July 2023 Compliance Journal

Compliance Journal

July 2023

Special Focus

Wisconsin 2023–2025 Budget Recap for Bankers

Earlier this month, Governor Evers approved Senate Bill 70 as 2023 Wisconsin Act 19, which establishes Wisconsin’s 2023–2025 Budget. The following recaps business-related provisions from Act 19, which should be of interest to bankers.

Tax-Exemption for Income Earned From Small Business and Ag Purpose Loans

One of the most important provisions of Act 19 is a new tax-exemption for banks related to certain business and agricultural lending. Act 19 creates new sections 71.05(1)(i) and 71.26(1)(i) which provides that income from a taxoption corporation bank and income of a bank that is derived from a commercial loan of $5 million or less provided to a person residing or located in Wisconsin and used primarily for business or agricultural purpose is exempt. A tax-option corporation bank means a S-corporation bank. The treatment of sections 71.05(1)(i) and 71.26(1)(i) first applies to taxable years beginning after December 31, 2022.

An FAQ has been developed by WBA Legal to answer frequently asked questions related to the tax-exemption. The FAQ is found later in this publication.

Funding for New WHEDA Programs and Increase to Capital Reserve Funding Bonding Limit

In late June, four bills were signed into law meant to help expand affordable housing in Wisconsin. The budget then provided one-time funding for the programs. In particular,

2023 Wisconsin Act 14 created a residential housing infrastructure revolving loan fund program. The program allows a residential developer to apply to the Wisconsin Housing and Economic Development Authority (WHEDA) for a loan to cover the costs of installing, replacing, upgrading, or improving public infrastructure related to workforce housing and senior housing. The infrastructure loan must be for new single-family or multi-family housing for rent or for sale.

If WHEDA awards an infrastructure loan to a developer, it may also award a loan to the local government that approved the developer’s loan for the purpose to cover infrastructure costs incurred in connection with the developer’s project. The loan to the local government may not exceed 10 percent of the amount of the developer’s loan. Act 19 provided onetime funding of $275 million for the new residential housing infrastructure revolving loan fund program.

2023 Wisconsin Act 15 created a main street housing rehabilitation revolving loan fund which allows an owner of rental housing to apply to WHEDA for a loan to cover the costs of improvements to workforce housing, which includes remediation of lead paint or asbestos. A project is eligible if it is for housing rehabilitation of single-family or multi-family rental housing which meet the conditions required under the program. Act 19 provided one-time funding of $100 million for the new main street housing rehabilitation revolving loan fund.

2023 Wisconsin Act 17 created a workforce housing rehabilitation loan program which allows for a person to apply to WHEDA for a loan to pay the costs of certain rehabilitation of the applicant’s single-family home. The home must be occupied by the applicant and must have been constructed at least forty years before the date of the application. The rehabilitation need be one considered eligible under the program. Act 19 provided one-time funding of $50 million to support the housing rehabilitation program.

2023 Wisconsin Act 18 created a commercial-to-residential conversion revolving loan fund program under which a developer may apply to WHEDA for a loan to cover the costs to convert a vacant commercial building to workforce housing or senior living. The housing associated with the conversion loan must be new residential housing for rent or for sale and must consist of 16 or more dwelling units. A vacant building is eligible for the program if it had been vacant for at least one year and is zoned for residential use. Additionally, housing associated with the conversion loan must remain workforce housing or senior housing for ten years filing initial occupancy. Act 19 provided one-time funding of $100 million for the new commercial-to-housing revolving fund loan.

The budget also increased the limit on notes and bonds that WHEDA may issue which are secured by a capital reserve fund from $800 million to $1 billion. The increase will allow WHEDA to continue to finance projects supported with an allocation of state and federal housing tax credits.

Increased Shared Revenue for Municipalities

Act 19 funded changes made by 2023 Wisconsin Act 12 which increased shared revenue and funding to emergency services. Overall, the added aid for municipalities for fiscal year 2024–2025 represents a 36 percent increase over current county and municipal aid entitlements. The budget also provides over $178 million in aid payments to local governments to assist with the repeal of the personal property tax further outlined later in this publication.

Income Tax Reduction for Two Lowest Tax Brackets

The 2023–2025 Budget provides an income tax reduction for Wisconsin’s two lowest tax brackets. The Governor vetoed cuts to the top two brackets, leaving over $3 billion dollars to go back into the general fund. Act 19 reduces the lowest tax bracket from 3.54 percent to 3.5 percent and reduces the second lowest tax bracket from 4.65 percent to 4.4 percent. The reductions are effective for tax year 2023.

Increase in Retailer Vendor Compensation

As a general requirement under section 77.53(3), every retailer engaged in business in Wisconsin and making sales of tangible personal property, goods, or taxable services, must at time of making the sales, collect the tax from the purchaser and give the purchaser a receipt in a manner and form prescribed by Wisconsin Department of Revenue (DOR). The retailers currently have a deduction of those taxes payable.

Act 19 revised section 77.61(4)(c) so that for reporting the sales tax and collecting and reporting the use tax imposed on a retailer under section 77.53(3), the retailer may deduct 0.75 percent of those taxes payable or $10 for that reporting period and may claim a maximum of $8,000 for that reporting period, whichever is greater, as administrative expenses. This is an increase from 0.5 percent and $1,000, respectively.

With this increase in retailer vendor compensation, WBA is hopeful the increase will reduce the interest by retailers of a state credit card interchange fee. The treatment of section 77.61(4)(c) first applies to sales and use taxes payable on the first day of the third month beginning after publication of the Act.

Sales and Use Tax-Exemption for Equipment or Software Used at Qualified Data Center

Act 19 creates section 77.54(70), which sets forth a sales and use tax-exemption for equipment or software used for the processing, storage, retrieval, or communication of

July 2023

Volume 29, Number 2

Wisconsin Bankers Association 4721 South Biltmore Lane, P.O. Box 8880, Madison, Wisconsin, 53708-8880

Senior Writers Heather MacKinnon

Scott Birrenkott

Editor Katie Reiser

Layout Sonja Vike

Copyright ©2023

Wisconsin Bankers Association. All rights reserved. Reproduction by any means of the entire contents or any portion of this publication without prior written permission is strictly prohibited. This publication is intended to provide accurate information in regard to the subject matter covered as of the date of publication; however, the information does not constitute legal advice. If legal advice or other expert assistance is required, the services of a competent and professional person should be sought.

data at a qualified data center, as certified by the Wisconsin Economic Development Corporation (WEDC).

A “qualified data center” is defined under new section 238.40(1)(b) to mean one or more buildings or an array of connected buildings owned, leased, or operated by the same business entity, as defined in section 13.62(5), or its affiliate and for which all of the following apply:

1. The buildings are rehabilitated or constructed to house a group of networked server computers in one physical location or multiple locations in order to centralize the processing, storage, management, retrieval, communication, or dissemination of data and information.

2. The buildings create a minimum qualified investment in Wisconsin of any of the following amounts within 5 years from the date on which WEDC certifies the data center as eligible to claim the exemption under section 77.54(70):

a. For buildings located in a county having a population greater than 100,000, $150,000,000.

b. For buildings located in a county having a population greater than 50,000 and not more than 100,000, $100,000,000.

c. For buildings in a county having a population of not more than 50,000, $50,000,000.

d. For buildings located in more than one county, the amount provided under subd. 2. a.,

b., or c. for the most populous county in which the buildings are located.

The treatment of sections 77.54(70) and 238.40 take effect on the first day of the third month beginning after publication of Act 19.

Agricultural-Related Funding Increases

Act 19 also provides funding for several agricultural-focused programs. In particular, $1 million was allocated for both years for agricultural export efforts under the Wisconsin Initiative for Agricultural Export Program (WIAE); an additional $300,000 both years for the dairy processor grant program which provides grants for up to $50,000 to help foster innovation, improve profitability, and sustain long-term viability of dairy processing facilities; and more funding to support the meat processor grant program and to fulfill federal expenditure requirements for the meat inspection program. Act 19 also provides $100,000 for farmer mental health assistance for both years.

Repeal of Personal Property Tax

While not a matter accomplished through the budget, the repeal of Wisconsin’s personal property tax is worth mentioning as it is a fiscal-related topic. Signed into law on June 20, 2023, 2023 Wisconsin Act 12, fully repealed Wisconsin’s longstanding personal property tax beginning with property tax assessments as of January 1, 2024. The law is effective in 2024, so financial institutions will need to continue to monitor current year assessments as institutions remain responsible for personal property taxes related to 2023 filings.

Act 12 made changes to chapter 71 to remove “personal” from the definitions of “property taxes” and “property taxes accrued” leaving real property taxes as included in the definitions.

Additionally, Act 12 creates section 70.17(3), which provides that beginning with the property tax assessment as of January 1, 2024, manufactured and mobile homes, not otherwise exempt from taxation under section 66.0435(3), will be assessed as real property. Buildings, improvements, and fixtures on leased lands; buildings, improvements, and fixtures on exempt lands; buildings, improvements, and fixtures on forest croplands; and buildings, improvements, and fixtures on managed forest lands will also be assessed as real property. If buildings, improvements, and fixtures, but not the underlying land, are leased to a person other than the landowner or if the buildings, improvements, and fixtures are owned by a person other than the landowner, the assessor may create a separate tax parcel for the buildings, improvements, and fixtures and assess the buildings, improvements, and fixtures as real property to the owner of the buildings, improvements, and fixtures. These changes make important distinctions between personal property and real property and are topics that should be further discussed and monitored with accounting and tax resources, as applicable.

