| | Continuing Progress on DIF Restoration Plan |
|
|
|
| | The FDIC has released an update on the restoration plan for the Deposit Insurance Fund (DIF). The balance was $121.8 billion at the end of 2023. The DIF reserve ratio increased from 1.11% to 1.15%. The agency projects that the reserve ratio remains on track to reach the statutory minimum of 1.35% ahead of the deadline in 2028. |
|
|
|
| |
| | | | | Lending Track: May 21, May 23, May 28, May 29, May 31 | | Deposits Track: June 10, June 12 |
|
|
|
| | |
|
| | | | Federal Legislative & Regulatory Update |
|
|
|
|
|
| | FHFA Issues Fair Lending Final Rule |
|
|
|
| | The FHFA has issued a final rule to codify many of its existing practices and programs regarding fair housing and fair lending oversight of Fannie Mae, Freddie Mac and the Federal Home Loan Banks. The rule makes changes to Fannie’s and Freddie’s Equitable Housing Finance Plans to promote greater accountability, adds oversight of unfair or deceptive acts or practices to FHFA’s fair housing and fair lending oversight programs, requires additional certification of compliance by all the entities, and establishes more precise standards related to fair housing, fair lending and equitable housing principles for the entities’ boards. |
|
|
|
|
|
| | FDIC Tables Two Proposals |
|
|
|
| | The FDIC Board has tabled two resolutions after both failed to gain majority support. | | The first resolution by FDIC Director Jonathan McKernan would have required the agency to annually assess whether asset managers that manage large index funds control an FDIC-supervised bank. McKernan has raised concern that Vanguard, BlackRock and State Street use their voting power at publicly traded banks to advance environmental, social and governance objectives and influence corporate policy at the banks. | | The second resolution by CFPB Director Rohit Chopra, an ex officio FDIC board member, would have eliminated an exemption for FDIC review of an application for a change in control of a bank holding company if the Federal Reserve instead reviews it. | | Acting Comptroller of the Currency Michael Hsu, also an ex officio FDIC board member, opposed the proposed changes, saying that issues of bank ownership and control are shared across the FDIC, Fed and OCC, and therefore should require interagency coordination instead of “more processes and opportunities for turf battles or fragmentation.” |
|
|
|
|
|
| | Federal Reserve Debit Interchange Proposal |
|
|
|
| | The NCBA has submitted a comment letter to the Federal Reserve, urging the agency to withdraw its proposed changes to Regulation II. The changes under consideration would significantly decrease the permissible amounts for debit interchange fees. Although the proposal is focused on debit card issuers with consolidated assets of $10 billion or more, market forces will push down pricing at smaller financial institutions. We anticipate that some banks will not even be able to recoup the costs of their debit card transactions. The comment deadline is May 12. |
|
|
|
|
|
| | Proposed Easing of Cannabis Restrictions |
|
|
|
| | The Associated Press is reporting that the U.S. Drug Enforcement Administration will move to reclassify cannabis as a less dangerous drug, moving it from a Schedule I drug, like heroin and LSD, to Schedule III, which includes ketamine and anabolic steroids. Even with a reclassification, the drug would remain a controlled substance under federal law, so issues for banks would remain absent the passage of bills like S. 2860, S. 1323, or H.R. 2891, to provide protections for financial institutions that serve cannabis businesses in states where the drug is legalized. |
|
|
|
|
|
| | White House Policy Guiding Infrastructure Protection |
|
|
|
| | President Biden has signed a national security memorandum, launching a new effort to protect U.S. infrastructure against threats and hazards. The memo directs federal, state and local governments to prioritize establishing minimum requirements for risk management, including requirements that address specific industry sector risks and cross-sector risks. The memo designates sector risk management agencies (SRMAs) to oversee designated critical infrastructure sectors and conduct risk management and resilience activities. For the financial sector, the Treasury Department will continue to be the federal agency coordinating risk management efforts. The Department of Homeland Security will lead the overall effort, with the Cybersecurity and Infrastructure Security Agency acting as coordinator between the various SRMAs. |
|
|
|
|
|
| | | State Legislative & Regulatory Update |
|
|
|
|
|
| | | Included with today’s Bulletin is the latest version of the NCBA’s Bill Tracker, which includes bills and topics carried over from the 2023 legislative session that remain eligible for activity this session. Also included are a number of newly filed bills. As this is a “short” session, with the focus on making adjustments to the second year of the state’s previously adopted two-year budget, new bill filings are restricted with limited exceptions. |
|
|
|
| | |
|
| | | | Honor Your Employees with Years of Service Certificates |
|
|
|
| | If you would like to take advantage of the NCBA's Service Certificate recognition program for employees and directors, we ask that you submit your list in excel format by May 30, 2024, to Ashley Wise at ashley@ncbankers.org. | | Let us help you honor your employees who have made banking their career. Certificates cover all years of service to the banking industry, not just the financial institution where the recipient is currently employed. Certificates are presented in five-year increments, beginning with five years of service. | | If you have questions, please contact ashley@ncbankers.org. |
|
|
|
| |
|
| | North Carolina Bankers Attend the 2024 ICBA Capital Summit |
|
|
|
