Coming to the Smith Center on March 7, 2016
Join Southern Nevada business leaders and executive decision makers for a one-of-a-kind event, aimed at involving the business community in efforts to improve Nevada's K-12 education system. Business + Education (BE) Engaged Conference 2016: Accelerating a New Nevada, will include experts and panel discussions, focused on four areas of need in our public schools, which are directly tied to student success in the classroom. Register through LVGEA and the Smith Center.
Federal Banking Agencies Expand Number of Banks and Savings Associations Qualifying for 18-Month Examination Cycle
WASHINGTON—February 19, 2016 Federal banking agencies today increased the number of small banks and savings associations eligible for an 18-month examination cycle rather than a 12-month cycle. The changes are intended to reduce regulatory compliance costs for smaller institutions, while still maintaining safety and soundness protections.
Senator Heller Calls for Answers
Feb. 12, 2016 Senator Heller along with his other Republicans colleagues on the Senate Banking Committee sent the
attached letter to the FDIC, NCUA, Fed, and OCC pushing for answers on what outdated, unnecessary or unduly burdensome regulations on banks and credit unions have been identified by these regulators though their current EGRPRA process.
Congress passed the EGRPRA law which requires that regulations prescribed by financial agencies must be reviewed at least once every 10 years in order to identify outdated, unnecessary, or unduly burdensome regulations and consider how to reduce regulatory burden on insured depository institutions. The second ever EGRPRA review is currently underway and their last outreach meeting was in December. This is a unique opportunity to lift unnecessary regulatory burdens.
Bank Trade Associations Pen Letter on Credit Union Overreach
In a joint letter to congressional leadership, the American Bankers Association and the Independent Community Bankers of America took issue with NCUA’s proposal to loosen its field of membership restrictions. It is believed that the proposed expansion would effectively allow credit unions to operate as tax-exempt banks and have significant, wide-reaching policy implications.
FDIC Announces $62.95 million Settlement With Morgan Stanley Related to RMBS Claims
The settlement funds will be distributed among the receiverships for the three failed banks – Colonial Bank of Montgomery, Alabama, which failed on August 14, 2009; Security Savings Bank of Henderson, Nevada, which failed on February 27, 2009; and United Western Bank of Denver, Colorado, which failed on January 21, 2011. Along with $24 million from a settlement with Morgan Stanley last year of RMBS claims related to Franklin Bank, S.S.B., of Houston, Texas, which failed on November 7, 2008, this settlement brings total RMBS claim settlements by the FDIC with Morgan Stanley to $86.95 million.
Nevada Supreme Court Issues Order Amending Foreclosure Mediation
On December 14, 2015 the Nevada Supreme Court issued an order amending the foreclosure mediation rules. The amendment incorporate program changes arising from the 2015 legislative session. Included is the NBA supported initiative that allows distressed homeowners to elect mediation in advance of default. NBA members can log in and select >Advocacy > State of Nevada to read the full order.