Federal Advocacy
NBA meets virtually and in DC for visits with Nevada's Senate and House delegates.
State of Nevada
NBA works with state legislators during session years and with interim committees in off years. In additional to supporting efforts to promote financial literacy, affordable housing and economic development, we work to ensure Nevada is an environment where banks can provide the best products and services to customers.
Thank you to our GR Committee members for all of your work during session. NBA will be working closely with interim Nevada's legislative committees throughout the second half of 2023 and during 2024.
Scroll down for a copy of the End of Session Report.
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Regulatory
Nevada Bankers engage with State and federal regulators regularly. Member feedback is a critical piece of helping regulators with their job of providing effective, safe and meaningful oversight. In addition lt irregular meetings with our State FID, NBA works closely with federal regulataors and also offers members a chance to engage in person during the Fall DC visit.
Compliance Alliance
Compliance Alliance Question of the Week
Q: We’ve heard a lot lately about Section 1071 – what’s the latest status on those rules (including thresholds and timelines)?
A: Ah, Section 1071 - the gift that keeps on giving…and changing!
The "current" interim final rule extended the Section 1071 small-business-lending compliance dates by roughly a year. Under this rule, Tier 1 institutions would begin collecting demographic data July 1, 2026; Tier 2 by January 1, 2027; and Tier 3 by October 1, 2027. Voluntary collection one year in advance is still fair game (for testing "…procedures and systems for compiling and maintaining this information…").
However, as of November 13th, the CFPB has proposed revisions to Section 1071 via its proposed rule (90 FR 50952) which appears to signal a shift toward a "longer-term, incremental approach." The proposed rule, if adopted, would significantly narrow the scope of the 2023 final rule (currently on hold due to ongoing litigation from the Texas Bankers Association and other plaintiffs) by rolling back several discretionary data points and redefining what counts as a covered transaction.
Under the new draft, lenders would report on a smaller set of core data points, with the CFPB reserving the option to expand requirements later. The proposed rule appears to remove prior requirements to collect details like denial reasons, pricing data, application method, and workforce size, while also excluding merchant cash advances, agricultural credit, and small-dollar loans. Coverage thresholds would seemingly shift as well, and the rule’s "small business" definition would tighten to firms with $1 million or less in annual revenue. The proposed rule can be found at 90 FR 50952. For additional changes and up-to-date news on Section 1071, please check in periodically to our Regulatory Change Management Tracker and our Banker Compliance News, as well as our 1071 Small Business Lending Toolkit.
Compliance Alliance offers a BSA / AML / OFAC Toolkit with a number of additional resources: https://compliancealliance.com/find-a-tool/by-toolkit/bsa-aml-ofac/
Also offers a comprehensive suite of compliance management solutions. To learn how to put them to work for your bank, call (888) 353-3933 or email info@compliancealliance.com and ask for our Membership Team.
Sign Up for a live Compliance Hub demo:
For Trust Companies (not banks):
Compliance Hub for Trust
Trust Tools for Compliance is a stand-alone program designed specifically to assist and support wealth management divisions and brick-and-mortar money managers with their regulatory compliance needs. To learn more, call (888) 353-3933 or email info@compliancealliance.com and ask for our Membership Team.
Sign Up for a live Compliance Hub Trust Demo
For Mortgage Companies (not banks):
Compliance Hub for Mortgage
Compliance Alliance now gives you easy access to Mortgage Tools—a collection of proprietary regulatory compliance tools with more than 200 worksheets, checklists, trainings and more & a live hotline chat feature connecting you to attorneys and compliance experts—all designed to safeguard internal operations, strengthen business practices, and develop exam-ready organizations. To learn more, call (888) 353-3933 or email info@compliancealliance.com and ask for our Membership Team.
Sign up for a live Mortgage Demo
Banking Matters Podcast –
Episode 112 Banking Matters Understanding FinCEN's New SAR FAQs
In this episode of Banking Matters, Elizabeth Holtrop hosts Brett Goodnack to discuss recent developments in Bank Secrecy Act (BSA) regulations, particularly focusing on the new FAQs issued by FinCEN regarding Suspicious Activity Reports (SARs). Brett provides analysis into the implications of these FAQs, including potential contradictions with existing guidance, the importance of documentation in decision-making processes, and the need for banks to navigate these changes carefully while maintaining compliance and risk management practices.
Listen to Banking Matters in your favorite apps!
Review Alliance, an independent group of compliance specialists offering banks deep-dive audits of their existing transactions, recommendations about program enhancements or guidance on future safety and soundness. In 2020, we added Virtual Compliance Officer - a new shared service-model using bank-dedicated compliance officers; perfect for monitoring and guiding your bank remotely. To learn how to put them to work for your bank, call (833)-683-0701 or email info@bankersalliance.org and ask for our Membership Team.
For timely compliance updates and resources, subscribe to Compliance Alliance’s email newsletters.
