In May, the House Financial Services Committee approved the COUNTER Act to modernize and reform the Bank Secrecy Act. The bipartisan bill (H.R. 2514) sets out to curb money laundering and illicit financial activities. It awaits a vote on the House floor. [Continue]
At the end of 2018, Green Bay, Wis.-based Associated Bank announced it would acquire 32 Wisconsin branches of Huntington National Bank, Columbus, Ohio. That group of offices holds $850 million in deposits and $134 million in loans, lending considerable oomph to Associated’s Wisconsin footprint. [Continue]
Jo Ann Barefoot has been doing a lot of globetrotting lately. Since being named the first female Deputy Comptroller of the Currency in 1978, Barefoot launched a career in the private sector and describes herself as a “serial entrepreneur.” She is currently CEO of Barefoot Innovation Group, something of a think tank for financial technology, regulatory reform and the future of banking. [Continue]
Shield Compliance, Seattle, has developed a compliance management system for banking legal marijuana-related businesses. Called Shield Data Hub, the technology sets out to assure compliance with Financial Crimes Enforcement Network guidelines for cannabis banking. Tony Repanich joined Shield Compliance as its COO in 2018. He previously served as executive vice president of the $1.7 billion People’s Bank, Bellingham, Wash. [Continue]
MK Decision is a tech company on the rise. Founded in 2015, the San Diego-based company offers an online loan application and security platform designed to help community banks compete. BankBeat talked to CEO Har Rai Khalsa about the company’s approach to online lending and its new partnership, launched in February, with Bankers’ Bank, Madison, Wis. [Continue]
The secure movement of delicate customer information has long been a concern for banks, but never more so than in the age of massive data breaches and numerous cyber threats. [Continue]
Executives of First Internet Bank, Indianapolis, told investors in late January that the bank posted record earnings in 2018, particularly in commercial and consumer loans and its specialty lending areas, including single tenant lease financing, public finance, healthcare finance, and horse trailer and recreational vehicle lending. [Continue]
Iowa First Bancshares Corp., Muscatine, reported mixed results for 2018. The holding company’s net income of $2,311,000 for the year was $87,000 less than in 2017. [Continue]
Chad Hart is an agriculture economist and assistant professor at Iowa State University, Ames. BankBeat columnist Justin Dullum talked to Hart about the mounting effects of trade negotiations on the ag industry and what might be in store for 2019. [Continue]
Whether criminals are attempting to trick their victim into providing information (personal, account, internal procedures), downloading malware, conducting fraudulent transactions, or allowing physical or cyber access into the bank, social engineering is often the foundation that leads to fraud and other security concerns. [Continue]