June 19, 2020                                      CBIAONLINE.ORG  |    SUBMIT NEWS    |    EVENTS CALENDAR    |    CONTACT US
In This Issue

Event News
Special Webinar Event June 24:
Balance Sheet Challenges & Opportunities
Presented by Jim Reber, president & CEO
ICBA Securities

CBI Pandemic/ COVID-19 Webinars
PRE-RECORDED
Free courtesy of CBI Member MRA

Free courtesy of CBI Member MRA




Upcoming
CBI Webinars
June 23

June 24

June 25

June 26


Compliance
Calendar
This calendar is not intended as general advice but as a reminder of due dates.
 
June 2020
▪ Comments due on FDIC broker deposits proposal June 9

New Hires/
Promotions/
Retirements
Ashlynn Yant
Promoted to vendor management specialist
Lincoln Savings Bank
Kimball Operations Center

Jamie Cole
Promoted to fraud analyst
Lincoln Savings Bank
Kimball Operations Center

LeRoy Staker
Hired as insurance provider
Lincoln Savings Bank
Cedar Falls

Bryan Ackerman
Hired as compliance/
BSA assistant
Two Rivers Bank & Trust
West Des Moines

Matt Ricklefs
Promoted to vice president
Central Bank
Storm Lake

Want to include your bank's employee updates? Email klee@cbiaonline.org.
Iowa Fun Fact:

The butterfly swim stroke was developed at the University of Iowa. Swim Team coach Dave Armbruster developed and implemented the stroke as the fourth accepted stroke in National and International Competition.
SBA and Treasury Announce New EZ and Revised Full Forgiveness Applications for the Paycheck Protection Program

SBA in consultation with he US Treasury have released revised, borrower-friendly Paycheck Protection Program (PPP) loan forgiveness applications implementing the PPP Flexibility Act of 2020. There are two versions of the forgiveness application: a new "EZ" version and the revised version of the previous application. The EZ version of the forgiveness application applies to borrowers that:
  • Are self-employed and have no employees; OR
  • Did not reduce the salaries or wages of their employees by more than 25%, and did not reduce the number or hours of their employees; OR
  • Experienced reductions in business activity as a result of health directives related to COVID-19, and did not reduce the salaries or wages of their employees by more than 25%.
The EZ application requires fewer calculations and less documentation for eligible borrowers. Details regarding the applicability of these provisions are available in the instructions to the new EZ application form (see links below). All other borrowers should us the previously revised application.

The SBA also issued a new interim final rule implementing PPP Flexibility Act reforms, including updates to the forgiveness covered period. Both applications allow borrowers to use the original eight-week covered period (for loans made before June 5) or an extended 24-week covered period authorized by the PPPFA. These changes will result in a more efficient process and make it easier for businesses to realize full forgiveness of their PPP loan. Note that SBA and Treasury have NOT YET issued guidelines on the process for lenders to submit loan forgiveness application information to SBA.

Click here to view the EZ Forgiveness Application   |   Instructions
Click here to view the Full Forgiveness Application   |   Instructions

Questions on submitting 1502 reports can be directed to SBA's Fiscal and Transfer Agent Colson Services Corp. at info@colsonservices.com or 877-245-6159. As always, additional PPP guidance and resources are available on Treasury's PPP and SBA's PPP webpages or the CBI Coronavirus-COVID-19 News & Resources Page.
Governor signs liability protection legislation

Last Wednesday the Iowa Senate passed SF2338, which is legislation that provides for business liability protections related to COVID-19. This action, passed by a vote of 31-18, was signed by Governor Reynolds yesterday.

Senate File 2338, the COVID-19 Response and Back-to-Business Limited Liability Act, prohibits individuals from filing a civil lawsuit against a business or health care organization unless it relates to a minimum medical condition (a diagnosis of COVID-19 that requires inpatient hospitalization or results in death), or involves an act that was intended to cause harm or that constitutes actual malice.

