In This Issue…
- FDIC issues proposed rule on special assessment
- Nominees selected for Fed board
- Revisit our convention with photos, opening video
- OBA education corner …
FDIC issues proposed rule on special assessment
The Federal Deposit Insurance Corporation Board of Directors last week approved a notice of proposed rulemaking, which would implement a special assessment to recover the cost associated with protecting uninsured depositors following the closures of Silicon Valley Bank and Signature Bank.
In the rule, the special assessment will only affect banks with more than $5 billion in total assets, and more specifically on those institutions with large amounts of uninsured deposits.
The FDIC is proposing to collect the special assessment at an annual rate of approximately 12.5 basis points over eight quarterly assessment periods; however, the special assessment rate is subject to change prior to any final rule depending on any adjustments to the loss estimate, mergers or failures, or amendments to reported estimates of uninsured deposits.
You can click here to read the FDIC’s entire statement, along with links to additional info.
Nominees selected for Fed board
President Joe Biden earlier this week nominated economists Philip Jefferson to serve as vice chairman and Adriana Kugler to serve as a member of the Federal Reserve board.
Biden also announced that he will renominate Lisa Cook for an additional term on the board.
Jefferson is currently a member of the Fed board, having been nominated by Biden last year to fill an unexpired term ending in 2036. He most recently was vice president for academic affairs and dean of faculty and the Paul B. Freeland Professor of Economics at Davidson College. Kugler is currently executive director at the World Bank Group and a professor of public policy and economics at Georgetown University. Cook has been a member of the Fed board since 2022..
Revisit our convention with photos, opening video!
Did you miss our convention this week? Well, we missed you!
Did you make it to convention? Thank you, we had a great time … and we hope you did, too!
Either way – whether you’re curious what you missed, or wanting to relive a few moments – we’ve got you covered! You can check out a random smattering of photos from our convention, or you can also CLICK HERE to see ALL of the photos we collected from convention via a Dropbox folder!
You can also check out our convention opening video featuring “family photos” of several banks in the state! Many thanks to all the banks who submitted photos for the project!
OBA education corner …
Convention is behind us and summer is in front of us … as well as some more thunderstorms, we’re sure. While awaiting either the apocalyptic storms, heat or humidity, take a little time to prepare for upcoming continuing education opportunities available through the OBA:
- Loan Modifications: What are the Compliance Issues?, May 22, webinar — This webinar will deal with the ins and outs of making changes to loans of all types. We’ll discuss the compliance and legal requirements, operational challenges, and impacts to borrowers, guarantors, and other parties to the loan.
- How to Manage Your ACH Origination Risk, May 23, webinar — Have you ever wondered why you do some of the things you do regarding ACH entries? Are you new to banking? Do you understand the risks around ACH Origination? If you are confused, then this class is for you!
- Fair Lending Review, May 24, webinar — Get ahead of the curve and ensure your financial institution is fully compliant with Fair Lending regulations! Join us for a must-see webinar on avoiding illegal discrimination and mitigating potential risks.
- E-Sign for Lenders – Challenges & Solutions, May 30, webinar — This session will explain the intersection of E-Sign and cybersecurity while providing valuable tips for educating consumers and identifying fraud.
- Role of Information Security Officer, June 1, webinar — Who should really be the information security officer? What does it mean to be the information security officer today?
- Best-Ever Compliance Checklists for Commercial Lending, June 1, webinar — Don’t let compliance traps trick you – discover the best practices for business-entity documentation, underwriting documents, guarantors and security interests to ensure your success!