STATE GOVERNMENT RELATIONS
Indiana Budget Future Cloudy with Slow Tax Growth, Medicaid Cost Jump
Slow growth in tax collections over the past year and a big jump in Medicaid expenses took a bite out of Indiana's state government surplus.
Big Ten Football Championship Game Staying in Indianapolis Through 2028
The conference announced that the Big Ten Conference Football Championship Game will continue to be played at Lucas Oil Stadium in downtown Indianapolis through at least 2028.
Indiana's Unemployment Rate Hits Near 3-year High at 3.8%
The last time Indiana saw an unemployment rate above 3.7% was in September 2021. Still, it remains below the national unemployment rate of 4.1% and within what economists have traditionally considered “full employment.”
FEDERAL GOVERNMENT RELATIONS
FTC Warns Young Adults About Social Media Fake Check Scam
A new social media scam seeks to trick young people into depositing fake checks in exchange for paintings of the victims, according to a new FTC alert. The agency warned consumers not to deposit checks from strangers.
FDIC's Hill Wary of Possible Collateral Requirement for Discount Window
A possible proposal to require some banks using the Federal Reserve's discount window to post collateral equivalent to a large percentage of their uninsured deposits "seems dangerous," FDIC Vice Chairman Travis Hill said.
Ag Banker Urges Lawmakers to Support Farm Bill, ACRE Act
The 2024 Farm Bill contains "great improvements" in credit availability for rural America, but there remain steps that lawmakers can take to help producers receive agricultural credit, Tony Hotchkiss, chairman of ABA's Agricultural and Rural Bankers Committee, told lawmakers.
Agencies Announce Public Outreach Meeting as Part of Their Review of Regulations
Federal bank regulatory agencies will hold a virtual public outreach meeting on September 25, 2024, as part of their review of regulations under the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA). EGRPRA requires the agencies, with input from the public, to review their regulations at least once every 10 years to identify any outdated or otherwise unnecessary regulatory requirements applicable to their supervised institutions, including applications and reporting; powers and activities; international operations; consumer protection; directors; officers and employees; and money laundering.
Banking Agencies Propose Rule to Align AML/CFT Requirements
Four federal agencies proposed a joint rule that would align each agency's Bank Secrecy Act compliance program requirements with the proposed anti-money laundering and countering of the financing of terrorism requirements proposed by the FinCEN.
Fed's Bowman: Liquidity Reform Must Focus on Known Issues
When it comes to liquidity reform, it is imperative that regulators tackle "known and identified issues" that were exposed during last year's bank failures, but for reforms beyond that, "a number of important questions remain unanswered," Federal Reserve Governor Michelle Bowman said.
Treasury: State Bank Laws May Interfere with Federal AML, Sanctions Requirements
State laws that require banks to provide services to certain customers may inhibit a bank's ability to comply with federally required anti-money laundering and countering the financing of terrorism laws and sanctions, the U.S. Treasury Department said in a letter to lawmakers.
IRS Finalizes Rule on Proposed Required Minimum Distributions
The IRS finalized its proposed rule on required minimum distributions, including requirements for distributions from a qualified retirement plan—such as an IRA—during the life of the retirement employee and after the death of the employee.