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Senate Encouraged to Include ‘ACRE Act’ in Budget Bill
As the Senate prepares to consider H.R. 1, the “One Big Beautiful Bill,” NCBA has joined with state bankers associations nationwide and ABA to send a letter to Senate leaders urging them to include within the legislation expanded access to affordable real estate credit in rural areas. 
As noted in the Bulletin previously, the budget bill as passed by the House included parts of the Access to Credit for our Rural Economy (ACRE) Act (S. 838) but not all. For example, the ACRE Act in its original filed version also would allow financial institutions to exclude from gross income the interest received from mortgage loans on single-family residences in rural areas (provided the principal amount of all loans on a residence does not exceed $750,000). 
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If such a change to the law were to be added to H.R. 1 by the Senate, banks would be able to pass through the savings in the form of lower rates of interest to borrowers, creating more homeownership and churn in the economy in rural areas and creating a more equal footing among farm credit banks and commercial banks and savings institutions. 
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Raise Your Hand for the Chance to Learn at the North Carolina School of Banking | July 21-25, 2025
Ready to take the next step in your banking career? Join the next generation of financial leaders at the North Carolina School of Banking, the state’s premier program for emerging talent in the banking industry.
From July 21-25, spend a full week in Boone learning from top industry experts, connecting with peers from across the state, and building the skills you need to lead in a rapidly changing financial world.
Don’t miss this opportunity to grow your knowledge, your confidence, and your network. Submit your application today.
Learn More & Sign Up
 
State Legislative & Regulatory Update
Budget Negotiations Between the NC House and NC Senate
On Tuesday, the NC Senate voted not to concur with the House’s changes to S 257 – the 2025 Appropriations Act. The vote was a formality as Senate leaders had already signaled fundamental differences of opinion with their House counterparts over spending and tax provisions in the legislation. A key difference relates to individual income taxes, which bring in about 54 percent of the state’s roughly $34 billion in annual revenue.
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Little Activity on NCBA Bill Tracker 
Included with today’s Bulletin is our current Bill Tracker. Activity on most bills is paused until budget negotiations are concluded. 
Federal Legislative & Regulatory Update
Bowman Confirmed
The Senate has voted to confirm Federal Reserve Governor Michelle Bowman as vice chair for supervision. The position was previously filled by Fed Governor Michael Barr. Bowman has said that current financial rules have grown "overly complicated and redundant" and impose unnecessary costs on banks and their customers. 
Interchange Fee Laws
The Illinois General Assembly has approved legislation – Illinois HB 742 – extending to July 1, 2026, the effective date of that state’s law restricting interchange fees. Alone among states, the Illinois Interchange Fee Prohibition Act (IFPA) bans banks, payment networks and other entities from charging or receiving interchange fees in Illinois on the portion of a debit or credit card transaction attributable to tax or gratuity. That law has been mired in litigation. 
We continue to get questions about North Carolina House Bill 650, which sought to enact similar restrictions in our state. Amid opposition by NCBA and other stakeholders, the NC legislation failed to advance in the NC House by the crossover deadline last month.
Economic Well-Being of U.S. Households
The Federal Reserve has released a new report on the financial health of U.S. adults and their families. Twenty-one percent of adults experienced financial fraud or scams in 2024, with credit card fraud the most common type. The eight percent of adults who experienced fraud not related to their credit card incurred an estimated $63 billion in total unrecovered losses.
Phasing Out U.S. Treasury Checks 
The U.S. Treasury Department is receiving public comments on plans to implement President Donald Trump’s executive order to no longer issue paper checks for disbursements. Beginning September 30, 2025, all federal payments that are currently made by paper check, including Social Security benefits, tax refunds, and vendor payments, will be made electronically.
Section 1033 Data Sharing
The CFPB has asked a federal court to vacate its rule on financial data sharing. The CFPB’s rule implementing Section 1033 of the Dodd-Frank Act required financial institutions to make a consumer’s financial information available to the consumer or a third party at the consumer’s direction. 
Among other things, the rule forbid the charging of fees in connection with the request and required businesses to delete personal information once customers have revoked access to that data. 
The CFPB’s new leadership determined that the rule exceeded the Bureau’s authority and was arbitrary and capricious. 
CSBS Launches Catalyst Initiative
The Conference of State Bank Supervisors (CSBS) has launched its “Catalyst Initiative.” The initiative will focus on partnering with the private sector to leverage modern technology and improve the efficiency and effectiveness of financial services supervision. For this year, the Catalyst Initiative will focus on two areas for innovation and improvement: 
  • It will examine ways to make bank data reporting less costly, more transparent and timelier than the current quarterly submission process. 
  • The Catalyst Initiative will also include experimenting with ways to leverage the new Mortgage Industry Standards Maintenance Organization, or MISMO, mortgage compliance dataset. The dataset was created to help regulators more efficiently review mortgage files for compliance with state and federal laws. 