Conclusion and Resources

Wisconsin’s 2023–2025 Budget included several provisions which impact financial institutions, most notably the tax-exemption for income earned on business and agricultural purpose loans of $5 million dollars and less made to a person residing or located in Wisconsin. In addition, new and added funding has been allotted to programs that enhance and improve housing programs, farm programs, and other business-related incentives.

Be sure to review the FAQ developed by WBA Legal related to the tax-exemption for income earned from certain small business and agricultural purpose loans. The FAQ is found later in this publication.

The WBA is currently collecting other resources for the membership on the recent changes, including a future WBA Compliance Journal article by WBA Silver Associate Member Wipfli LLP and upcoming free member webinar by WBA Bronze Associate Member Eide Bailly LLP. Registration for the webinar may be found on the WBA website at: https://www.wisbank.com/events/free-member-webinar-wisconsin-state-tax-update-for-banks-historic-legislation/

Links to the Acts referenced above:

2023 Wisconsin Act 12: https://docs.legis.wisconsin.gov/2023/related/acts/12.pdf

2023 Wisconsin Act 14: https://docs.legis.wisconsin.gov/2023/related/acts/14.pdf

2023 Wisconsin Act 15: https://docs.legis.wisconsin.gov/2023/related/acts/15.pdf

2023 Wisconsin Act 17: https://docs.legis.wisconsin.gov/2023/related/acts/17.pdf

2023 Wisconsin Act 18: https://docs.legis.wisconsin.gov/2023/related/acts/18.pdf

2023 Wisconsin Act 19: https://docs.legis.wisconsin.gov/2023/related/acts/19.pdf

Agencies Update Policy Statement on Prudent CRE Loan Accommodations and Workouts

The Board of Governors of the Federal Reserve System (FRB), Federal Deposit Insurance Corporation (FDIC), Office of the Comptroller of the Currency (OCC), and National Credit Union Administration (NCUA) (collectively, the agencies), in consultation with state bank and credit union regulators, issued a final policy statement for prudent commercial real estate (CRE) loan accommodations and workouts. The updated policy statement builds on existing supervisory guidance calling for financial institutions to work prudently and constructively with creditworthy borrowers during times of financial stress.

In particular, the statement addresses prudent risk management practices regarding short-term loan accommodations, risk management for loan workout programs, long-term loan workout arrangements, classification of loans, and regulatory reporting and accounting requirements and considerations. The statement also includes selected references and materials related to regulatory reporting. The statement does not, however, affect existing regulatory reporting requirements or supervisory guidance provided in relevant interagency statements issued by the agencies or accounting requirements under U.S. generally accepted accounting principles (GAAP). Certain principles in the statement are also generally applicable to commercial loans that are secured by either real property or other business assets of a commercial borrower.

The agencies incorporated five appendices into the statement:

• Appendix 1 contains examples of CRE loan workout arrangements to illustrate the application of the statement to classification of loans and determination of nonaccrual treatment.

• Appendix 2 lists selected relevant rules as well as supervisory and accounting guidance for real estate lending, appraisals, allowance methodologies, restructured loans, fair value measurement, and regulatory reporting matters

such as nonaccrual status. The agencies intend the statement to be used in conjunction with materials identified in Appendix 2 to reach appropriate conclusions regarding loan classification and regulatory reporting.

• Appendix 3 discusses valuation concepts for income-producing real property.

• Appendix 4 provides the special mention and adverse classification definitions used by FRB, FDIC, and OCC.

• Appendix 5 addresses the relevant accounting and supervisory guidance on estimating loan losses for financial institutions that use the current expected credit losses (CECL) methodology.

Importantly, the agencies stated recognition that financial institutions face significant challenges when working with CRE borrowers who are experiencing diminished operating cash flows, depreciated collateral values, prolonged sales and rental absorption periods, or other issues that may hinder repayment. While such borrowers may experience deterioration in their financial condition, many borrowers will continue to be creditworthy and have the willingness and ability to repay their debts. In such cases, financial institutions may find it beneficial to work constructively with borrowers. Such constructive efforts may involve loan accommodations or more extensive loan workout arrangements.

The updated statement provides a broad set of risk management principles relevant to CRE loan accommodations and workouts in all business cycles, particularly in challenging economic environments. The statement also describes the approach examiners will use to review CRE loan accommodation and workout arrangements and provides examples of CRE loan workout arrangements as well as useful references in the appendices.

The agencies stated each expect their examiners to take a balanced approach in assessing the adequacy of a financial institution’s risk management practices for loan accommodation and workout activities. Consistent with the Interagency Guidelines Establishing Standards for Safety and Soundness, financial institutions that implement prudent CRE loan accommodation and workout arrangements after performing a comprehensive review of a borrower’s financial condition will not be subject to criticism for engaging in these efforts, even if the arrangements result in modified loans that have weaknesses that result in adverse classification.

In addition, modified loans to borrowers who have the ability to repay their debts according to reasonable terms will not be subject to adverse classification solely because the value of the underlying collateral has declined to an amount that is less than the outstanding loan balance.

Financial institutions should review the updated policy statement and compare the guidance within to existing loan workout policy and procedures to ensure new recommendations and expectations are incorporated, as applicable. The updated policy statement may be viewed at: https://www.govinfo.gov/content/pkg/FR-2023-07-06/pdf/2023-14247.pdf

Wisconsin State Tax-Exemption for Income Earned from Business and Ag Purpose Loans

An important provision of 2023 Wisconsin Act 19 (also known as Wisconsin’s 2023–2025 Biennial Budget) is a new, historic tax-exemption for banks related to certain business and agricultural lending. Act 19 creates new sections 71.05(1)(i) and 71.26(1)(i). This has been an advocacy priority for WBA for quite some time.

Section 71.05 provides a list of exemptions and excluded income which are exempt from taxation under an income computation of individuals and fiduciaries. New section 71.05(1)(i) reads as: Commercial loans. Income from a tax− option corporation that is a financial institution, as defined in s. 69.30(1)(b), including interest, fees, and penalties, derived from a commercial loan of five million dollars or less provided to a person residing or located in this state and used primarily for a business or agricultural purpose.

Section 71.26 provides a list of exemptions and excluded income which are exempt from taxation under an income computation of corporations. New section 71.26(1)(i) reads as: Commercial loans. Income of a financial institution, as defined in s. 69.30(1)(b), including interest, fees, and penalties, derived from a commercial loan of five million dollars or less provided to a person residing or located in this state and used primarily for a business or agricultural purpose.

The treatment of sections 71.05(1)(i) and 71.26(1)(i) first applies to taxable years beginning after December 31, 2022.

The following is a list of questions and answers regarding the new tax-exemption based upon information currently available to WBA . WBA does plan to have conversations with the Wisconsin Department of Revenue regarding the implementation of this new law. As a result, this document will be updated as new questions arise or additional information is provided to WBA. It is important to remember that intentionally structuring larger business or agricultural purpose loan transactions to lower the loan amount to $5 million or less is anticipated to not be permitted

Q1. What types of financial institutions qualify for this exemption?

A1. Financial institutions that meet the definition of s. 69.30(1)(b), Wis. Stats., are eligible for this tax exemption. That state statute defines “financial institution” to mean any bank, savings bank, savings and loan association or credit union that is authorized to do business under state or federal laws relating to financial institutions.

Q2. Does the exemption apply to both C-corporation and S-corporation banks?

A2. Yes, the exemption applies to both C-corporation and S-corporation banks. S-corporations under Wisconsin law are referred to as tax-option corporations.

Q3. Must a tax-option corporation bank (a/k/a S-corporation bank) pay Wisconsin tax at the entity level in order to receive the tax exemption, or may it pay tax at the individual/trust shareholder level and still receive the tax-exemption?

A3. The tax exemption may be realized at either level. If the tax-option corporation bank elects to pay Wisconsin tax at the entity level, the entity will be able to claim the exclusion. If instead the tax-option corporation bank pays tax at the individual or trust shareholder level, the shareholder should also be able to claim the exclusion on their pro rata share of the S-corporation bank’s income.

Q4. When does the new exemption apply?

A4. The exemption first applies to taxable years beginning after December 31, 2022.

Q5. Does the exemption only apply to new loans?

A5. The exemption applies to existing business and agricultural loans on the books as of January 1, 2023, if the loan is $5 million or less and the borrower resides or is located in Wisconsin. For such loans, the exemption

applies to the interest, fee and penalty income earned by the bank in 2023 but not before. The exemption applies to new loans so long as the dollar amount, principal purpose, and residence or location requirements are met.

Q6. Does the use of the word “person” in the new statutory sections mean the loan must be made to an individual for the exemption to apply or may the loan also be made to an entity?

A6. The use of the word “person” does not mean only a natural living being. The use of the word “person” in Wisconsin Statutes includes all partnerships, associations, and bodies of politic or corporate. For the exemption to apply, the loan must be $5 million or less, must be primarily for a business or agricultural purpose, and must be made to a person residing or located in Wisconsin. “Person” includes a natural person or entity.

Q7. Does an entity borrower need to be an entity that was organized under Wisconsin law for the exemption to apply?

A7. The exemption does not look to where the entity borrower was organized. For the exemption to apply, the loan must be made to a person residing or located in Wisconsin.

