ICBA published a summary of the Biden administration’s policy requiring employers with 100 or more employees to ensure their workers are fully vaccinated against COVID-19 or are tested weekly.

Details: The summary provides answers to frequently asked questions on the Occupational Health and Safety Administration standard and provides a note about legal challenges, which have resulted in a federal court ordering an administrative stay of enforcement.

Resources: The summary and additional resources are available on ICBA’s Pandemic Response webpage.

ICBA and other groups called on Congress to hold an oversight hearing on troubling National Credit Union Administration rulemaking activity.

Rulemakings: The joint letter on behalf of banks and community groups cites NCUA rulemakings to:

• Expand payday and other forms of lending by credit union service organizations.
• Allow national expansion of fields of membership, amplifying the need for credit unions to be covered by the Community Reinvestment Act.

Legal Questions: The letter also:

• Notes that current NCUA Democratic Chairman Todd Harper and former Republican Chairman Mark McWatters have raised questions about whether the efforts are legal.
• Questions the process in which two board members have usurped control of the agency’s staff and board agendas from the chairman.

More: ICBA recently ran a USA Today ad campaign encouraging Congress to investigate credit unions’ tax exemption and acquisitions of community banks. More information is on ICBA’s Wake Up page.

ICBA and other financial services groups urged congressional leaders to remove from the Build Back Better reconciliation bill a provision that would authorize the SBA to issue direct 7(a) loans.

Joint Letter: The groups called on policymakers to bolster the existing 7(a) guaranteed loan program, rather than establish a government-run program that would pose risks to small businesses and taxpayers.

Grassroots: Community bankers can use ICBA’s Be Heard grassroots action center to urge Congress to oppose the plan, which ICBA has repeatedly spoken out against since it was introduced in September. Contact Congress here.

A regulatory framework for stablecoins should address their specific risks but doesn’t necessarily require imposing the full banking rulebook on stablecoin platforms, Federal Reserve Governor Christopher Waller said.

Remarks: Addressing the 2021 Financial Stability Conference, Waller said banking regulations are geared toward lending activities, not payments. He also said he remains skeptical about the need for a U.S. central bank digital currency.

Working Group: Waller’s remarks contrast with a President’s Working Group report that recommended requiring stablecoin issuers to be insured depository institutions.

ICBA Position: ICBA, which is encouraging regulators to collaborate on a comprehensive approach to unregulated platforms, said it supports the PWG’s efforts to ensure a consistent federal regulatory framework for stablecoins.

A new blog post from ICBA Bancard President and CEO Tina Giorgio offers four ways community banks can attract Gen Z customers.

Details: Noting that the tech-savvy generation has growing buying power but lacks financial experience, the post encourages community banks to meet them where they are on social media, create a seamless digital experience, and more. Read more.

The daily coronavirus update distributed by the Financial Services Information Sharing and Analysis Center is available on ICBA's Pandemic Response resource center.

Community Banker University and national employment law firm Jackson Lewis now offer Bank Director Program members a complimentary employment risk management hotline. The ICBA Employment Hotline provides general information about a broad range of employment-related subjects and can be used to spot check risk before acting.

The Federal Housing Finance Agency released the 2022 Scorecard for Fannie Mae, Freddie Mac, and Common Securitization Solutions. This year’s scorecard focuses on affordability, fair lending, and equity; addressing examination and supervision findings; liquidity; climate risk; and diversity and inclusion.

Housing starts declined 0.7% in October but remained up 0.4% from a year ago, the Commerce Department reported. Building permits increased 4.0% and were up 3.4% from last year.

ICBA urges community bankers not to respond to any solicitation from organizations trying to sell email lists associated with any ICBA events. ICBA does not sell or provide access to email lists for its events.