Around the Industry – August 2017

Aiming high in Alaska—Located in Fairbanks, Alaska, $275 million-asset Denali State Bank has made a commitment to raise money for the American Diabetes Association through the Alaska chapter of the Tour de Cure fundraiser. In previous events, the bank has raised funds for patient education, support and public awareness. “We are grateful to Denali State Bank for this generous donation,” said Laura Morton, a social worker at Fairbanks Memorial Hospital. This year, Tour de Cure is hosting an event in Fairbanks at the Diabetes Expo.

Compliance Vault

New tool for compliance officers

Although community banks must follow and adhere to thousands of pages of regulatory text and detailed requirements, many have just one, or even less than one, employee fully dedicated to compliance. Is it reasonable to expect this one person to remember the large variety of requirements? The answer is no.

Many compliance officers have at least a few trusted compliance resources that allow them to quickly find the answers they seek. Yet, when PwC asked bankers in the 2016 Banking Compliance Survey whether they considered the level of available resources assigned to compliance to be adequate, half of the respondents felt the available resources were insufficient, and 79 percent of the respondents thought that additional tools were needed.

In response, ICBA and key compliance instructors created the Compliance Vault. This is a compliance search engine with a starting list of 1,500 questions and answers, regulatory documents and compliance-related online courses. Check it out at
icba.org/compliancevault—Ania Scanlan

ICBA names NextGen Scholarship winners


Four community bankers have been awarded ICBA’s 2017 NextGen Scholarships, which fund professional development and education to cultivate industry leadership.

Four community bankers have been awarded ICBA’s 2017 NextGen Scholarships, which fund professional development and education to cultivate industry leadership.

David Finnerty of Guilford Savings Bank in Guilford, Conn., received a full scholarship to the Barret Graduate School of Banking’s three-year program. Erin Liberton of Eastman National Bank of Newkirk in Ponca City, Okla., and Matt Arnold of Community State Bank of Missouri in Bowling Green, Mo., received scholarships to attend ICBA’s LEAD FWD Summit in St. Louis Nov. 6–7. Finally, Matthew Rogers of Itasca Bank & Trust in Itasca, Ill., received a one-year scholarship to attend any Community Banker University certification program, educational event or institute. Candidates at any career level from any ICBA member community bank were eligible to apply.

Congratulations to the winners!

Cybersecurity

Government offers free cybersecurity tests

How secure is your community bank’s cybersecurity system? A free federal service can help you find out. The National Cybersecurity Assessment and Technical Services (NCATS) team, a division of the Department of Homeland Security’s National Cybersecurity and Communications Integration Center, offers two services to provide an objective evaluation of a community bank’s cybersecurity system. First, a Cyber Hygiene program searches the system for known vulnerabilities and configuration errors. Then, its penetration-testing service pinpoints weaknesses. Interested in testing your bank’s system? Email the NCATS team at ncats_info@hq.dhs.gov.

Snapshot: EMV Chip Cards

600 million
Number of chip cards issued to US consumers


$2–$4
Cost of issuing a new EMV card


15 million
Number of POS terminals in need of an upgrade to
accept EMV cards
 
39%
US merchant locations ready
to process EMV cards


52%
The drop in counterfeit fraud rates in the US as a result
of EMV adoption in 2016 compared with 2015
Source: creditcards.com; March 22, 2017

Time Machine


Social security for all
On Aug. 14, 1935, President Franklin D. Roosevelt signed into law the Social Security Act in response to the Great Depression, which left many senior citizens across the country in poverty.

“We can never insure 100 percent of the population against 100 percent of the hazards and vicissitudes of life, but we have tried to frame a law which will give some measure of protection to the average citizen and to his family against the loss of a job and against poverty-ridden old age,” Roosevelt said while signing the landmark piece of legislation.

The Social Security Act was originally intended to be a temporary relief program providing economic security to workers 65 years and older. However, the law had staying power. In 2015, more than 65 million Americans received benefits from Social Security Administration programs.
—Sara Schlueter

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