Q8. Does collateral for the loan need to be located in Wisconsin for the exemption to apply?

A8. The exemption does not look to where the collateral is located but rather where the borrower is located. For the exemption to apply, the loan must be made to a person residing or located in Wisconsin.

Q9. Does it matter what cross-collateralizes the loan for the exemption to apply?

A9. The exemption focuses on the primary purpose of the loan and not what collateral is securing the loan. The primary purpose of the loan must be for a business or agricultural purpose to a person residing or located in Wisconsin.

Q10. Does the guarantor need to reside or be located in Wisconsin for the exemption to apply?

A10. The exemption does not look to where the guarantor, if any, is located but rather where the borrower is located. For the exemption to apply, the loan must be made to a person residing or located in Wisconsin.

Q11. Does the exemption only apply to certain types of business loans, such as only to C&I or only to CRE loans?

A11. The exemption does not distinguish between types of business or agricultural loans. The exemption applies to a commercial loan that is primarily for a business or agricultural purpose, of $5 million dollars or less, provided to a person residing or located in Wisconsin.

Q12. What does it mean for a loan to be “used primarily for a business or agricultural purpose.”

A12. The words should carry the same plain meaning as in existing, routinely used banking regulations and rules, including under standards found in the Truth in Lending Act and Equal Credit Opportunity Act.

Q13. What income is exempt under the new law?

A13. Income includes interest, fees and penalties derived from the qualified loan as provided in the loan documents with the eligible borrower(s).

Regulatory Spotlight

Agencies Seek Comment on Revisions to Call Reports.

The Board of Governors of the Federal Reserve System (FRB), Federal Deposit Insurance Corporation (FDIC), and Office of the Comptroller of the Currency (OCC) (collectively, the agencies) under the auspices of the Federal Financial Institutions Examination Council (FFIEC), seek comment on revisions to Consolidated Reports of Condition and Income (Call Reports) forms FFIEC 031, FFIEC 041, and FFIEC 051, and the Report of Assets and Liabilities of U.S. Branches and Agencies of Foreign Banks, FFIEC 002. The proposed revisions result from the 2022 statutorily mandated review of the Call Reports, Call Report process revisions, and reporting of certain Federal Home Loan Mortgage Corporation (Freddie Mac) and similar securitizations as further outlined in the notice. Comments are due 07/13/2023. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2023-06-13/pdf/2023-12553.pdf Federal Register, Vol. 88, No. 113, 06/13/2023, 38592-38596.

The Board of Governors of the Federal Reserve System (FRB), Federal Deposit Insurance Corporation (FDIC), and Office of the Comptroller of the Currency (OCC) (collectively, the agencies) seek comment on an information collection titled, Regulatory Capital Reporting for Institutions Subject to the Advanced Capital Adequacy Framework, FFIEC 101. Each advanced approaches institution is required to report quarterly regulatory capital data on the FFIEC 101. The agencies use the data to: assess and monitor the levels and components of each reporting entity’s applicable capital requirements and the adequacy of the entity’s capital under the Advanced Capital Adequacy Framework and the supplementary leverage ratio, as applicable; evaluate the impact of the Advanced Capital Adequacy Framework and the supplementary leverage ratio, as applicable, on individual reporting entities and on an industry-wide basis and its competitive implications; and supplement on-site examination processes. The reporting schedules also assist advanced approaches institutions and top-tier Category III banking organizations in understanding expectations relating to the system development necessary for implementation and validation of the capital rule and the supplementary leverage ratio, as applicable. Submitted data that are released publicly also provide other interested parties with additional information about advanced approaches institutions’ and top-tier Category III institutions’ regulatory capital. Comments are due 08/28/2023. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2023-06-29/pdf/2023-13861.pdf. Federal Register, Vol. 88, No. 124, 06/29/2023, 42131-42132.

Agencies Seek Comment on Quality Control Standards for Automated Valuation Models.

The Bureau of Consumer Financial Protection (CFPB), Board of Governors of the Federal Reserve System (FRB), Federal Deposit Insurance Corporation (FDIC), Office of the Comptroller of the Currency (OCC), Federal Housing Finance Agency (FHFA), and National Credit Union Administration (NCUA) (collectively, the agencies) issued a proposed rule to implement the quality control standards mandated by the Dodd-Frank Act for the use of automated valuation models (AVMs) by mortgage originators and secondary market issuers in determining the collateral worth of a mortgage secured by a consumer’s principal dwelling. Under the proposal, the agencies would require institutions that engage in certain credit decisions or securitization determinations to adopt policies, practices, procedures, and control systems to ensure that AVMs used to determine the value of mortgage collateral adhere to quality control standards designed to ensure a high level of confidence in the estimates produced by AVMs, protect against the manipulation of data, seek to avoid conflicts of interest, require random sample testing and reviews, and comply with applicable nondiscrimination laws. Comments are due 08/21/2023. The proposed rule may be viewed at: https://www.govinfo.gov/content/pkg/FR2023-06-21/pdf/2023-12187.pdf Federal Register, Vol. 88, No. 118, 06/21/2023, 40638-40675.

CFPB Issues Fair Lending Report to Congress.

The Bureau of Consumer Financial Protection (CFPB) issued its eleventh, Fair Lending Report of the Consumer Financial Protection Bureau to Congress. The report describes CFPB’s fair lending activities in supervision and enforcement, guidance and rulemaking, interagency coordination, and outreach and education for calendar year 2022. The report was released on CFPB’s website on 06/28/2023. The report may be viewed at: https://www.govinfo.gov/content/pkg/FR2023-07-06/pdf/2023-14197.pdf Federal Register, Vol. 88, No. 128, 07/06/2023, 43087-43101.

CFPB Extends Comment Period for Data Brokers Information Collection.

CFPB announced the extension of the comment period for an information collection related to data brokers. On 03/15/2023, CFPB issued a request for information on the data broker industry. Data brokers is an umbrella term to

describe firms that collect, aggregate, sell, resell, license, or otherwise share consumers’ personal information with other parties. Data brokers encompass actors such as first-party data brokers that interact with consumers directly, as well as third-party data brokers with whom the consumer does not have a direct relationship. Data brokers include firms that specialize in preparing employment background screening reports and credit reports. Data brokers collect information from public and private sources for purposes including marketing and advertising, building and refining proprietary algorithms, credit and insurance underwriting, consumer-authorized data porting, fraud detection, criminal background checks, identity verification, and people search databases. Comments are now due 07/15/2023. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2023-06-13/pdf/2023-12550.pdf. Federal Register, Vol. 88, No. 113, 06/13/2023, 38499-38500.

CFPB Seeks Comment on Several Information Collections.

CFPB seeks comment regarding an information collection titled, Consumer Response Company Response Survey. CFPB will use the information collection to garner consumer feedback through an optional survey at the end of the consumer complaint process. Through the existing survey, consumers have the option to provide feedback on the company’s response to and handling of their complaint. The results of the feedback are shared with the company that responded to the complaint to inform its complaint handling. CFPB also uses the feedback as one of several inputs to inform its work to assess the accuracy, completeness, and timeliness of company responses to consumer complaints. Comments are due 07/24/2023. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2023-06-23/pdf/2023-13325.pdf Federal Register, Vol. 88, No. 120, 06/23/2023, 41085-41086.

CFPB seeks comment regarding an information collection titled, Payday, Vehicle Title, and Certain High-Cost Installment Loans. Twelve (12) Code of Federal Regulations (CFR) part 1041 applies to non-depository institutions and loan brokers engaged in consumer lending, credit intermediation activities, or activities related to credit intermediation. Additionally, banks and credit unions that make loans are subject to the regulation. The purpose of the regulation is to identify certain unfair and abusive acts or practices in connection with certain consumer credit transactions, to set forth requirements for preventing such acts or practices, and to provide certain partial conditional exemptions from aspects of the rule. The regulation also contains requirements to ensure that the features of consumer credit transactions are fully, accurately, and effectively disclosed to consumers. The information collected pertains to the requirements under the regulation. Comments are due 08/22/2023. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2023-06-23/ pdf/2023-13326.pdf Federal Register, Vol. 88, No. 120, 06/23/2023, 41086.

CFPB seeks comment regarding an information collection titled, Generic Information Collection Plan for Foundational Research About Consumer Credit Markets and Household Financial Decision-Making. Under the generic information collection plan, CFPB collects data through qualitative and quantitative methods, including focus groups, interviews, and controlled trials in field and laboratory settings. The primary purpose of research is for foundational research of an exploratory nature to be used for developmental and informative purposes to increase CFPB’s understanding of consumer credit markets and household financial decision-making. In addition, research may be related to CFPB’s mission regarding financial education. Comments are due 08/07/2023. The notice may be viewed at: https://www.govinfo.gov/ content/pkg/FR-2023-07-07/pdf/2023-14282.pdf. Federal Register, Vol. 88, No. 129, 07/07/2023, 43321-43322.

FRB Announces Financial Sector Liabilities.

