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Regulatory Roundup: FDIC adds to community banking advisory committee

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Banking, Consumer Protection, Industry Regulation
Tuesday, April 30, 2024

Federal regulatory agencies frequently seek feedback from industry stakeholders by forming advisory committees and advertising for comments on rulemaking activities. The Federal Deposit Insurance Corp. (FDIC) recently added representatives from multiple institutions to its advisory committee on community banking, including banks also tapped to serve on its subcommittee on minority depository institutions (MDIs).

Learn about these developments and more in this regulatory roundup:

CFPB report on medical debt

New report findings released by the Consumer Financial Protection Bureau (CFPB) indicate that, despite actions taken by the country’s three national credit reporting companies, credit reports for approximately 15 million Americans still include medical bills. A disproportionate amount of these Americans live in the South and in low-income communities and have a combined total of $49 billion in outstanding medical bills in collections, the report states. This is the bureau’s second analysis of the companies’ efforts to reduce the number of medical bills on credit reports. The CFPB noted that it is considering rulemaking that would restrict the reporting of allegedly unpaid medical bills on credit reports.

FDIC names community bank advisory committee members

The FDIC recently added five new members to its advisory committee on community banking, representing a cross-section of community bankers throughout the country. The committee offers input on various community bank policy and regulatory matters. The new members are:

·         Marlene Barkheimer, CEO, Farmers State Bank, West Salem, Ohio

·         Heidi Brown, executive vice president, Citizens State Bank, Sheldon, Iowa

·         Carolyn Crockett, president and chief credit officer, First Security Bank of Nevada, Las Vegas, Nev.

·         Lloyd DeVaux, CEO, Sunstate Bank, Miami, Fla.

·         Norman Plumstead, president and CEO, Honor Bank, Honor, Mich.

The committee’s May 2 meeting agenda includes a discussion of banking conditions and updates from the FDIC chief of staff on the financial institution diversity self-assessment, the MDI subcommittee, and various supervision and policy matters. Learn more and see the complete list of committee members here.

Four banks named to MDI subcommittee

Four new banks have been added to the FDIC’s MDI subcommittee and will be represented on the agency’s advisory committee on community banking. The MDI subcommittee informs the agency’s strategies for fulfilling its statutory goals and provides a platform for MDIs to collaborate, build partnerships and showcase MDIs’ efforts to serve their communities. The new members are:

·         John Tom Anderson, president and CEO, F&M Bank, Edmond, Okla.

·         John Lewis, president and CEO, The Harbor Bank of Maryland, Baltimore

·         Alfonso Macedo, president and CEO, Ocean Bank, Miami

·         Arturo (Art) Ortega, chairman and CEO, Freedom Bank, Alamo, Texas

The MDI subcommittee’s May 1 meeting agenda included the sharing of insights into key challenges and opportunities facing minority financial institutions and the communities they serve, as well as a spotlight on an innovative partnership that is improving healthcare access in a Native American community. Learn more and see the full list of subcommittee members here.  

FDIC publishes March enforcement actions

Eleven administrative enforcement actions were issued by the FDIC in March, the details of which are now available on the agency’s website. These actions include one prohibition order, one combined prohibition order and an order voluntarily dismissing notice of assessment and order to pay a civil money penalty, two consent orders, two orders to pay CMPs, and five orders terminating deposit insurance. Learn more here.  

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