoing 10% mortgage asset test on “some members."
CFPB Supervision of Nonbank Payment Providers
The CFPB has proposed a new rule to allow it to regulate large nonbank firms that provide digital payments services, including P2P payments, mobile wallets and other payment apps.
Beneficial Ownership Reporting
FinCEN has released a final rule that amends the final beneficial ownership reporting rule to permit reporting companies to use the FinCEN identifier of another company in certain limited circumstances. FinCEN said the rule responds to concerns from commenters that allowing the use of identifiers would obscure the identities of beneficial owners, resulting in greater secrecy or incomplete or misleading disclosures. The rule goes into effect on January 1, 2024.
Capital Standards for Large Banks
Senators Ted Budd and Thom Tillis are among a group of Senate Republicans who sent a letter challenging the justification by federal banking regulators for proposed capital standards for financial institutions with at least $100 billion in assets. They said the proposed standards could have negative effects on U.S. bank competitiveness globally, affordable housing, lending, credit card access and home equity lines of credit.  
Banking Agencies Announce 2024 Regulatory Thresholds
The federal banking agencies have announced that the 2024 threshold for whether higher-priced mortgage loans are subject to special appraisal requirements will increase from $31,000 to $32,400. At the same time, the Fed and the CFPB announced an increase in the dollar thresholds used to determine whether certain consumer credit and lease transactions in 2024 are subject to certain Regulation Z (truth in lending) and Regulation M (consumer leasing) requirements. 
The CFPB also announced it is amending Regulation V, which implements the Fair Credit Reporting Act, to establish the maximum allowable charge for disclosures by a consumer reporting agency to a consumer for 2024. The maximum allowable charge will be $15.50 next year. 

NCBankers Announcements

Economic Forecast Forum |  January 5, 2024
The NC Chamber and the North Carolina Bankers Association proudly present the 22nd Annual Economic Forecast Forum, a gathering of our state’s most influential leaders, to discuss how we can continue to lead in job retention, job creation, and quality of life. Join us for this annual event on January 5, 2024, for your first look at the economic forecast for the new year.
Learn More and Sign Up
Multistate Bank Counsel Conference | Dec. 14-15, 2023
Make plans to join us for the annual Bank Counsel Conference December 14-15, 2023 at The Westin, New Orleans. The conference will include two days of presentations on recent legislation and court decisions involving banking and commercial laws, as well as presentations on federal banking regulations and other current issues.
Learn More and Sign Up
128th Annual Convention | Save the Date for June 9-12, 2024!
Making plans for 2024? Then save the date for June 9-12 and make plans to attend the premier event for North Carolina's banking industry! We invite you to join us at the Omni Amelia Island Resort to celebrate our treasured traditions at the NCBA's 128th Annual Convention. Join us as we gather to discuss the evolving nature of our industry and reconnect with friends from across the state.

Professional Development Opportunities

Online Training with our Partnered Providers
Finding the time for crucial professional development can be a challenge. Luckily, NCBA members have access to online training material through our partnered training providers. Find your perfect webinar from ABA Training or OnCourse Learning today!
Upcoming OnCourse Webinars:
Most Common TRID Issues | December 1, 2023
Courageous Conversations | December 1, 2023
Commercial & Business Lending Basics for Support Personnel | December 4, 2023
Bi-Monthly Compliance Briefing | December 5, 2023
10 Common Errors on Fiduciary Accounts | December 5, 2023
Regulation E: Errors & Disputes | December 6, 2023
Creating Exceptional Customer Experiences | December 6, 2023
New Final Community Reinvestment Act (CRA) Regulations – What Do They Mean for Your Bank? | December 6, 2023
Assessing Environmental Risks in Commercial Real Estate Lending | December 7, 2023
Beneficial Ownership Rules - Training for Your Staff | December 12, 2023
Deposits End of Year Wrap Up | December 12, 2023
IRS Information Reporting: Rules and Forms | December 13, 2023
2023 Call Report Recap and Look Into 2024 | December 13, 2023
Navigating the FedNow Rules and Regulatory Compliance Environment | December 13, 2023
Establishing a Culture of Compliance | December 14, 2023
BSA Year End Wrap-Up  | December 14, 2023
Two Sides of the Same Coin: How and Why IT Should be Separated from IS  | December 15, 2023
Digital Assets - Overview & Regulatory Guidance | December 19, 2023
Click here to access the full OnCourse calendar.

Industry Update

Peoples Bancorp Announces Quarterly Cash Dividend
The Board of Directors of Peoples Bancorp of North Carolina, Inc. (PEBK) declared the company’s regular cash dividend for the fourth quarter of 2023 in the amount of $0.19 per share. The fourth quarter cash dividend will be paid on December 15, 2023 to shareholders of record on December 4, 2023.

On the Lighter Side

Personally, I love Thanksgiving traditions: watching football, making pumpkin pie, and saying the magic phrase that sends your aunt storming out of the dining room to sit in her car.
- Stephen Colbert
North Carolina Bankers Association
3601 Haworth Drive (27609-7218)
Raleigh, North Carolina 27619-9916
919-781-7979 or 800-662-7044
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