The Meek … Inherit a Prominent Place in Bond Portfolios INNOVATION STATION Making the Case for Responsible Innovation OFFICIAL PUBLICATION OF THE COMMUNITY BANKERS OF WASHINGTON SUMMER 2024
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Contents 4 FLOURISH Remaining Nimble Against a Litany of Regulation By Rebeca Romero Rainey, President and CEO, ICBA 5 Congratulations Community Bankers of Washington 2024 LeadFWD Scholarship Award Recipients 6 INNOVATION STATION Making the Case for Responsible Innovation By Charles E. Potts, Executive Vice President and Chief Innovation Officer, ICBA 8 ATM Terminal Security By Levi Daily, CTO, Cook Solutions Group 10 The Meek … Inherit a Prominent Place in Bond Portfolios By Jim Reber, President and CEO, ICBA Securities 12 DFI Fraud Prevention Campaign 2024 “$10 Billion Reasons” By DFI 14 Unlocking Liquidity & Balance Sheet Optimization By Dean DeVos, Managing Director of Banking & Trust Services, R&T Deposit Solutions 16 2024 CBW Convention & Trade Show September 10-13 17 Convention Agenda 18 Convention Sponsors 19 Independent Banker A Community Banking Podcast From ICBA SUMMER 2024 ©2024 Community Bankers of Washington | The newsLINK Group LLC. All rights reserved. Currency is published by The newsLINK Group LLC for CBW and is the official publication for this association. The information contained in this publication is intended to provide general information for review, consideration and education. The contents do not constitute legal advice and should not be relied on as such. If you need legal advice or assistance, it is strongly recommended that you contact an attorney as to your circumstances. The statements and opinions expressed in this publication are those of the individual authors and do not necessarily represent the views of Community Bankers of Washington, its board of directors, or the publisher. Likewise, the appearance of advertisements within this publication does not constitute an endorsement or recommendation of any product or service advertised. Currency is a collective work, and as such, some articles are submitted by authors who are independent of Community Bankers of Washington. While Currency encourages a first-print policy, in cases where this is not possible, every effort has been made to comply with any known reprint guidelines or restrictions. Content may not be reproduced or reprinted without prior written permission. For further information, please contact the publisher at (855) 747-4003. OFFICERS CHAIRMAN John Manolides Commencement Bank CHAIRMAN ELECT Jim Arneson Community First Bank VICE CHAIRMAN Josh Deck Olympia Federal SECRETARY/TREASURER Leanne Antonio Yakima Federal PAST CHAIRMAN Tony George Kitsap Bank ICBA STATE DIRECTOR Denise Portmann Bank of the Pacific PRESIDENT/CEO Kathy Swenson DIRECTORS Dwayne Aberle Security State Bank Susan Dumontet 1st Security Bank of Washington Dean Brydon Timberland Bank Greg Deckard State Bank Northwest Rick Darrow Liberty Bank Russ Keithley Coastal Community Bank Dan Cox Riverview Bank Jolene Riggs Baker Boyer Bank Neil Zick Twin City Bank Mike Wilson RiverBank (360) 754-5138 www.communitybankers-wa.org CURRENCY | 3
BY REBECA ROMERO RAINEY, PRESIDENT AND CEO, ICBA FLOURISH Remaining Nimble Against a Litany of Regulation Flexibility: It’s one of the characteristics that sets our community banks apart, enabling us to meet the needs of distinct communities in unique ways. However, the converse of flexibility is rigidity, and unfortunately, regulation fits that definition and hampers the ability of community banks to meet the individual needs of our communities. The more than 7,000 pages of new regulations that have been thrust upon us over the past year enforce a one-size-fits-all approach to banking. Not only do community banks need to ingest and decipher new guidance and then apply it to their business operations; they also must consider halting certain actions or offerings for fear of running afoul of a new regulatory model or requirement. In the end, it is the consumer and small-business owner who lose out because of it. That’s why ICBA continues to fight for tiered regulation. It’s not about trying to buck guidance, but rather seeking to ensure appropriate regulation that provides suitable safeguards while retaining flexibility. Proportionate regulation will allow community banks to continue their strong record of safety, soundness and adherence to compliance standards, while enabling the nimbleness necessary to serve their communities. Fortunately, opportunities exist for us to demonstrate the importance of tiered regulation. Consider the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA) review process. This effort offers a way for bankers to identify where regulatory burden is disproportionate to the cost of its management, and it opens the opportunity to say, “Here are areas that are impacting our ability to serve our customers.” Whether derived from a regulation’s implementation costs or adverse effect on customers, we must continue to serve up examples so policymakers understand the downstream implications of regulations. So, keep sharing your stories with us as we keep you informed about the EGRPRA process through NewsWatch Today and our social media channels. It’s not about trying to buck guidance, but rather seeking to ensure appropriate regulation that provides suitable safeguards while retaining flexibility. 4 | CURRENCY
