Independent Banker - September 2020 - 47

financial sector was among the most prepared thanks to
this partnership with regulatory agencies. Yet, community
bankers still faced time-sensitive challenges.
Earlier this summer, ICBA sent out a survey to community
bankers asking them to share their biggest concerns for
future exams. The theme was clear: Paycheck Protection
Program (PPP) borrowers that sought smaller business
loans need forgiveness.
Community bankers reviewed and approved a record
number of loans to struggling small business customers,
relying on the small businesses certification that the loan
was necessary. This urgency replaced the methodical and
thorough due diligence process that is the gold standard
of community bank lending. Now community banks and
small business customers are pushing for legislation like
S. 4117, which would create a presumption of compliance
and forgiveness for PPP loans with an original balance of
$150,000 or less based on the borrower's certification
that the funds were used in accordance with the terms of
the program.
Other critical changes that may require the understanding
of regulators include:
ƒ Work from home. Most community banks hadn't
adopted a work-from-home model in large numbers
before the pandemic forced it upon them. When they
had to rapidly shift to a WFH model, many didn't have
the necessary equipment, technology or established
procedures. Yet, they still had a duty to continue
operations while protecting their employees and
customers. In some cases, bringing work equipment or
loan files home or using personal devices for business
purposes was not permitted by acceptable use policies
crafted for a pre-pandemic environment. Regardless,
banks had to move forward. Community banks are now
going back to write or rewrite policies and procedures
and audit their performance to ensure that data
remains safe and employees are compliant.
ƒ Vendor management. Many community banks
had to beef up technology using third-party vendors.
In many cases, community banks didn't have time
for the thorough risk assessments, due diligence,
infrastructure design and contract negotiation that
vendor management requires. They are now having to
go back to perform these risk assessments, monitoring
and due diligence and share the results with the board.
ƒ Loan folders. Some community banks rely on physical
loan folders in addition to digital copies. It's been
difficult to keep these loan folders and other documents
up to date with limited access to bank offices and
interoffice mail. This lack of portability can introduce
ICBA is working with the
regulatory agencies to help
ensure community banks won't
be dinged come exam time for
their herculean efforts to aid
customers and employees.
errors, causing issues with loan folder accuracy even

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Independent Banker - September 2020

Table of Contents for the Digital Edition of Independent Banker - September 2020

Table of Contents
Independent Banker - September 2020 - Intro
Independent Banker - September 2020 - Cover1
Independent Banker - September 2020 - Cover2
Independent Banker - September 2020 - Table of Contents
Independent Banker - September 2020 - 2
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Independent Banker - September 2020 - Cover3
Independent Banker - September 2020 - Cover4
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