The Board of Governors of the Federal Reserve System’s (FRB’s) Regulation XX prohibits a merger or acquisition that would result in a financial company that controls more than 10 percent of the aggregate consolidated liabilities of all financial companies (aggregate financial sector liabilities). Specifically, an insured depository institution (IDI), a bank holding company, a savings and loan holding company, a foreign banking organization, any other company that controls an IDI, and a nonbank financial company designated by the Financial Stability Oversight Council is prohibited from merging or consolidating with, acquiring all or substantially all of the assets of, or acquiring control of, another company if the resulting company’s consolidated liabilities would exceed 10 percent of the aggregate financial sector liabilities. Under Regulation XX, FRB publishes the aggregate financial sector liabilities by July 1 of each year. Aggregate financial sector liabilities are equal to the average of the year-end financial sector liabilities figure (as of December 31) of each of the preceding two calendar years. The notice includes the aggregate financial sector liability amount and effective date. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2023-06-12/pdf/2023-12389.pdf. Federal Register, Vol. 88, No. 112, 06/12/2023, 38054-38055.

Regulatory Spotlight

FRB Withdraws Proposed Amendments to Account Access Guidelines.

FRB announced the withdrawal of proposed amendments to its Guidelines for Evaluating Account and Services Requests (Account Access Guidelines) that would have required the Federal Reserve Banks to publish a periodic list of depository institutions with access to Reserve Bank accounts and/or financial services. New section 11C of the Federal Reserve Act was recently enacted that requires disclosures substantially similar to those in FRB’s proposal. As a result, FRB believes finalizing the proposed amendments to its Account Access Guidelines is unnecessary. FRB has withdrawn the proposal published in the Federal Register on 11/16/2022 as of 06/16/2023. The notice may be viewed at: https:// www.govinfo.gov/content/pkg/FR-2023-06-26/pdf/2023-13460.pdf Federal Register, Vol. 88, No. 121, 06/26/2023, 41402-41403.

FDIC Announces Termination of Receiverships.

The Federal Deposit Insurance Corporation (FDIC), as Receiver, for the insured depository institutions listed in the notice, was charged with the duty of winding up the affairs of the former institutions and liquidating all related assets. The Receiver has fulfilled its obligations and made all dividend distributions required by law. The Receiver has further irrevocably authorized and appointed FDIC-Corporate as its attorney-in-fact to execute and file any and all documents that may be required to be executed by the Receiver which FDIC-Corporate, in its sole discretion, deems necessary, including but not limited to releases, discharges, satisfactions, endorsements, assignments, and deeds. Effective on the termination dates listed in the notice, the Receiverships have been terminated, the Receiver has been discharged, and the Receiverships have ceased to exist as legal entities. The notice may be viewed at: https://www.govinfo.gov/content/pkg/ FR-2023-07-07/pdf/2023-14417.pdf Federal Register, Vol. 88, No. 129, 07/07/2023, 43348-43349.

FDIC Seeks Comment on Regulatory Capital Rules Information Collection.

FDIC seeks comment regarding an information collection titled, Regulatory Capital Rules. The collection comprises the recordkeeping, reporting, and disclosure requirements associated with minimum capital requirements and overall capital adequacy standards for insured state nonmember banks, state savings associations, and certain subsidiaries of those entities. The data is used by FDIC to evaluate capital before approving various applications by insured depository institutions, to evaluate capital as an essential component in determining safety and soundness, and to determine whether an institution is subject to prompt corrective action provisions. Comments are due 07/24/2023. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2023-06-22/pdf/2023-13224.pdf. Federal Register, Vol. 88, No. 119, 06/22/2023, 40822-40824.

FDIC Seeks Comment on Qualitative Surveys Information Collection.

FDIC seeks comment regarding an information collection titled, Fast-Track Generic Qualitative Surveys. The purpose of the survey is to obtain anecdotal information on a voluntary basis about quality of service, regulatory burden, problems or successes in the bank supervisory process (including exams related to both safety and soundness, and compliance with consumer protection laws and regulations), the perceived need for regulatory or statutory change, and similar concerns. Comments are due 07/27/2023. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-202306-27/pdf/2023-13649.pdf Federal Register, Vol. 88, No. 122, 06/27/2023, 41614-41615.

OCC Seeks Comment on Margin and Capital Requirements for Covered Swap Entities Information Collection.

The Office of the Comptroller of the Currency (OCC) seeks comment regarding an information collection titled, Margin and Capital Requirements for Covered Swap Entities. Title VII of the Dodd-Frank Act established a comprehensive regulatory framework for derivatives, which are generally characterized as swaps and security-based swaps. Sections 731 and 764 of the Dodd-Frank Act require the registration and regulation of swap dealers, major swap participants, security-based swap dealers, and major security-based swap participants, respectively (collectively, swap entities). OCC’s rules for swap entities is found in 12 CFR part 45. The information collection is used in connection with part 45. Comments are due 07/28/2023. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2023-06-28/ pdf/2023-13696.pdf. Federal Register, Vol. 88, No. 123, 06/28/2023, 42000-42002.

Regulatory Spotlight

OCC Seeks Comment on Contractual Stay Requirement Information Collection.

OCC seeks comment regarding an information collection titled, Mandatory Contractual Stay Requirements for Qualified Financial Contracts (QFC). Under 12 CFR part 47, a covered bank is required to ensure that a covered QFC: (1) contains a contractual stay-and-transfer provision analogous to the statutory stay-and-transfer provision imposed under Title II of the Dodd-Frank Act and in the Federal Deposit Insurance Act; and (2) limits the exercise of default rights based on the insolvency of an affiliate of the covered bank. Covered banks may comply either by amending the contractual provisions of their QFCs consistent with the requirements of §§47.4 and 47.5 within a specified period of time or by adhering to the International Swaps and Derivatives Association 2015 Universal Resolution Stay Protocol or U.S. Protocol. Alternatively, §47.6(b)(1) provides that a covered bank may request that OCC approve as compliant with the requirements of §§47.4 and 47.5 provisions of one or more forms of covered QFCs, or amendments to one or more forms of covered QFCs, with enhanced creditor protection conditions. The information collection is used by OCC to evaluate a covered bank’s request. Comments are due 08/28/2023. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2023-06-28/ pdf/2023-13695.pdf. Federal Register, Vol. 88, No. 123, 06/28/2023, 42002-42003.

HUD Issues Final NSPIRE Inspection Standards.

The Department of Housing and Urban Development (HUD) issued a notice of NSPIRE Inspection Standards, which serves as a complementary document to the Economic Growth Regulatory Relief and Consumer Protection Act: Implementation of National Standards for the Physical Inspection of Real Estate (NSPIRE) rule. The rule provides that HUD publish in the Federal Register a set of NSPIRE inspection standards to consolidate and align housing quality requirements and associated inspection standards across programs. After developing and testing draft standards and receiving comment on prior versions of the standards, HUD has provided the final NSPIRE physical inspection standards to accompany HUD’s final rule. Additionally, HUD has provided a list of life-threatening conditions and has incorporated the list into the NSPIRE inspection standards in place of codifying the list. The notice is effective 07/01/2023. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2023-06-22/pdf/2023-13293.pdf Federal Register, Vol. 88, No. 119, 06/22/2023, 40832-40841.

HUD Issues Notice of Regulatory Waiver Requests Granted for 4Q 2022.

HUD issued a list of regulatory waiver requests granted for fourth quarter of calendar year 2022. Section 106 of the Department of Housing and Urban Development Reform Act (the HUD Reform Act) requires HUD to publish quarterly Federal Register notices of all regulatory waivers that HUD has approved. Each notice covers the quarterly period since the previous Federal Register notice. The purpose of the notice is to comply with the requirements of section 106 of the HUD Reform Act. The notice contains a list of regulatory waivers granted by HUD during the period beginning on 10/01/2022 and ending on 12/31/2022. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-202307-10/pdf/2023-14304.pdf Federal Register, Vol. 88, No. 130, 07/10/2023, 43908-43936.

HUD Seeks Comment on Several Information Collections.

HUD seeks comment regarding an information collection titled, Evaluation of Public Housing Agencies (PHA) Coronavirus Aid, Relief, and Economic Security (CARES) Act Waivers: PHA Interviews Data Collection. The purpose of the information collection is to conduct semi-structured interviews with PHA staff and stakeholders to understand why and how PHAs utilized waivers offered by the CARES Act, and how the waivers impacted PHA operations and assisted households. Comments are due 07/20/2023. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR2023-06-20/pdf/2023-13020.pdf Federal Register, Vol. 88, No. 117, 06/20/2023, 39859-39861.

HUD seeks comment regarding an information collection titled, Ginnie Mae Multiclass Securities Program. The collection is a currently approved collection. Comments are due 08/21/2023. The notice may be viewed at: https://www.govinfo. gov/content/pkg/FR-2023-06-20/pdf/2023-13046.pdf Federal Register, Vol. 88, No. 117, 06/20/2023, 39862-39863.

HUD seeks comment regarding an information collection titled, Ginnie Mae President Invitation Form. The collection includes meeting request details used to schedule time with Ginnie Mae’s President and other leadership. Comments are due 08/21/2023. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2023-06-20/pdf/2023-13048. pdf. Federal Register, Vol. 88, No. 117, 06/20/2023, 39861.

HUD seeks comment regarding an information collection titled, Housing Counseling Notice of Funding Opportunity (NOFO). The information in the collection is used in connection with HUD’s Housing Counseling Program and will be used by HUD to determine that the Housing Counseling grant applicant meets the requirements of the NOFO. Comments are due 07/31/2023. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2023-06-29/ pdf/2023-13713.pdf Federal Register, Vol. 88, No. 124, 06/29/2023, 42096.

