State Filings – Midwest (October 2022)
State filings were reported from banks in Colorado, Kansas, Iowa, Minnesota, Missouri, Nebraska, North Dakota and Wisconsin. [Continue]
Print Issue: 2022-October Edition
When should a bank outsource vendor management?
Community banking has gotten complex: Today a banker needs a wide breadth of knowledge in everything from regulatory compliance to the latest technology trends. And the demands for depth of knowledge continue to increase. [Continue]
Four cybersecurity best practices for community banks
Malware and data breaches are the primary methods of cyberattack, and incident costs continue to rise. Targets for cybercriminals are chosen based on two conditions: Impact and profit. [Continue]
Increased risks from technology, fourth-party vendors
Most third-party vendors present little risk to the bank. It might be the vendor that mows the lawn at the branches or provides office supplies. It’s only the vendors that have access to or manage bank data that reach a higher risk threshold and thereby a higher level of vendor management and due diligence. [Continue]
Digital mortgage lending is now a competitive necessity
When it comes to adopting digital solutions, mortgage lending in particular seems to be playing catch-up compared to other industries. Some lenders have asked me if there is still a need for full-scale digitalization, now that the record levels of origination and forbearance activities of the past several years have somewhat dissipated. [Continue]
FHLB Des Moines marks 90 years
The Federal Home Loan Bank of Des Moines opened its doors — along with the other 11 Home Loan Banks — on October 15, 1932. The core mission of the FHLB System was the same then as it is now: To provide readily available, low-cost liquidity to local lenders in all economic cycles. [Continue]
Borrowing experience varies across lenders
Through my professional and personal endeavors, I have accounts with 10 community banks, two of the nation’s largest banks, and one sizable fintech. Each account comes with advantages and disadvantages. [Continue]
Targeted approach needed for banks upgrading tech offerings
Banks transforming their technology offerings must tailor their approach to accommodate their customers’ needs and market niche, said RSM Senior Associate Elia Blankenship Oct. 3 during the Bank Holding Company Association’s fall seminar in Bloomington, Minn. Blankenship said banks should include peer analysis and client behavior data to help inform their future digital strategy. Banks … Read more
Political pressure mounts as banks, regulators examine overdrafts
As political and regulatory pressure builds, large retail banks have garnered much of the attention for reducing their dependence on overdraft/NSF fees.
Though generally slower to change those practices, some community and regional banks are also reducing their reliance on overdraft/NSF fees, both to eliminate a customer pain point and generate goodwill with consumers. [Continue]
Don’t throw away the key!
Safe deposit boxes are falling out of favor, but I want to encourage bankers reading this to continue to offer them. I read there are some 25 million safe deposit boxes across the country, but increasingly banks are discontinuing them, declining to rent boxes to new customers and phasing them out as they reduce their branch count or remodel their offices. [Continue]