The bill contains a number of important provisions designed to protect those businesses, including banks, that are acting responsibly from an onslaught of lawsuits, while still allowing litigation to proceed against those who would act with reckless disregard or with actual malice and/or the intent to harm.
Special Event Presented by CBI and ICBA Securities

Join CBI and Jim Reber, President and CEO of ICBA Securities, for a free webinar event. "Balance Sheet Challenges and Opportunities", to be held June 24 at 2:00 pm CDT, will address the interest rate volatility that has emerged after the current COVID-19 Pandemic as well as the investing and funding challenges  that are to come.

This year has caused community bankers to deal with a range of issues that they had not anticipated. In many cases, the investment portfolio has been on autopilot while bankers have dealt with loan demand and funding matters, not to mention record low interest rates. This webinar will discuss the current state of investing, and will highlight sectors that appear to be both overvalued and undervalued. We will also discuss some strategies for efficient funding.

What you'll learn:
  • Which investment sectors have been most affected by the Fed's monetary policies
  • How to identify investments that are best candidates to sell
  • The interest rate risk exposures of community banks in today's environment
  • Strategies to protect against prepayment risk
  • Explanation and comparison of different wholesale options
Click here to register now.
COVID-19 VIDEO SERIES: FROM CBI MEMBERS
CBI's Jackie Haley and Jim Reber with ICBA Securities/Vining Sparks discuss the effects the coronavirus pandemic environment has had on the bond market.
Gov. Reynolds signs Executive Order establishing Economic Recovery Advisory Board

Yesterday Governor Reynolds signed an Executive Order establishing the Governor's Economic Recovery Advisory Board. The advisory board will be led by Ben McLean, CEO of Ruan Transportation Management Systems and it will focus on modernizing Iowa's economy as well as education, health care, workforce and quality of life.

Iowa Legislature ends 2020 session

The Iowa Legislature adjourned its coronavirus-disrupted 2020 session Sunday after a marathon overnight debate that saw the passage of a mostly status quo budget and a controversial expansion of the state's voter ID program. The Senate passed the proposed $7.78 billion budget at about 6 am Sunday after debating the bill overnight. The House resumed session at 10 am to finalize it. The Legislature officially adjourned at 1:38 pm.

Among legislation passed in the 2020 session:
  • SF 2137 (ancient mortgages)
  • SF 2198 (open-end line of credit account notices)
  • HF 2641 (omnibus tax bill)
Fed Chair urges Main Street program participation

Federal Reserve Chairman Jerome Powell told Congress that the Main Street Lending Program will be open to receive loans in a about a week. Testifying before the Senate Banking Committee on the Fed's monetary policy report, Powell encouraged banks to make loans to eligible borrowers.

The Fed recently lowered the minimum loan amount from $500,000 to $250,000 to expand access to the program, which is designed to purchase 95 percent of each eligible submitted loan. Powell testified Thursday at a House Financial Services Committee virtual hearing.
SBA Webinars on COVID-19 Assistance for Small Business

The June 30th deadline for applying for the SBA's Paycheck Protection Program (PPP) is coming up soon. The SBA's Iowa District Office is holding webinars via Microsoft Teams to give an update on PPP for anyone still interested in applying for a PPP loan. They will also give an update on the SBA's Economic Injury Disaster Loan (EIDL) program and information on additional SBA resources available to assist small businesses.

The webinars will be identical in content. Choose to attend one or both of the following dates:
Pre-Registration is not required. When you open the link for Microsoft Teams, either click "Download Windows App" or "Watch on the web instead". Sign In if you have a Microsoft Teams account, or choose "Join Anonymously".

Contact the Iowa District SBA office at (515) 284-4422 or email dmdo@sba.gov with questions.
COVID Recovery Iowa Available to Agriculture Community

Iowa's rural communities and families are coping with the economic impact and unpredictability produced by the COVID-19 pandemic. The State of Iowa haslaunched of COVID Recovery Iowa, a nearly $1-million-dollar grant funded program from FEMA. This program provides resources and stress counseling via virtual sessions, chat or phone call. People of all ages may join groups online to find support and learn new strategies to cope with the effects of the pandemic in a variety of creative ways.

