Tennessee Bankers

This Week Newsletter



March 07, 2016 - Issue No. 1610


Revised UFADAA Legislation Sent to Governor for Signature

With unanimous votes on both the House and Senate floors, legislation to enact the Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA) - SB 326 / HB 774 – was sent to the Governor on Feb. 25. The legislation, which represents a compromise between the tech industries and the Uniform Law Commission, strikes a balance between fiduciaries' need to access digital assets of deceased persons and the need to protect the privacy interests of the users of digital assets. 
 
Tennessee will become one of the first states to pass RUFADAA, although it is pending passage in over 20 states. Once signed by the Governor, the law will take effect on July 1, 2016. For more information about RUFADAA, click here.

TN House Subcommittee to Hear TBA-Opposed PACE Legislation on Tuesday

In last week's edition of This Week, we reported that the House Agricultural and Natural Resources Subcommittee was scheduled to vote last Tuesday on TBA-opposed legislation authorizing counties to enact PACE (Property Assessed Clean Energy) loan programs. However, the bill was deferred to this Tuesday, March 8. 
 
Under a PACE program, local governments would use their bonding authority to provide financing for a for-profit company to administer and make loans to personal and commercial property owners for energy efficient improvements.  The loans would run with the land and collected by the county once-a-year with the property tax payment. In the event of a default on the PACE assessment and subsequent foreclosure, the loan would be assumed by the person acquiring the property at the foreclosure sale.  
 
TBA's government relations team has expressed their concerns with this legislation to all members on the House subcommittee and believes there will not be enough support to advance the bill. 

US House Committee Advances Tailored Reg Legislation

By a bipartisan 34-22 margin, the House Financial Services Committee last Wednesday, March 2, advanced the TAILOR Act (H.R. 2896). Tennessee Congressmen Stephen Fincher, a member of the Financial Services Committee, voted in favor of the legislation.
 
The bill would direct financial regulators to tailor regulatory actions based on the sizes, business models, risk profiles, and other differentiating characteristics of the institutions they supervise.
TBA has long-advocated for passage of this legislation and joined 52 other state associations in sending a joint letter of support to the House Financial Services Committee prior to its passage. To read the letter, click here.  

CFPB Sets Up Rural Designation Appeal Process

The CFPB last Wednesday, March 2, issued a final rule establishing process by which businesses and individuals can appeal the bureau's designation of a rural area. Under the rule, the CFPB will begin accepting appeals on March 31.

To request rural status, banks must submit supporting information from federal and state agencies, including the U.S. Census Bureau, the Office of Management and Budget, the Department of Agriculture, and the state banking supervisor whether the area in question is designated as rural and describing its population density in comparison with other CFPB-designated rural areas nearby. The bureau said it would issue interpretive guidance on the term "rural area" before March 31.

Human Resources Conference Hotel Deadline Monday, March 7

TBA's Human Resources Conference will convene on March 29 & 30, at the Embassy Suites & Conference Center in Murfreesboro. March 7 is the deadline for making hotel reservation at the TBA group rate of only $144 per night. After March 7, room rates return to standard prices on a space-available basis. The early registration deadline for signing up for the conference is March 15. After March 15, the registration fee will increase to $405.
 
This annual conference covers compliance issues related to the human resources function and addresses current topics and management issues. Human resources professionals from across the state will network with peers and find solutions to their common problems.
 
If you are new to the human resources function, this conference includes an entire afternoon program designed specifically for you. It will provide fundamental information and concepts using real life examples to help make the world of human resources come to life. It will help you become familiar with personnel policies, spotting legal issues, record keeping and reporting regulations, as well as topics that deal with employees from applicant status to the exit interview. It will also delve into the key traits, characteristics, and skills needed to become a consummate human resources professional who can have a valuable impact on the organization.

Early Registration Deadline March 7 for IRA: The Basics

The goal of IRA: The Basics is to start at the beginning of "What is an IRA," "Who can have an IRA," and "How much can they contribute." All areas are thoroughly discussed with emphasis on the responsibility of the financial institution vs. the responsibility shifting to the account holder.

If you have looked for a seminar that will answer all your simple and complex questions, this one fits the bill. This comprehensive A-Z seminar will provide the new IRA banker and supervisor with a complete understanding of all areas of the IRA account, as well as the newly enacted regulations. Each participant will receive a completely updated 275-page IRA Training and Reference Manual.

March 22
Knoxville – UT Conference Center
 
March 23
NOTE: LOCATION UPDATE
Jackson – Tennessee Agricultural Experiment Station,
West Tennessee Research & Education Center
 
March 24
Nashville – TBA Barrett Training Center

Click here to register.

B.P.C. Corporation Banks to Merge

Two units of Cookeville, TN-based B.P.C. Corporation, Bank of Putnam County and Crossville – based Cumberland County Bank are seeking to merge. Bank of Putnam County will be the continuing bank and will continue to operate all Cumberland County Bank offices as a division of Bank of Putnam County.

Welcome New Associate Member

TBA welcomes new associate member Plumlee and Associates, Franklin, in the category of Executive Recruiting. Please thank this company for their support of the Tennessee banking industry through membership and learn more about all of TBA's associate members in our online directory.

Credit Conference in Pictures

The 2016 Credit Conference was another highly successful event, with record attendance of 585 and top-notch industry speakers. View the event in pictures.

Legislative Reception in Pictures

Legislative Reception brings TBA members and their elected officials together for one of TBA's most important advocacy events of the year. View the event in pictures.

Follow TBA on Social Media

Tennessee Bankers Association is on social media. Give us a follow for the latest in all TBA news, events and much more!

TBA On the Road

  • The YB Division Board of Directors holds their quarterly meeting in Nashville.
  • Bankers join TBA's government relations team at the State Capitol Tuesday for Day on the Hill.

See where TBA goes while "on the road" by following

@TNBankers or  #TBAontheroad