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Daily MBA Bank Beat for June 1

2019_Bulletin Header_Slim_BB (1)MBA Highlights (Click on the articles to read more)

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  • The daily MBA Bank Beat will be moving to Tuesday’s and Thursday’s each week.
  • This week’s roundtable agenda:
    • Tuesday, June 2 – 7:30 a.m. – Wendy Block, Michigan Chamber
    • Thursday, June 4 – 7:30 a.m. – Chicago Fed
  • We are thrilled to host Jelena McWilliams, Chairman of the Federal Deposit Insurance Corporation, at 10:00 a.m. EDT on Tuesday, June 2. Chairman McWilliams is a disruptive thinker with a unique style of leadership that, frankly, makes people want to follow. She has made it a top priority to “transform” how banks are supervised. Please join us for a thought-provoking conversation with Chairman McWilliams. Register Here
  • As we plan for fall offerings and delivery, we are conducting a brief CEO survey, which we ask you to complete and return by June 5. If you have any questions, please contact Alyssa Harasim, aharasim@mibankers.com, 517-342-9059. TAKE THE SURVEY.
  • On behalf of the regional group officers, the Traveling Circus Board and the MBA, we welcome you to attend the Harding Scholarship Fund Golf Outing on July 30 and the Thumb Regional Outing on August 10. All previously scheduled Group Outings have been canceled.

Under the Dome

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  • In the current iteration of our “new normal”, it is more important now than it ever has been to engage with elected officials and leaders in Michigan. Please join the Michigan Bankers Association at our virtual legislative day series beginning June 9 at 7:30 am to discuss the impact COVID-19 has had on our state budget with legislative appropriation committee leaders. Register here.
  • The Senate Banking Committee will hold two virtual hearings this week. On Tuesday, witnesses will testify on the implementation of Title IV of the CARES Act.
  • Governor Whitmer Signs Executive Orders Extending Protections for Consumers, Grocery Store Employees, and Vulnerable Residents. Read more.

SBA Paycheck Protection Program

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  • In a letter to Secretary Mnuchin and Administrator Carranza, members of the Michigan delegation Congressmen Bill Huizenga, Paul Mitchell and Fred Upton and 55 members of congress urged treasury and the SBA to provide a streamlined forgiveness application businesses who received less than $350,000. Read the letter.

Regulators/Agencies

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  • OCC Issues Long-Awaited Final Rule Clarifying ‘Valid When Made’ Principle. Read the final rule.
  • As acting comptroller, Brian Brooks will focus on promoting “responsible innovation” in the banking sector and continuing OCC modernization, he said in a statement upon taking office from former Comptroller Joseph Otting. Read the statement.
  • After months of remote work in response to the coronavirus pandemic, the OCC will reopen its offices on June 21, Acting Comptroller Brian Brooks said in a podcast interview on Friday.
  • Fed Calculates Aggregate Liabilities. Read more.
  • FDIC Issues Q3, Q4 CRA Exam Schedules. View the schedules.
  • Fannie Mae to Host Webinar on eMortgages. Register here.

Housing Finance

(Click on the articles to read more)

  • Freddie Mac Issues Guidance for Sellers for Underwriting Self-Employed Borrowers

Economy

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  • Bank Economists Forecast 6% Contraction for Year, with Recovery to Begin in Q. Read the forecast.
  • Personal Income Rises in April; Consumption Continues to Fall. Read more.
  • Consumer sentiment held relatively steady in May, inching up 0.7% to 72.3 from 71.8 in April. Consumers noted that the CARES Act economic impact payments helped to stem the economic hardship, though significant uncertainty still remains about the direction of the economy and the future course of the pandemic. The May figure was down 27.7% from a year ago. Read more.

Resources

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For more information on Endorsed Partners and Products, click here.
  • Compliance Alliance Resources
  • The Michigan Occupational Safety and Health Administration (MIOSHA) within the Dept. of Labor and Economic Opportunity (LEO) launched a new online COVID-19 Workplace Safety site – Michigan.gov/COVIDWorkplaceSafety – the site provides guidance and a toolkit of resources to keep workplaces safe as sectors of the state’s economy reopen.

Professional Development/Online Learning

View Webinar Calendar. Search by topic.

 

 

 

 

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