the financial institution tax. FCS and federally chartered CUs obviously do not do their fair share to support important public services like education and safety. These arguments seem to really resonate with both students and educators. Unfortunately, students and educators often reference and believe the misguided marketing suggesting that online lenders deliver financial products faster and at a lower cost. Nebraska banks routinely demonstrate that those marketing campaigns by online lenders are simply that, marketing, not actual performance. Educators who have experienced a hail claim during this summer’s storms, for example, know firsthand the importance of having a Nebraska bank at the center of getting their insurance claim finalized! Or, how about those recent college graduates trying to buy their first home without a strong credit score or a consistent income stream? Nebraska banks will work diligently with these young people to make their dreams a reality! Discussions with students about the role of cryptocurrency and digital assets in the financial system are also very enlightening. A show of hands by students during a recent University of Nebraska Omaha College of Business presentation showed that every student in the class owned some level of cryptocurrency. I always work to bring our discussions back to the importance of how Nebraska bank deposits provide safety and security not offered in the crypto space. After the recent cryptocurrency price decline, I suspect future conversations about this topic will change drastically. We know COVID impacts and new technologies will continue to foster the emergence and evolution of our nonbank competitors. Therefore, it is paramount that each bank and banker take every opportunity to educate and inform customers of all ages and elected officials about the strength, stability and commitment of Nebraska’s banks to the future success of our customers, communities and state. We need to keep beating the drum! A show of hands by students during a recent University of Nebraska Omaha College of Business presentation showed that every student in the class owned some level of cryptocurrency. NEBRASKA BANKERS ASSOCIATION 9
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