WHERE I’LL BE THIS MONTH I’m taking time this month to visit a few of our members to gain insights and firsthand accounts of the influence regulatory burdens have on their customers and communities. As you read this issue, I also encourage you to think not just about the cost of compliance in your bank, but how onesize-fits-all constraints negatively affect your ability to serve your communities. Share that feedback with ICBA and your regulators because your voice matters. We continue to see examples of new rules that include exemptions for community banks to allow for greater flexibility, precisely because we have effectively demonstrated the negative impacts of excessive regulatory burden. As we look to the future, we intend to build upon that solid foundation and seek out tiered regulation, one nimble step at a time. CURRENCY | 5
Making the Case for Responsible Innovation INNOVATION STATION The rapid pace of today’s financial services landscape pulls community banks in varied directions. You must balance technology upgrades with budgetary constraints and identify your bank’s pressing priorities. And as you look to evolve technology stacks, products and services to meet growing demands, I recommend keeping this point in mind: The best strategy is to invest in responsible innovation. Responsible innovation speaks to a walk-before-you-run mindset, identifying the combinations and permutations of innovation that will be the most beneficial and the least disruptive. You enjoy a unique, relationship-oriented business model that’s sacred, and it remains an attribute that needs to be guarded. So, seek out a way to move the innovation process forward with minimum impact on the qualitative nature of the relationship. BY CHARLES E. POTTS, EXECUTIVE VICE PRESIDENT AND CHIEF INNOVATION OFFICER, ICBA 6 | CURRENCY
THE FIRST STEP The good news: There are plenty of ways to begin the journey without clientfacing effects. Over the past few years, we have found that the back office offers an easier starting point for most banks. That’s why providers like HuLoop Automation, from our sixth ThinkTECH Accelerator cohort, have resonated. Leveraging HuLoop’s robotic process automation (RPA) tools to create more efficient back-office processes and eliminate historically redundant, manual ones frees up time to focus on the customer relationship. By starting with back-office solutions, you can also minimize your initial investment and the impact on day‑to‑day operations, while also allowing for measurable improvements. This approach will create space for course adjustments as necessary, grounded in a lean, agile method that sets out to hypothesize, test, measure, review, refine and repeat. FUTURE CONSIDERATIONS Once you’ve taken that first step, I encourage you to continue on the path toward responsible innovation. Lending may be the pinnacle of innovation success with the most potential for complexity, but it also holds the biggest opportunity to find efficiencies and apply fresh solutions. In fact, our most recent ThinkTECH Accelerator cohort offers solutions that carry all the way through to risk mitigation with the likes of RiskScout, a cloud-based tool to help you manage BSA/AML compliance and regulatory challenges, and more efficient client-facing experiences like the solutions of Savvi AI, which helps you build, launch and manage AI apps for the end-to-end lending (or other) process. So, as you read more about lending, do it with an eye toward what’s to come. Think about how you can best prepare for the opening of the lending floodgates, as customers get more comfortable with the new norm of interest rates. Don’t wait and see — take this time to invest in responsible innovation and get the foundational elements in place to better position your institution for the future. Charles E. Potts is ICBA’s executive vice president and chief innovation officer. Potts drives ICBA’s innovation initiatives and financial technology strategies. Responsible innovation speaks to a walk-before-you-run mindset, identifying the combinations and permutations of innovation that will be the most beneficial and the least disruptive. CURRENCY | 7
