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Bank Iowa Survey: State’s Business Owners Say It’s Good to be an Iowa-based Business 

On Monday CBI Member Bank Iowa released the results of its second annual survey of Iowa business owners. The Bank Iowa Business Index tracks business owner sentiment on issues related to a range of topics — from the quality of available talent to the evolution of business continuity strategies. 

As one of the leading independent banks in the state, Bank Iowa’s investment in market research reflects its promise to deliver consultative financial services to Iowa’s business owners and the range of communities that depend on them.

A full report contextualizing the data is available here. The below takeaways represent some of the 2023 survey’s most notable findings.

Incorporated in Iowa

Business owners who participated in the 2023 Bank Iowa Business Index reported that their business had either increased (42%) or remained steady (40%) as compared to the prior year. This against a backdrop of economic uncertainty, rising costs of living, record inflation and ongoing supply chain challenges. 

Jim Plagge, president/CEO of Bank Iowa, attributes the survey findings to the health of the state’s ag economy. “Iowa is heavily dependent upon agriculture,” said Plagge, who has more than 40 years of ag lending experience. “When ag production is profitable, the entire state benefits. Following several consecutive years of strong profitability, there’s little doubt our survey participants felt the positive impact.”

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Secretary of State Releases Handbook for Notaries Public

The Iowa Secretary of State's Office has released The Handbook for Iowa Notaries Public, which provides notaries with a convenient, accessible resource of information on best practices. While the updated handbook offers important guidance, it is not legal advice, and notaries with legal questions should consult an attorney. 

“Our office is proud to serve as Iowa’s small business portal, and Iowa’s notaries are integral to the state’s business communities,” said Secretary Paul Pate. “This handbook provides valuable information to help notaries perform these duties. It is our hope that this resource complements notarial service, empowers notarial participation, and inspires notarial integrity.” 

Information in the handbook provides an overview of electronic notarization, remote online notarization, and traditional notarization. All notaries are strongly encouraged to read and understand Iowa Code chapter 9B and Iowa Administrative Code 721—43 for further guidance. 

Press Release 1|1 Download the Handbook

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

1 1Crime

1•1M&A & Fintech Panel

1•1Banking Today - Do You Hear The

1 1Chattering of AI Ahead?

View the complete agenda here. Seats are limited, so register today. Contact Sarah Ruba at 515-246-4508 or sruba@dickinsonlaw.com with questions.

| 1REGISTER NOW 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 rising deposit costs

CBI Endorsed Member QwickRate is hosting a webinar next week on rising deposit costs and second-quarter performance trends.

Scheduled for 1:00 pm Central on Tuesday, Aug. 15, the webinar will spotlight recent QwickRate polling on community banker concerns, the current economic environment, the impact on regulatory exams, and more.

| 1REGISTER HERE 1|

Naig to Co-Sponsor NASDA Resolution

Iowa Secretary of Agriculture Mike Naig has agreed to co-sponsor a resolution in support of the ACRE Act of 2023 at the Sept. 10 meeting of the National Association of State Departments of Agriculture (NASDA).

Mike Beam, Secretary of Agriculture for Kansas is co-sponsoring the resolution along with Naig to demonstrate support amongst State Secretaries of Ag for the proposed federal bill: the ACRE (Access to Credit for our Rural Economy) Act.

Introduced May 2023 by Rep. Randy Feenstra (R-IA) and Wiley Nickel (D-NC), the Act provides Main Street lenders greater flexibility to offer affordable financing to farmers, ag borrowers and rural communities. Specifically, the ACRE Act would amend IRS code to level the playing field for community banks to administer agricultural real estate loans by granting them tax-exempt status on earned interest. This same exemption already applies to farm credit institutions.

IRS rules and guidance on program to spur investments in low income communities

The U.S. Treasury and IRS announced final rules and procedural guidance for the Low-Income Communities Bonus Credit program under Section 48(e) of the Internal Revenue Code and announced the application process would open by early fall.

This program under the Inflation Reduction Act provides up to a 20-percentage point boost to the Investment Tax Credit for qualified solar or wind facilities in low-income communities. The goals of the program are to increase clean energy facilities in low-income communities, encourage new market participants, and benefit individuals and communities that have experienced adverse health or environmental effects or lacked economic opportunities.

SBA disaster loans available

The Small Business Administration issued press releases announcing the availability of low-interest federal disaster loans to help offset economic losses resulting from severe weather conditions in Iowa.