HUD seeks comment regarding an information collection titled, Disclosure of Adjustable Rate Mortgage (ARM) Rates. Mortgage lenders must provide loan applicants wishing to obtain an FHA-insured Adjustable Rate Mortgage (ARM) with a pre-loan disclosure that includes a written explanation of the ARM loan features. Loan servicers must also provide mortgagors with adjustable rate mortgages an annual ARM Disclosure Notice at least 25 days before any adjustment to a mortgagor’s monthly payment may occur, advising the borrower of the new interest rate, the new monthly payment, index value and how the adjustment was calculated. Lenders generate the ARM Disclosures electronically and generally provide the disclosures on paper to their borrowers or in electronic formats. HUD collects the pre-loan ARM disclosure as part of the origination case binder. HUD may collect post-closing ARM disclosures as part of its program monitoring and enforcement activities, e.g., when a loan is selected for post-endorsement quality review, or the lender sends the file to HUD for claim. HUD may review collected disclosures to ensure compliance with ARM disclosure requirements. Comments are due 09/05/2023. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2023-07-06/ pdf/2023-14232.pdf Federal Register, Vol. 88, No. 128, 07/06/2023, 43136-43137.

HUD seeks comment regarding an information collection titled, Mortgage Insurance Termination Application for Premium Refund, Tracer Claimant Refund Case Request. Mortgage Insurance Termination information is used by servicing mortgagees to comply with HUD requirements for reporting termination of Federal Housing Administration (FHA) mortgage insurance. The information is used whenever FHA mortgage insurance is terminated and no claim for insurance benefits will be filed. Comments are due 09/05/2023. The notice may be viewed at: https://www.govinfo.gov/ content/pkg/FR-2023-07-06/pdf/2023-14229.pdf Federal Register, Vol. 88, No. 128, 07/06/2023, 43135-43136.

FEMA Issues Final Flood Hazard Determinations.

The Federal Emergency Management Agency (FEMA) issued a notice which identifies communities in the states of Michigan and Ohio, where flood hazard determinations, which may include additions or modifications of Base Flood Elevations (BFEs), base flood depths, Special Flood Hazard Area (SFHA) boundaries or zone designations, or regulatory floodways on the Flood Insurance Rate Maps (FIRMs) and where applicable, in the supporting Flood Insurance Study (FIS) reports have been made final. The FIRM and FIS report are the basis of the floodplain management measures that a community is required either to adopt or to show evidence of having in effect in order to qualify or remain qualified for participation in FEMA’s National Flood Insurance Program (NFIP). The date of 11/16/2023, has been established for the FIRM and, where applicable, the supporting FIS report showing the new or modified flood hazard information for each community. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2023-06-16/pdf/2023-12874.pdf. Federal Register, Vol. 88, No. 116, 06/16/2023, 39445-39446.

FEMA issued a notice which identifies communities in the state of Illinois, where flood hazard determinations, which may include additions or modifications of Base Flood Elevations (BFEs), base flood depths, Special Flood Hazard Area (SFHA) boundaries or zone designations, or regulatory floodways on the Flood Insurance Rate Maps (FIRMs) and where applicable, in the supporting Flood Insurance Study (FIS) reports have been made final. The FIRM and FIS report are the basis of the floodplain management measures that a community is required either to adopt or to show evidence of having in effect in order to qualify or remain qualified for participation in FEMA’s National Flood Insurance Program (NFIP). The date of 10/05/2023, has been established for the FIRM and, where applicable, the supporting FIS report showing the new or modified flood hazard information for each community. The notice may be viewed at: https://www.govinfo. gov/content/pkg/FR-2023-07-03/pdf/2023-14086.pdf Federal Register, Vol. 88, No. 126, 07/03/2023, 42734-42736.

FEMA Issues Proposed Flood Hazard Determinations.

FEMA seeks comment regarding proposed flood hazard determinations, which may include additions or modifications of any Base Flood Elevation (BFE), base flood depth, Special Flood Hazard Area (SFHA) boundary or zone designation, or regulatory floodway on the Flood Insurance Rate Maps (FIRMs), and where applicable, in the supporting Flood Insurance Study (FIS) reports for communities in the states of Illinois and Minnesota, as listed in the table in the notice. The FIRM

and FIS report are the basis of the floodplain management measures that the community is required either to adopt or to show evidence of having in effect in order to qualify or remain qualified for participation in the National Flood Insurance Program (NFIP). Comments are due 09/11/2023. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR2023-06-12/pdf/2023-12476.pdf. Federal Register, Vol. 88, No. 112, 06/12/2023, 38078-38080.

FEMA seeks comment regarding proposed flood hazard determinations, which may include additions or modifications of any Base Flood Elevation (BFE), base flood depth, Special Flood Hazard Area (SFHA) boundary or zone designation, or regulatory floodway on the Flood Insurance Rate Maps (FIRMs), and where applicable, in the supporting Flood Insurance Study (FIS) reports for communities in the states of Illinois and Minnesota, as listed in the table in the notice. The FIRM and FIS report are the basis of the floodplain management measures that the community is required either to adopt or to show evidence of having in effect in order to qualify or remain qualified for participation in the National Flood Insurance Program (NFIP). Comments are due 10/02/2023. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR2023-07-03/pdf/2023-14088.pdf Federal Register, Vol. 88, No. 126, 07/03/2023, 42733-42734.

FEMA Seeks Comment on Application for Participating in NFIP.

FEMA seeks comment regarding an information collection titled, Application for Participation in the National Flood Insurance Program (NFIP). The NFIP provides flood insurance to the communities that apply for participation and make a commitment to protect against future flood damages. The application form and supporting documentation enable FEMA to continue to rapidly process new community applications and to thereby more quickly provide flood insurance protection to residents. Comments are due 07/24/2023. The notice may be viewed at: https://www.govinfo.gov/content/ pkg/FR-2023-06-23/pdf/2023-13383.pdf Federal Register, Vol. 88, No. 120, 06/23/2023, 41114-41115.

IRS Issues Additional Guidance on Transition From IBORs.

The Internal Revenue Service (IRS) issued additional guidance on the transition away from the use of interbank offer rates (IBORs) to other reference rates. Specifically, the final rule provides the replacement rate for the IBOR presently used in the published rate election, which may be used by taxpayers to determine the amount of interest expense attributable to their excess U.S.-connected liabilities and allocable to income that is effectively connected with the conduct of a trade or business within the United States (ECI). The final rule affects foreign banks that have income that is ECI. The final rule is effective 06/30/2023. The final rule may be viewed at: https://www.govinfo.gov/content/pkg/FR2023-06-30/pdf/2023-13890.pdf Federal Register, Vol. 88, No. 125, 06/30/2023, 42231-42234.

IRS Proposes Methodology to Construct Corporate Bond Yield Curve.

IRS issued a proposed rule to specify the methodology for constructing the corporate bond yield curve that is used to derive the interest rates used in calculating present value and making other calculations under a defined benefit plan, as well as for discounting unpaid losses and estimated salvage recoverable of insurance companies. The proposed rule affects participants in, beneficiaries of, employers maintaining, and administrators of certain retirement plans, as well as insurance companies. Comments are due 08/22/2023. The proposed rule may be viewed at: https://www.govinfo.gov/ content/pkg/FR-2023-06-23/pdf/2023-12693.pdf Federal Register, Vol. 88, No. 120, 06/23/2023, 41047-41051.

FinCEN Seeks Comment on Registration Form for Money Services Business.

The Financial Crimes Enforcement Network (FinCEN) seeks comment regarding Registration of Money Services Business, Form 107. Under FinCEN regulations, a money services business must register with FinCEN using Form 107, renew the registration every two years, and maintain a list of agents. Comments are due 07/26/2023. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2023-06-26/pdf/2023-13514.pdf Federal Register, Vol. 88, No. 121, 06/26/2023, 41466-41467.

SBA Updates Disaster Assistance Loan Program.

The Small Business Administration (SBA) issued a final rule to amend various regulations governing SBA’s Disaster Loan Program in order to expand options for disaster loan recipients. The changes, which include an increase to home loan

Regulatory Spotlight

lending limits, an extension of the deferment period, and an expansion of mitigation options, are intended to increase disaster survivors’ access to obtain needed disaster loan funds for the repair or replacement of a damaged property. The final rule is effective 07/31/2023, unless SBA receives significant adverse comment to the final rule by 07/17/2023. If significant adverse comment is received, SBA will publish a notification of withdrawal of the final rule in the Federal Register before the effective date. The final rule may be viewed at: https://www.govinfo.gov/content/pkg/FR-2023-0616/pdf/2023-12779.pdf Federal Register, Vol. 88, No. 116, 06/16/2023, 39335-39341.

SBA Issues Peg Rate.

SBA publishes an interest rate called the optional “peg” rate on a quarterly basis. The rate is a weighted average cost of money to the government for maturities similar to the average SBA direct loan. The rate may be used as a base rate for guaranteed fluctuating interest rate SBA loans. The rate will be 3.75 percent for the July–September quarter of fiscal year 2023. Pursuant to 13 CFR 120.921(b), the maximum legal interest rate for any third party lender’s commercial loan which funds any portion of the cost of a 504 project shall be 6% over the New York Prime rate or, if that exceeds the maximum interest rate permitted by the constitution or laws of a given state, the maximum interest rate will be the rate permitted by the constitution or laws of the given state. The notice may be viewed at: https://www.govinfo.gov/content/ pkg/FR-2023-07-05/pdf/2023-14131.pdf. Federal Register, Vol. 87, No. 127, 07/05/2023, 42998.

