February 14, 2023

As we enter 2023, our industry is faced with unprecedented risk management challenges amid rapid technological and competitive changes. Federal and state authorities have recently issued guidance to address paradigm-altering shifts such as climate change, artificial intelligence (A.I.), cryptocurrency, digital and mobile banking, credit models, data security, and more. Financial institutions should understand how these changes could affect their operating model and strategy.

VGM Forbin became an Endorsed Vendor of MIBA this past December. MIBA is pleased to welcome them and is excited about the web, tech, and marketing solutions they can provide community banks.

Mid America Bank Promotes Kremer and Wolfe to Assistant Vice President Mid America Bank announced the promotion of Mindy Kremer to AVP, Internal Auditor, and Kelli Wolfe to AVP, Operations Manager. Mindy Kremer has over 10 years of experience in the auditing and financial industry. In her role, Kremer is responsible for the overall internal

In the past few years, a record number of ransomware attacks have hit the banking industry. Banks, both large and small, continue to be prime targets for cybercriminals due to the large amounts of sensitive customer data they hold.

What’s your choice for the term of the decade so far (that is, other than COVID-19)? In the last three years, a number of expressions have come into fashion, some of which have been worn out, used out of context, and deemed to be a blight on our vocabulary by linguists. I’m sorry to say these may be around for a while. Here are a few:

The Beneficial Ownership Rules (BOR) issued by FinCEN were first proposed as part of the Bank Secrecy Act (BSA). FinCEN’s stated aim was to improve financial transparency and prevent criminals and terrorists from misusing entities to disguise illegal activities. The BOR became effective July 11, 2016 and made mandatory May 11, 2018.

What is your background in the financial industry?
I work out of the MIBA building in Jefferson City and service several clients including MIBA, utilities, and gaming and other age-controlled industries.

The Missouri General Assembly gaveled into the 2023 legislative session on January 4 amid the usual pomp and circumstance. House and Senate leaders lined out their vision for the session, both the House and Senate leaders calling for a change in the initiative petition process to make it harder for Missouri citizens to amend the constitution or statutory laws.

A new year and new Congress always bring a fresh start and an opportunity to refocus. Republicans plan to take full advantage of our new majority and get to work on advancing our priorities that have taken a backseat over the last few years while we were in the minority.