Tennessee Bankers

This Week Newsletter

August 07, 2017 - Issue No. 1731

TBA Issues 2017 Legislative Report

TBA's government relations team last week issued the association's annual Legislative Report covering all legislation affecting the banking industry in 2017. The report includes summaries, effective dates, and links to the full text of each piece of banking-related legislation. Click here to view the 2017 TBA Legislative Report.
As TBA begins identifying preliminary issues for state legislation in 2018, members are encouraged to make suggestions and offer feedback on issues their banks face and state legislation they would like considered. Please contact Amy Heaslet to submit ideas or comments.

OCC's Noreika Highlights 'Unintended Consequences' of Arbitration Final Rule

Acting Comptroller of the Currency Keith Noreika last Monday expressed concern over the CFPB's controversial final arbitration rule, noting that it may negatively affect banks' ability to serve their customers.

"The final rule prevents banks from using an effective risk mitigation tool and will eliminate one option consumers have to resolve their concerns without the cost and delay of litigation," Noreika said.

Noreika added that the OCC has requested additional data from the CFPB as it conducts a thorough review of the arbitration rule and expressed support for efforts in Congress to overturn the rule through the Congressional Review Act process. The House last week voted to overturn the rule, and a similar measure was introduced in the Senate by Banking Committee Chairman Mike Crapo (R-Idaho).

Hensarling Renews Calls for Community Bank Reg Relief

House Financial Services Committee Chairman Jeb Hensarling (R-Texas) recently praised community banks for the vital and irreplaceable role they play in growing local economies.

In a statement, Hensarling said his committee will continue to focus on regulatory relief for community banks as much as possible and urged Congress to pass regulatory relief before it is too late. In June, the House passed the Financial CHOICE Act sponsored by Chairman Hensarling, which is aimed at promoting economic growth and providing regulatory relief for banks. Read Hensarling's statement.

TBA Membership Meetings Kick off August 22 in Seven Regional Sites

A highlight of the year for the newly elected TBA chairman and the TBA team is the opportunity to travel across the state to meet with the majority of our members during Membership Meetings. Held this year August 22-25 and 28-30; we hope that you will make plans to join your regional peers and Chairman Lee Moss for one or more of the meetings that is most convenient for you. The luncheons will be held from 11:30 a.m.–1:00 p.m. with sites in Manchester, Chattanooga, Kingsport, Knoxville, Nashville, Memphis, and Jackson. During the luncheon, the TBA team will review the initiatives that are the present focus of your association. Register now.

View the Total Solar Eclipse at TBA

For the first time since 1918, a total solar eclipse will sweep across the United States and turn the day to night as the moon completely blots the sun from the sky for about 2 minutes. Lucky for us, Nashville is directly in the path of this once-in-a-lifetime celestial event.

TBA members are invited to join us Monday, August 21 from 11:30 a.m. - 2:00 p.m. CT for TBA's Total Solar Eclipse Viewing Party. This free, TBA members only event will include a barbeque lunch and a pair of solar eclipse viewing glasses for each attendee (while supplies last). Please bring lawn chairs if you'd like a seat outside. The beginning of the eclipse will occur at 11:58 a.m. with totality beginning at 1:27 lasting nearly two minutes. RSVP is required. Please email Stacey Langford by Monday, August 21. Please specify the number of adults and children who will attend.

First Federal Bank and Cumberland Bank & Trust Announce Deal

Dickson-based Southeastern Bancorp Inc. and Clarksville-based Cumberland Bancorp Inc. announced a merger agreement July 24. The deal will see Cumberland Bancorp merge into Southeastern Bancorp, Cumberland Bank & Trust will merge into Southeastern's subsidiary First Federal Bank. It is subject to regulatory and Cumberland shareholder approvals and is slated to be completed in the fourth quarter.

Don't Miss Compliance Conference

We all are concerned about regulatory requirements from past, present, and future changes. Do you ever feel lost? Don't let compliance be a roadblock for your organization. Negotiating compliance challenges remains a complex, burdensome task with all the sublime smoothness of finding an unknown destination without a GPS. Straighten the regulatory curves with the 2017 Compliance Conference, taking place August 29 & 30 at the Franklin Marriott Cool Springs in Franklin, Tenn. Be a part of the conference and hear from nationally recognized experts, regional, and local regulators on hot topics and examination concerns.  
This event gives you the opportunity to discuss your concerns and enjoy sharing and exchanging ideas with others facing the same regulatory changes. Register now—you will not want to miss this year's conference!

The Southeastern Institute for IRA Training Takes Place Sept. 19 & 20

So, you have finally received that "promotion" you never wished for—IRA guru! On the first day of training, you feel like someone put you in a rocket ship and launched you into outer space. In other words, you have no idea what they are talking about. Everything just sounds alien to you. It's true—IRAs are a different world from the other accounts at your bank. Oh, they may look similar, but the rules, regulations, and IRS reporting build the complications to the point where you feel like you are on another planet! And, just when you finally grasp it, they change the rules again!
While it may take years to build a confidence level where you can answer almost any question thrown your way, The Southeastern Institute for IRA Training will raise your comfort level if you are a rookie and reinforce your knowledge if you have a higher level of experience. You will also receive your favorite tool—the 250-page 2017-2018 Sunwest Training Corp's IRA Training and Reference Manual. This edition is full of easy-to-follow IRA information, plus lots of cheat sheets, and quick reference tools to get you through your day-to-day tasks of dealing with your IRA customers. The program takes place September 19 & 20 at the Franklin Marriott Cool Springs, Franklin, Tenn. Click here to register.

Welcome New TBA Associate Member

TBA welcomes new associate member Hudson Cook, LLP in the category of legal services. Please thank this company for their support of the Tennessee banking industry through membership and when evaluating vendor partners review the list of all TBA associate members in our online directory.

TBA On the Road

  • The Young Bankers Board of Directors holds their summer meeting in Union City.

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