Hoosier Banker 53 Old National Bank, Evansville, celebrated its first Better Together Volunteer Days Sept. 28-29, 2022. Each market across Old National’s seven-state footprint partnered with community organizations to cultivate volunteer opportunities. Additionally, there was a virtual option for those who could not participate in-person. More than 1,500 bank Old National employees Latoya Williams and Todd Richardson volunteer at an Indianapolis Habitat for Humanity build. On one side, the federal government is telling the industry they will be accountable regarding climate change, pushing them to demonstrate what they are doing in this space. On the other side, the state is threatening to publicly list banks as boycotting fossil fuels or the firearms industry, and stopping the state from doing business with them. An industry should not be punished for following the requirements of its regulator. The mixed messaging is dizzying, and banks are shouldering the blame in areas they do not control. Our state and local economies are enhanced by a legal framework that allows banks to deliver products and services to all customers at the lowest cost possible. The freedom of banks to make decisions based on business needs and management of their financial, operational, reputational or regulatory risk without government intervention makes this free-market system possible. This helps drive our economy forward, facilitating the availability of innovative and FRVW HIIHFWLYH ¿QDQFLDO SURGXFWV DFURVV WKH economic spectrum while ensuring strong consumer protection. HB employees served 5,311 volunteer hours to help 110 organizations focused on housing, seniors, students and more. Premier Bank, Defiance, Ohio, launched its third annual kindness campaign, “Powered By (kind) People. Fueled By You.” The campaign encourages employees to participate in the bank’s Community Volunteer Program, offering paid time off to volunteer with organizations they value and support. The bank also invited 19 community partners to join in a video series to spread kindness and collectively support important programs benefitting families in the communities they serve. HB FORCED ACCESS (Continued from page 18.) Will a 10% early distribution penalty tax apply to the rollover amount? This penalty tax does not apply to distributions paid to alternate payees from most non-IRA employer-sponsored retirement plans. It does, however, apply to IRA distributions. If the alternate payee rolls over retirement assets to his or her own IRA, the 10% early distribution penalty tax will apply to any pre-59½ distribution taken from the IRA after the rollover has been completed. Are there other steps that financial organizations should take? The key to navigating a distribution or transfer of retirement assets awarded to a spouse in divorce proceedings is to first understand the type of account (IRA or employer plan) in which the retirement assets are held. Once this is determined, the appropriate documents may be drafted and forwarded to the account owner’s custodian or plan administrator for processing and reporting. Reviewing these steps may help both spouses move forward with less uncertainty. HB DIVORCE (Continued from page 31.) ROGUE REGULATOR (Continued from page 38.) First, the bureau is exceeding its statutory authority outlined in Dodd-Frank, which is clear that “unfairness” under UDAAP and discrimination are distinct concepts that should not be conflated. Second, the updated manual is “arbitrary and capricious,” in violation of the APA. Finally, it violates the APA’s procedural requirements because it constitutes a legislative rule that failed to go through notice and comment. It’s never our preference to take legal action against a regulator. And this lawsuit doesn’t mean we’ve given up on finding common ground with the bureau. In fact, on issues like the need to protect consumer data, or the need to make sure nonbanks face the same regulatory requirements as banks for similar activities, or the importance of relationship banking, our goals are very much aligned. But when a regulator – any regulator – takes a step like this to dramatically expand its regulatory reach without authorization from Congress or any opportunity for the public to weigh in, ABA will respond on behalf of our members and the industry we represent. HB
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