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Virtual Compliance Officer

The NBA regularly hears from members about the challenges of hiring compliance officers. To meet this need, Bankers Alliance, owned by 30 state bankers associations including the NBA, established a Virtual Compliance Officer (VCO) service. 

This shared service allows banks to outsource compliance monitoring and reporting. A VCO will assist with steering a bank's compliance program, monitor for compliance, provide management reports, track findings and follow through. VCOs have several years of service within the banking industry and are certified in compliance.

Currently, five NBA members are VCO subscribers. Two VCO subscribers recently shared their experiences with the program:

“We have been on the program for a little over a year. After a few tweaks, we are very pleased with the program and specifically Meriden Rowland who is assigned as our Virtual Compliance officer. The resources are beneficial for every member of our team and allow us to respond very quickly to compliance questions.”

Chris Murphy, Chairman, First Westroads Bank (Omaha)

"It's exceeded our expectations and its one of the better decisions that I've made."

Mark Linville, CEO and President, First State Bank (Randolph)

For more information, contact Jennifer Heaton at the NBA at [email protected] or 402-474-1555.

The NBA submitted a comment letter in response to the Federal Deposit Insurance Corporation’s (FDIC) proposal to increase deposit insurance assessment rates.

The FDIC proposes to raise the schedule for assessment rates by two basis points; the change would take effect for the first quarter of 2023 (payable that June) and remain until the Deposit Insurance Fund reaches 2.00%.

“The proposed two-basis-point increase in the FDIC assessment rate is not supported by current market conditions and would have a significant negative impact on community banks in Nebraska and throughout the United States,” the NBA said.

A joint letter from banking trade groups said the proposal “rests on incomplete, outdated analysis.”

Legislative, Policy & Regulatory Updates

Compliance Updates - August 19, 2022

• BSA-AML-Risk-Based Approach to Assessing Customer Relationships and Conducting Customer Due Diligence
• FDIC Guidance - Multiple NSF Fees Charged for Re-Presentment

Bowman: FedNow to Launch in Mid-2023

During a speech last week, Federal Reserve Governor Michelle Bowman said FedNow is a “high priority” for the agency and is expected to be available in the middle of next year. 

Learn More

Banking Trades Comment on CFPB Customer Service Request for Information

The American Bankers Association (ABA), Consumer Bankers Association and Bank Policy Institute sent a joint letter objecting to the Consumer Financial Protection Bureau’s (CFPB) request for information about customer service practices at large banks and challenging the legal basis for the inquiry.

Read the Letter

Toomey Seeks Information on FDIC Bank-Crypto Communications

In a letter to the FDIC, Sen. Pat Toomey (R-Pa.) raised concerns about reports that the agency is discouraging banks from engaging with cryptocurrency-related companies. 

Learn More

Banks & Bankers

August 17 - 23

Email your news, press releases, photos and/or newspaper articles to be published in Banks & Bankers. Send content to [email protected].

Ordering Deadlines Approaching on NBA Products

Calendars, Husker Harvest Days Ordering Deadlines Approaching

The deadline to order Husker Harvest Days admission and lunch tickets is Aug. 31. All orders must be paid-in-full before tickets will be mailed.

Order Tickets

The final deadline to order the 2023 Scenes of Nebraska calendar is Sept. 3.

Order Calendars

Husker Sports Cards

The opening games for Husker football and volleyball are this weekend! Did you make sure to order the 2022 Husker sports schedule cards? There's still time to place your first order or request more cards if you've run out.

Request Cards

Contact Laurie Johnson at the NBA at [email protected] or 402-474-1555 with questions.

"It's a great way to get your foot in the door."

Hally Wilkins has always been interested in banking and knew that a bank internship would help her make connections within the industry. Her internship at First National Bank of Gordon has shown her the value of being flexible and approaching tasks with an open mind. She said, "I've gained more knowledge and experience than I could have imagined."

She is a senior finance major at Chadron State College and a graduate from Scottsbluff High School.

Learn More

According to a new survey of bank customers, security and fraud protection are replacing “low or no fees” as the top reasons why consumers choose a new bank.

Learn More

A new report from the Joint Economic Committee says nearly one in five U.S. adults are either unbanked or underbanked. Of those who lack access to a bank account or rely on alternative financial services, a disproportionate share are lower-income earners or people of color.

Read the Report

BankMarketingCenter.com, the NBA’s endorsed partner, recently put together a short video to give an overview of BMC and how easy it is.

Join BankMarketingCenter.com for a no-obligation 30-minute demo and get a $25 Uber Eats gift card. Schedule a demo today!

BankMarketingCenter.com provides hundreds of banks across the country with unlimited access to thousands of bank-specific, professionally designed, customizable marketing materials, as well as millions of Getty images and videos. This is all on an affordable, monthly subscription basis. Even better, NBA members get a 20% discount!