Pub. 15 2020-2021 Issue 4

NEBRASKA BANKERS ASSOCIATION 5 NOVEMBER/DECEMBER 2020 EDITORIAL: Nebraska Banker seeks to provide 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 NBA. 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 NBA. The editor reserves the right to refuse any advertisement. SUBSCRIPTION: Subscription to the magazine, which began bi-monthly publication in May 2006, is included in membership fees to the NBA. CONTENTS ©2020 NBA | The newsLINK Group, LLC. All rights reserved. Nebraska Banker is published six times each year by The newsLINK Group, LLC for the NBA 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 publ ication are those of the individual authors and do not necessari ly represent the views of the NBA, 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. Nebraska Banker is a collective work, and as such, some articles are submitted by authors who are independent of the NBA. While Nebraska Banker 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 reprintedwithout prior written permission. For further information, please contact the publisher at 855.747.4003. 12 8 PRESIDENT’S MESSAGE: AND THE VOTES ARE IN Nebraska Banking Friends:Another election year has come and gone. Richard J. Baier, President and CEO, Nebraska Bankers Association 10 WASHINGTON UPDATE: PLAYING THE LONG GAME After months of planning and preparation—and if we’re being honest, a little angst—Americans went to the polls in record numbers in early November to cast their votes in presidential, state and local races. Rob Nichols, President and CEO, American Bankers Association 12 COUNSELOR'S CORNER: LESSONS FROM THE CAPITAL ONE BREACH FOR ALL BANKS Background: Capital One suffered a breach when credit card applications harvested from their server were posted on GitHub. Bob Kardell, Attorney, Baird Holm LLP and Halle Hayhurst, Law Student and Summer Associate, Baird Holm LLP 16 TECH TALK: THE BOARD OF DIRECTORS’ PROACTIVE CYBERSECURITY MINDSET Board of Directors Responsibilities: Financial institutions are economic engines that drive our communities. Jeff Spann, SVP Information Security Consultant/Regional Director - SBS CyberSecurity, LLC 18 COMPLIANCE ALLIANCE: THE RACE IS ON — KEEPING UP WITH THE BSA During normal times, it can be challenging for bankers to get their arms around the regulatory requirements surrounding the Bank Secrecy Act (BSA) and anti-money laundering (AML) regulations. Steve Manderscheid, Compliance Alliance 21 EDUCATION CALENDAR 22 FIGHTING MARGIN COMPRESSION IN TODAY’S RATE ENVIRONMENT How We Got Here: In 2009, some said interest rates had nowhere to go but up. Well, Treasury yields found a way to continue to go down and stay down. The Fed took seven years to increase the funds rate by a quarter point at the end of 2015, then another quarter point increase twelve months later, followed by seven more quarter point rate hikes in 2017 and 2018. Dale Sheller, The Baker Group.