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Compliance

The ‘Brexit’ Effect

U.S. companies and banks doing business abroad should be prepared.

By Michael Salerno

As the economy recovered from the financial crisis of 2008, many U.S. companies expanded to the United Kingdom as a way to reach the European Union market, either by exporting, using a U.K. distributor or setting up operations there. Such expansion was a relatively easy move, thanks to a common language and similar banking and legal systems.

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The Newly Legalized Hemp Industry

Opportunities arise for farmers and ag lenders from the 2018 farm bill.

By Whitt Steineker and Jared Batte

Hemp, one of the nation’s oldest and most versatile crops, is poised for a resurgence following the passage of the 2018 farm bill. That legislation codifies the distinction between hemp and marijuana and removes hemp from the scope of the Controlled Substances Act. This should be a welcome development for agricultural lenders — who have largely avoided any association with hemp for decades — as it will allow them to access a now-legal industry that is expected to generate billions of dollars of potential deposits in the next few years.

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CECL Progress Is Being Made, but Will It Be in Time?

As the compliance dates for CECL near, progress is being made across the board, but not fast enough, according to CECCl experts. This was the overarching finding of Austin, Texas-based Abrigo’s 2019 CECL Survey. The survey gauged financial institutions’ preparedness for the upcoming transition to the current expected credit loss standard.

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Make the ALCO Process Meaningful, Not a Checkbox!

By Lonnie Harris

We are fortunate enough to work with many community banks in several states. We lead or participate in asset/liability committee meetings almost every single day and are constantly working with bankers to prepare and respond to examiners’ very detailed questions. While helping bankers meet their regulatory requirements is satisfying, it is far more rewarding to help bankers efficiently manage their banks.

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Banking Cannabis Demands High-Level Compliance Scrutiny

By Mike Kennedy

While cannabis remains illegal at the federal level, more than 30 states have legalized retail sales through medical and/or recreational programs. Regardless of political, personal or moral stance, it’s difficult for anyone to deny the very real momentum generated by the emerging legal cannabis industry. U.S. legal cannabis sales reached $10.8 billion in 2018 and continue to grow at a compound annual growth rate of over 20 percent. This meteoric rise in a few short years shows no signs of slowing down, as U.S. demand for cannabis continues to outpace state-sanctioned cannabis programs. Despite such impressive figures, there is one significant hurdle holding this industry back: the lack of access to banking.

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