Independent Banker, the award-winning magazine of the Independent Community Bankers of America (ICBA) and the number-one source for community banking news, recognized Calhoun Banks, Grantsville, WV, as an ICBA top lender in its July issue. Calhoun Banks recognition is based on the strength of its competitive banking services and operational efficiencies throughout 2019.
Day: January 14, 2021
Introduction. On Nov. 18, 2020, the Senate passed the IoT Cybersecurity Improvement Act of 2020 (previously passed by the House of Representatives on Sept. 14, 2020). As of this article’s writing, the bill was being sent to President Trump to be signed into law. The IoT Cybersecurity Improvement Act of 2020 (Act) is significant as it is the first law to address IoT.
It may be a gross oversimplification to say this, but community banks deal with their favorite broker the same way you deal with your dry cleaner in many ways. For one thing, there’s repeat business; we’re not a durable goods vendor that you visit every three years. For another, fixed-income brokers sell a set of relatively fungible products. For another, since there are plenty of us out there, we’re obliged to stay pretty much on-market with our prices.
Liquidity management is always important for bankers, but especially during times like these. In addition to that, the government stimulus has created a situation where financial institutions are suddenly flush with liquidity. Yet, this is likely only for the short-term, as circumstances start to change. As such, it is imperative to stress-test your liquidity risk. You may be comfortable with liquidity risk, but it could still be helpful to review these reminders as you move forward.
As we welcomed 2020, we did it with gusto, laser-focused on the potential for this new decade. In fact, “Vision 2020” became a buzz phrase used by banks and businesses nationwide. But beginning in March, thanks to COVID-19 that vision grew murky. As we navigated stay-at-home orders, lobby closings and a host of unsettling firsts, our precise plans lost their luster and clarity.
Ransomware attacks have long been a scourge to businesses, including banks and other financial institutions. Businesses successfully targeted by ransomware attacks typically face an untenable choice: (1) restore those information technology systems using backups or (2) pay the demanded ransom and possibly regain access to information technology systems. Neither option is pleasant.
Community Bankers’ Bank (CBB) was curious as to how our bankers in the Fifth Federal Reserve District are processing the moving parts and pieces that 2020 has handed us thus far. In late September, using an independent moderator, CBB convened several Zoom focus group calls comprised of banking executives from across the 5th District. We were eager to hear what they have experienced and where they think the industry is going.
As the calendar flipped to 2021, we didn’t magically return to a simpler, pre-pandemic era, unfortunately. We are still grappling with a global health crisis and a hefty amount of ambiguity around what comes next. Amid such uncertainty, it’s easy to focus on what we don’t know. But, as community bankers, we have a North Star in our mission, and we can find consistency in what we know to be true in this rapidly changing world: Community banks serve the needs of their communities.