Ensuring your business has a stable foundation is critical to successfully navigating unforeseen circumstances and keeping a solid footing through hard times.
Pub. 10 2020-2021 Issue 6
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.
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.
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.
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.
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.
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.