Pub15 2020-2021 Issue 3

In response to the potential economic effects of the coronavirus, the OCC, FRB and FDIC (“the agencies”) published an interim final rule on March 20, 2020, proposing to revise the definition of eligible retained income.

If we’ve learned nothing else from the COVID-19 Pandemic, it’s that you may consider yourself a financial institution, but you’re really a technology company. We rely on technology to operate our businesses and support our customers. Imagine where we would be, right now, without technology!

Risk is inherent in any loan. If a borrower defaults on its repayment obligations, the creditor is left searching for alternative avenues of recovery.

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 clearly requires having a well-crafted and tested business continuity plan. For households, the most important preparedness tool may be a well-funded savings account.

NBA Friends:
For several decades, the NBA has directed philanthropic dollars from two different programs, the Nebraska Bankers Educational Foundation (NBEF) and the University of Nebraska NBA Fund through the NBA’s University Foundation Allocation Committee (UFAC), to support higher education in Nebraska. These investments have been made with a focus on students, programs and facilities which directly support the banking industry.