December 4, 2020

There has been plenty of discussion over the last many months about how the community banking world might look when we come out of this pandemic. Speculation and opinions are all over the board.

During normal times, it can be challenging for bankers to get their arms around the regulatory requirements surrounding the Bank Secrecy Act (BSA) and anti-money laundering (AML) regulations. So, when you add a global pandemic, such as COVID-19, things can get a little dicey, especially when navigating competing priorities.

As we approach the final quarter of 2020, I find myself contemplating the significant changes in the payments industry. This is a dynamic period for bankers with opportunities for new bank services that can enable greater engagement and retention with customers and increase deposits. I decided to take a tally of recent accomplishments, and hopefully add some clarity to the evolving payments landscape as we consider our business plans for 2021.

As of August 8th, the SBA reported that over 5.2 million loans had been made through the Paycheck Protection Program (PPP). While bankers have worked hard to meet their customers’ needs with these loans, more hard work is still ahead.

The state of lending for financial institutions has changed, causing many banks in New Mexico to shift their priorities — but at what cost? Danielle Walker, Chief Strategic Officer at Bankers Healthcare Group, offers a fresh perspective on how to embrace a growth mindset to build and diversify your portfolio during a volatile market, and what characteristics to look for in a financial partner to reach your goals.

For the vast majority of Americans, particularly those under 50, their relation to the Great Depression has primarily been through hearing their grandparents mention it at family gatherings or learning about it in history classes.

The pandemic has forced many lessons on us, not the least of which is the importance of being prepared. I don’t mean being-well-stocked-on-toilet-paper prepared. I mean having the ability and resources to survive an uncertain and even perilous period. For businesses, that requires having a well-crafted and tested business continuity plan. For households, the most important preparedness tool may be a well-funded savings account.

The 2021 Legislature is scheduled to open at noon on January 19 for 60 days. The real question is, will the next session be virtual or live? As of now, the State Capitol is closed to the public, and many legislators and other public officials are predicting the next session of the Legislature will be virtual. For the first time in our history, the state capitol was closed to the public during the 2020 June Special Session due to the pandemic. The state Supreme Court upheld the Legislature’s decision to close the capitol to the public by a narrow margin, 3-2.

In this article for the New Mexico Bankers Digest, I would like to present a brief biography of senator, banker, philanthropist, high school dropout and GED recipient, Don Kidd. As many of you may be aware, Don lost his battle with pancreatic cancer on Aug. 28, 2020, at the age of 82. Mr. Kidd, as he demanded I call him at work, was the smartest banker I have ever known and my Grandfather.