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Daily MBA Bank Beat for May 27th

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MBA (Michigan Bankers Association) Highlights
for Monday May 27, 2020.

MBA Highlights

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  • View past MBA Bank Beats.
  • Join us for a discussion on conscious capitalism and how it’s changing the face of business, and the importance of creating mindful purpose on May 28, 2:00 p.m. Speaker: Gene Pickelman, President and CEO, Tri-Star Trust Bank. Register here.
 

Register for the MBA Roundtable Calls

Join us Tuesdays and Thursdays for the MBA roundtable calls.

Thursday, May 28th – Brian Brooks, Acting Comptroller, OCC

Register here.
 

Tuesday, June 2nd, 10:00 a.m. – Jelena McWilliams

Please register in advance for this meeting here. After registering, you will receive a confirmation email containing information about joining the meeting.

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 7:30am to discuss the impact COVID-19 has had on our state budget with legislative appropriation committee leaders. Register here.
  • New online dashboard provides COVID-19 risk and trend data, helps inform MI Safe Start plan. Read the press release.
  • Governor Whitmer signed Executive Order 2020-104 to expand COVID-19 testing to enable anyone to obtain a COVID-19 test at a community testing location without a physician ordering the test, provided they have any symptom, have been exposed to someone with COVID-19, have worked outside their home for at least 10 days or reside in any congregate setting.
  • With a June 1 deadline for filing applications for the state’s new re-districting commission, the Secretary of State’s office shows 6,000 applications have been filed. Read more.
  • Michigan’s Republican-led Legislature is asking the state’s Supreme Court to bypass the appeals court and immediately hear its argument challenging the Governor’s powers under the Emergency Powers of the Governor Act (EPGA). Read more.

Regulators/Agencies

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  • The Office of the Comptroller of the Currency (OCC) is issuing an interim final rule that amends 12 CFR 5 and 7 to clarify that national banks and federal savings associations (FSAs) (collectively, banks) may permit telephonic and electronic participation at all board of directors, shareholder, and, as applicable, member meetings. Read the interim final rule.
  • The OCC released a list of 13 interagency frequently asked questions related to the Community Reinvestment Act and the coronavirus pandemic. Read the FAQs.

Bank Secrecy Act

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  • Bank Secrecy Act reporting institutions annually spend roughly $206 million and 5.4 million hours of work investigating, evaluating cases and filing Suspicious Activity Reports, according to a new analysis from the Financial Crimes Enforcement Network. Of this, approximately 52% of the dollar cost and burden hours are borne by banks, with credit unions, money services businesses and other businesses accounting for the rest. Read more.

Economy

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  • As the IRS continues distributing CARES Act economic impact payments to individuals, it has also released several resources related to EIPs and other coronavirus tax relief measures. View the materials.
  • Sales of new homes edged up 0.6% in April, landing at a seasonally adjusted annual rate of 623,000, the Commerce Department said yesterday. The April figure was down 6.2% from a year prior. The new median home price for the month was $309,900. Read more.
  • U.S. house prices rose 0.1% from February to March, according to the Federal Housing Finance Agency’s House Price Index released yesterday. The index is calculated using the prices of houses bought with mortgages backed by Fannie Mae and Freddie Mac. For the first quarter of 2020, house prices were up 1.7%. Read more.
  • The Consumer Confidence Index held relatively steady in May after a severe drop in April as the coronavirus pandemic worsened in the U.S., the Conference Board said yesterday. May’s figure was at 86.6, up from 85.7. Read more.

Resources

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For more information on Endorsed Partners and Products, click here.

Professional Development/Online Learning

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P.O. Box 15279
Lansing, MI 48906

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