Pub. 16 2021-22 Issue 1

NEBRASKA BANKERS ASSOCIATION 5 MAY/JUNE 2021 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 bimonthly publication in May 2006, is included in membership fees to the NBA. CONTENTS ©2021 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 Each year, the month of May not only shepherds in warmer days, greener grass and thoughts about golf, baseball, boating, etc., but it also brings the start of a new NBA fiscal year. Richard Baier, President and CEO, Nebraska Bankers Association 10 WASHINGTON UPDATE: PERSPECTIVE ON THE PAYCHECK PROTECTION PROGRAM At the end of May, the government’s Paycheck Protection Program is scheduled to come to a close. If Congress does not extend the program, we can expect the “Monday morning quarterbacking” about the program’s impact on the economy, its design and implementation, and its ultimate cost to begin. Rob Nichols, President and CEO, American Bankers Association 12 COUNSELOR'S CORNER: PROACTIVE AFFIRMATIVE DEFENSE LAWS PROTECT COMPANIES FROM LITIGATION In 2013 -2014, the National Institute of Standards and Technology (NIST) adapted the widely used government standards of NIST 800-53 for the private sector by creating and publishing the Cyber Security Framework (CSF). Robert Kardell, Attorney, Baird Holm LLP 16 TECH TALK: SHOULD YOU CONSIDER A VCISO SOLUTION? The strategic use of contracted resources to perform activities traditionally handled by internal staff and resources is a commonly used definition of business outsourcing. Shane Daniel, CPA, CISA, CIA,Information Security Consultant, SBS CyberSecurity, LLC 18 COMPLIANCE ALLIANCE: THE PANDEMIC AND THE CONTINUING SUPERVISORY GUIDELINES On March 9, 2020, the Federal Deposit Insurance Corporation (FDIC) issued guidance encouraging financial institutions to assist customers and communities affected by COVID-19. Kevin Kim, Associate General Counsel, Compliance Alliance 22 PERSPECTIVE ON INFLATION DYNAMICS IN 2021 There is growing concern that the trillions of dollars of stimulus created by governments and central banks to fight the economic fallout of the coronavirus will explode through the economy and cause a surge in inflation in the second half of 2021. Jeffrey Caughron, Managing Director, The Baker Group 24 EDUCATION CALENDAR