| | North Carolina bankers joined NCBA President & CEO Peter Gwaltney at the ICBA Capital Summit this week and visited members of the North Carolina congressional delegation to discuss banking legislation, regulatory burden, and more. We thank Jim Sills and Valerie Quiett, M&F Bank; David Barksdale, Piedmont Federal Bank; Earl Worley, KS Bank; and Kyle Chavis, Lumbee Guaranty Bank, for representing the NCBA at the Capital Summit and for sharing their knowledge, experience, and passion for banking on Capitol Hill. |
|
|
|
| | | If you were not able to join us in D.C. this week, we have another opportunity for you to make your voice heard! Join us on September 10-12 for our 2024 Fall Legislative Visits. |
|
|
|
| |
|
| | Congratulations to the Third BankWork$ Cohort! |
|
|
|
| | Congratulations to the third cohort to complete the BankWork$ program! BankWork$ is a collaborative partnership with Goodwill Industries in Charlotte offering an 8-week curriculum that gives participants the skills, access and coaching needed to succeed and grow in banking careers. The 24 graduates of this cohort are prepared for roles such as: Associate Banker, Branch Banker, Client Services Representative, Lead Teller, Member Service Consultant, Personal Banker, Relationship Banker, Teller and Call Center Representative. |
|
|
|
| | | Thank you to Sondra Collins (North State Bank), Nicolas Means (F&M Bank), and Janice Royster (Community Bank Services) for joining us to celebrate the occasion! |
|
|
|
| |
|
| | | | Coming this fall, the NC Bankers Association is thrilled to showcase three premier events tailored for banking professionals. Join us for the Management Forum, celebrate industry leaders at the 2024 NCBankers Hall of Fame, and engage with key policymakers during our Fall Legislative Visits. Don’t miss these opportunities to connect, learn, and lead in the ever-evolving financial landscape. |
|
|
|
|
|
| | | Join us for an opportunity to make your voice heard with industry regulators and members of Congress on September 10-12! Attendees will have the opportunity to meet with representatives from North Carolina and join us on agency visits. To learn more and sign up, click here. |
|
|
|
|
|
| | | Mark your calendars for September 30 - October 1 and join us for an enriching experience that promises to elevate your bank leadership team's expertise! Bring your management team to learn from banking leaders and industry experts at this brand new event. |
|
|
|
|
|
| | | Celebrate excellence in banking at this year's NCBankers Hall of Fame ceremony! Hosted as part of the new Management Forum, this event honors the luminaries whose significant contributions have impacted the North Carolina banking sector. |
|
|
|
|
|
| | | Upcoming Compliance Programs |
|
|
|
| | | Do you work in a compliance-related role at your bank? We have several relevant events and training opportunities coming your way! Visit the links below to learn more and sign up. |
|
|
|
| |
|
| | | Thank You to Our Annual Sponsors |
|
|
|
| | Events from the NCBA are made possible thanks to the support of our annual sponsors: |
|
|
|
|
|
| | | | | | | | Online Training from 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 |
|
|
|
|
|
| | | Want to see the full webinar schedule? Check out our webinar calendar for a full list of upcoming webinars. |
|
|
|
|
|
| | | Q1 Results and Outlook: Survive in 2024, Thrive in 2025 |
|
|
|
| | IntelliCredit, a CBS-endorsed solution provider, is hosting its popular quarterly webinar review of bank performance results on Tuesday, May 21, at 2:00 pm ET. |
|
|
|
| | Community banks have a lot on their plate this year. Whether battling with liquidity, rising deposit costs, potential credit issues, or inefficiencies, banks are heads down and slogging through 2024 with the promise of a better 2025. Attend this quarterly performance webinar as IntelliCredit and QwickRate industry experts discuss community bank results for Q1, what they're hearing, and where there's cause for concern. Can’t make the date? Register anyway to receive the presentation and a link to the recording. |
|
|
|
| |
|
| | | First Community Bank Announces 1Q24 Earnings |
|
|
|
| | First Community Bankshares, Inc. (FCBC) reported its unaudited results of operations and other financial information for the quarter ended March 31, 2024. The Company reported net income of $12.85 million, or $0.71 per diluted common share, for the quarter ended March 31, 2024. | | The Company also declared a quarterly cash dividend to common shareholders of twenty-nine cents $0.29 per common share. The quarterly dividend is payable to common shareholders of record on May 10, 2024, and is expected to be paid on or about May 24, 2024. This marks the 39th consecutive year of regular dividends to common shareholders. |
|
|
|
|
| PB Financial Corporation Declares 2Q24 Dividend |
|
|
|
| | PB Financial Corporation (PBNC), the holding company for Providence Bank, announced that the Board of Directors approved a quarterly cash dividend of $0.53 per share on common stock outstanding to shareholders of record at the close of business on May 8, 2024. The dividend is payable May 23, 2024. | | This is an increase of approximately 17.78% from the dividend paid during the 2nd quarter of 2023. This represents a $2.12 per share dividend on an annualized basis and a dividend yield of approximately 5.30% (based on closing price on April 29, 2024 of $40.00/share) |
|
|
|
|
|
| | | Regulators Close Republic First Bank |
|
|
|
| | This past Friday, Pennsylvania state banking regulators closed Republic First Bank, doing business under the Republic Bank brand, in Philadelphia, and appointed the FDIC as receiver. Lancaster, Pennsylvania-based Fulton Bank agreed to assume substantially all of the failed bank’s $4 billion in deposits and to purchase substantially all of its $6 billion in assets. The FDIC estimated that the failure, which is the first of 2024, will cost the Deposit Insurance Fund $667 million. |
|
|
|
|
|
| | | I spent four years in college and I didn't learn a thing.
It was really my own fault... I had a double major
in psychology and reverse psychology. |
|
|
|
| | |
|
| | | NC Bankers Association | 3601 Haworth Drive | Raleigh | NC | 27609 | US |
|
|
|
| | If you no longer want to receive emails regarding the NCBankers Bulletin, please Opt-Out. |
|
|
|
|
|
|
|