NCBA Announcements
NC Bankers Association Fortifies Team With Promotion, New Hire
The NC Bankers Association (NCBA) has promoted Janice Royster to Director & Student Navigator, Senior Vice President for its new workforce development initiative, and hired Darrell Rogers as Director of Member Services, Senior Vice President for its Community Bank Services (CBS) subsidiary.
As part of a partnership with BankWork$, the NCBA is launching a program to help young adults in the Triangle and eastern North Carolina pursue careers in banking through industry-specific skill-building opportunities. In her new role, Royster will oversee day-to-day operations of the initiative, including recruiting, budgeting, and stakeholder engagement.
“Janice earned this promotion through her outstanding leadership and impact,” said Lynn Johnson, NCBA Executive Vice President & Chief Operating Officer. 
“I know she will bring the same passion and expertise to this role as we build a direct, tailored approach to supporting both our banks and future workforce.” 
Darrell Rogers joins CBS, a subsidiary of the NCBA, from Community Bankers Bank. His responsibilities include reviewing and analyzing financial reports, managing marketing plans and supporting member relationships.
“Darrell is a phenomenal addition to our team because he possesses the knowledge and experience to best serve our community bank members.” said Johnson. “That’s critical to our value proposition and we’re fortunate to have him.”
Get Inspired at the 2025 Women Lead Symposium | July 17, 2025
Bold Leadership. Real Conversations. Unmatched Insights. Find all this and more at the virtual 2025 Women Lead Symposium on July 17!
Join banking professionals from across the country for a dynamic afternoon of growth, connection, and inspiration. This virtual forum brings together powerhouse voices in the industry to explore what it means to lead with purpose - and how to boldly pursue your ambitions at every career stage.
Learn More & Sign Up
 
Banks of the Carolinas Compensation Survey Due Date Extended!
Are you ready to elevate your HR strategy and stay ahead in managing your employee compensation programs? The Banks of the Carolinas Compensation Survey is here to provide you with the support you need. We are thrilled to announce that the deadline for submission has been extended to June 27th, offering you more time to participate.
Why is this survey so important?
  • Comprehensive Insights: Gain access to detailed data on base salaries, salary ranges, short-term and long-term incentives, total cash compensation, and overall compensation. This extensive information will help you make well-informed decisions that benefit your organization.
  • HR Policies & Practices: Obtain in-depth information on crucial aspects such as salary increases, merit increases, structure adjustments, outsourcing, turnover, and recruiting. This data will empower you to refine your HR policies and practices effectively.
  • Strategic Advantage: Utilize this valuable tool to stay competitive and make informed decisions about your pay programs. The Banks of the Carolinas Compensation Survey is designed to help you navigate the complexities of employee compensation with confidence.
Dates to Remember:
  • Survey Effective Date: April 1, 2025
  • Extended Submission Due Date: June 27, 2025
  • Results Published: Week of August 11, 2025
Pricing:
  • Participants: $650
  • Non-Participants: $1,495
Do not miss out on this opportunity to gain valuable insights and enhance your HR strategy. To receive access to the survey materials, contact Rhonda Snyder at rhonda.snyder@pearlmeyer.com. Also, should bandwidth be an issue, email Rhonda and she will assist you with participation.
We look forward to your participation!
Save the Date for Two Exciting Leadership Events | November 3-6, 2025
This November, two generations of banking leadership come together at the historic Omni Grove Park Inn. Don't miss these back-to-back annual traditions:
Join us in Asheville, where tomorrow’s leaders will meet today’s decision-makers to exchange ideas, build connections, and shape what’s next for North Carolina's banking industry.
Save the date and keep an eye out for more information as we approach the fall!
Find the Right Service for Your Bank through NCBA Affiliates
Summer is here and that means it’s time for the 2025 NCBA/OBL Annual Convention. This year’s event will be held June 23-26 in beautiful Hot Springs, VA. If you haven’t registered, it’s not too late! 
The halfway point of the year is also the perfect time to acknowledge and thank our NCBA affiliates for their unwavering support. We appreciate all that you do to support our state's banking industry. 
If your organization desires greater access to NCBA bank members, please consider joining as an affiliate because the benefits will boost your business performance.
NC Bankers Graduate from LSU Banking School
On May 30, 2025, 166 bankers received graduation diplomas from the Graduate School of Banking at Louisiana State University. 
We'd like to offer our congratulations to the North Carolina bankers among the graduating class:
  • Michael Kapaldo
    Atlantic Union Bank
    Pineville
  • Heather Troutman
    Blueharbor Bank
    Mooresville
This three-year program provides courses covering all aspects of banking, economics and related subjects. Students traveled from twenty-one states and Mexico to participate in this session.
Sponsored by the NCBA and 14 additional southern-state bankers associations, in cooperation with the Division of Continuing Education at LSU, the Graduate School of Banking at LSU requires attendance on campus for three years, with extensive bank study assignments between sessions. The faculty is comprised of more than 50 bankers, business and professional leaders, and educators from all parts of the U.S.
During their three summer sessions at the Graduate School of Banking, students receive 180 hours of classroom instruction, planned evening study, and final examinations at the end of each session.
