Hot meals, warm hearts
Employees of $250 million-asset Albina Community Bank in Portland, Ore., frequently volunteer with Meals on Wheels to bring food to local senior citizens. Staff members have volunteered a combined 33,000 hours with the nonprofit since 2002, sometimes arriving in costumes to entertain meal recipients. “The seniors that are served are important to our communities,” says Mary Edmeades, vice president and market manager at Albina Community Bank. “They have been breadwinners, parents, teachers, bus drivers, government workers and so much more. They are at a time in their life where it is imperative that we not turn our back on their well-being but look for ways to help them keep healthy in their golden years.”
US-CERT warns of cyber risks in wake of recent hurricanes
Natural disasters like the recent hurricanes in the southern US and the Caribbean can bring out the best in people, prompting them to do whatever they can to serve communities in need. However, these same disasters also provide a breeding ground for scammers. It pays to mitigate your and your customers’ cyber risk, and the United States Computer Emergency Readiness Team (US-CERT) offers some tips for guarding against phishing scams and malware campaigns. Among them:
- Keep antivirus software up to date.
- Exercise caution when handling emails with subject lines, attachments or hyperlinks related to Hurricanes Harvey or Irma. If an email is unsolicited, do not click on links.
- Verify an email solicitation’s legitimacy by contacting the organization. Check the Better Business Bureau’s National Charity Report Index for contact information.
- Donate only to charities you know and trust. You can check a charity’s track record (or lack thereof) on Better Business Bureau, BBB Wise Giving Alliance, Charity Watch and GuideStar websites.
Help repeal Dodd-Frank Section 1071
Dodd-Frank Section 1071 requires banks to collect and report personal data from commercial loan applications—such as the race, gender and ethnicity of the principal owners of a small business—to the Consumer Financial Protection Bureau (CFPB). ICBA opposes these data collection and reporting requirements, which could prove harmful to community banks already adhering to a long list of regulations. The association believes small-business owners and consumers should not be saddled with the costs of this new rule. Join ICBA in requesting that CFPB exempt community banks from this rule by asking Congress to repeal Section 1071.
“Granting SoFi’s application would set a precedent that a wide variety of other fintech companies may choose to follow even though concerns related to financial inclusion, consumer benefits, supervision and regulation of such entities are still unresolved.”
—rep. Maxine Waters (D-Calif.), House Financial Services Committee
To send a pre-written email to your representatives, visit icba.org/advocacy.
LEAD FWD Summit kicks off November 6
Now in its fifth year, the ICBA LEAD FWD Summit brings together community banking leaders from across the United States. This year’s educational event takes place in St. Louis on November 6 and 7. Participants will learn new strategies for maximizing bank ROI and explore leadership strategies, technology trends and social media influencing in an active-learning environment. After the summit, attendees will be better equipped to attract new business and engage with current customers via social media, minus the regulatory and legal risks. Not attending this year’s event? Then be sure to communicate with someone who is, so you can find out what you missed.
Learn more at icba.org/leadfwd.
Timeline: A brief history of US currency
To counteract counterfeiting, Benjamin Franklin’s printing firm produces colonial notes with raised nature prints made from real leaves.
The US dollar becomes America’s official monetary unit.
With no US central bank, private banks issue their own paper currency, leading to a counterfeiting crisis.
US Notes ($2, $50 and $100) replace Demand Notes and feature engraved lines and signatures, intricate lathe work and the US Department of the Treasury seal.
The US Secret Service is established to deter counterfeiters and to increase the public’s confidence in US currency.
The Treasury’s Bureau of Engraving and Printing starts printing all US currency.
The Federal Reserve Act of 1913 issues new currency called Federal Reserve notes. The country claims the Federal Reserve as its central bank.
The Federal Reserve standardizes the design of US bank notes to make it easier to identify real and counterfeit bills and reduces their size by 30 percent to lessen manufacturing costs.
To deter counterfeiting, a security thread and microprinting are introduced to all denominations of Federal Reserve notes except $1 and $2 bills.
More secure banknotes ($100, $50, $20, $10 and $5) are issued and feature subtle color changes, glowing security threads and hidden watermarks.