ATM Terminal Security BY LEVI DAILY, CTO, COOK SOLUTIONS GROUP There has been a recent uptick in ATM attacks across the United States, particularly in multiple Western states. In many of these attacks, criminals have utilized never-before-seen ATM skimming devices and new methods. In an era where digital transactions are omnipresent, ATM and ITM terminals have become prime targets for sophisticated criminal activities. Fraudulent schemes, including skimming, phishing, physical attacks and software hacking, are on the rise, posing significant threats to the security of financial transactions and personal data. The complexity and variability of these threats demand a security solution that is not only comprehensive but also adaptable to the evolving landscape of financial crime. There are new and unique approaches against multiple types of ATM fraud. New strategies extend beyond traditional surveillance, incorporating real-time monitoring, intelligent analytics and proactive threat detection. The best approach is based on a layered security strategy that addresses various vulnerabilities, including: • Hook & Chain, Physical Attacks: Fortify terminals against brute force attacks aiming to extract cash. • Reg E Claims: Support compliance with Regulation E by providing evidence and transaction verification to resolve disputes. • Software Vulnerabilities: Utilize AI-based endpoint security to shield the ATM operating system from malware and other cyber threats. • Data Compliance: Ensure the confidentiality and integrity of data stored on terminal hard drives using hard drive encryption. • Card Skimming, Deep Insert and Cash Harvesting: Prevent unauthorized data capture and cash removal from terminals. • Terminal Jackpotting: Guard against unauthorized software manipulation aiming to dispense cash fraudulently. • Cash Dispensing and Cash Trapping: Secure dispensing mechanisms from tampering and unauthorized cash-trapping devices. • Transaction Reversal Fraud (TRF): Protect against manipulation techniques that reverse transactions to withdraw cash. • Man-in-the-Middle (MITM) Attacks: By placing a device between the ATM and the host, attackers pursue objectives such as interception, eavesdropping, modification and impersonation. There are even new cellular options available for remote sites and kiosks with secure VPNs. 8 | CURRENCY
With today’s technology, ATM screen recording, strategic surveillance using overhead and ATM cameras, along with a dedicated cash dispensing camera, collaborate seamlessly to offer robust protection and valuable insights. With ATM fraud up nearly 100%, this problem isn’t going away. The laundry list of types of ATM/ITM fraud stated previously continues to happen across the U.S. and by using new technology, automation, object detection and more, banks can protect themselves with a layered approach. CURRENCY | 9
The Meek … Inherit a Prominent Place in Bond Portfolios There are a whole lot of anomalies in community banking in the waning stages of this restrictive Fed cycle. One of the overriding themes is the sheer duration of the process. We’re now fully one year past the last tightening, which has left the effective overnight rate at 5.375% since July 2023, and given rise to the “higher for longer” sound bite. The past six tightening cycles have averaged well under a year between the last hike and the first ease. We will be soon approaching another record: the longest-ever pause between the last hike and the first cut is 15 months, from June 2006 to September 2007. There are myriad implications on community bank operations from this year-plus hibernation. Being a representative of the broker-dealer industry, I’d like to point out the attractive yields available in most any investment sector that banks care about. Baked into this decadent batter, however, are three obstacles for portfolio managers. HILLS TO CLIMB The first is this persistently inverted yield curve, which is now more than 2 years old. This makes decision-making dicier: Extend, and forego current income for future total return benefits, or stay short and invest at today’s higher yields, and accept some reinvestment risk? The second is the still-to-be-determined outcome of the great deposit shuffle, which really began with Silicon Valley Bank’s demise in March 2023. The disintermediation of core deposits continues. Many community banks have, for the first time ever, entered the brokered deposit market. FHLBank system advances nearly tripled between March 2022 and March 2023, from $375 million to $1.04 trillion. The third is the hefty unrealized losses as quantified in the AOCI account at virtually all depositories. As of the end of June, those losses are still in the neighborhood of 12% of face value. This number has actually gotten a bit worse since the Fed hit the pause button, as yield spreads have remained historically wide and the effect of the inverted curve has taken root. SIMPLY ELEGANT Here’s what estimable investment managers have noticed: It can pay to rid oneself of option risk. That’s a complicated way to say that the simplest bonds may have the best relative value in mid-2024. So far this year, a large BY JIM REBER, PRESIDENT AND CEO, ICBA SECURITIES 10 | CURRENCY
