" It's official. The Financial Accounting Standards Board unanimously approved delaying implementation of its controversial Current Expected Credit Losses accounting standard for the majority of banks and credit unions until 2023."

– The American Banker covering FASB's vote on October 10 to delay CECL.

Fed to start monthly Treasury bill buy The Federal Reserve announced it will start buying $60 billion in Treasury bills each month to help control the benchmark interest rate. The move comes after a bumpy September for money markets. The move is a “purely technical measure,” the Fed said in a statement , but this is only the latest in a progression of potentially concerning signs. James Bullard, president of the St. Louis Fed, recently listed trade as an area of concern , retail sales slowed in September , and the yield curve continues to send mixed signals .

Funding, cyber security top list of community bank concerns

Community bankers are most concerned about funding and cyber security, according to a recent survey from the Conference of State Bank Supervisors. This year’s survey showed more than a third of respondents—36 percent of banks—said funding costs were the most likely factor to influence future profitability, up from 11 percent in 2016. More than 70 percent of respondents ranked cyber security as their most important risk. That’s a big shift from prior years, when compliance concerns took top billing in bankers’ minds, although that’s not surprising given the passage of recent reg reform.

SAFE Banking explained

ICBA released a one-page summary of responses to frequently asked questions about the SAFE Banking Act. A bipartisan House vote last month sent the SAFE Banking Act (H.R. 1595), which would create a legal safe harbor in states where cannabis is legal, to the Senate. The number of financial institutions working with cannabis businesses has increased recently. The number of commercial banks, credit unions or savings institutions offering the services grew from 337 in January 2017 to 715 in June 2019 as the industry expanded.  That number is certain to jump should the SAFE Banking Act pass the Republican-controlled Senate, which is far from guaranteed.

Some counties qualify for 2018 ARC-CO payments

A limited number of farm operators in the Upper Midwest will receive 2018 farm program payments during October from the USDA Farm Service Agency.   How can you determine if a farmer is receiving a payment? Read more from Kent Thiesse.

Mark Your Calendar

Webinar: U.S Dep. of Labor's final rule on overtime pay, which goes into effect Jan. 1. Nov. 15 – 10:00-11:30 a.m. (CT) Sign up now!

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Faces and Places

A benefit of membership in ICBM is that you can use our new training center for board meetings, strategic planning, or staff meetings or training. Thank you for letting us host you, Security State Bank of Kenyon! Contact Greg McCurry at [email protected] or at 651-789-3980 to reserve ICBM's training center.

Michael Ludvik was named market president at the State Bank of Belle Plaine following its acquisition by Bancommunity Service Corporation. Brian Bueche was named chief credit officer at Fidelity Bank in Edina. Zach Schmidt joined BankVista as a commercial lender.

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