Pub. 10 2015-2016 Issue 3

www.nebankers.org 4 Extraordinary Service for Extraordinary Members. 23 26 SEPTEMBER/OCTOBER 2015 EDITORIAL: The Nebraska Banker seeks to reflect news and information relevant to Nebraska and other news and information of direct interest to members of the Nebraska Bankers Association. Statement of fact and opinion are made on the responsibility of the authors alone and do not represent the opinion or endorsement of the Nebraska Bankers Association. Articles may be reproduced with written permission only. ADVERTISEMENTS: The publication of advertisements does not necessarily represent endorsement of those products or services by the Nebraska Bankers Association. The editor reserves the right to refuse any advertisement. SUBSCRIPTION: Subscription to themagazine, which began bi-monthly publication inMay 2006, is included in membership fees to the Nebraska Bankers Association. 8 7 President’s Message – Growing the “NExt Generation” of Nebraska Bankers The NBA has a long-standing tradition of supporting college students through internships and scholarships. By Richard J. Baier, President & CEO, Nebraska Bankers Association 8 Washington Update – The Dangers of a Captive Regulator The National Credit Union Administration’s latest plan to loosen the reins on credit unions and allow them to veer further from their mission has bankers seeing red. Learn how you can help. By Frank Keating, President & CEO, American Bankers Association 10 NBA Education Calendar 12 Counselor’s Corner – Mortgage Loan Officers: The Classification Debate Continues The classification of mortgage loan officers as exempt or non- exempt under the Fair Labor Standards Act (FLSA) has long been a matter of legal debate. By Gigi O’Hara & Meaghan Gandy, Kutak Rock LLP 14 Security Officer’s By-Word – Reconciling Accounts Prevents Embezzlement and Corrects Errors An embezzler needs three things to embezzle: the ability to create a fraudulent transaction, the ability to transfer funds to the employee, and the ability to hide the missing funds. Find out what your bank can do to protect itself. By Charles M. Towle, KBS President 16 Tech Talk – Six Controls to Defend Against Advanced Persistent Threats (APT) No single control will defend against APT. Find out what you can do to stay ahead of the curve. By Mark Faske, CoNetrix 18 Bert Ely’s Farm Credit Watch – FCS Southwest Finally Reveals Cost of Massive Loan Fraud Learn about FCS loan fraud problems, the new whistleblower guidance, and what the OCC has to say about FCS competition. By Bert Ely, Alexandria, Va. 22 Banking on a Win Banking technology is no different than football. Find out what MVPs you should look for in a banking product. By Tammy Mundt, Automated Systems Inc. 26 Compliance Hot Topics Learn about some of the most interesting developments that have occurred over the past few months. By Silvia Garcia Maggio, Compliance Alliance