Pub. 13 2018-2019 Issue 5

NEBRASKA BANKERS ASSOCIATION 7 Contact Rob Nichols at rnichols@aba.com . Welcome to our gallery of expertise. You’ve put in the time and effort to build a successful financial institution, and we’re dedicated to understanding your craft. Our banking buffs can guide you through audit and accounting challenges to help perfect the masterpiece that is your business. Everyone needs a trusted advisor. Who’s yours? bkd.com/fs | @bkdFS The standard is scheduled to take effect in 2020 for Securities Exchange Commission registrants, 2021 for non- registrant banks with outside equity/ debt holders, and 2022 for privately held and mutual banks. Community Reinvestment Act Modernization Regulations implementing the Community Reinvestment Act have not kept pace with changes in banking and technology, and the Office of the Comptroller of the Currency has taken the lead in modernizing them. The comment period following OCC’s issue of anAdvanceNotice of ProposedRule- making closed inNovember 2018, with some 300 banks weighing in. That kind of engagement will be needed again in 2019, when we expect the banking agencies to jointly issue a proposed rule. This is a once-in-a-generation op- portunity tomove CRA into the future, but it will face substantial headwinds from those who fear (wrongly) that modernization will reduce banks’ commitment to their communities. We will be working to allay those fears and make the case for commonsense improvements. Fortunately or unfortunately, bank- ing always has a full pipeline of issues demanding attention. So while those above seem ripe for action in the com- ing months, ABA will be advocating on a host of other, equally important issues, from data security and housing finance reform to flood insurance and student debt concerns. Your continued engagement will be the key to advancing any of these issues, and creating smarter, more effective bank regulation. 