Pub. 11 2021-2022 issue 2

Imagine accessing your monthly financial statement on a single responsive page. That page provides an intuitive view of your finances, segmented in a logical hierarchy. Perhaps an integrated video introduces the statement or walks you through the highlights, including spending categories and spikes.

Rate volatility has been a common theme in the last 18 months – a global pandemic, unprecedented government spending, recession fears, recovery, a presidential election, and a vaccine, just to name a few. The 10-year Treasury yield saw a high of 1.77% and a low of 0.50% in those 18 months, with a 100+ bps drop in 13 business days from mid-Feb. to early March 2020. Financial institutions that live and die by their margins watched the fireworks while crossing their fingers that credit would hold out.

Perpetrators of cyberattacks threaten daily to infiltrate your systems with malicious intent. A cyber resilience strategy can help you withstand attacks and minimize business disruption to protect your data – and your profits.

With LIBOR’s impending cessation, the search for alternative benchmark rates is in full swing. Most banks are weighing the benefits of one or more replacement benchmark rates. However, there are economical and operational trade-offs with each choice. This article explains the current contenders to replace LIBOR, comparing the pros and cons of such rate replacements. Broadly speaking, these replacement rates fall into two categories: (1) Secured Overnight Financing Rate (SOFR) based rates, and (2) Credit Sensitive Rates (CSRs), which are discussed below.

There’s a humorous saying, “I can’t be overdrawn; I still have checks.” There’s nothing funny, however, about overdrawing your health savings account (HSA) and the negative tax consequences that follow.

Today, just over two million homeowners are in COVID-19 hardship foreclosure forbearance. The Consumer Financial Protection Bureau (CFPB) recently stated that over 3% of all borrowers are now four months or more behind on their mortgages, which is the usual point when a foreclosure may be initiated. Not even during the worst of the 2009 financial crisis have so many borrowers been so far behind.

At the beginning of the year, Acting Director Dave Ujieo of the Consumer Financial Protection Bureau (CFPB) stated the agency would shift its focus to a more assertive role regarding enforcing regulations protecting consumers. Because of this shift, one of the chief enforcement priorities would be to emphasize protection and compliance with regulations for borrowers impacted by the COVID-19 pandemic.

After tapering off during the pandemic, the trend of credit unions buying taxpaying community banks is back – and credit unions are becoming more aggressive than ever in their pursuit of acquisition targets. The first half of 2021 has already seen two precedent-shattering deals: Jacksonville, Florida-based VyStar Credit Union’s acquisition of a $1.6 billion Georgia bank is by far the largest purchase of a bank purchase by a credit union to date. And more recently, the announcement by Iowa-based Green State Credit Union that it would simultaneously acquire not one but two community banks in the Midwest.

On March 9, 2020, the Federal Deposit Insurance Corporation (FDIC) issued guidance encouraging financial institutions to assist customers and communities affected by COVID-19. With the Coronavirus Aid, Relief, and Economic Security (CARES) Act, many banks were faced with their own set of challenges. During this time, many banks took steps to assist consumers, including allowing loan modifications with no fees, waiving fees on accounts and offering in-home banking services.

It goes without saying that our customers know the safest place for their money is in a bank. But they also know that the safest place for their personal information is under the watchful eye of their banker.