Program staff can also provide referrals to and information about programs that will help Iowans manage stress, family financial and farm financial concerns throughout the pandemic. These programs include Iowa State University Extension and Outreach farm management resources. Educational seminars and solutions for farmers and businesses managing staff remotely who are in need support is available as well.

Every Iowan is eligible for FREE confidential resource and referral, education, and counseling. Peoeple can contact the Iowa Concern Hotline at 800-447-1985 or visit covidrecoveryiowa.org.
Recorded Webinar: Returning to Work in the Coronavirus Era

CBI Affiliate Nyemaster Goode, P.C. hosted a webinar for clients on "Returning to Work in the Coronavirus Era". Issues covered included developing a master plan for returning to work; the employer's duty to maintain a safe workplace; OSHA, workers' comp and tort risks; and FMLA, ADA and FFCRA complications of moving too fast or too slow.

A recording of that webinar is available free for CBI members. Click here for access.
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COMMUNITY BANKING NEWS
IOWA NEWS                   
Iowa Leading Indicators drop 1.7% in April
IA Dept of Revenue

May's Mid-America Business Index Remains in Recession Range
Creighton University

Secretary Naig Reflects on 2020 Iowa Legislative Session
IA Dept of Agriculture

Iowa Crop Progress and Conditions Report
IA Dept of Agriculture
ON THE HORIZON         
FDIC releases First Quarter 2020  Banking Profile
FDIC

Why Real-Time Payments Are Quickly Becoming Table Stakes
The Financial Brand

Marketing In Times Of Crisis: Why Reassurance Messaging Works
Kasasa

Understanding How Consumer Borrowing Habits Will Change Post-COVID
The Financial Brand

PODCAST: After the Pandemic: The Future of Financial Regulation
Barefoot Innovation Group
OPERATIONS, HR &
MARKETING NEWS     
How the COVID Crisis Is Revamping Financial Marketing Strategies

Face Coverings in the Workplace
Fredrikson & Byron, P.A.

COVID-19 Accelerates Urgency For Digital Banking Transformation

Most Financial Institutions Still Make Banking Too Difficult
The Financial Brand

Why consumer generations don't tell the whole story
The Financial Brand
REGULATIONS &
POLICY NEWS             
CFPB updates guide on remittance rule
CFPB

Fed launches model to classify payments fraud
Federal Reserve Board

Prohibition Against Interstate Deposit: Annual Host State Loan-to-Deposit Ratios
OCC

Regulators skew virtual with summer events calendar
Compliance Week
LENDING, RETAIL &
INVESTMENT NEWS    
10 Resource Saving Tactics While Finalizing PPPFA Workflow

How PPPFA Will Impact PPP Profitability and Your Bank's Forgiveness Workflow
LinkedIn

Small-Cap ETFs May Strengthen After PPP, Help Community Banks
ETF Trends

Why Financial Institutions Must Overhaul Their Retail Banking Strategies
The Financial Brand

Community FIs in unique position to prevent elder financial fraud
SHAZAM
FOR DIRECTORS          
Did the PPP Create Class Action Liability for Banks?

Risk, Business Continuity Planning: Trends and Lessons from Covid-19
AG FINANCE NEWS      
USDA Dairy Safety-Net Program Signup to Begin October 12
USDA

VIDEO: How Coronavirus is Impacting Farm Income
AgWeb

Why recordkeeping is "one of the most essential pieces of farming today"
Environmental Defense Fund

Bootstrapping Rural Covid-19 Reopening

The Daily Yonder
ECONOMY NEWS          
We can protect economy from pandemics. Why Didn't We?
Wired

Economic Recovery? If so, What Is the Shape?
Economic Trends
TECH & PAYMENTS      
PODCAST-Tina Giorgio: Consumer Behavior Changes Create New Opportunities for Community Banks
Converging Security and Network Access
Weekly Cyber Risk Summary
FS-ISAC

Coronavirus crisis mobile banking surge is a shift that's likely to stick
CNBC
CBI attempts to publish as many different viewpoints as possible to provide you with information on what is being said and read in the banking industry. CBI does not necessarily endorse or support the opinions given in these third-party news sources. Send news from your bank or company to CBI by contacting Krissy Lee at klee@cbiaonline.org.