Thursday, September 29, 2022

Week of May 16

In This Issue…

Powell enters second term as Fed chairman

The Senate confirmed Jerome Powell to a second term as chairman of the Federal Reserve last week, by a 80-19 vote.

Powell has led the Fed board since 2018.

The Senate last week also confirmed Lisa Cook and Phillip Jefferson to serve terms on the Fed board. President Biden’s nominee for vice chair for supervision, Michael Barr, is scheduled to have his first confirmation hearing in the Senate Banking Committee this week.

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Agencies release updated flood insurance guidance

The banking agencies last week issued a set of reorganized, revised and expanded interagency questions and answers on flood insurance compliance.

This guidance consolidates Q&As that were previously proposed in July 2020 and March 2021.

Among other things, the new Q&As provide guidance related to major amendments to the flood insurance laws with regard to the escrow of flood insurance premiums, the detached structure exemption, force placement procedures, and the acceptance of flood insurance policies issued by private insurers.

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OBA education corner …

First things first: Have you registered for the OBA Convention yet – WHICH IS BEING HELD THIS WEEK? If not, check out the featured story on the front page of OBA.com! Once that’s done, then take a peek at the other upcoming educational opportunities we have planned for you!

  • Loan Participations for Community Banks, May 23, webinar — Gain a thorough understanding of Participation Agreements.
  • Understanding Commercial Real Estate Loan Documents, May 24, webinar — Gain an understanding of all sections of required real estate loan documents.
  • 20 Legal Account Ownerships, May 25, webinar — This program is an A-Z on account ownership and documentation. We will go from single party accounts to the more complex type of business accounts. It is a must for anyone who opens or manages the new account functions.
  • CRA Nuts & Bolts – Five Steps to Pass the Exam, May 25, webinar — Writing a dynamic CRA context report can show examiners not only that your financial institution understands the community demonstrate why your CRA program qualifies for a “satisfactory” or possibly “outstanding” rating credit needs, but that you are effectively meeting the needs in the assessment areas you serve. We will review the steps required to establish your case and tips for managing the exam.
  • FFIEC Information Security Handbook Review, June 1, webinar — In September 2016, the FFIEC completely rewrote the Information Security Handbook. The Handbook represents an integration of concepts from Cybersecurity Guidance, Management Guidance, and other elements released in the past 10 years.
  • Loan Documentation for the Agricultural Lender, June 1, webinar — Learn about agricultural collateral, risk management, loan documentation, loan administration and loan monitoring.
  • TRID Hot Spots, June 2, webinar — This webinar will point out what examiners are looking for and will also bring your attention to areas that are notorious for errors. Consider this webinar your “cheat sheet” to get you on the right track BEFORE your next examination.
  • Bank Call Report Preparation for Beginners: 5-Part Series, June 2, webinar — The webinar series will generally cover the Call Report in schedule order, however, grouping certain schedules based upon reporting content will be woven into the curriculum.

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