February 9, 2023 

MO Senator, Reps Hear Concerns from MBA Banks

Bankers encouraged to attend Washington Summit in March

Several MBA members traveled to Washington, D.C., this week for the American Bankers Association Freshman Fly-In to discuss banking issues with the newest members of Missouri’s congressional delegation. They met with Rep. Mark Alford and the staffs for Sen. Eric Schmitt and Rep. Eric Burlison.

“These meetings were a great opportunity for lawmakers to meet our bankers and to discuss their committee assignments, which includes ag and small business,” said MBA President Jackson Hataway. “We emphasized that MBA and our member banks are key resources on financial issues, and we intend to share our views with them, both in Washington and back home.”

Bankers also had the opportunity to meet with senior members of Missouri’s congressional delegation — Reps. Blaine Luetkemeyer, Jason Smith and Ann Wagner’s staff. Each holds key leadership roles on House committees and subcommittees.

“Their committees will discuss many issues affecting banking, and we discussed key priorities for our industry, including Accessible Credit for Rural Economies, central bank digital currency and ESG,” Hataway said.  

Wagner is part of a new House GOP working group “to counter what they say is the threat to capital markets posed by environmental, social and governance proposals.”

MBA members will have another opportunity to meet with their U.S. senators and representatives during the American Bankers Association Washington Summit scheduled March 20-22. In addition to Capitol Hill visits, the summit features keynote sessions with lawmakers, regulatory agencies and business leaders, as well as breakout programming for mutual community banks, women and allies, and emerging leaders.

Luetkemeyer Calls Out Chopra on Overdraft Fees

Calling a potential proposed rule on overdraft fees from the Consumer Financial Protection Bureau “impractical,” Congressman Blaine Luetkemeyer urged CFPB Director Rohit Chopra to withdraw the agency’s pre-rule.

In a letter to Chopra, Luetkemeyer wrote a proposed rule “would drastically limit, and in many cases outright prevent, the ability of financial institutions to provide emergency, short term liquidity to consumers who need it most.”

Luetkemeyer, chairman of the House Subcommittee on National Security, Illicit Finance, and International Financial Institutions, was joined by GOP members of the Financial Services Committee on the letter.

For the past two years, federal agencies in general, particularly the CFPB, have been free from regulatory oversight. The House Financial Services Committee intends to bring more transparency and constraint to agency actions, noting that the agencies should serve the purposes chartered to them by Congress and not to extend beyond those bounds.

MBA has reiterated to the CFPB and federal agencies that overdraft protection represents real value to the consumers who rely on it and that the fees associated with it are appropriate for the service being provided.

“I commend Congressman Luetkemeyer for his leadership in opposing the CFPB’s war on overdraft protection,” said MBA President Jackson Hataway. “This letter clearly shows that Director Chopra’s inflammatory rhetoric is an effort to disguise the fact that his agency’s proposals are ignorant of the realities of banking and would cause undue harm to millions of consumers.”

OFCCP Extends Deadline to Object to Release of EEO-1 Data

The Office of Federal Contract Compliance Programs has extended the deadline for companies to object to the public release of their EEO-1 Type 2 data.

An MBA-member alert sent to CEOs and executive leaders earlier this week noted that several Missouri banks are listed among the list of contractors whose EEO-1 Type 2 data that OFCCP intends to release. OFCCP encourages companies to review the list and to contact the agency by Friday, Feb. 17, if your bank is listed in error. The list is an Excel file that includes five tabs -- one for each year of data.

“Only company names are in the list. It does not include the cities or states,” said MBA General Counsel Keith Thornburg. “Given the similarity in bank names on the list, some Missouri banks have not been able to determine if they are listed or if it’s another bank.”

Will Evans, a reporter with the left-leaning Center for Investigative Reporting’s “Reveal” program, filed a Freedom of Information Act request last fall to obtain the EEO-1 employee diversity data belonging to federal contractors. At that time, OFCCP asked federal contractors that object to the disclosure of their data to file an objection with the agency.

OFCCP appears to be limiting the scope of objections received after its Oct. 19, 2022, deadline and may not consider objections based solely on claims of trade secret or commercially sensitive information.

The Equal Employment Opportunity Commission is required to protect these reports from disclosure, but the OFCCP does not consider itself bound by the same requirements. OFCCP classifies companies as “federal contractors” per Executive Order 11246.

Thornburg said “banks may consider objecting in part based on an assertion the bank is not a federal contractor whose report can be released based merely on FDIC insured status. The bank has not entered a contract with a federal agency that incorporates federal contractor requirements pursuant to Executive Order 11246.”

Application Deadline Nears for Bankers to Serve on MBA Boards, Committees

Bankers can enhance their leadership skills through volunteer opportunities from MBA. Each year, MBA seeks bank employees with a variety of skills and expertise to serve on various committees to increase their engagement with MBA and the banking community.

“Bankers serving on our committees provide a valuable resource to our association and the banking community,” said MBA Vice President Rachael Preston. “Their participation on these boards and committees allows bankers to share their knowledge and expertise with fellow bankers, as well as advise MBA on various issues.”

MBA currently seeks bankers to serve on its boards and committees for the upcoming year (2023-2024). Each offers opportunities to be more engaged with MBA and the banking community. Please review the leadership opportunities and email completed applications to Peggy Mantle by Friday, Feb. 17. MBA appreciates your involvement with the association.

Make Your Voice Heard at NextGen Day

Join with bankers from around the state for MBA’s NextGen Day at the Capitol on Wednesday, Feb. 15.

Designed specifically for members of Next Generation in Banking, this event provides an opportunity for NextGen members to participate in Missouri’s legislative process through the Target Banker program.

NextGen Day at the Capitol begins with a briefing with MBA staff at MBA’s office. Staff will then accompany bankers to the Capitol for their meetings with senators and representatives. After the meetings, bankers will return to MBA’s office for lunch and a review of the day’s events.

“This is your 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,” said MBA Vice President Emily Lewis. “The more bankers participate, the more it amplifies our message to lawmakers.”

This session, MBA is fighting back against a credit union bill that would allow a massive expansion to the current field of membership law.

“Bankers need to express their opposition on this measure,” Lewis said. “It’s vital that lawmakers hear directly from you, their constituents, about how this legislation has detrimental effects for your customers and communities.”