Tennessee Bankers

This Week Newsletter

July 10, 2017 - Issue No. 1727

TBA Hosts Call with Sen. Corker on Senate Reg Relief Progress

Now that the House has passed the Financial CHOICE Act, all eyes are on the Senate Banking Committee as they begin the task of drafting regulatory reform legislation. Unlike the House, which passed their version on a party-line vote, the Senate Banking Committee must craft legislation that will receive bipartisan support and gain 60 votes to advance to the Senate floor.
Senator Bob Corker (R-Tenn.), a member of the Senate Banking Committee, will participate in a TBA-hosted conference call on Friday, July 14, at 10 a.m. Central/11 a.m. Eastern to provide an update on the progress made in the Senate.

The Senator will also discuss GSE reform, an area that could potentially have a significant impact on the banking industry. The American Banker featured an article on this matter last Wednesday. Click here to read the article (subscription required).

To participate in the call, please email Amy Heaslet.

Learn More about New Elder Abuse Law by Participating in TBA Conference Call

On July 1, the Elderly and Vulnerable Adult Financial Exploitation Prevention Act took effect. This law enables banks to play an important role in protecting the financial interests of our most vulnerable customers while limiting a bank's liability for taking action. TBA will host a conference call Tuesday, July 11, with Tennessee bankers to discuss details of this legislation and how your bank can put it to work in serving your community. The call will take place at 9:30 a.m. Central/10:30 a.m. Eastern.

To participate, please email Amy Heaslet for access to the conference call phone number and login.

DOL Seeks Feedback on Fiduciary Rule

The Department of Labor has issued a request for information on the fiduciary rule as part of its ongoing review of the rule in response to an executive order by President Trump. The rule, which greatly expanded the definition of who counts as a "fiduciary" under the Employee Retirement Income Security Act and the Internal Revenue Code, took effect June 9.

DOL is seeking input that could form the basis of new exemptions or other revisions to the rule as well as input on the advisability of extending the Jan. 1, 2018, compliance deadline for certain provisions of the rule. Comments on the compliance deadline extension will be due 15 days after the notice is published in the Federal Register; all other issues in the RFI have a 30-day comment period. Read the request for information.

Register for Training the Credit Analyst

Training the Credit Analyst, which takes place August 22 & 23 at Nashville's TBA Barrett Training Center, is designed to provide lenders and analysts the tools required to understand the financial information provided by borrowers. Ultimately, good loan officers are able to provide value-added information that allows their borrowers to make better business decisions. Click here to register.

Basic Consumer Lending Held on August 24 & 25

Basic Consumer Lending is for those charged with organizing and managing consumer loans. It will address credit decision-making as well as the human relations aspect of lending. The schedule includes case studies and role playing to acquaint you with the skills of effective interviewing, understanding, and evaluating to improve your credit decisions. It also contains a discussion on the concepts of secured lending and an analysis of decision-making. The program is August 24 & 25 at the TBA Barrett Training Center in Nashville. Register now.

Compliance Alliance Hot Topic Question

Q: Is joint intent required for an application for renewal of existing credit?

A: Yes—Joint intent must be evidenced at the time of application for an extension of credit, and an extension of credit includes refinancing or renewing existing credit. See Comment 3 to §1002.7(d)(1), §1002.2(f), and §1002.2(q).


Not a Compliance Alliance member? Compliance Alliance offers a comprehensive suite of compliance management solutions. To learn how to put them to work for your bank, call 888-353-3933 or email info@compliancealliance.com. For timely compliance updates, subscribe to Compliance Alliance's email newsletters.

Submit Your Bank's Community Involvement, News, and Promotions to TBA

We want to know the latest news about your bank for possible inclusion in The Tennessee Banker magazine. Please submit text and photos to Tyler Nelson about the following items:

Job promotion announcements
Bank celebrates milestone or receives an award
Opening a new branch
Community involvement

TBA On the Road

  • Stacey Langford and Amy Heaslet travel in East Tennessee visiting with members and state legislators.
See where TBA goes while "on the road" by following @TNBankers.

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