Tennessee Bankers

This Week Newsletter

March 06, 2017 - Issue No. 1709

TBA Joins with Lawmakers to Announce Legislation to Combat Elderly Exploitation

Last Monday, TBA's Tim Amos participated in a press event hosted by Senator Mark Norris (R-Collierville), to announce three bills at the legislature, including one by TBA, that aim to combat abuse and exploitation of the elderly. Also participating in the press conference, which was picked up by print media statewide, were Sen. Rusty Crowe (R- Johnson City), Sen. Todd Gardenhire (R-Chattanooga), Rep. Kelly Keisling (R–Byrdstown), and TBA's house bill sponsor Rep. Kevin Brooks (R- Cleveland), along with representatives from the district attorneys' association, Tennessee Commission on Aging and Disability and AARP.


"We've worked for over a year with the Tennessee Commission on Aging and Disabilities to learn more about this issue and to examine the role bankers can play in addressing it given the legal obligations they have to their customers," said Tim Amos, executive vice president and general counsel of the Tennessee Bankers Association. TBA's legislation, SB 1267 (by Sen. Norris and Rep. Brooks) will add tools and greater flexibility as to how bankers can try and best protect their customers when they have reason to suspect financial exploitation of the elderly or vulnerable adults has occurred or is being attempted. Other bills will create a "no-solicitation" list for elderly and vulnerable adults as well as increase fines for perpetrators.

Other News from the Hill

It was an active week at the Capitol with several hot topic issues being considered such as Governor Haslam's proposed gas tax, which cleared its first hurdle in a nonconventional fashion and moves on to consideration by the broader House Committee on Transportation. Passing out of the Senate was a bill sponsored by Sen. Doug Overbey which requires campaign funds be deposited and maintained in a traditional bank or credit union, in response to recent allegations against former state Rep. Jeremy Durham for misusing campaign funds.


As the session advances, TBA is actively working to construct amendatory language on several bills to ensure banks' interests are protected. Members are invited to join TBA's bi-weekly Government Relations Committee calls for the complete update on issues of concern to the industry. Contact Penny Powlas for details.

Sign on to Congressional Letter Supporting Repeal of Durbin Amendment

In the next few weeks, the House Financial Services Committee will consider Chairman Jeb Hensarling's Financial CHOICE Act. We are expecting a repeal of the Durbin Amendment to be included in the legislation. This provision is the one that is most threatened to be removed during the legislative process due to pressure being applied by the retail industry. If this provision is removed from the CHOICE Act in the Financial Services Committee or on the House floor then it is highly unlikely this issue will surface again.


TBA has been consistent reaching out to our members of Congress to express support for the repeal of the Durbin Amendment. Now, in an industry-wide effort, the ABA is asking that all banks sign on to a letter supporting the repeal. If you are interested in having you bank listed, or are interested in seeing a full copy of the letter, please email Penny Powlas.

Department of Labor Moves to Postpone Fiduciary Rule

The Department of Labor is proposing to extend the applicability deadline of the fiduciary rule for 60 days, until June 9, according to a notice published in the Federal Register. The rule was originally scheduled to take effect on April 10.


The rule, which expanded the definition of "fiduciary" under the Employee Retirement Income Security Act and the Internal Revenue Code, was the target of a recent executive action by President Trump, who directed the secretary of labor to thoroughly review the rule's effect on Americans' ability to access financial services. The delay will provide the DOL additional time to determine the rule's full impact on consumers, and, if necessary, issue a new proposal for revising or rescinding the rule.

Hotel Registration Deadline Extended for Human Resources Conference

Learn how to "Ignite the Team: Be More Than Just a Cheerleader!" That is the theme for this year's Human Resources Conference, scheduled for March 14 and 15, at the Embassy Suites Hotel & Conference Center in Murfreesboro.


Hear from experts on being a "cheerleader," "coach," "player," and "referee" to take your team to the pinnacle of excellence. This annual conference covers compliance issues related to the human resources function and addresses the current topics and management issues. Human resource professionals from across the state network with peers and find solutions to their common problems.


Be sure to book your room at the Embassy Suites Hotel. The registration deadline has been extended to March 7. Click here.

Close Loans with E-Signature by SIGNiX

TBA has heard members' need and interest in improving efficiency of closing loans and exploring the capabilities provided by an e-signature company, and has delivered through our endorsement of Chattanooga-based SIGNiX. Those in attendance at last month's Credit Conference had the opportunity to hear SIGNiX CEO Jay Jumper speak on the rise of digital technology in the banking industry and the need to meet customers' expectations with remote e-sign technology. If your bank is considering the advantages of e-signature or have general questions about moving in that direction, please connect with TBA's SIGNiX representative, Paige Adams to learn more and conduct a free demo.

Introduction to Banking Takes Place March 30

Introduction to Banking, which takes place March 30 at the TBA Barrett Training Center in Nashville, is designed to cover a general overview of banking, along with a review of day-to-day operations and the interrelations of banking to the world around us. This seminar will show how the daily banking operations, the financial services industry, and the economy are linked together and impact one another. Attendees will leave with a fundamental understanding of basic banking concepts and principles, along with a general concept of the world of finance. All levels of experience who want to learn more about the banking industry are encouraged to register.

Prepare for Teach Children to Save Day with a Twitter Chat

Now celebrating its 20th anniversary, Teach Children to Save encourages banker volunteers to visit schools and youth programs in their communities to deliver savings lessons. Registered banks receive access to lesson plans, activity sheets, media tools, promotional materials and much more! Everything you need to make your event an educational and memorable experience is provided. This year, Teach Children to Save takes place April 28.

Participate in the Banker-to-Banker Twitter Chat on March 15, at 1:00 p.m. CT and use #TeachChildrenToSave to ask questions, share best practices, and discuss new ideas! See highlights from the 2016 Banker-to-Banker Twitter Chat.

FinancialPSI This Week: Is Your Bank Covered In Case of a Data Breach?

Data breaches continue to be a problem, including for banks. Just last week, a breach was announced by an Oklahoma bank, reportedly similar in nature to the massive Target breach of 2015 and the Arby's breach of January. Insurance is available to protect banks from the ramifications of these attacks, and FinancialPSI's Ted Frizen and Jon Goodson can help to make sure your bank is covered. 

ACAMS Launches Middle Tennessee Chapter

The Association of Certified Anti-Money Laundering Specialists (ACAMS) is launching a Middle Tennessee Chapter. The initial meeting will be on Tuesday, March 14, at Kitchen Notes at the Omni Hotel in Nashville. Information can be found here. For more information, contact Carolyn Vick.

TBA On the Road

  • More than 50 bankers participate in the Young Bankers Division annual Day on the Hill, Wednesday, March 8.

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

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