The current appeal of treasuries and agencies is due to the nominal yields, which investors sense may be short-lived. percentage of bonds purchased by community banks have been treasury and non-callable (“bullet”) agencies. This may be the first year in a generation for high-performing portfolios to hold more treasuries than municipal bonds. The current appeal of treasuries and agencies is due to the nominal yields, which investors sense may be short-lived. Add to this the lock-in benefits of a bond that cannot be redeemed early, and you’ve got a winner. Many portfolio managers are building in some future ability to swap out of these highly liquid instruments for others with better market yields once the yield curve assumes its normal shape. Also, munis continue to be prohibitively expensive for C Corporations. Investment grade tax-frees trade at levels that are “through the curve” (i.e., lower than treasuries) for most maturities out to 10 years. BORN TO RUN Mortgage-backed securities (MBS) continue to play a significant role for community bank balance sheets. In aggregate, MBS still comprise the majority of all positions in bond portfolios. The runup in their sector weightings took place between 2019 and 2021, and as a group their unrealized losses are well over 10%. Those positions are paying down at a torturously slow pace as new mortgage rates remain elevated. Still, their appeal in the current market stems from the ready supply of product at prices deeply discounted to par. One day, there could be an acceleration of refinance activity, and MBS with purchase prices in the mid-to-low 90s will show a big bump in book yields if mortgage rates drop 200 basis points (2%). A popular example is the “Hybrid ARM.” Hybrids are issued by your favorite government-sponsored enterprises (GSE), namely Fannie Mae, Freddie Mac and Ginnie Mae. They have 30-year amortization periods, and a fixed rate period between three and 10 years that you can pick. After the “roll date,” the remaining face value will float annually. And this: they’re available at well over 5% yields, and no premium risk. BEST NEWS YET We have established that the highestyielding bond portfolios have a healthy dose of the most simplistic bonds. What else is a departure from convention is that the shorter the collection of investments, the better the performance. According to Stifel, as of June 30, the top quartile portfolios have an effective duration of only 3.5 years. The bottom quartile’s duration is a full year longer and has tax-equivalent yields that are exactly one-half of the top 25%’s: 3.87% versus 1.94%. There will be a day when investment fundamentals will normalize. Positively sloped curves, for example, will force managers onto a different branch of the decision tree. However, for the time being, less is more, and simple delivers relative value. Jim Reber (jreber@icbasecurities.com) is president and CEO of ICBA Securities, ICBA’s institutional, fixed-income broker-dealer for community banks. CURRENCY | 11
DFI Fraud Prevention Campaign 2024 “$10 Billion Reasons” BY DFI As a regulatory agency, the Washington State Department of Financial Institutions knows all too well how quickly people can be defrauded out of their hard‑earned dollars. We see it in the consumer complaints pursued by our enforcement and investigations units. When the FTC issued their data earlier this year indicating $10 billion was lost in America to fraud in 2023, it reinforced the concern we have about consumers not knowing how to identify, prevent and report financial fraud and scams to DFI and other regulatory agencies. In response, DFI embarked on the process of launching a statewide advertising endeavor we’ve dubbed the “$10 Billion Reasons” campaign. We worked with a marketing firm to develop a single tagline — “$10,000,000,000 lost to fraud in 2023” — with the call to action, “Identify. Prevent. Report,” and a single landing page, www.dfi.wa.gov/10B, that was easy to remember and easy to get to. Each of the pages tied to the three action items that provide easy-to-understand, easy-to-do, and easy‑to‑access information and complaint forms. In fact, we are using this 12 | CURRENCY
