April 22, 2021

In recent months, interest has again been percolating around a public bank concept: a bank funded with and operated using taxpayer dollars. This idea is a dangerous answer in search of a question, and it is fraught with risk.

April is Financial Literacy Month across the country, during which banks and community partners redouble efforts to assist consumers in becoming more financially savvy by drawing attention to ongoing programs and available products toward that end. This year, our communities need our help more than ever as they emerge from the COVID-19 pandemic.

With the COVID-19 pandemic raging,the Colorado Legislature passed the Healthy Families & Workplaces Act, CRS § 8-13.3-401, et. seq. (the “HFWA” or the “Act”), went into effect on Jan. 1, 2021. The law requires employers to provide paid sick leave to their employees.

Despite political partisanship that has marked much of the 116th Congress in 2019 and 2020, there have been some notable exceptions with bipartisan outcomes. The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 proved that cooperation is possible. That legislation, enacted in December 2019, made significant enhancements to tax-advantaged savings arrangements.

Over the past year, cybercriminals have proven they are adept at taking advantage of the vulnerabilities stemming from changing work environments and increased digital channel usage. As institutions continue navigating the risks and challenges of remote workforces, it is imperative to stay informed of existing and emerging cybercrime trends.

Dear valued member:
As America hopefully exits the pandemic soon, bankers will begin to deal with the economic and regulatory aftermath of our historic response to COVID-19. Your Colorado Bankers Association is taking unprecedented, proactive steps to assist you in this high-stakes process to anticipate issues and face unique challenges during upcoming regulatory examinations.

The pandemic has brought a lot of change to financial institutions, including how to engage with your borrowers, serve their needs, and drive additional revenue into your bank. For many, this includes looking at partnering with alternative lenders.

Organization leaders and stakeholders are asking: “Are we vulnerable to hackers?” A six-degree hacker assessment will provide answers by testing each layer based on current hacking trends and real-world threat scenarios.

On Jan. 1, 2021, the Senate voted to override President Trump’s veto on the National Defense Authorization Act (NDAA or Act). It was previously overridden by the House back on Dec. 28, 2020. The NDAA included over 200 pages of significant reforms to the Bank Secrecy Act (BSA) and other anti-money laundering (AML) laws putting forth the most comprehensive set of BSA/AML reforms since the USA PATRIOT Act of 2001.

Special asset groups, already confronted by the portfolio’s challenges bestowed upon them, face additional hurdles unique from their colleagues at lending institutions. Today’s current economic climate, combined with the novel ways in which business must be conducted to safely distance, adds yet another complexity. Valuable face time in meetings with customers, reasonably foreseeable business and social climates in the relatively short term are factors that are no longer predictable.

In a previous article written by L&A in 2018, the growing concern of gender pay gaps and how they impact attraction and retention issues in corporate America was addressed. Through this process, it was discovered that the pay equity gap was not as serious as previously thought — at least to the extent as portrayed in political circles and media outlets. The incorrect messaging generates doubt and forces the questioning of historical practice and future application of compensation programs.

Like many banks nationwide, you probably have a considerable amount of charged-off loans from the last four years. Like many banks, you might not know that your charged-off loans have value to a debt-buying company.

Throughout the pandemic, the U.S. economy has been tested like never before and has more than proven its resilience. That’s thanks in no small part to our large and diverse financial system: a network of financial institutions of all sizes, charters and business models dedicated to providing the products and services that consumers and businesses need to thrive.

Ensuring your business has a stable foundation is critical to successfully navigating unforeseen circumstances and keeping a solid footing through hard times.