February 22, 2024
MBA Encourages NextGen Members to Attend Day at the State Capitol
MBA welcomes members of its Next Generation in Banking division to participate in
NextGen’s Day at the Capitol on Tuesday, March 5.
“This is your opportunity to have your voice heard by state lawmakers as you take part in MBA's state advocacy efforts,” said MBA Vice President Emily Lewis.
NextGen Day at the Capitol is a key component of MBA’s Target Banker program. Through Target Banker visits, MBA has a continuous presence at the Capitol throughout the session.
“Target Banker visits provide an opportunity to learn about the legislative process, get to know your lawmakers and have your voice heard as you take part in MBA’s state advocacy efforts,” Lewis said. “The more bankers participate, the more it amplifies our message to lawmakers.”
This session, the credit union association has again filed legislation in the Missouri Senate and Missouri House of Representatives to expand their field of membership. Their bills would allow a single credit union to access nearly the entire state. The largest credit unions could further expand and increase their business lending to compete more directly with banks.
“Credit union employees and members have been in the Capitol every week telling lawmakers that banks oppose these bills because they are afraid of competition,” Lewis said. “Bankers need to fight back and educate their legislators on the unlevel playing field caused by the credit unions’ federal tax exemption and lighter regulatory burden.”
Bills to expand credit unions’ field of membership have not moved forward yet. However, it’s imperative that bankers connect with their state lawmakers — at home or in Jefferson City — to be sure they understand the implications of this bill that would give credit unions an even greater advantage when competing with banks.
In their meeting with lawmakers, MBA and its members also have been discussing the banking industry’s support for legislation that would increase the cap for the MOBUCK$ program from $800 million to $1.2 billion. House Bill 1803 has received final approval from the House and has been delivered to the Senate for consideration.
Luetkemeyer Worries AI Could Fuel Future Bank Runs
Members of the U.S. House Financial Services Subcommittee on Financial Institutions and Monetary Policy expressed concern that the rise of new artificial intelligence technologies could exacerbate the speed of future bank runs by producing convincing misinformation or even taking the decision of whether to pull money from a bank out of a person’s hands.
During a recent subcommittee hearing, Congressman Blaine Luetkemeyer raised the prospect of bad actors short selling a bank’s stock and then using AI to create deepfake videos of a well-known investor falsely claiming the bank is in trouble, which is then spread through social media.
“We live in a different world where this instantaneous ability to do things today is such that we have to have this instantaneous ability to react,” Luetkemeyer said. “If we don’t, I’m fearful.”
At the hearing, Luetkemeyer referenced his proposed legislation, previously shared by MBA, that would create tools for banking regulators to contain crises from devastating the broader banking system.
MBA Conference Focuses on HR, Marketing Trends in Banking
MBA is excited to kick off its conferences for 2024 this spring, and the first conference of the year is a new one!
Designed exclusively for bank HR and marketing professionals, MBA’s Human Resources & Marketing Conference highlights trends, strategies and challenges in the ever-evolving world of HR and marketing. The conference is March 19-20 at the Holiday Inn Executive Center in Columbia.
“Each day will begin and end with general sessions, and the rest of the time will be devoted to tracts focusing exclusively on HR and marketing,” said MBA Senior Vice President Cheri Messerli. “You’ll gain fresh perspectives and practical knowledge to enhance recruitment and retention initiatives and drive growth, creativity and customer satisfaction.”
General sessions focus on employee engagement, AI in banking, competitive culture and transformation. The HR tract highlights onboarding, employee benefits, hot topics and legal cases. For the marketing tract, sessions dive into digital strategies, marketing and compliance, department/team structure and strategic planning.
Deadline Nears for MBA Scholarship
Missouri high school seniors pursuing a banking-related degree program in college can apply for scholarships from the Missouri Bankers Foundation. The deadline to submit applications is Friday, March 1.
“These scholarships support the next generation of Missouri bankers,” said MBA Director of Member Services Melissa Hart. “We encourage our members to share information about this scholarship with their customers and local schools.”
To aid banks in sharing details about the scholarship, MBA has created a flier that can be co-branded with the bank’s logo.
“The scholarship does require applicants to have a signature from a banker, so please let your staff know that students may be asking for a signature to complete their application,” Hart said.
MBA also encourages banks to share MBA’s social media posts about the scholarship.
The foundation will award seven $1,000 scholarships to cover first semester tuition and/or college expenses. One scholarship recipient will be chosen from each of the seven MBA geographical regions. Award recipients will be announced in May.