SBA Issues Corrections to Veteran-Owned Small Business Certification Rule.

SBA issued corrections to a final rule published in the Federal Register on 11/29/2022, which implemented a statutory requirement to certify Veteran-Owned Small Business Concerns and Service-Disabled Veteran-Owned Small Business Concerns participating in the Veteran-Owned Small Business Federal Contracting Program. The final rule incorrectly defined “Applicant” and “Service-disabled veteran.” SBA corrected the definitions and revised other portions of the final rule to provide clarification regarding when SBA may request additional documentation under the program. The final rule is effective 07/03/2023. The corrections may be viewed at: https://www.govinfo.gov/content/pkg/FR-2023-07-03/ pdf/2023-13439.pdf Federal Register, Vol. 88, No. 126, 07/03/2023, 42592-42593.

Agencies Correct Pandemic and Agricultural Disaster Assistance Programs.

The Commodity Credit Corporation (CCC) and Farm Service Agency (FSA) (collectively, the agencies) made technical corrections to Phase 2 of the Emergency Relief Program, Emergency Conservation Program, and Emergency Forest Restoration Program. The agencies made changes to the three programs earlier in the year; however, modifications to the programs were inadvertently omitted. The final rule makes the necessary corrections as provided in the final rule. The corrections are effective 06/20/2023. The corrections may be viewed at: https://www.govinfo.gov/content/pkg/FR2023-06-20/pdf/2023-12912.pdf. Federal Register, Vol. 88, No. 117, 06/20/2023, 39767-39768.

Agencies Seek Applications for Various Programs.

The Rural Utilities Service (RUS) announced its intent to solicit Letters of Interest for applications under the Empowering Rural America (New ERA) Program in a notice of funding opportunity (NOFO) published on 05/16/2023, in the Federal Register. In addition, the NOFO announced eligibility requirements, application process and deadlines, and the criteria that RUS will use to assess the applications. The notice also makes corrections and amendments to clarify timelines for application submission. See the NOFO for deadlines and application details. The amended NOFO may be viewed at: https://www.govinfo.gov/content/pkg/FR-2023-06-16/pdf13460/2023-12849.pdf Federal Register, Vol. 88, No. 116, 06/16/2023, 39395-39396.

The Rural Utilities Service (RUS) announced its intent to solicit Letters of Interest for applications under the Powering Affordable Clean Energy (PACE) Program in a notice of funding opportunity (NOFO) published on 05/16/2023, in the Federal Register. The notice also makes amendments to clarify application procedures. See the NOFO for deadlines and application details. The amended NOFO may be viewed at: https://www.govinfo.gov/content/pkg/FR-2023-06-16/ pdf/2023-12848.pdf Federal Register, Vol. 88, No. 116, 06/16/2023, 39394-39395.

The Rural Utilities Service (RUS) issued a notice of funding opportunity (NOFO) to announce the acceptance of applications under the calendar year 2022 Disaster Water Grants Program for fiscal year 2023. Funds will be made available to qualified, rural applicants to pay for necessary expenses related to water infrastructure systems damaged by events that occurred during calendar year 2022 and were recognized through Presidentially Declared Disasters. See the NOFO for deadlines and application details. The NOFO may be viewed at: https://www.govinfo.gov/content/pkg/FR2023-06-22/pdf/2023-13232.pdf. Federal Register, Vol. 88, No. 119, 06/22/2023, 40775-40780.

The Rural Business-Cooperative Service (RBC) issued a notice of funding opportunity (NOFO) to announce the availability of grants to eligible entities for activities designed to expand the sales and use of renewable fuels under the Higher Blends Infrastructure Incentive Program. See the NOFO for deadlines and application details. The NOFO may be viewed at: https://www.govinfo.gov/content/pkg/FR-2023-06-28/pdf/2023-13483.pdf Federal Register, Vol. 88, No. 123, 06/28/2023, 41876-41884.

FCIC Amends Regulations to Incorporate Actual Production History Requirements.

The Federal Crop Insurance Corporation (FCIC) issued a final rule to amend its regulations to incorporate actual production history (APH) requirements into the Common Crop Insurance Policy, Basic Provisions (Policy) to enhance and improve accessibility, clarity, and transparency for the producer. FCIC has also incorporated same year production reporting rules, clarified prevented planting rules, incorporated the High-Risk Alternate Coverage Endorsement, clarified double cropping requirements when another plan of insurance does not require records of acreage and production, and updated organic provisions. In the final rule, FCIC authorized the availability of enterprise units and whole farm units to be designated in the actuarial documents. The final rule is effective 06/30/2023. Comments are due 08/28/2023. FCIC may consider additional rulemaking based upon comments received. The final rule may be viewed at: https://www.govinfo. gov/content/pkg/FR-2023-06-29/pdf/2023-13375.pdf Federal Register, Vol. 88, No. 124, 06/29/2023, 42015-42026.

Agencies Issue Annual Notice of Guarantee Fee Rates.

The Rural Business-Cooperative Service (RBC), Rural Housing Service (RHS), and Rural Utilities Service (RUS) (collectively, the agencies) offer loan guarantees through four programs: Community Facilities administered by RHS; Water and Waste Disposal administered by RUS; and Business and Industry and Rural Energy for America Programs administered by RBC. The notice provides applicants with the Guarantee Fee rates, Guarantee percentage for Guaranteed Loans, the Periodic Retention Fee, and Fee for Issuance of the Loan Note Guarantee Prior to Construction Completion for Fiscal Year 2024, to be used when applying for guaranteed loans under the guaranteed loan types listed. The fees are effective 10/01/2023. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2023-07-05/ pdf/2023-14130.pdf Federal Register, Vol. 88, No. 127, 07/05/2023, 42909-42910.

FCC Issues Final and Proposed Rules to Advance Methods to Eliminate Unlawful Robocalls.

The Federal Communications Commission (FCC) issued a final rule to expand several rules previously adopted for gateway providers to other categories of voice service providers and modifies or removes existing rules consistent with the changes. Specifically, FCC requires all domestic voice service providers to respond to traceback requests from FCC, civil and criminal law enforcement, and the industry traceback consortium within 24 hours of the receipt of the request. Second, FCC requires originating providers to block substantially similar traffic when FCC notifies the provider of illegal traffic or risk FCC requiring all providers immediately downstream to block all of that provider’s traffic. The final rule is consistent with the rule for gateway providers, and requires non-gateway intermediate or terminating providers that receive such a notice to promptly inform FCC that it is not the originating or gateway provider for the identified traffic, identify the upstream provider(s) from which it received the traffic, and, if possible, take lawful steps to mitigate the traffic. Third, the final rule requires all voice service providers to take reasonable and effective steps to ensure that the immediate upstream provider is not using it to carry or process a high volume of illegal traffic. Finally, the final rule updates FCC’s Robocall Mitigation Database certification requirements to reflect the 24-hour traceback requirement. The final rule is effective 01/08/2024, except as provided in the rule. The final rule may be viewed at: https://www.govinfo. gov/content/pkg/FR-2023-07-10/pdf/2023-13035.pdf. Federal Register, Vol. 88, No. 130, 07/10/2023, 43446-43460.

FCC issued a proposed rule aimed to protect consumers from illegal calls, restore faith in caller ID, and hold voice service providers responsible for the calls on their networks. Specifically, FCC proposed several options to combat illegal calls, including specific call blocking requirements, the correct way to notify callers when calls are blocked based on reasonable analytics, requiring the display of caller name information in certain instances, and a base forfeiture for failure to adopt affirmative, effective measures to prevent new or renewing customers from originating illegal calls. Additionally, FCC seeks comment on tools used by voice service providers to combat illegal calls, such as honeypots, as well as on the status and use of call labeling. Comments are due 08/09/2023. The proposed rule may be viewed at: https://www.govinfo.gov/ content/pkg/FR-2023-07-10/pdf/2023-13032.pdf Federal Register, Vol. 88, No. 130, 07/10/2023, 43489-43502.

FCC Issues Proposed Rule Regarding Prior Express Consent under TCPA.

FCC issued a proposed rule to clarify and strengthen rules of prior express consent under the Telephone Consumer Protection Act (TCPA) regarding consumers’ ability to revoke consent to receive both robocalls and robotexts. FCC proposed to codify past guidance on prior express consent to make the requirements more apparent to callers and consumers. In addition, FCC proposed to amend its rules to strengthen the ability of consumers to decide which robocalls and robotexts they wish to receive by exercising their right to grant and revoke consent to individual callers. Specifically, FCC proposed to: ensure that revocation of consent does not require the use of specific words or burdensome methods; require that callers honor do-not-call and consent revocation requests within a reasonable time, not to exceed 24 hours of receipt; codify the ruling that consumers only need to revoke consent once to stop getting all robocalls and robotexts from a specific entity; and allow wireless consumers the option to stop robocalls and robotexts from their own wireless service provider. Comments are due 07/31/2023. The proposed rule may be viewed at: https://www.govinfo.gov/content/ pkg/FR-2023-06-29/pdf/2023-13821.pdf Federal Register, Vol. 88, No. 124, 06/29/2023, 42034-42040.

CFTC Proposes Revisions to Large Trader Reporting Requirements.

