Tennessee Bankers

This Week Newsletter

November 28, 2017 - Issue No. 1747

Yellen to Retire from Fed Board upon Powell's Swearing In

Federal Reserve Chairman Janet Yellen announced that she will resign from the Federal Reserve Board of Governors upon the swearing in of Jerome Powell as chairman. President Trump nominated Powell earlier this month, and Powell will receive a Senate confirmation hearing next week. Yellen's four-year term as chairman expires in February. While her term as a board governor would continue until 2024, it is customary for former Fed chairmen to retire from the board when their chairmanships end.

Agencies Finalize Pause on Certain Basel III Capital Provisions

The Federal Reserve, FDIC, and OCC last Monday finalized a halt in the phase-in of certain Basel III capital rules for banks not using the Basel advanced approaches. Effective on Jan. 1, 2018, the rule pauses the full transition to the Basel III treatment of mortgage servicing assets, certain deferred tax assets, and investments in the capital of unconsolidated financial institutions and minority interests.

The pause comes as the agencies go through a larger rulemaking that would simplify the treatment of assets subject to common equity tier 1 capital threshold deductions and limitations on minority interest and replace the definition of high-volatility commercial real estate exposures with a more straightforward measure. Read the final rule.

Agencies Finalize Minor, Technical Changes to CRA Regulations

The federal banking agencies last week finalized minor amendments to their respective Community Reinvestment Act regulations to address recent changes to Regulation C, which implements the Home Mortgage Disclosure Act. Specifically, the amendments revise the definition of “home mortgage loan” and “consumer loan” and update the requirements for CRA public files to reflect changes to Reg C. In addition, the rule also eliminates references to the Neighborhood Stabilization Program, a crisis-era initiative by the Department of Housing and Urban Development to help communities and local governments redevelop foreclosed properties. The NSP ended in 2016. Read the final rule.

TBA Webinar: Beneficial Ownership and Onboarding Legal Entity Customers

The Tennessee Bankers Association is helping you get your staff ready for beneficial ownership information, verification, and certification requirements! Beginning on or before May 11, 2018, beneficial ownership requirements apply each time the bank opens a new account for a legal entity customer. The requirement is mandatory for both new and existing legal entity customers. All bank employees responsible for making loans, opening deposit accounts, and leasing safe deposit boxes to legal entity customers must understand their responsibility under the new regulation.

In addition to beneficial ownership requirements, this Tennessee-specific webinar explains what it takes to comply with CDD regulations when making a loan, opening a deposit account, or leasing a safe deposit box to a new legal entity customer in today’s AML-focused environment. Register now for this Jan. 9 webinar.

TBA Announces Partnership with the Community Bank Webinar Network

Webinars are an easy, convenient, and cost-effective way to train all bank staff. That's why
TBA is pleased to announce the partnership agreement with the Community Bankers Webinar Network to market and manage webinars. 

To ensure you receive all announcements and updates about webinars, your bank’s email system needs to be able to accept (and not reject) mail from the following email addresses:

  • TBA@financialedinc.com
  • TBATraining@financialedinc.com
  • webcasts@financialedinc.com

For questions, please feel free to call 406-442-2585 or email TBA@financialedinc.com

TBA Visits with UT Martin Students to Discuss Career in Banking

The Horace and Sara Dunagan Chair of Excellence in Banking at the University of Tennessee at Martin welcomed guest panelists Lee Moss (left), chairman of the Tennessee Bankers Association; Dr. Keith Carver (center), UT Martin chancellor; and Colin Barrett (second from right), president of the Tennessee Bankers Association, to campus Nov. 8, for a Bankers Luncheon and Discussion. Also in attendance were Dr. Nic Dunagan (second from left), university chancellor emeritus, and John Clark (right), interim director of the Horace and Sara Dunagan Chair of Excellence in Banking.

Fight Elder Financial Fraud: Resources to Tennessee Banks

Please plan to join TBA and EVERFI for an Elder Financial Fraud Prevention Webinar on Dec. 7 at 1 p.m. CST/ 2 p.m. EST. The complimentary webinar will cover the latest on Tennessee legislation addressing elder financial abuses, best practices on how your financial institution can address this growing challenge, and how EVERFI's solution helps to mitigate this difficult problem by developing resources for financial institutions and consumers. Presenters will be Steve Rice, Executive Vice President of Financial Education, EVERFI and Fletcher Jones, Senior Vice President of Product, EVERFI. All registrants will get a recording of the webinar. For more information about EVERFI visit EVERFI.com/FinEd.

Click here to register for the webinar.

TBA On the Road

  • Bankers gather in Jackson, Knoxville, and Nashville to participate in IRA Advanced Update and Review seminar.
  • TBA hosts the annual Large & Regional Bank Roundtable and Small Bank Roundtable in Nashville.

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