Listen and readthe notes to this week's roundtable meetings with Nancy Hayward, MPH, BSN, RN, Health Education Training Consulting, LLC; and Bruce Ohland, Regional Supervisor - West Region.
What's new with the Centers for Disease Control and Prevention (CDC).Learn more.
The health and safety of customers is the number one priority of every travel business. This shared viewpoint has brought sectors from across the industry together, working with health and medical experts, to reach collective agreement on a core set of health and safety guidance that the industry may adapt to their businesses.View the Travel Confidentiality Toolkit.
With so much uncertainty in the world right not, how can employers ensure they remain as productive as they were before COVID-19 disrupted our daily lives? The Michigan Bankers Workers Compensation Fund shares Best Practices for Working From Home.Click here to learn more.
Auto insurance reform is here and drivers in Michigan may now make new choices when they renew or buy a new auto insurance policy. The Michigan Department of Insurance and Financial Services (DIFS) is offering bank employees an exclusive virtual town hall so they can learn about the new law and the choices they will need to make. The live online town hall, Tuesday July 14 at 12:00 EST, is part of a series of events to help drivers learn and ask questions about Michigan’s new auto insurance law and the choices they will need to make for policies issued or renewed after July 1, 2020.Register for the meeting here.
MBA Virtual Grassroots Meetings
It is that time of year again when the U.S. Congress takes a lengthy in-district work period for the summer. The congressional summer break provides a great opportunity for banks to meet with their local member of Congress!
On-going dialogue between the industry and influential policymakers in Washington is vital to the MBA advocacy efforts. Nothing in that conversation is more impactful to a legislator than the input of a constituent banker with subject-matter expertise. Help the MBA continue our tradition of providing a strong voice for the industry in Washington by attending a virtual meeting!
Next Weeks Agenda:
Tuesday, July 14, 7:30 A.M. EST - Congressman Tim Walberg
Thursday, July 16, 7:30 A.M.EST - Congressman Andy Levin
In a follow up meeting to our time with Chief Justice McCormack, we sat down via Zoom conference with the Chief Justice, the Court Administrator Tom Boyd, as well as Justices Fresard and Ackerts and courts lobbyist Cami Pendell to compare notes as to ways they are seeking to improve and modernize the courts and ways we have been engaged to better the legal system as it impacts banking and bank customers.
The hour-long exchange not only opened up common ground and interest in electronic wills, revising the Power of Attorney statutes, issues impacting notary in a remote environment but it also opened their eyes to the great work and concern the industry has for protecting vulnerable depositors, access to banking, financial literacy and in general responsible and prudent public policy making.
We will continue to engage collaboratively on these and other issues for the benefit of the industry.
SBA Paycheck Protection Program
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The Small Business Administration released public data on Paycheck Protection Program participants, including borrowers and lenders, as of June 30.View the data.
View the talking pointson the Paycheck Protection Program to reflect the latest data released by the Small Business Administration, including borrower and lender information for PPP loans.
Regulators/Agencies
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The Office of the Comptroller of the Currency (OCC), along with the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Farm Credit Administration, and the National Credit Union Administration (collectively, agencies), published in the Federal Register "Loans in Areas Having Special Flood Hazards; Interagency Questions and Answers Regarding Flood Insurance" for notice and comment. The agencies propose to revise, expand, and reorganize the Interagency Questions and Answers issued in 2009 and 2011.Read more.
CFPB Removes Underwriting Provisions from 2017 Small-Dollar Lending Rule.View the final rule.
Quarles: Post-2008 Reforms Aided Large Banks’ Pandemic Response.Read more.
CFPB Ratifies Previous Actions Following Supreme Court Decision.Read more.
The CFPB announced that Thomas Pahl has been named the bureau’s deputy director. Pahl has served as the bureau’s policy associate director for research, markets and regulations since April 2018, and prior to that was acting director of the Federal Trade Commission’s Bureau of Consumer Protection.Read more.
The Financial Crimes Enforcement Network issued an advisory alerting financial institutions to imposter scams and money mule schemes connected to the coronavirus pandemic. The advisory highlights several red flag indicators associated with these scams and reminded banks to report any suspicious activity.Read the advisory.
Fannie Mae will host a free webinar on Monday, July 13 at 2 p.m. EDT to discuss the GSE’s response to the COVID-19 pandemic and how it is supporting borrowers through forbearance options, including through a payment deferral workout option.Register for the webinar.
Main Street Lending Program
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The Federal Reserve unveiled an interactive state-by-state map listing lenders participating in the Main Street Lending Program that have chosen to be listed and are currently accepting applications from new customers. MSLP registered lenders that wish to be added to the Federal Reserve Bank of Boston’s list can emailMSLP@bos.frb.org. The Boston Fed will update the listing regularly as new lenders complete the registration process and elect to be included on the map.
Economy
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Consumer credit growth decreased at a seasonally adjusted annual rate of 5.3% in May as the coronavirus pandemic continued in the U.S., landing at $4.11 trillion, the Federal Reserve reported yesterday. The downward trend slowed significantly from the month prior, however, when consumer credit growth decreased at a rate of 20%. Non-revolving debt—the category that includes auto loans and student loans—increased at a rate of 2.3%, while revolving debt, which includes credit cards, fell 28.6%.Read more.
Resources
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For more information on Endorsed Partners and Products,click here.
Compliance Alliance Question of the Week
Question:If our customer is on a COVID-19-related forbearance plan (and she was current before the Bank agreed to the plan), do we use special comment code AW (affected by natural or declared disaster) and code CP (account in forbearance) and will either affect her credit score?
Answer:The bank may report AW or CP if it chooses, but our understanding is that this would not affect the credit score and would only provide additional insight as to the valid reason for the deferment.
Ask SBS CyberSecurity Questions Regarding Incident Response/Digital Forensics
The MBA Service Corporation and Endorsed Partner, SBS CyberSecurity are putting together a virtual Incident Response Plan (IRP) event with a Question/Answer period from Cyber Experts. Stay tuned for dates for late July 2020.
The topics will include:
• How to prepare a well-structured Incident Response Plan that protects against cybersecurity threats;
• How to mitigate the negative effects if your bank has a security breach;
• How to demonstrate to examiners that your organization is properly prepared to handle a breach.
As your company reopens create a clean and comfortable workspace withPPEpurchased through the MBA Service Corporation partner programs.
Employees can benefit from the Office Depot discount pricing available to all members, regardless if your employer is signed up for the program. All MBA member employees are entitled to the discounts from the 350+ “core” list and 10% off many other items.Learn more.
The MBA endorsed partner, Office Depot, brings you an 18-state national purchasing plan that can save MBA members large discounts on supplies, break-room products, office furniture, promotional products, print and copy services and more. Learn about theMBASC Bank Program. Questions? Contact Isaac Mares 855-337-6681 ext.12878 orIsaac.mares@officedepot.com.
The health and well-being of participants is our top priority. We are following guidelines set forth by state and federal health & human service agencies as outlined for Safe Meetings in Michigan. Your cooperation is greatly appreciated in following these guidelines before and during our events. Thank you for your support.
Michigan Business Network is an online broadcasting company that provides knowledge, news, and insights into Michigan’s businesses, industries, and economy.
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