The Commodity Futures Trading Commission (CFTC) issued a proposed rule to revise regulations that set forth large trader position reporting requirements for futures and options. First, CFTC proposed to remove an outdated 80-character submission standard and delegate certain authority to the Office of Data and Technology to designate a modern submission standard for certain reports required to be submitted. Second, CFTC proposed to replace certain enumerated data fields with an appendix specifying applicable data elements and a separate guidebook specifying the form and manner for reporting. The revisions modernize large trader position reporting and align it with other reporting structures set out in CFTC regulations. Comments are due 08/28/2023. The proposed rule may be viewed at: https://www.govinfo. gov/content/pkg/FR-2023-06-27/pdf/2023-13459.pdf Federal Register, Vol. 88, No. 122, 06/27/2023, 41522-41540.

SEC Amends Form PF.

The Securities and Exchange Commission (SEC) issued a final rule to adopt amendments to Form PF, the confidential reporting form for certain SEC-registered investment advisers to private funds to require event reporting upon the occurrence of key events. The amendments also require large private equity fund advisers to provide additional information to SEC about the private equity funds they advise. The reporting requirements are designed to enhance the Financial Stability Oversight Council’s ability to monitor systemic risk as well as bolster SEC’s regulatory oversight of private fund advisers and investor protection efforts. The final rule is effective 06/11/2024, except for amendments to Form PF sections 5 and 6 which are effective 12/11/2023. The final rule may be viewed at: https://www.govinfo.gov/ content/pkg/FR-2023-06-12/pdf/2023-09775.pdf Federal Register, Vol. 88, No. 112, 06/12/2023, 38146-38278.

SEC Adopts Technical Amendments to Various Rules and Forms.

SEC issued a final rule to adopt technical amendments to various rules and forms under the Securities Act, the Securities Exchange Act, and the Investment Company Act, as well as to the rule which sets forth undertakings that certain registrants must include in their registration statements, and to the general authority provision corresponding to SEC rules under the Investment Advisers Act. The revisions make changes to correct errors that are technical in nature, including typographical errors and erroneous cross-references in various SEC rules and forms. The final rule is effective 06/12/2023, except for the amendment to 17 CFR 200.30-5 at instruction 2, which is effective 07/02/2024. The final rule may be viewed at: https://www.govinfo.gov/content/pkg/FR-2023-06-12/pdf/2023-11845.pdf Federal Register, Vol. 88, No. 112, 06/12/2023, 37986-37988.

SEC Issues Final Rule to Remove Credit Rating References from Regulation M.

SEC issued a final rule to implement section 939A(b) of the Dodd-Frank Act, which requires SEC to remove from its regulations any references to credit ratings and substitute alternative standards of creditworthiness. The amendments remove certain existing rule exceptions that reference credit ratings for nonconvertible debt securities, nonconvertible preferred securities, and asset-backed securities and substitute new exceptions that are based on alternative standards of creditworthiness. The substitutes include exceptions for nonconvertible debt securities and nonconvertible preferred securities of issuers who meet a specified probability of default threshold, as well as exceptions for asset-backed securities that are offered pursuant to an effective shelf registration statement filed on a certain form that is tailored to asset-backed securities offerings. SEC has also adopted an amendment to a recordkeeping rule applicable to brokerdealers in connection with the reliance on an exception involving probability of default determinations. The final rule is effective 08/21/2023. The final rule may be viewed at: https://www.govinfo.gov/content/pkg/FR-2023-06-20/pdf/202312591.pdf. Federal Register, Vol. 88, No. 117, 06/20/2023, 39962-39994.

SEC Issues Final Rule to Prevent Fraud with Security-Based Swaps and Prohibit Undue Influence Over Chief Compliance Officers.

SEC issued a final rule under the Securities Exchange Act, designed to prevent fraud, manipulation, and deception in connection with effecting any transaction in, or attempting to effect any transaction in, or purchasing or selling, or inducing or attempting to induce the purchase or sale of, any security-based swap. The final rule takes into account the features fundamental to a security-based swap and the broad definitions of purchase and sale under the Exchange Act as they relate to security-based swaps. In addition, the final rule makes it unlawful for any officer, director, supervised person, or employee of a security-based swap dealer or major security-based swap participant (each and collectively, SBS Entities), or any person acting under such person’s direction, to directly or indirectly take any action to coerce, manipulate, mislead, or fraudulently influence the SBS Entity’s chief compliance officer in the performance of their duties under the federal securities laws or the rules and regulations. The final rule is effective 08/29/2023. The final rule may be viewed at: https://www.govinfo.gov/content/pkg/FR-2023-06-30/pdf/2023-12592.pdf Federal Register, Vol. 88, No. 125, 06/30/2023, 42546-42585.

SEC Reopens Comment Period for Proposal on Position Reporting of Large Security-Based Swap Positions.

SEC announced the reopening of the comment period for the proposed rule titled, Position Reporting of Large SecurityBased Swap Positions. The proposed rule would require any person with a security-based swap position that exceeds a certain threshold to promptly file with SEC a schedule disclosing certain information related to its security-based swap position. SEC reopened the comment period to allow for comment regarding additional analysis and data contained in a staff memorandum that was added to the comment file on 06/20/2023. Comments are now due 08/21/2023

The proposed rule may be viewed at: https://www.govinfo.gov/content/pkg/FR-2023-06-26/pdf/2023-13447.pdf. Federal Register, Vol. 88, No. 121, 06/26/2023, 41338-41340.

FSOC Extends Comment Period on Interpretive Guidance for Supervision and Regulation of NonBanks.

The Financial Stability Oversight Council (FSOC) announced the extension of the comment period for its proposed interpretive guidance, which would replace existing interpretive guidance on nonbank financial company determinations. The proposal also describes the process FSOC intends to take in determining whether to subject a nonbank financial company to supervision and prudential standards by the Board of Governors of the Federal Reserve System (FRB). Comments are now due 07/27/2023. The proposed rule may be viewed at: https://www.govinfo.gov/content/pkg/FR2023-06-27/pdf/2023-13648.pdf Federal Register, Vol. 88, No. 122, 06/27/2023, 41510.

Regulatory Spotlight

CDFI Fund Seeks Comment on Capital Magnet Fund.

The Community Development Financial Institutions Fund (CDFI Fund) seeks comment regarding methods by which it can enhance and improve the impact of the Capital Magnet Fund, streamline or minimize the administrative burden on applicants and award recipients, as well as safeguard public funds. Information provided will allow CDFI Fund to consider the development of policies and programs that better support and expand activities to spur investment in affordable housing and related economic development efforts that serve low-income families and communities. Comments are due 09/05/2023. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2023-07-07/ pdf/2023-14407.pdf Federal Register, Vol. 88, No. 129, 07/07/2023, 43414-43416.

NCUA Revises Policy Statement Regarding Minority Depository Institution Preservation Program.

The National Credit Union Administration (NCUA) proposed revisions to Interpretive Ruling and Policy Statement 13-1, regarding the Minority Depository Institution Preservation Program (MDI Program) for credit unions. NCUA proposed to amend the statement to reflect changes to its structure and current administration of the MDI Program by the Office of Credit Union Resources and Expansion (CURE). Comments are due 08/28/2023. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2023-06-29/pdf/2023-13848.pdf Federal Register, Vol. 88, No. 124, 06/29/2023, 42105-42109.

NCUA Seeks Comment on Several Information Collections.

NCUA seeks comment regarding six information collections, in particular: (a) Advertising of Excess Insurance, as CFR 740.3; (b) Monitoring Bank Secrecy Act Compliance; (c) Designation of Low-Income Status; (d) Written Reimbursement Policy, 12 CFR 701.33; (e) IRPS 19-1, Exceptions to Employment Restrictions Under Section 205(d) of the Federal Credit Union Act; and (f) NCUA Form 4501A, Credit Union Profile. See the notice for information about each collection. Comments are due 09/05/2023. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2023-07-05/ pdf/2023-14129.pdf Federal Register, Vol. 88, No. 127, 07/05/2023, 42967-42968.

NCUA Seeks Comment on EFT Agreement Information Collection.

NCUA seeks comment regarding an information collection titled, Authorization Agreement for Electronic Funds Transfers Payments. NCUA is required under the Debt Collection Improvement Act to issue payments to credit unions electronically. NCUA needs information to maintain up-to-date and accurate electronic payment data for new and existing credit unions. NCUA uses the information collection to update its electronic routing and transit database to enable transmittal of funds and payments. Comments are due 08/04/2023. The notice may be viewed at: https://www. govinfo.gov/content/pkg/FR-2023-07-05/pdf/2023-14128.pdf Federal Register, Vol. 88, No. 127, 07/05/2023, 42968.

NCUA Seeks Comment on Methodology for Operating Fees.

NCUA seeks comment on changes to the methodology it uses to determine how it apportions operating fees charged to federal credit unions (FCUs). NCUA uses operating fees to fund part of its annual budget. NCUA proposed to change the exemption threshold below which FCUs would not be required to pay the operating fee and proposed to establish a process to update the exemption threshold in future years based on the credit union system’s annual asset growth. Comments are due 08/07/2023. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2023-07-06/ pdf/2023-14201.pdf Federal Register, Vol. 88, No. 128, 07/06/2023, 43149-43152.

