Pub15-2020-2021-Issue5

NEBRASKA BANKERS ASSOCIATION 5 JANUARY/FEBRUARY 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 bi-monthly 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. 16 8 PRESIDENT’S MESSAGE: FINANCIAL EDUCATION IS KEY We know that poor financial decision making can lead to extreme personal and professional hardships. Richard J. Baier, President and CEO, Nebraska Bankers Association 10 WASHINGTON UPDATE: COVID-19 TURNS ONE: LESSONS LEARNED FROM A GLOBAL HEALTH CRISIS As impossible as it is to believe, we have been living in a global pandemic for an entire year. Rob Nichols, President and CEO, American Bankers Association 12 COUNSELOR'S CORNER: OFAC GUIDANCE ON RANSOMWARE PAYMENTS On Oct. 1, 2020, the Office of Foreign Asset Control (OFAC) issued guidance on the payment of ransoms for victims of ransomware to recover from an attack. Bob Kardell, Attorney, Baird Holm LLP and Halle Hayhurst, Law Student and Summer Associate, Baird Holm LLP 16 TECH TALK: TOP SIX CONTROLS TO MITIGATE A RANSOMWARE ATTACK Compating a ransomware scenario can be intense and stressful, so most organizations agree that it is better to stop the attack from happening in the first place. Kelley Criddle, Information Security Consultant,SBS CyberSecurity, LLC 18 COMPLIANCE ALLIANCE: AML/BSA REFORM IS ON THE HORIZON The reason for hope is the section within the legislation dedicated solely to improvements to anti-money laundering rules. Steve Manderscheid, Compliance Alliance 20 EDUCATION CALENDAR 21 MEET THE NEWMEMBERS OF THE NEBRASKA LEGISLATURE The Nebraska Legislature includes eight new faces this year, as the first session of the 107th Legislature convened Jan. 6, 2021 22 MUNICIPAL CREDIT UPDATE: REVISITING THE PANDEMIC’S EFF ECT ON MUNICIPAL CREDIT RISK “The potential impact of the COVID-19 pandemic on the City cannot be quantifi ed at this time, but the continued outbreak of COVID-19 could have an adverse effect on the City’s operations and financial condition.” Dale Sheller, The Baker Group.