Pub. 17 2020 Issue 4

Pioneer Bank Earns 2021 Top Workplaces USA Award
Pioneer Bank has announced it has earned the 2021 Top Workplaces USA award, issued by Energage, a purpose-driven organization that develops solutions to build and brand Top Workplaces. This is the inaugural year for Top Workplaces USA, built on the program’s 14-year history surveying more than 20 million employees across 54 markets for the regional Top Workplaces awards.

When Congress pushed through the National Defense Authorization Act for the fiscal year 2021, the banking industry breathed a sigh of relief with the glimmer of hope for the potential elimination of excessive regulatory burdens under the Bank Secrecy Act.

To understand how bankers will prioritize their digital strategies in light of the tumultuous year that was 2020, CSI — a leading provider of fintech and regtech solutions — polled banking executives from around the country, representing 272 financial institutions from across the asset-size spectrum. This survey data was then collected and used to create an executive report to help bankers gain insight into the industry’s hottest topics and strategies.

For most of my professional career, pundits have predicted the end of cash and checks. We entered this new decade with both forms of payment alive but in gradual decline. It appeared that we would see only the slow, very gradual death of both paper payment options. And then COVID happened.

On January 1, 2021, the Senate voted to override President Trump’s veto on the National Defense Authorization Act (NDAA or Act). It was previously overridden by the House back on December 28, 2020. The NDAA included over 200 pages of significant reforms to the Bank Secrecy Act (BSA) and other anti-money laundering (AML) laws putting forth the most comprehensive set of BSA/AML reforms since the USA PATRIOT Act of 2001. The continuing question is, what are the implications of this Act? How will this impact not only financial institutions but also U.S. companies and companies doing business in the United States at large?

At the beginning of February, an incredibly fascinating, enlightening economic story became national headlines. The story involves not only the material economic conditions in our country but how information is presented to the public and what really motivates the most powerful factions in our society. Given the speed of our current news cycle, there is always a temptation to quickly forget about events no matter how significant, but this story is worth noting, storing away in our memory banks, and understanding the fundamental lessons that it has taught us.

Liquidity management is always important for bankers, but especially during times like these. In addition to that, the government stimulus has created a situation where financial institutions are suddenly flush with liquidity. Yet, this is likely only for the short term, as circumstances start to change. As such, it is imperative to stress test your liquidity risk. You may be comfortable with liquidity risk, but it could still help to review these reminders as you move forward.

As impossible as it is to believe, we have been living in a global pandemic for an entire year. What began as a headline from a distant corner of the world quickly became a worldwide health crisis that continues to wreak havoc on our way of life and has, unfortunately, claimed the lives of too many of our fellow citizens.

The 2021 sixty-day legislative session opened Tuesday, Jan. 19, under the most unusual circumstances. Due to the ongoing COVID-19 pandemic, the state capitol is off-limits to the public and lobbyists for the entirety of the session. Only legislators, certain media members and legislative staffers are admitted to the capitol.

I want to wish everyone a belated Happy New Year. I think most of the nation was looking forward to putting 2020 behind us more than any other year in my lifetime. In my personal opinion, 2020 was one the most absurd, dangerous and eye-opening years in our nation’s history-a real train-wreck. I think we have all learned valuable lessons during this most difficult time and can only look forward to better times in the future.