FOTB newsletter with typo fixed :)

All FOTB-endorsed senators (of both parties) vote to ditch CFPB 1071 rule

In a 53-44 vote, the United States Senate has sent to the House a resolution to remove the Consumer Financial Protection Bureau’s Section 1071 rule: which includes onerous small-business data collection and reporting requirements.

All GOP senators voted for Sen. John Kennedy (R-LA)'s S.J.Res.32, including FOTB-endorsed senators Ron Johnson (WI), Ted Budd (NC), Thom Tillis (NC), and Joni Ernst (IA). They were joined by five Democrats, including, notably, FOTB-endorsed Jon Tester (MT). See the full list HERE. Building friends in Congress matters!

We appreciate our allies at the Independent Community Bankers of America (ICBA) and the American Bankers Association (ABA) for their advocacy on this important issue and encourage our members to support their efforts.

U.S. Senator Kevin Cramer

to Speak with FOTB Leaders

US Senator Kevin Cramer (R-ND) is planning a video-conference discussion with Friends of Traditional Banking's leadership teams in early November to brief them on banking issues in Congress. FOTB leaders are especially interested to visit with Sen. Cramer, as he is a member of the US Senate Banking Committee and a member of the Subcommittee on Financial Institutions and Consumer Protection, as well as National Security and International Trade and Finance.

Nevada's Mike Cunningham joins Nationwide Banker Board

With more than 40 years of banking industry experience, Friends of Traditional Banking is fortunate to have Michael Cunningham named to represent Nevada on the SuperPAC's Fifty State Banker Board.

Since 2014 Michael Cunningham was a Senior Managing Director at Western Alliance Bank and an Executive Vice President, Regional President, for Bank of Nevada. His community involvement encompasses the arts, education and economic development. He served on the boards of the Public Education Foundation, Las Vegas Global Economic Alliance, Vegas PBS and Neon Museum. He also contributes to the bank focused classes at University of Nevada, Las Vegas’ Lee School of Business.

Mike was recognized, by the Las Vegas Business Press, as a “Who’s Who in Nevada Banking,” and is a graduate of the FBI Citizen’s Academy and Las Vegas Chamber of Commerce’s Leadership program.

He graduated from Arizona State University with a Bachelor of Science degree in Accounting and earned a Master in Business Administration degree from UNLV. Additionally, he completed advanced bank programs offered by ABA Stonier Graduate School of Banking and the Pacific Coast Banking School.

Sam Sill to Represent Montana

on FOTB Advisory Council

Sam Sill, President/CEO of the Montana Bankers Association, has been named to represent the Treasure State on FOTB's Advisory Council. Sam earned a Master’s Degree in Public Administration and has spent more than a decade representing a variety of business interests at the local, state, and federal levels of government. Prior to joining MBA, Sam oversaw government relations for the Montana Association of Realtors.

Friends of Traditional Banking is governed by an Executive Committee, and receives assistance on selecting candidates to endorse and generating support for those candidates through its Advisory Council (made up of industry association execs) and its Nationwide Banker Board (made up of a bank executive from each state). See the full list of FOTB's leadership HERE.

Credit Card "Rewards are for rich people"

says Durbin-Marshall Credit Card Bill Sponsor

A recent ABA Banking Journal Podcast talks about the pushback sponsors of the Durbin-Marshall Credit Card Bill are receiving from banking leaders from Kansas, who were in DC recently and happened to attend the press conference about the bill.

A shout out to FOTB Advisory Council Member and Kansas Bankers Association President & CEO Doug Wareham who was in DC with 52 of his state's bankers and who does so well both on this podcast and fighting for our cause. Hear Doug and his colleagues HERE.

Crypto Collapses Affecting Traditional Banking

In ICBA's Main Street Matters blog, our community banking friends have launched a series of blog posts about significant upheaval in the digital assets market over the past year, and Washington's efforts to regulate this sector.

They look into recent regulatory and market developments, including proposals by the Securities and Exchange Commission, the launch of PayPal’s stablecoin, and industry efforts to ensure any regulatory framework will continue to shield community banks from crypto’s myriad risks. Check out the great info HERE.

SPONSOR'S CORNER

How will FDIC's IT Risk Exam updates affect your bank?

A message from our sponsor BankOnITUSA:

On September 29, 2023, the FDIC released a Financial Institution Letter announcing updates to the Information Technology Risk Examination (InTREx). This update aims to “improve the Audit module‘s usability, specify compliance review steps relative to the Computer Security Incident Notification Rule (Part 304 Subpart C), provide more specificity regarding examiner review of service provider reports of examination, and update links to references.”

BankOnIT has examined the modifications made to the InTREx and noted that these changes mainly pertain to adjustments in how examiners conduct their assessments. These alterations also involve updates to terminology to include the newly created Computer Security Incident Notification Rule and some superficial adjustments to the overall procedure.

Read the entire regulatory bulletin from our platinum sponsor, BankOnIt HERE: https://insights.bankonitusa.com/regulatory-bulletin-september-2023

Want to provide content in our Sponsor's Corner? Reach out about being a partner! mike@friendsoftraditionalbanking.com

DONATE TO OUR CAUSE

PAID for by Friends of Traditional Banking. NOT authorized by any candidate or candidate's committee.

Friends of Traditional Banking is a non-partisan grassroots effort organized by bankers in 2012 to improve the political and regulatory environment for the traditional banking industry in the U.S. FOTB is the inverse of a PAC--instead of spreading a little bit of money to a lot of campaigns, they focus a lot of money on a couple of key campaigns.

Share This Email