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Security
ICBA Offers Data Breach Toolkit Following Target Breach
ICBA released a comprehensive Data Security Breach Toolkit to help community banks respond to potential payment card data compromises, such as the recent Target data breach.

The free, members-only resource includes a new ICBA paper, “Key Considerations for Community Banks Facing Payment Card Compromises,” with information on how to communicate with customers and the media. It also includes resources from Visa’s comprehensive toolkit to help issuers manage a large data breach, including:
  • a best practices communications brochure,
  • sample cardholder letters and statement inserts,
  • a customer service Q&A document,
  • sample media statements, and
  • a security breach guide.
Target said Friday that certain guest information—separate from the payment card data previously disclosed—was taken during its data breach. The retailer said its investigation has determined that the stolen information includes names, mailing addresses, phone numbers or email addresses for up to 70 million individuals.

Additionally, Neiman Marcus revealed that hackers stole some of its customers' payment card information, and other retailers have reportedly been the victims of similar attacks. Access the ICBA-Visa Toolkit.



Volcker Rule
ICBA Thanks Senators for Introducing ICBA-Advocated Volcker Rule Fix
ICBA thanked members of the U.S. Senate for introducing legislation ICBA has been pushing to protect community banks from the Volcker Rule. The legislation, which ICBA worked with lawmakers in the House and Senate to introduce, would allow banks to retain collateralized debt obligations backed by trust-preferred securities issued before Dec. 10, 2013.

The Fairness for Community Job Creators Act (S. 1907) was introduced by Senate Banking Committee member Mark Kirk (R-Ill.) and Ranking Member Mike Crapo (R-Idaho) following relentless ICBA outreach. Similar ICBA-advocated legislation (H.R. 3819) was introduced by House Subcommittee on Financial Institutions and Consumer Credit Chairman Shelley Moore Capito (R-W.Va.) and House Financial Services Committee Chairman Jeb Hensarling (R-Texas). ICBA has worked closely with the members of Congress on this legislation and has expressed its strong support for these measures and for prompt, bipartisan passage in Congress.

In a letter to the senators, ICBA wrote that S. 1907 would provide immediate and urgently needed relief for hundreds of community banks from an arbitrary and severely damaging provision of the final Volcker Rule. The bills would prevent community banks from having to write down the value of CDO TruPS under “other than temporary impairment” accounting rules, which could result in a permanent loss of capital for some community banks.

In a Friday message to community bankers, ICBA President and CEO Cam Fine wrote that ICBA has taken the lead in working to overturn language in the Volcker Rule that could have dramatic unintended consequences for hundreds of community banks. “We understand the impact this rule could have on community banks across the nation, and fortunately our efforts are making important headway in Washington,” Fine wrote. Read ICBA Letter on S. 1907. Read Message from Fine.


Congress
ICBA Testifying Tomorrow at House Hearing on QM Rule
ICBA is scheduled to testify before Congress tomorrow on the impact of new Consumer Financial Protection Bureau mortgage rules. Jack Hartings, ICBA vice chairman and president of the Peoples Bank Co. in Coldwater, Ohio, is slated to testify before the House Financial Services Subcommittee on Financial Institutions and Consumer Credit.

Friday was the effective date for several CFPB mortgage rules, including the Qualified Mortgage rule requiring banks to determine consumers’ ability to repay their loans. ICBA recently posted new reference charts on the ability-to-repay and qualified mortgage rules and offers additional resources on its Mortgage Rules Resource Page.

Additional information and compliance resources on the new mortgage rules can be found on the CFPB’s Regulatory Implementation webpage. Additionally, community bankers can submit questions to the CFPB at CFPB_reginquiries@cfpb.gov or 202-435-7700.


ICBA NewsWatch Today is sponsored by FIS:
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Regulation
Agencies Release Public Sections of Resolution Plans
The Federal Reserve Board and FDIC released public portions of resolution plans for 116 institutions that submitted plans for the first time in December 2013, the latest group to file resolution plans with the agencies. The Dodd-Frank Act requires that bank holding companies with assets of $50 billion or more and certain nonbank financial companies submit plans that describe their strategy for rapid and orderly resolution in the event of material financial distress or failure. The 116 companies whose plans were due by Dec. 31 generally have less than $100 billion in qualifying nonbank assets.


Federal Reserve
Federal Reserve Banks Pay $77.7B to Treasury
The Federal Reserve Banks paid approximately $77.7 billion of their estimated 2013 net income to the U.S. Treasury, according to preliminary Federal Reserve Board data. The reserve banks’ 2013 estimated net income of $79.5 billion was derived primarily from $90.4 billion in interest income on securities acquired through open-market operations.


Poll
Take This Week’s Quick Poll
Take this week’s Quick Poll on the Consumer Financial Protection Bureau’s new mortgage rules, and view results from the previous poll on the Target payment-card breach. View the Archive.


Education
Webinar This Week Covers Cyber-Threat Awareness for 2014
With mobile devices an integral part of daily life, cyber-attacks could increasingly take aim at community banks and their customers. An ICBA webinar scheduled for 11 a.m. (Eastern time) this Thursday will assess the latest cyber-attacks aimed at your bank. The webinar also will address the most common online threats encountered in 2013 and the top projected threats to bank customers in 2014. Register Online.


Products and Services
Webinar Tomorrow Covers Business Survival
Join ICBA Preferred Service Provider Agility Recovery at 2 p.m. (Eastern time) tomorrow for a webinar on the four key elements to disaster recovery, including office space, power, communication devices and computer systems. You’ll also learn how to minimize potential business interruption losses while implementing an effective disaster recovery plan. Register Now.











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