June 27, 2024
Voter Registration Deadline Nears For Aug. 6 Primary
Campaign season is in full swing for the Aug. 6 primaries, and MBA encourages bankers to make their voices heard.
“The primary election will determine the nominees who will represent their respective parties in the Nov. 6 general election,” said MBA Senior Vice President David Kent. “Several races will be decided in the primary election either because there is no general opponent or the general election will not be competitive.”
Kent added that two races for the U.S. House of Representatives are generating attention. Congressman Blaine Luetkemeyer’s announcement to not seek another term in the U.S. House has spurred an extremely competitive race for the open seat in Missouri’s 3rd Congressional District. Meanwhile, polling shows a dead heat in the 1st Congressional District between incumbent Congresswoman Cori Bush and challenger Wesley Bell.
For statewide offices, polling shows the Republican primary race tightening for governor between Lt. Gov. Mike Kehoe and Secretary of State Jay Ashcroft. In the state treasurer’s race, incumbent Treasurer Vivek Malek faces a four-way primary.
“All those statewide races are expected to be hotly contested,” Kent said.
This year’s elections feature races for:
- a U.S. Senate seat
- eight U.S. House seats
- five statewide offices
- 17 state Senate seats
- all 163 State House seats
For those not registered to vote, the deadline to register for the Aug. 6 election is Wednesday, July 10. Absentee voting for the Aug. 6 primary has already begun; voters can request a ballot by mail or vote absentee in person (in person must show photo ID). No excuse absentee voting begins July 23; regular and no-excuse absentee voting ends Aug. 5.
For more information on voting, visit the Missouri Secretary of State’s website. The site also has information on polling locations and more.
Make sure your voice is heard by voting in the Aug. 6 primary election!
CFPB Extends Compliance Dates For Small-Business Lending Rule
The Consumer Financial Protection Bureau has issued an interim final rule to formalize its previous announcement that it had extended by 290 days the compliance dates for its Section 1071 small-business data collection rule. Under the change, lenders with the highest volume of small-business loans must begin collecting data by July 18, 2025; moderate-volume lenders by Jan. 16, 2026; and the smallest-volume lenders by Oct. 18, 2026. The deadline for reporting small-business lending data to the CFPB remains June 1 following the calendar year for which data is collected.
The CFPB also announced that it does not intend to assess penalties for reporting errors for the first 12 months of collection. It intends to conduct examinations only to assist lenders in diagnosing compliance weaknesses, “so long as lenders engage in good faith compliance efforts.”
A federal court in Texas last year stayed the rule in a lawsuit filed by the Texas Bankers Association, the American Bankers Association and others challenging the regulation, ruling that the CFPB could not enforce it until the U.S. Supreme Court decided on the constitutionality of the bureau’s funding structure in a separate case. The high court upheld the CFPB’s funding earlier this year. The Texas court also ruled that the CFPB must extend the rule’s compliance deadlines to compensate for the period stayed.
Deadline Nears For 2024 NextGen Banking Leadership Award
The deadline to submit nominations for the 2024 Next Generation in Banking Leadership Award is Monday, July 8.
The NextGen award recognizes outstanding achievement of a Missouri banker employed by an MBA-member bank. MBA encourages its member banks to submit a deserving nominee from your bank for the 2024 award.
Only bankers employed by an MBA-member bank are considered for this award. Considerations in the selection process include the following about the nominee.
- banking career
- service to the community
- commitment to personal and professional development
- MBA involvement
- other notable achievements and accomplishments
A selection committee approved by the Missouri Bankers Foundation reviews nominations and conducts in-person interviews at MBA’s office in September. All finalists must participate in the interview process.
The 2024 Next Generation in Banking Leadership Award will be presented at the NextGen Leadership Conference scheduled Oct. 3-4 in Kansas City. The recipient also will be honored at MBA’s Executive Management Conference scheduled Dec. 4-6 in Kansas City and will be nominated by MBA for the American Bankers Association Emerging Leaders Award.
In addition, the winner receives $250, an engraved award and statewide recognition. The Missouri Bankers Foundation also makes a donation to the recipient’s chosen charity.
Additional information and a nomination form are posted online. For more information, please contact MBA Vice President Emily Lewis.
KC Fed President To Address NextGen Members
Members of MBA Next Generation in Banking attending NextGen Day at the Fed in Kansas City on Wednesday, July 10, will have an opportunity to meet Jeff Schmid, president and CEO of the Federal Reserve Bank of Kansas City.
“We are honored to have President Schmid join us to share his insights about the Fed and the banking community,” said MBA Vice President Emily Lewis.
Schmid will address NextGen members during lunch. Bankers interested in attending must register online by Wednesday, July 3. This event is free for MBA members.
NextGen also is hosting a day at the Federal Reserve Bank of St. Louis on Friday, July 19. This event also is free, and the registration deadline is Friday, July 12.