Tennessee Bankers

This Week Newsletter

October 24, 2016 - Issue No. 1643

Support Senators Who Support Banking

The team of industry leaders and political experts at Friends of Traditional Banking have identified three races as the ones we must win if we are going to stop the destruction of traditional banking in America: Sen. Pat Toomey (PA), Sen. Kelly Ayotte (NH), and Sen. Rob Portman (OH).
"This election is imperative for the future of our industry," said Colin Barrett, TBA President. "While we know who will be returning to Washington from Tennessee, there are important Senate races around the country where pro-banking elected officials are in trouble. We need every banker to visit the Friends of Traditional Banking website and make a personal contribution, of any amount, to Senators Toomey, Ayotte, and Portman."
Friends of Traditional Banking is a PAC designed to direct funds to elected officials who have demonstrated their support of the banking industry. FOTB is supported by state bankers associations as well as the ICBA and ABA. Please click here to donate to these terrific senators who need our help!

Sen. Alexander: Change Timeline for Implementation of DOL's Overtime Rule

Sen. Lamar Alexander (R-TN) last Tuesday, Oct. 18, announced that over 400 organizations support his legislation to change the timeline for implementation of the Department of Labor's overtime rule, which is set to take effect on Dec. 1, 2016.
The new rule, Alexander said, will "force changes in overtime pay that are too high, too fast and will result in...cutting workers' hours, limiting their workplace benefits and flexibility."
The current salary threshold for overtime pay is just over $23,000, and the new rule would raise it to just over $47,000 on Dec. 1. Alexander's legislation, the Overtime Reform and Review Act (S. 3464), would stretch out over five years an increase in the salary threshold (with an increase of 50 percent in December and no increase in 2017 to allow employers time to adjust. 
The bill is cosponsored by Senators Susan Collins (R-ME), James Lankford (R-OK), Tim Scott (R-SC), and Jeff Flake (R-AZ), and is similar to a bill introduced by House Democrat Kurt Schrader of Oregon and cosponsored by 10 Democrats and 7 Republicans. Read Sen. Alexander's press release.

TBA Hosting Banker Roundtable with Congressman Diane Black

TBA is hosting a lunch and roundtable discussion with Congressman Diane Black for bankers in the 6th Congressional District on Monday, Oct. 31, in Portland. This will give an opportunity for bankers to hear from the Congressman on current issues and also express the industry's support for priority legislation. 
If you would like to attend, please RSVP to Amy Heaslet.

Agencies Publish Cyber Assessment Tool FAQs

The Federal Financial Institutions Examination Council last Monday, Oct. 17, published frequently asked questions related to its Cybersecurity Assessment Tool. Released in 2015, the tool is a voluntary resource designed to help banks determine their risk profile, identify cybersecurity risks, and assess preparedness. The FAQs address questions received by FFIEC member agencies from financial institutions over the past year. View the FAQs.

FS-ISAC Offers Tips on Third-Party Risk

FS-ISAC's latest report for community institutions offers tips on managing third-party risk. The weekly risk summary discusses a white paper that encourages community institutions to focus on essential activities and risks, identify key cybersecurity requirements, ensure end-to-end processes, and more. The report also covers how to create a cyber-culture and a rundown of recent cybersecurity news.


Through our partnership with ABA and FS-ISAC, TBA electronically distributes the Community Institution & Association Risk Summary weekly to members at no charge. To be added to this list, please email Steve Curtis.

Compliance Hot Topic Question of the Week

Q: Can we issue the Closing Disclosure with the lower loan amount without re-issuing a Loan Estimate? No zero tolerance fees are affected and the APR will not be out of tolerance.


A: You can—as long as all of your zero percent and 10 percent fees are within tolerance, you can simply update the correct amounts on the Closing Disclosure and be in compliance.


Not a Compliance Alliance member? Learn more about membership with Compliance Alliance by attending a live demo: Tuesday, October 25 at 10–11 a.m. CT or Thursday, October 27 at 1–2 p.m. CT. Compliance rules and regulations change quickly! For timely compliance updates, subscribe to Compliance Alliance's email newsletters.

Bank Security & Risk Management Conference Early Registration Deadline November 3

The Bank Security & Risk Management Conference, scheduled for November 17 and 18 at the Nashville Airport Marriott, gives both the new and the experienced security officer a critical resource for receiving timely and continuing security education. It provides established and emerging industry-standard security practices, enhances the security professional's credibility with peers and their board of directors, allows you to continue your personal and professional development, and reduces your personal and corporate liability.
This year's program features Carol S. Dodgen, Dodgen Security Consulting, who will address workplace violence, how to prevent these acts, and how to have a plan in place to respond should the unthinkable occur. Dodgen will also address how to use Crime Prevention through Environmental Design (CPTED), principles to make your bank more inviting to customers and less attractive to criminals. The program features FBI Special Agent Scott Augenbaum and Securit360's David Forrestall as they address ways to reduce your risk against threats such as data breaches, how to get your C-suite to understand the threat, how to build a security program that is both secure and compliant, and more.
In today's environment, it is imperative that your bank is prepared to address these situations. To register, click here. To make your hotel accommodations, please contact the Nashville Airport Marriott directly at 615-889-9033 or 800-228-9290 before October 27, and ask for the Tennessee Bankers Association Bank Security & Risk Management Conference block of rooms for the special group rate of $154.

Limited Amount of 2017 Bank Holiday Closing Signs Available

TBA's 2017 Bank Holiday signs are almost sold out. These signs, posted at each entrance to your main office and branches, as well as drive-through windows, will alert your customers to the bank being closed. The signs are 5" x 7" in size and adhere to any glass or wood surface without leaving residue upon removal. The cost of each 2017 Holiday Closing Sign set is $25.50 for TBA Members, plus shipping and handling and sales tax. If you ordered signs, those are processed and will be shipped soon.

Professional Development Directory Now Available

Each year TBA hosts 80 live training and professional development programs. TBA has announced the dates and locations for several schools and conferences through 2017, and the Professional Development Directory is now available online, along with the two-sided At-a-Glance calendar of educational programming. Click here to view the Professional Development Directory.
For more information about TBA's 2017 educational offerings please contact Susan Taylor or Debbie Brickles.

TBA On the Road

  • TDFI and TBA jointly host the annual Bank Directors Retreat in Franklin, TN, followed by the Independent Bankers Division Convention.
  • The Independent Bankers Division Board of Directors meets.
  • TBA's government relations team participates in the ABA's State Issues Summit.

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

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