The Association of Certified Fraud Examiners released their biannual survey this year on occupation fraud; the survey again shows the average organization loses 5% of their annual gross revenue to fraud.1 The issues stemming from fraud can be magnified significantly during an economic crisis such as the one the United States is currently experiencing due to COVID-19.
Pub 15 2020-2021 Issue 1
The world is grateful for all who have served on the front lines battling the COVID-19 crisis — the doctors and nurses who have put their lives at risk to care for the sick and dying as well as those who have kept our grocery stores and pharmacies stocked. These essential service providers are the pandemic’s heroes, putting the needs of others ahead of their own.
In a normal year, many bank interns begin their summer working at the teller line. This year is certainly not normal and Callie Dethlefs’ first banking experience was a little unique. She started her internship by handling Paycheck Protection Program (PPP) loan guarantee paperwork for Town & Country Bank in Ravenna.
The rise and spread of the coronavirus has undoubtedly brought significant, unplanned hardships and continued change to the Nebraska banking industry. Every aspect of our personal and professional lives has been directly impacted in one way or another. During this challenging time, we have also witnessed our industry step forward and practice what is engrained in our banking DNA: working tirelessly with our customers to help protect and build wealth and support our communities.
Effective April 24th, 2020 the Board of Governors of the Federal Reserve System (“Board”) did away with a longstanding, and, in the opinion of some, outdated rule in Regulation D. The Interim Final Rule amended Reg. D by deleting the six convenient transfers and withdrawals restriction that has become synonymous with savings accounts.
Security and IT professionals across the world have invested a large amount of time and effort transitioning to a remote workforce. At the start of this transition, much of the time was spent on getting the technology up and running, securing remote access, and finding a way to conduct business as normal (or as close to normal as possible).
Bankers undoubtedly spent the better part of March to May 2020 dealing with stressed, scared and frustrated clients while trying to play mind reader with the SBA. Covid-19 is sure to stress the bank’s loan portfolio as businesses face varying impacts of the health crisis. Larger regional banks likely have a special assets group with bankers trained to deal with these special situations.