What we know from data from the U.S. Justice Department is that only about 15% of consumers who fall prey to scammers report the crime. news sites and more — we are hoping to drive home the message that fraud is expensive and help consumers learn how to identify, prevent and report it to DFI. The campaign is designed to reach multiple demographics: millennials, Gen X, boomers, Spanish speakers and Asian communities. All advertisements will drive viewers/listeners to a landing page on DFI’s website — www.dfi.wa.gov/10B. This landing page will lead viewers to detailed information about the statistics related to financial fraud — including what scams target which demographics most often, how to identify fraud, how to prevent fraud and how to report it. The web pages also will have details on a variety of emerging fraud forms — including pig butchering, romance scams, crypto scams, investment scams and more. DFI is providing a single entry point short complaint form linked on this landing page, making it easy for consumers to file a complaint with DFI. If the complaint is not within our authority to investigate, we will share the complaint with the appropriate agency/entity. We are hopeful and anticipate analytics will indicate far‑reaching and robust efficacy, which will be borne out by an increase in complaints filed and visits to the pages. Lock in fixed 9% returns for your bank today Beat Treasury yields by 435 bps with our low-risk credits Through the first nine weeks of 2024, community banks have already purchased $500 million of BHG’s low-risk credits. Our fixed 9% rates are twice as high as 5-yr. Treasury yields, and our loans feature the highest credit quality in our history. Don’t wait for the Fed to lower rates. Expand your bank’s margins and interest income starting today. Scan to learn more at BHGLoanHub.com Earn 9%+ Keith Gruebele 954.263.6399 kgruebele@bhg-inc.com Contact your representative: OR campaign to launch a new, shorter, more user-friendly single point-of-entry complaint form for consumers to get more people to file complaints when they have problems. What we know from data from the U.S. Justice Department is that only about 15% of consumers who fall prey to scammers report the crime. That means the $10 billion lost is significantly more. Utilizing a variety of media, including billboards, movie theater screen ads, radio, streaming, social media, print media, online CURRENCY | 13
Unlocking Liquidity & Balance Sheet Optimization BY DEAN DeVOS, MANAGING DIRECTOR OF BANKING & TRUST SERVICES, R&T DEPOSIT SOLUTIONS In today’s competitive banking landscape, the strategic allocation of resources is crucial for determining a financial institution’s resilience, profitability and capacity for growth. A key aspect of this strategy involves the optimal use of collateral for regulatory and commercial purposes, as well as accessing liquidity. Traditionally, banks have set aside excess collateral to provide principal protection for uninsured balances in deposit relationships. While effective in addressing the investment policy needs of customers, the increasing opportunity cost of holding collateralized deposits has led bank treasurers to seek alternatives for using high-quality liquid assets. One viable option for banks is to shift collateralized deposits into insured deposit placement programs like the Demand Deposit Marketplace® (DDM®) Program administered by R&T Deposit Solutions.1 The DDM Program is an automated daily cash sweep service that allows a bank to send, receive or reciprocate deposits, providing high flexibility and balance sheet management. It also offers the bank’s customers access to an expanded level of deposit insurance coverage on their deposits through a network of participating FDIC-insured receiving institutions. A bank can participate as a “send-only,” “receive-only” or “reciprocal” institution, with the ability to adjust the level of deposits on its balance sheet at any time. FLEXIBILITY Transitioning collateralized deposits into FDIC-insured cash sweep programs grants banks greater flexibility in managing liquidity. Instead of locking funds in collateralized assets, banks can allocate resources to areas offering competitive returns or aligning better with strategic objectives. This adaptability enables banks to respond more effectively to changing market conditions, regulatory requirements and customer demands. DIVERSIFYING FUNDING SOURCES Redirecting liquidity from collateralized deposits allows banks to diversify their revenue streams by exploring alternative deposit opportunities. This can involve investing in new market segments, funding innovative projects or forming strategic 14 | CURRENCY
partnerships. Leveraging freed-up liquidity enables banks to pursue a broader range of income-generating activities, enhancing revenue potential and mitigating risks associated with overreliance on traditional banking products, such as the risk of uninsured deposits. COST REDUCTION Collateralized deposits often incur administrative costs related to managing and monitoring collateral, conducting valuations and ensuring regulatory compliance. Reducing reliance on such deposits can streamline operational processes and generate cost savings. Additionally, freeing up liquidity can lessen the need for more expensive funding sources, such as wholesale funding or interbank borrowing. REGULATORY REQUIREMENTS AND RISK MANAGEMENT Regulatory frameworks governing collateralized