Compliance Notes

The American Bankers Association (ABA) has created an online directory meant to help banks handle check fraud claims more efficiently. The directory lists contact information for banks that need to file a check warranty breach claim with another financial institution. It is searchable by bank name, city, state or FDIC number, so banks can find the right contact at the institution to help resolve a warranty breach claim. The directory is available to ABA members and non-members. To access the directory, banks will need to provide their detailed contact information and any documentation requirements for submitting a claim. ABA is encouraging all banks to participate to maximize the utility of the resource. More information regarding the directory may be viewed at: www.aba.com/banking-topics/riskmanagement/fraud/check-fraud

The 2023 list of distressed or underserved nonmetropolitan middle-income geographies under CRA is now available. CRA encourages banks to help meet the credit needs of their local communities, including low- and moderate-income communities, in a safe and sound manner. Distressed or underserved nonmetropolitan middle-income geographies are census tracts where revitalization or stabilization activities are eligible to receive CRA consideration. The list may be viewed at: www.federalreserve.gov/newsevents/pressreleases/bcreg20230623a.htm

FFIEC announced the availability of 2022 mortgage lending transaction data under HMDA. For 2022, the number of reporting institutions increased by about 2.63 percent from 4,338 in the previous year to 4,460. The 2022 data may be viewed at: www.ffiec.gov/press/pr062923.htm

CFPB issued a series of questions and answers which pertain to compliance with its small business lending rule. The FAQs focus on the topics of institutional coverage and covered credit transactions and small businesses. The FAQs may be viewed at: www.consumerfinance.gov/compliance/compliance-resources/small-business-lending-resources/ small-business-lending-collection-and-reporting-requirements/small-business-lending-rule-faqs/

Wisconsin DFI, DATCP, and OCI, issued a joint consumer alert to warn of misleading home warranty mail solicitations. WBA Legal frequently receives redacted examples of scams from bankers, which are shared with DFI together with a request for DFI to issue a cease and desist against the company. Most examples include the unauthorized use of the bank’s name, making customers wrongfully believe the solicitation was endorsed by the bank. The consumer alert may be viewed at: https://datcp.wi.gov/Pages/News_Media/ OCIDFIDATCPAlertConsumersMisleadingHomeWarrantyMailSolicitations.aspx

OCC issued version 1.0 of the “Asset Management” booklet of the Comptroller’s Handbook. The booklet provides an overview of the asset management business and guidance on sound risk management processes. Version 1.0 is a targeted update that clarifies OCC’s expectations with respect to fiduciary audit requirements under 12 CFR 9.9 and 12 CFR 150.440-480. In addition, the update provides for consistency during OCC’s examination of bank fiduciary audit activities. OCC intends to publish a more extensive and comprehensive update to the entire booklet at a later date. The booklet may be viewed at: www.occ.gov/news-issuances/bulletins/2023/bulletin-2023-20.html

In its annual report, CFPB identified issues with increased servicemember use of digital payment apps, such as serious financial harm from fraud and scams, identity theft, and unauthorized account access. CFPB also reported the failure of digital payment app providers to provide timely and substantive resolutions to servicemembers’ complaints. The report may be viewed at: www.consumerfinance.gov/about-us/newsroom/cfpb-report-identifies-issues-withincreased-servicemember-use-of-digital-payment-apps/

IRS warns of a new scam mailing that tries to mislead people into believing they are owed a refund. The new scheme involves a mailing coming in a cardboard envelope from a delivery service. The enclosed letter includes the IRS masthead and wording that the notice is “in relation to your unclaimed refund.” The letter includes contact information and a phone number that do not belong to IRS. The letter also seeks a variety of sensitive personal information from taxpayers—including detailed pictures of drivers’ licenses. The warning may be viewed at: www.irs.gov/newsroom/irssecurity-summit-partners-warn-taxpayers-of-new-scam-unusual-delivery-service-mailing-tries-to-trick-people-intosending-photos-bank-account-information

Compliance Notes

In accordance with Dodd-Frank Act section 342, FDIC encourages FDIC-supervised banks to voluntarily conduct and submit self-assessments of their diversity policies and practices by September 30, 2023. FDIC gathers and analyzes diversity self-assessment information pursuant to section 342 of the Dodd-Frank Act, using interagency standards for the areas of: (a) organizational commitment to diversity and inclusion; (b) workforce profile and employment practices; (c)procurement and business practices/supplier diversity; (d) practices to promote transparency of organizational diversity and inclusion; and (e) entities’ self-assessment. FDIC provides a user guide, a submission demonstration video, and other resources to help institutions assess and identify ways to strengthen diversity policies and practices in a manner that reflects their size and unique characteristics. The self-assessment is not an examination requirement; results are not shared with examiners and have no impact on an institution’s safety and soundness or consumer compliance ratings, or CRA performance evaluation. Information regarding the voluntary self-assessment may be viewed at: www.fdic.gov/news/financial-institution-letters/2023/fil23035.html

OCC recently developed and distributed the Cybersecurity Supervision Work Program (CSW) for use by examiners. As cyberattacks evolve and as banks adopt various standardized tools and frameworks to assess cybersecurity preparedness, OCC recognized the need to update its approach to cybersecurity assessment as part of its bank supervision. CSW provides high-level examination objectives and procedures that are aligned with existing supervisory guidance and the National Institute of Standards and Technology Cybersecurity Framework. CSW does not establish new regulatory expectations, and banks are not required to use the work program to assess cybersecurity preparedness. OCC continues to encourage but does not require use of standardized approaches to assess and improve cybersecurity preparedness, and banks may choose from a variety of tools and frameworks available. CSW does not change the availability of banks’ optional use of the FFIEC Cybersecurity Assessment Tool or other cybersecurity frameworks. The release may be viewed at: https://occ.gov/news-issuances/bulletins/2023/bulletin-2023-22.html

FDIC Consumer News for July 2023 titled, Is My Money Insured by the FDIC?, explores what consumers should consider when using a nonbank and explains how consumers can ensure their deposited funds are FDIC-insured. The article may be viewed at: www.fdic.gov/resources/consumers/consumer-news/2023-07.html

FYI... WBA Legal has brief monthly updates offering the latest compliance news on YouTube. One recent WBA Compliance Corner video highlighed FDIC’s Revised Supervisory Guidance on Multiple Re-Presentment NSF Fees, Revised Third-Party Vendor Management Guidance, real estate valuation and AVM-related proposals, CFPB Spotlights on the use of chatbots and funds stored through payment apps, agency examination manual updates, and amendments to Wisconsin’s lawyer trust account rules.

Click on WBA Compliance Corner Videos YouTube to view the videos and learn more.

Heather MacKinnon, WBA Vice President – Legal | Scott Birrenkott, WBA Director – Legal

WBA Compliance Corner

AUGUST 2023

• Free Member Webinar: Wisconsin State Tax Update for Banks — Historic Legislation

27 Virtual

• Bankers Fintech Council Meeting

15 Milwaukee

•Agricultural Lending School

22–24 Madison; $895/attendee (An optional pre-school workshop will be available on August 21.)

•Deposit Compliance School

29–31 Madison or virtual; $795/attendee

SEPTEMBER 2023

•Auditing Real Estate Loans Boot Camp

5–7 Madison or virtual; $795/attendee

• Secur-I.T. Conference

12–13 Wisconsin Dells

• Branch Manager Boot Camp: Session 1

20 Four-part series; virtual half-days; $800/attendee

• Management Conference

20–21 Madison; group pricing available

• Principles of Banking Course

26–27 Madison; $550/attendee

OCTOBER 2023

•Consumer Lending Boot Camp

3–4 Madison; $550/attendee

• Creating Content with a Click: Online Workshop

4 Virtual; $289/attendee

• Directors Summit

11 Stevens Point; $225/attendee

• FIPCO Software & Compliance Forum: Loan & Mortgage

11 Wisconsin Dells or virtual; $250/attendee

• Family-owned and Closely Held Bank Strategic Retreat

12–13 Madison

 For more information or to register, visit www.wisbank.com/ education, email WBA Education at wbaeducation@ wisbank.com, or call 608-441-1252.

OCTOBER 2023 (continued)

•Supervisor Boot Camp

16–17 Madison; $535/attendee

•Commercial Lending School

18–20 Madison; $895/attendee

• Community Bankers for Compliance (CBC) – Session IV

25 Wisconsin Dells or virtual; membership (pricing options vary)

• Principles of Banking Course

25–26 Tomah; $550/attendee

• BSA/AML Workshop

26 Wisconsin Dells or virtual; $245/attendee

• Understanding Bank Performance Virtual Series

30 Eight-part series; $1,000/attendee

NOVEMBER 2023

• IRA Essentials Workshop

1 Madison or virtual; $245/attendee

• Advanced IRA Workshop

2 Madison or virtual; $245/attendee

• Compliance Forum: Session 2

7 Wisconsin Dells; annual membership (pricing varies)

• BOLT Winter Leadership Summit

8 Wisconsin Dells; $150/attendee

•Personal Banker School

14–15 Madison; $495/attendee

• FLEX: Retail & Marketing Summit (formerly known as LEAD360)

15–16 Wisconsin Dells; $350/attendee

KEY: Color-Coded Event Descriptions…

• ConferencesI Summits – One or more days, based on hot topics, industry news and best practices; scheduled time for peer networking. • SchoolsI Boot Camps – Focused on a particular area of banking, allowing for a deep dive into that focused area over the course of two to six days. • WorkshopsI Seminars – One-day programs, sometimes in multiple locations, focused on a specific topic or area of banking.

• WBA-Hosted Webinars – Two-hour webinars instructed with a particular focus on Wisconsin state law and rules.

• Other Events