Pub. 4 2023 Issue 2

Congratulations to the banks celebrating January and February anniversaries as chartered institutions! MARCH 149 years, est. 1874First National Bank — Sedan 141 years, est. 1882Farmers & Drovers Bank — Council Grove 131 years, est. 1892State Bank of Downs — Downs 122 years, est. 1901ESB Financial — Emporia 117 years, est. 1906First National Bank — Syracuse

Matthew Broderick has been promoted to Assistant Vice President & Trust Officer. Paul F. Fowler, C.T.F.A. is being promoted to Senior Vice President & Trust Officer. Kalie Gillock has been promoted to Marketing Officer. Carol J. Lindner has been promoted to Senior Vice President – Compliance & AML Officer. Lisa Mauck has been promoted to

The following questions and answers (Q&A) are drawn from questions asked by bankers calling the Community Bankers for Compliance Program (CBC) Compliance Hot Line. Please note that Young & Associates, Inc. is not engaged in the practice
of law. The answers given here apply to individual situations that may differ
from one institution to another. The advice of legal counsel should be sought on specific situations.

As many community bankers are still picking up the pieces from their bond portfolio’s meltdown last year, it occurs to me that the breathtaking rise in rates has created at least one byproduct that is both unusual in frequency and tangibly beneficial for future performance.

To find out how bankers will confront challenges associated with a changing technology landscape, digital acceleration, cybersecurity, regulatory changes and more, CSI surveyed banking executives from across the nation about their strategies and priorities for 2023.

Executive Summary
Commonly known as the CFPB 1071 Rule, upcoming requirements to be finalized in 2023 by the Consumer Financial Protection Bureau (CFPB) will represent the most significant effort of data collection and reporting for financial institutions in nearly 50 years. The checklist provides lenders with seven steps to prepare for compliance with this new rule.

Community Banks carry an ongoing burden of compliance for information technology (IT). Examiners expect the bank to undergo annual IT audits, penetration tests, policy reviews, and complete comprehensive technology plans, risk assessments and cybersecurity self-assessments all while trying to do the real work of banking in the community.

True relationships withstand the test of time, ebbing and flowing with the cycles of life, and such is the case with the community bank — customer connection. It’s not unusual to hear about a community bank having served a family or a business for generations, and that’s a testament to the strength of the relationship.