deposits impose strict requirements on asset valuation, collateral adequacy and reporting standards. By diversifying funding sources and reducing exposure to collateralized assets, banks can lower their collateral regulatory burdens and associated costs. A more diversified funding base also enhances resilience to market shocks and systemic risks. COMPETITIVE RATES FDIC-insured cash sweep programs allow banks to offer competitive rates on deposits, daily liquidity, the convenience of a single bank relationship and access to expanded FDIC deposit insurance coverage. These programs automatically sweep excess cash balances from customers’ deposit accounts into interest-bearing accounts across a network of participating banks. Unlike collateralized deposits with fixed or predetermined rates of return, cash sweep programs typically offer variable rates tied to market conditions. This flexibility enables banks to capitalize on interest rate fluctuations and optimize returns on liquidity. For a bank utilizing the reciprocal feature of the sweep program, the bank maintains control over the rates offered to its customers. CONCLUSION The benefits of reducing collateralized deposits and freeing up liquidity extend beyond immediate financial gains. By embracing this strategic approach, banks can achieve enhanced flexibility, improved capital efficiency, diversified revenue streams, cost reductions, strengthened customer relationships and reduced regulatory burdens. As the banking landscape continues to evolve, optimizing liquidity will remain a cornerstone of sustainable growth and competitive advantage in the industry. Legal Disclosure: Visit rnt.com/about/receiving-institution-lists for R&T’s list of receiving institutions. R&T is not an FDIC-insured institution. FDIC insurance only covers the failure of an FDIC-insured institution. Certain conditions must be satisfied for FDIC pass-through deposit insurance coverage to apply. For more information, contact Dean DeVos, managing director of Banking & Trust Services at R&T Deposit Solutions, at (212) 830-5367 or ddevos@rnt.com. Sources 1. The DDM Program is administered by Stable Custody Group II LLC, which is an affiliate of Reich & Tang Deposit Networks LLC (d/b/a R&T Deposit Solutions). CURRENCY | 15
2024 CBW Convention & Trade Show September 10-13 TULALIP RESORT Tulalip, Washington
Convention Agenda TUESDAY, SEPT. 10 American Whiskey Experience WEDNESDAY, SEPT. 11 CBW Golf Tournament Gleneagle Golf Course Welcome Reception & Trade Show Dinner Leading Teams to Thrive Under Pressure Keynote Speaker Dr. Dan Diamond THURSDAY, SEPT. 12 Profitability & the Efficient Use of Capital Michael Benedict, ICBA Securities/Stifel OMG Am I In Sales? Tom Miller, Shazam CSBS & DFI Updates Charlie Clark and Roberta Hollinshead BREAKOUT SESSIONS Session A — The Next Digital Wave: Evolving Expectations in Retail Banking Matt Herren, CSI Session B — WA State Collateral Support Program Patti Kibbe, Evergreen Business Capital Lunch with a Guest Speaker Your Voice in D.C. Alice Frazier, ICBA Trends, Lessons & Best Practices for Insuring Your Bank Brent Heilesen and Anne Lund, Propel Insurance Evolution & How to Manage the Risk of Being Different Eric Sprink, Coastal Community Bank Trade Show & Silent Auction Dinner The Magic Dude Shawn Preston FRIDAY, SEPT. 13 CBW Annual Meeting Loan Portfolio Management in Today’s Evolving Landscape Dustin Morris, CLA Payments Fraud Trends: New Ways to Attack an Old Foe Rebecca Kruse, ICBA Payments Making Noise in Washington State Brad Tower, Tower Ltd. Prize Drawings Must be present to win. https://web.communitybankers-wa.org/ events/CBW-Annual-MembershipConvention-Trade-Show-2024-3103/ register?entityDomainId=1&secure=True REGISTER TODAY! CURRENCY | 17
DIAMOND PLATINUM GOLD SILVER BRONZE CORPORATE Convention Sponsors Propel Insurance • R&T Deposit Solutions • Corrigan & Company Compliance Services Group LLC • UBB • CSI Driftmier Architects • Community Bankers Webinar Network PCBB • PortX • Evergreen Business Capital Keenan & Associates • ICBA Securities/Stifel Celero • Keefe, Bruyette & Woods 18 | CURRENCY
Independent Banker A COMMUNITY BANKING PODCAST FROM ICBA icba.org/podcast LISTEN IN Your host, ICBA Chief Innovation Officer Charles Potts, speaks candidly with community banking leaders to glean actionable insights and inspiration on everything from managing talent and advocacy to the demands of the evershifting financial technology landscape. HEAR COMMUNITY BANKERS: • Talk about their experiences advocating for the community banking industry, innovating in ways big and small, and educating bank staff to ensure they have the skills they need to thrive. • Share their personal journeys in banking and how they have evolved professionally. • Speak openly about the industry—it’s future and evolution. PRESENTING SPONSOR
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