Tennessee Bankers

This Week Newsletter



May 15, 2017 - Issue No. 1719


General Assembly Adjourns

The 2017 session of the 110th General Assembly adjourned last Wednesday afternoon, May 10, wrapping up a session dominated at times by passage of the first increase in fuel taxes in nearly 30 years. With more than 1,400 bills introduced this year, lawmakers spent their final days passing bills ranging from requiring disclosure of lawmakers' travel paid for by politicos to creating vertical IDs for persons under the age of 21 to imposing additional security requirements on local governments that implement gun bans in buildings.

 

Several pieces of legislation, however, were delayed until next year, including increasing the amount of money candidates for offices can accept from individuals and PACs and a bill related to de-annexation.

 

Lawmakers will reconvene on January 9, 2018, for the second session of the 110th General Assembly.

TBA Joins Amicus Brief Challenging Credit Union Expansion

Last week the TBA joined an amicus curiae brief supporting the ABA lawsuit against the NCUA's final rule on expanded fields of membership. The brief advises the Court on the impact that expanded fields of membership could have on community banks. The brief will be submitted in support of the ABA's Motion for Summary Judgment and asserts that, as a matter of law, the final rule exceeds the statutory power granted to NCUA under the Federal Credit Union Act and its definition of a "well defined local community or rural district."

CFPB Seeks Information on Small Business Lending Market

Last week the CFPB issued a request for information on various aspects of the market for small business loans. Section 1071 of the Dodd-Frank Act calls for the bureau to collect data on women-owned, minority-owned, and small businesses.

The bureau is seeking information in five broad categories: the definition of a small business; what data points the bureau should require to be collected; what lenders should be encompassed by the data collection; what kinds of financial products and credit are offered to small businesses; and privacy concerns related to the data collection.

 

TBA, along with ABA and ICBA, is calling on Congress to repeal Section 1071. All groups strongly believe the CFPB's regulatory and enforcement authority should not extend to the commercial marketplace. Read the CFPB request for information.

CFPB's eRegulations Platform for Bankers

During the TBA Washington Conference, CFPB staff members reviewed their resource for bankers, eRegulations. eRegulations is a web based platform developed by the CFPB to help make regulations legible and easy to scan, bringing related information and regulatory history to the forefront. The site is developed with responsive design, adapting the tool to fit your screen or mobile device. Learn more about navigating the resource page by clicking here. To explore the site on your desktop or mobile device, click here

Full Agenda and Program Details for TBA's 127th Annual Meeting

The 127th Annual Meeting is just around the corner, and the Tennessee Bankers Association will celebrate the occasion at The Ritz-Carlton in Naples, Fla. This Annual Meeting, discover what's on the horizon in the banking industry. General session speakers include economist Anirban Basu, Tennessee businessman and entrepreneur Mark Cleveland, and national banking strategist Ed Krei. The event features things to do for everyone. Click here to see the full agenda.

Full Agenda and Program Details for TBA's 127th Annual Meeting

The 127th Annual Meeting is just around the corner, and the Tennessee Bankers Association will celebrate the occasion at The Ritz-Carlton in Naples, Fla. This Annual Meeting, discover what's on the horizon in the banking industry. General session speakers include economist Anirban Basu, Tennessee businessman and entrepreneur Mark Cleveland, and national banking strategist Ed Krei. The event features things to do for everyone. Click here to see the full agenda.

ABA Launches Candidate School for Bankers

Although Congress has a tremendous impact on the banking industry, only 18 Congressmen have any experience either working at a bank or serving as a director. In an effort to get more bankers involved in politics, both on the state and federal level, the American Bankers Association has launched a candidate school for bankers interested in running for political office. They are looking to identify a couple Tennessee bankers interested in participating in the September training. For more information, please click here.

Workshop for Loan Assistants and Loan Processors on May 23

The Workshop for Loan Assistants and Loan Processor is designed to increase the lending knowledge and administrative effectiveness of one of the most important positions in a community bank's lending staff—the loan assistant/loan processor. Instructor John Cochran, Cochran and Associates, LLC, will furnish resource websites, sample documents, narratives, guidelines, procedures, and checklists for program attendees. The workshop takes place May 23 at the TBA Barrett Training Center in Nashville. Click to register.

FPSI This Week: Are You Addressing Your Driving Exposures?

No one likes to think about the possibility of an employee dying on the job. In a typical community bank setting, the thought of employee death or injury from an auto accident is probably one of the last topics on an employer's mind. This might be especially true if the bank doesn't own a vehicle. Make no mistake, however, driving risks can exist in financial institutions independently from those involving company-owned vehicles.

 

Besides the obvious risk of employee injury and workers' compensation, liability concerns should also be considered. If an employee is behind the wheel on the job and his or her past driving history is unknown, the employer may be subject to "negligent entrustment" in the case of an accident. Negligent entrustment judgments may result in punitive damages awarded by juries that can exceed Auto and Umbrella Liability limits in insurance policies. Many states don't even allow insurance to cover punitive damages. The bottom line is that employees with a pattern of poor driving are not only more likely to cause an accident in the first place, but they can also financially compromise their employer.

 

It is impossible to avoid all accidents, and insurance alone is not an effective way to manage any risk. Knowledge, awareness, and action are tools that may help a financial institution protect itself from accidents that could lead to significant cost to the organization.

 

For more information on instituting a driving policy for your bank, please contact FinancialPSI's Jon Goodson or Ted Frizen.

TBA On the Road

  • Stacey Langford joins TBA endorsed partner KeyState for their Captive Management Peer Summit hosted in Nashville.

See where TBA goes while "on the road" by following @TNBankers.