Pub. 15 2020-2021 Issue 3

NEBRASKA BANKERS ASSOCIATION 5 SEPTEMBER/OCTOBER 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 publication are those of the individual authors and do not necessarily 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. 18 8 PRESIDENT’S MESSAGE: MODERNIZING NBA PHILANTHROPIC EFFORTS NBA Friends. For several decades, the NBA has directed philanthropic dollars from two different programs, the Nebraska Bankers Educational Foundation (NBEF) and the University of Nebraska NBA Fund through the University of Nebraska Foundation (UFAC), to support higher education in Nebraska. Richard J. Baier, President and CEO, Nebraska Bankers Association 10 WASHINGTON UPDATE: PERSONAL FINANCE FOR THE PANDEMIC ERA: WHY BANKERS SHOULD DELIVER FIN ED LESSONS TODAY The pandemic has forced many lessons on us, not the least of which is the importance of being prepared. I don’t mean being- well-stocked-on-toilet-paper prepared. Rob Nichols, President and CEO, American Bankers Association 12 COUNSELOR'S CORNER: CO-BORROWER VS. GUARANTOR Risk is inherent in any loan. If a borrower defaults on its repayment obligations, the creditor is left searching for alternative avenues of recovery. Austin S. Graves, Baird Holm LLP 15 EDUCATION CALENDAR 16 TECH TALK: BECOMING A CREDIBLE CHALLENGE FOR INFORMATION SECURITY If we’ve learned nothing else from the COVID-19 Pandemic, it’s that you may consider yourself a financial institution, but you’re really a technology company. Cody Delzer, Vice president / Information Security Consultant - SBS CyberSecurity, LLC 18 COMPLIANCE ALLIANCE: CHANGES TO ELIGIBLE RETAINED INCOME In response to the potential economic effects of the coronavirus, the OCC, FRB and FDIC (“the agencies”) published an interim final rule on March 20, 2020, proposing to revise the definition of eligible retained income. On March 26, 2020, the FRB published an interim final rule which revised the definition of eligible retained income for institutions subject to the FRB’s total loss- absorbing (TLAC) rule. John Berteau, Associate General Counsel for Compliance Alliance