Earn Credits through Online Professional Development
Need credits? Earn SHRM, AAP, APRP, CRCM, CPE and more with our partnered webinars!
CBS Spotlight
Give Your SMB Accounts What They Need Most: Information Security Tools | StrategyCorp
It’s very likely that if you ask any SMB owner what their biggest threat to running their business is today, information security, cyber attacks (and liability for attacks), and ID theft will be the ones at the top of their list. 
According to Infosecurity Magazine and Orange Cyber Defense, there’s a 77% uptick in cyber extortion victims year over year. And “companies employing less than 1000 people, classed as small and medium businesses (SMBs), suffered cyber extortion attacks 4.2 times more often than larger enterprises.”
According to the Identity Theft Resource Center, 42% of small businesses lost revenue due to a cyber event in 2023. And more businesses saw other increased impacts from the previous year, such as more customers losing trust in the business (32%). 
The gains from today's digital operating platforms SMBs employ have a downside - exposing customers and systems to "bad players". This only adds to the strain that many SMBs are feeling in this economy.
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Industry Update
Southern First Announces Three New Appointments to Board of Directors
Southern First Bancshares, Inc. (SFST), holding company for Southern First Bank, is pleased to announce the appointment of three new board members. Jennie Cluverius, Darrin Goss, and Billy McClatchey joined the company and the bank as Directors, effective June 1, 2025.
Jennie Cluverius is an experienced trial lawyer who also provides daily advice and counsel to employers on employment, labor, and other business-related matters. She is a Shareholder with Maynard Nexsen, PC, previously Nexsen Pruet, LLC, serves on the firm’s Board of Directors, and chairs its Labor & Employment Practice Group. Jennie is a South Carolina Supreme Court Certified Specialist in Labor and Employment Law. She is a Spartanburg, SC native who currently lives in Greenville, SC, and holds a bachelor's degree from Clemson University and J.D. from University of South Carolina School of Law.
Darrin Goss has served as President and CEO of the Coastal Community Foundation in Charleston, SC since 2016. His previous roles include President and CEO of Capital Area United Way in Baton Rouge, VP of Community Impact at United Way of Greenville County, Assistant Dean of Students and Director of Career Services at Wofford College, and Training and Development Consultant at Sunoco. He is a U.S. Army veteran and earned a bachelor’s degree from Wofford College and a master’s degree from North Greenville University.
Billy McClatchey is the CEO of Chaucer Creek Capital in Raleigh, NC and has focused on the Southeastern multifamily market during his real estate career. He previously founded, grew, and successfully exited McClatchey Broadcasting Company, which owned and operated radio stations across the Carolinas. He worked in mergers and acquisition groups for Bowles Hollowell Conner & Company and for Trident Financial Corporation helping financial institutions seeking an IPO raise capital. He completed his undergraduate degree at Duke University and MBA at University of North Carolina.
“We are incredibly excited to welcome Jennie, Darrin, and Billy to our Board of Directors,” said Art Seaver, Chief Executive Officer. “All three of these individuals are talented leaders with strong community ties, and we are privileged to have their guidance as we continue to grow our bank and impact lives in our outstanding markets.”
Peoples Bank Announces Technology Leadership Promotions
Peoples Bank is pleased to announce the promotions of Andy Puntch and Bill Walton to Senior Vice President roles, underscoring the Bank's commitment to advancing its technological capabilities and maintaining its position as a trusted provider of financial solutions. 
Puntch has been promoted to SVP, Director of Information Systems. With a keen eye for process improvement and a strong background in systems analysis, Puntch will oversee areas that administer and support information systems. His leadership will focus on driving business process automation, operational efficiency, and advancing data governance, including the strategic integration of artificial intelligence.
Walton, promoted to SVP, Director of Technology, joined Peoples Bank in 2017, bringing more than 25 years of experience in the technology sector. His new responsibilities include overseeing technical system planning while enhancing the organization’s cybersecurity posture to mitigate risks and support long-term strategic goals.
“As technology continues to rapidly advance, we need leadership that will push us to thoughtfully adapt and expand our services while providing a better and safer customer and employee experience,” said Peoples Bank CEO Bill Cable.  “Andy and Bill’s contributions will be vital in shaping the Bank’s future and strengthening our mission to deliver dependable and innovative financial solutions.”
Jeffery Bowman Joins Trust Company of North Carolina
Fidelity Bank is pleased to announce Jeffery Bowman has joined Trust Company of North Carolina as a Vice President, and Wealth Portfolio Manager. 
In his new position, Mr. Bowman is responsible for managing and monitoring investment portfolios for trust and investment clients. His office is located at 100 West Chatham Street in Cary.
Jeffery brings ten years of financial experience to the team.
Words of Wisdom
The reason we go to poetry is not for wisdom,
but for the dismantling of wisdom.
-  Jacques Lacan
NC Bankers Association | 3601 Haworth Drive | Raleigh | NC | 27609 | US
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