Fed hosting FedNow town hall this month

The Federal Reserve said it is hosting a town hall meeting this month on the FedNow Service. 

Scheduled for 1:00 pm Central on Thursday, August 31, the 90-minute webinar will feature panel discussions with financial institutions that are live on FedNow. The webinar will cover launch experiences, use cases, and what’s next for FedNow.

HUD Announces Partnership with NAREB

The U.S. Department of Housing and Urban Development (HUD) and the National Association of Real Estate Brokers (NAREB) have unveiled a partnership aimed at tackling appraisal bias and discrimination in the housing market.

SSA fee for SSN verification service increasing in October

The Social Security Administration has published [88 FR 54389] a notice of fee increase for its Consent Based Social Security Number Verification (CBSV) service, a fee-based SSN verification service to enrolled private businesses and government agencies who obtain a valid, signed consent form from the Social Security number holder. The increase will be effective October 1, 2023.

SSA calculates their costs periodically for providing CBSV services and adjust the fees as needed. They will notify their customers who currently use the service and allow them to cancel or continue using the service at the new transaction fee.

Based on the most recent cost and transaction analysis, SSA will adjust the fiscal year 2024 fee to $2.25 per SSN verification transaction in advance of services. New customers will still be responsible for the one-time $5,000 enrollment fee.

Agencies request feedback on secure open-source software

CBI Endorsed Member SHAZAM: How to Create a Strong Password

FS-ISAC Weekly Risk Summary: July 31, 2023

FDIC demands Unbanked, Inc. cease misrepresenting deposit insurance

Wall Street firms charged by SEC with recordkeeping violations

There’s a New Way to Fight the Fraud Butterfly Effect

Q. We have a loan secured by a manufactured home community. For HMDA reporting purposes, does the number of individual dwelling units reported depend on if the manufactured home sites are occupied or not??

A. It does not. For an application or covered loan secured by a manufactured home community, a financial institution should include in the number of individual dwelling units the total number of manufactured home sites that secure the loan and are available for occupancy, regardless of whether the sites are currently occupied or have manufactured homes currently attached.

“2. Manufactured home community. For an application or covered loan secured by a manufactured home community, the financial institution should include in the number of individual dwelling units the total number of manufactured home sites that secure the loan and are available for occupancy, regardless of whether the sites are currently occupied or have manufactured homes currently attached. A financial institution may include in the number of individual dwelling units other units such as recreational vehicle pads, manager apartments, rental apartments, site-built homes or other rentable space that are ancillary to the operation of the secured property if it considers such units under its underwriting guidelines or the guidelines of an investor, or if it tracks the number of such units for its own internal purposes. For a loan secured by a single manufactured home that is or will be located in a manufactured home community, the financial institution should report one individual dwelling unit.” 

Regulation C Comment 4(a)(31)-2

AROUND IOWA

Iowa Attorney General sues EPA over ethanol blend rules

Partnership to host public policy issue forum on rural development

Hills Bank donates $50,000 to North Liberty’s Next Stage campaign

Dwolla launches new product to streamline payment operations

OPERATIONS/MARKETING

CBI Affiliate Compliance Alliance: TRACED Act Changes to TCPA

How to Turn Your Website into a Personalization Treasure Trove

Gallup poll says nearly 1 in 5 workers are 'loud quitting' their jobs

Are your customers cheating on you?

LENDING / INVESTMENTS

How A Credit Department May Increase Risk

Are You Fighting Yesterday’s Checking Account War Instead of Today’s?

The Art of Pricing: Growing Loans and Deposits by Optimizing Rates

Personal Loans Are a Growth Area with Cross-Sell Opportunities

DIRECTORS

CBI Affiliate Member Kasasa: WHITEPAPER Creating a More Stable and Profitable Balance Sheet is Critical

Opinion: Punishing banks for regulatory failure

Shaking Up Board Deliberations

AGRIBUSINESS

Why big finance is betting on farmland

8 policy articles to read ahead of farm bill deadline

David Kohl: The community banker farmer zinger

Tools to manage risk in agriculture

TECH & PAYMENTS

CBI Affiliate Member CSI: Exploring Bankers’ Top 8 Factors in Deciding the Best Core Banking System

There Are Only Two Kinds of Community Banks: The Innovative & the Doomed

2023 Faster Payments Barometer