May 20, 2021

$14 Million Creates Wastewater-Related Infrastructure Serving Six New Mexico Reservation Villages — Wells Fargo
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Despite new pushes toward digital transformations, many financial institutions continue to use manual lending processes that add costs, create delays, and make their staff work harder than they must, according to a new survey by Abrigo, the leading technology provider of compliance, credit risk, and lending solutions for community financial institutions.

On March 9, 2020, the Federal Deposit Insurance Corporation (FDIC) issued guidance encouraging financial institutions to assist customers and communities affected by COVID-19. With the Coronavirus Aid, Relief and Economic Security (CARES) Act, many banks were faced with their own set of challenges. During this time, many banks took steps to assist consumers, including allowing loan modifications with no fees, waiving fees on accounts and offering in-home banking services. Many were also participating in providing Paycheck Protection Program (PPP) loans to small businesses. Because of these accommodations, many banks struggled with high volumes of COVID-related mortgage requests and questions from customers and PPP loans. Banks were overcoming these overwhelming volumes while also maintaining their efforts to keep the physical locations of the banks safe for both customers and the employees. Through these difficult times, financial institutions created and revised policies and procedures to adjust and provide excellent service to customers.

The road to setting up a cannabis business gets thorny and tough to navigate when it comes to protecting assets. We sat with Southwest Capital Bank president and chief operating officer Lonnie Talbert to chat about cannabis banking.

In the wake of the COVID-19 pandemic and the subsequent economic fallout, many states are becoming more active and creative in promoting local economic solutions. Desperate times tend to force the hands of elected officials and inspire the quest for nontraditional solutions. In New York state, Governor Andrew Cuomo, facing multiple mushrooming scandals, decided to relent and sign a law that legalized recreational marijuana in his state, a logical move he was opposed to until he became desperate enough to relent.

Relationship value pricing can be an effective strategy for improving a community bank’s fee income and determining the worth of the overall customer relationship. This is especially important in the current interest-rate environment.