STATE GOVERNMENT RELATIONS
Indiana General Assembly Set to Study UCCC
The Interim Study Committee on Financial Institutions and Insurance has placed the topic of "revisions to the Uniform Consumer Credit Code" on the committee’s agenda for an Aug. 15 meeting. The committee, made up of legislators from both chambers, will take testimony on current challenges associated with the UCCC. The IBA is currently working on identifying issues members encounter with the UCCC and will be participating in the discussion at the hearing.
IBA Regional Meeting Dates
It’s not too late to register for this summer’s IBA regional meetings! Make plans to join your banking peers and local lawmakers for lunch and conversation at one of two remaining regional meetings. The IBA is delighted to host this important grassroots advocacy series once again in the cities of New Albany (July 29) and Bloomington (July 31). For more information click here or contact Michelle Long at 317-333-7148.
FEDERAL GOVERNMENT RELATIONS
IBA Annual Washington Trip Registration Open
Don’t miss out on the 2019 IBA Washington Trip, Oct. 20-22! The IBA Annual Washington Trip affords bankers the opportunity to talk with legislators and regulators about the successes and concerns of Indiana's banking industry. These officials need to hear your ideas firsthand in order to produce workable laws and regulations. This is your chance to tell policymakers face-to-face why the regulatory burden imposed on banks is too heavy and to make suggestions for modifications to burdensome rules. For more information and to register, click here or contact Michelle Long, 317-333-7148.
OCC Outlines Bank Fraud Risk Management Principles
The OCC Wednesday issued a bulletin outlining for banks the principles of sound fraud risk management. A bank’s risk management system, the OCC wrote, should include policies, processes, personnel and control systems to effectively identify, measure, monitor and control fraud risk. The agency also noted that fraud risk management can be implemented in a variety of ways and should be commensurate with the bank’s risk profile.
Joint Agency Statement Emphasizes Risk-Based Approach to BSA/AML Exams
As part of an ongoing effort to enhance the efficiency and effectiveness of the Bank Secrecy Act/anti-money laundering regime, the federal banking agencies and the Financial Crimes Enforcement Network Monday issued a joint statement emphasizing their risk-focused approach to BSA/AML examinations.
When conducting examinations of banks’ BSA/AML compliance programs, the agencies reiterated that they take into account banks’ unique risk profiles when conducting examinations. They also emphasized that "banks are encouraged to manage customer relationships and mitigate risks based on customer relationships rather than declining to provide banking services to entire categories of customers."
Senate Hearing on Cannabis Banking
The Senate Banking Committee met on Tuesday for a hearing on cannabis banking. The hearing focused on the Senate version of legislation establishing a cannabis-banking safe harbor in states where cannabis is legal. At the hearing, Chairman Mike Crapo (R-Idaho) raised concerns about the safe harbor, such as how it would affect banking across state lines. Crapo has expressed doubts about the policy in the past, raising questions about what’s next for the Senate version of the bill. The House Financial Services Committee passed its version of the Secure and Fair Enforcement Banking Act in March.