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CBI Endorsed Member Article

Identifying and Avoiding Card Skimmers

by SHAZAM

By now, most of us have heard of card skimming, a big business for thieves. According to the FBI, card skimming costs consumers and financial institutions more than $1 billion each year.

A card skimmer is a small electronic device affixed to a card-reader slot that skims or collects payment card information. Skimmers can be found anywhere payment cards are swiped or inserted into a payment terminal, including: ATMs, automated fuel dispensers, convenience stores, grocery stores, discount stores and more

As technology advances, so do fraudsters' methods. For example, some skimming devices now utilize Bluetooth transmission to capture debit or credit card information. This method makes it much harder to catch criminals because they can receive card data remotely and don’t have to return to the card reader slot physically.

How to Spot a Skimmer

Today, fraudsters design card skimmers to blend in and have the appearance of an authentic part of the ATM machine or card-reader slot. The following points are a quick and easy reference to help identify a skimmer: 1| 1Keep reading.... 1|

CBI Affiliate Member Article

Reporting Uninsured Deposits

by Compliance Alliance

Last week, the Federal Deposit Insurance Corporation (FDIC) issued financial institution letter FIL-37-2023 about the correct way to report estimated uninsured deposits in compliance with the Call Report (Consolidated Reports of Condition and Income) instructions. The FDIC noted that this FIL does not impact institutions with less than $1 billion in total assets that do not report estimated uninsured deposits.

The FDIC observed that some insured depository institutions are incorrectly reducing the amount of uninsured deposits reported because the uninsured deposits are collateralized by pledged assets. In the view of the FDIC, this is an incorrect way of reporting because the existence of collateral has no bearing on the portion of a deposit that is covered by federal deposit insurance. Deposit insurance and collateral are separate things. This FIL advises that if an institution has deposit accounts with balances in excess of the federal deposit insurance limit that it has collateralized by pledging assets, such as deposits of the U.S. Government and of states and political subdivisions, the institution should make a reasonable estimate of the portion of these deposits that is uninsured. 1| 1Keep reading.... 1|

CBI Affiliate Member Article

Exploring Bankers’ Top 8 Factors in Deciding the Best Core Banking System

by Jason Young - CSI

As with any technology-forward sector, there can be much gossip in the financial services industry around the hottest topics in a given field. But whether the buzz is buzzworthy depends almost entirely upon a financial institution’s specific challenges and overall business objectives.

So, what do bankers want in their core banking platform? Read on to unpack findings from surveys, industry research reports, interviews and good old-fashioned conversations that CSI has observed in recent years.

What is a Core Banking Platform?

Before diving into bankers’ ideal core platform, it’s useful to set the stage and define that terminology in its modern sense. At the absolute minimum, core banking software tracks and processes every transaction inside a bank or credit union. It encompasses or enables most of the technology that bankers use for daily tasks, thereby supporting institutions’ overall businesses and strategic growth. 1| 1Keep reading.... 1|

Dickinson Law Hosting Their 2023 Banking Law Seminar

Challenges persist in the banking world, from an uncertain economy highlighted by rising inflation and climbing interest rates. These challenges are also an opportunity to test uncharted waters by taking advantage of new technology and ways of doing business. It’s also more urgent than ever that banks find ways to meet needs efficiently and in ways that manage risk.

Join CBI Affiliate Member Dickinson Law on September 7 at the Hilton Rewind Hotel in West Des Moines for their 2023 Banking Law Seminar. Here they will Navigate the Future of Banking by focusing on the emerging issues in the banking industry. The full seminar runs from 8:30 am - 3:30 pm; a complimentary breakfast and lunch will be served.

Presentations include:

1•1Protecting Depositors from Themselves

1•1What to Do When an Employee Commits a Crime

1•1M&A & Fintech Panel

1•1Banking Today - Do You Hear The Chattering of

1 1AI Ahead?

View the complete agenda here. Seats are limited, so register today. Contact Sarah Ruba at 515-246-4508 or [email protected] with questions.

| 1REGISTER NOW 1|

Farmer Mac hosting road shows this fall

CBI Affiliate Member Farmer Mac’s popular Road Shows are coming once again to Iowa. Meet with members of their team, have lunch, network with other local lenders, and join the conversation. A session to be held in Iowa City on September 20 will include discussions on:

1•1Secondary market options for capital, liquidity, and

1 1credit risk management

1•1Overview of popular loan products, current pricing

1 1options, and interest rate trends

1•1Competing for loans: a review of recent local Farmer

1 1Mac marketing insights

1•1Farmer Mac 101 – After lunch bonus session for new

1 1and inactive Sellers, featuring a hands-on review of

1 1USDA guaranteed loan submissions

The session runs from 9:00 AM to 1:45 PM Central.

| 1REGISTER HERE 1|

CBI Member First Citizens Bank to host Rural Economic 

Development Summit

CBI Member First Citizens Bank, in partnership with North Iowa Area Community College and the North Iowa Corridor Economic Development Corporation, is hosting a free Rural Economic Development Summit on Thursday, August 17 from Noon to 4pm at the Mason City Arena.

