August 4, 2021

Vaccinations have become a top priority for businesses across the country as more employees are beginning to return to the workplace, and community banks have been no exception. If you have not started to plan already, now is the time to think through how to best bring your employees back.

There are so many ways to violate TRID. Mastering the content requirements (knowing what to put where) is difficult for even the most seasoned compliance professional and is the source of numerous violations. Conquering the timing requirements (knowing when to give what) seems to be a much easier assignment, but it too causes numerous violations. When it comes to what information to include in disclosures and in which section, there are many gray areas, too much, in fact. However, the regulations are a lot more black and white when it comes to giving the disclosures.

The Federal Reserve’s development of its instant payment infrastructure, the FedNow Service, is making “good progress,” according to FedNow Program Executive Kenneth Montgomery. The industry-wide launch timeline has moved up to 2023, and the pilot program has started with various financial industry players as participants, including PCBB. FedNow will increase the instant payment service options for financial institutions and their customers.

At the end of May, the government’s Paycheck Protection Program ended. If Congress does not extend the program, we can expect the “Monday morning quarterbacking” about the impact of the program on the economy, its design and implementation, and its ultimate cost to begin. Those are appropriate questions to ask as we consider the lessons learned from the nation’s response to the coronavirus pandemic.

The debate surrounding the credit union tax subsidy has taken a lot of twists and turns over the past 25 years, but banks scheming with credit unions to divert the credit union tax subsidy into the pockets of bank shareholders is not something I saw coming.