Anyone passionate about the economic growth and future of North Iowa should plan to attend. The keynote speaker is Dr. David Kohl, a renowned expert in the field of agriculture and economics. Dr. Kohl will discuss a global-to-local rural economic perspective with implications for the future.

The Summit will also feature a federal/state panel with Theresa Greenfield (US Department of Agriculture), Debi Durham (Iowa Economic Development Authority), and Jeff Plagge (Iowa Division of Banking), and a local panel featuring Dr. Steven Schulz (NIACC), Emily Schmitt (Sukup Manufacturing), and Dave Steffens (Norsemen). Both panels will be moderated by Dr. David Kohl.

While this event is free, RSVPs are required. A boxed lunch will be provided starting at 11am, with the Summit beginning at Noon.

| 1RSVP HERE 1|

Webinar next week on prioritizing payments products

CBI Endorsed Member ICBA Bancard is hosting a webinar at Noon Central on Tuesday, Aug. 8, on how to decide which emerging payments products should be prioritized amid a sea of possibilities.

ICBA Bancard's Nick Denning and Brad Womack of $712 million-asset Kleberg Bank will offer best practices, lessons learned, and real-life examples to help participants determine which payment product options best meet the needs of target customers while delivering return on investment and customer value.

| 1REGISTER HERE 1|

CBI Endorsed Member Storey Kenworthy & Workspace Foundation accepting open grant applications until Aug. 31

The Storey Kenworthy & Workspace Foundation for Giving is now accepting grant applications from eligible nonprofit organizations. Five grants, each valued at $5,000, will be awarded to nonprofits whose initiatives align with Storey Kenworthy & Workspace's core philanthropic focuses. The focus areas are:

1•1Abuse and violence prevention

1•1Children and education

1•1Diversity, equity and inclusion

1•1Mental health awareness and services

Nonprofit organizations passionate about creating positive impacts within these focal areas are encouraged to apply. Grant applications will be accepted until August 31st each year.

Click here for details about the Storey Kenworthy & Workspace Giving Programs.

FSOC pledges continued climate risk efforts

The Financial Stability Oversight Council said its member agencies will continue to prioritize climate-related financial risks, according to a new report.

The FSOC’s progress report cites FDIC, OCC, and Federal Reserve proposals to implement climate risk principles on large banks as well as the Securities and Exchange Commission’s proposal to enhance climate risk disclosures.

In a statement, Acting Comptroller of the Currency Michael Hsu expressed support for publishing the report and said his agency will “continue to monitor progress and encourage safe and sound practices” at large banks.

CDFI advisory board concerned with application changes

The Community Development Advisory Board expressed concerns with the CDFI Fund’s proposed changes to the community development financial institution certification application.

In a memo to the CDFI Fund this week, the advisory board issued recommendations to address several concerns with the proposed changes, including stricter rules on interest rates and underwriting standards.

The CDFI Fund earlier this year delayed the launch of the changes and said it will revise the updated version of the certification application it released last fall.

CBI Affiliate Member Ironcore: Zero Trust Awareness: Endpoints

CBI Affiliate Member CSI: How User Access Review Minimizes Risk and Maximizes Security

FS-ISAC Weekly Risk Summary: July 31, 2023

CISA warns of Ivanti system vulnerabilities

Whitepaper by CBI Affiliate Member CSI: The Constant Battle to Prevent Money Laundering

CBI Affiliate Member CSI: How Bad Are Fraud and Money Laundering?

VIDEO: What Boards Should Know About the Bank Secrecy Act

Q. If we have a first lien HELOC, are we allowed to force place flood insurance?

A. Yes, HELOCs are subject to the flood insurance requirements, including force placement. HELOCs are not subject to the flood insurance escrow requirements, but there is not a similar exception from the flood insurance force placement requirements.  

"In addition, the escrow requirement does not apply to the following types of loans: ... Home equity lines of credit"

Flood Insurance Exam Manual, p. 6.6-6.7:

AROUND IOWA

Iowa Leading Indicators Index improves in June after months of larger drops

innovationIOWA themes includes entrepreneur and risk capital challenges 1| VIDEO |

Creighton Business Conditions Index falls to lowest level since 2020

OPERATIONS/MARKETING

CBI Affiliate Member EO Johnson/LOCKNET: The Benefits of AI-Powered Accounts Payable Automation

Marketers Are Honing Their Pitches and Products to Draw Women In

Reframe soft skills as "real skills"

LENDING / INVESTMENTS

Small-Business Lending Is About to Change, With Simpler Requirements

Use This Hack to Grow Commercial Bank Deposits

Topsy-Turvy Student Loan Battle Means Lenders Need to Re-Educate Themselves

DIRECTORS

Bank ROE – What Should Be Your Bank’s Target?

7 Essential Elements to Integrate Financial Metrics and Risk Strategy

Preparing for Bank M&A in a Sluggish Environment

AGRIBUSINESS

David Kohl: Trends in profitability and operational efficiency

Minneapolis Fed: Higher rates affect least profitable ag producers most

Farmers bring their concerns over China’s intellectual property theft to US House committee

TECH & PAYMENTS

Retail ATMs evolve to meet emerging needs

Why AI-Powered Compliance Is Imperative to Know Your Customer

Fintech Vendors Must Stop Giving Small Institutions Short Shrift on AI Tech