Independent Banker - September 2023 - 57
Deposit Insurance Corporation
Improvement Act of 1991. The bank
wanted to give itself enough time
to get all the necessary pieces in
place and do a full year's dry run,
well before the requirements set in,
Kloch says.
Sometimes community banks hit
new thresholds because of organic
growth, but at other times, it's due to
an acquisition.
That was the case when CorTrust
Bank in Mitchell, S.D., bought First
Minnesota Bank in August 2019,
bringing the combined entity to
more than $1 billion in assets. To
get a jump start, the bank started
looking in early 2019 at what the
new threshold would require, and
this process continued in the 16
months after, says Amy Johnson,
vice president and retail operations
manager at CorTrust Bank, which
now has $1.6 billion in assets.
Expect a labor-intensive process
When preparing to reach a new
threshold, there can be a lot of
moving pieces, says Christina HuntFuhr,
senior director of Klaros Group,
a consulting firm that advises banks
on regulatory issues. Getting the
essential details and any wrinkles
ironed out takes time and staff
commitment.
Points to consider include the labor
involved with transitioning to a new
threshold. Staff members may be
performing double duties, or it could
mean hiring more employees, which
can also take time to find:
* New or additional vendors to
make compliance's job more
streamlined
* Any additional training that
needs to happen, as well as who
will need that training and how it
will be accomplished
* What additional monitoring and
controls will be necessary and
what additional data will need to
be tracked
* What procedures need to be
changed and who is responsible
independentbanker.org // 57
More from ICBA
Looking toward the $1 billion mark? Watch for 2024
dates to be announced soon for Community Banker
University's FDICIA Seminar. This will be hosted in a
virtual format; registration will open soon.
Banks in the $7 billion to $8 billion range have to plan
for even more or different types of regulation once
they reach $10 billion, such as examination by the
Consumer Financial Protection Bureau (CFPB).
This shift requires even more advanced planning,
says Timothy Burniston, senior advisor of regulatory
strategy at Wolters Kluwer. They'll need a minimum
of a few years to prepare, which includes becoming
familiar with how the new regulator is going to
operate, its expectations, how its supervisory
approach might differ from other regulators the bank is
accustomed to, and asking clarifying questions.
" Getting a good sense of the expectations will help
you in the planning process so you can see what you
need to do and decide how much time it will take you
to do it, " Burniston says.
Additionally, as organizations grow, regulators
become more particular about senior management
and board involvement. Compliance management
also becomes more closely scrutinized, and bigger
banks need to be especially mindful to have
appropriate controls for mitigating risk and reporting
to management.
There may be additional technology and staffing
considerations. These are areas regulators tend to
focus on regardless of size, but " the larger a bank
gets, all these things just become [that] much more
intensified, " Burniston says.
http://www.independentbanker.org
Independent Banker - September 2023
Table of Contents for the Digital Edition of Independent Banker - September 2023
Contents
Independent Banker - September 2023 - Cover1
Independent Banker - September 2023 - Cover2
Independent Banker - September 2023 - Contents
Independent Banker - September 2023 - 2
Independent Banker - September 2023 - 3
Independent Banker - September 2023 - 4
Independent Banker - September 2023 - 5
Independent Banker - September 2023 - 6
Independent Banker - September 2023 - 7
Independent Banker - September 2023 - 8
Independent Banker - September 2023 - 9
Independent Banker - September 2023 - 10
Independent Banker - September 2023 - 11
Independent Banker - September 2023 - 12
Independent Banker - September 2023 - 13
Independent Banker - September 2023 - 14
Independent Banker - September 2023 - 15
Independent Banker - September 2023 - 16
Independent Banker - September 2023 - 17
Independent Banker - September 2023 - 18
Independent Banker - September 2023 - 19
Independent Banker - September 2023 - 20
Independent Banker - September 2023 - 21
Independent Banker - September 2023 - 22
Independent Banker - September 2023 - 23
Independent Banker - September 2023 - 24
Independent Banker - September 2023 - 25
Independent Banker - September 2023 - 26
Independent Banker - September 2023 - 27
Independent Banker - September 2023 - 28
Independent Banker - September 2023 - 29
Independent Banker - September 2023 - 30
Independent Banker - September 2023 - 31
Independent Banker - September 2023 - 32
Independent Banker - September 2023 - 33
Independent Banker - September 2023 - 34
Independent Banker - September 2023 - 35
Independent Banker - September 2023 - 36
Independent Banker - September 2023 - 37
Independent Banker - September 2023 - 38
Independent Banker - September 2023 - 39
Independent Banker - September 2023 - 40
Independent Banker - September 2023 - 41
Independent Banker - September 2023 - 42
Independent Banker - September 2023 - 43
Independent Banker - September 2023 - 44
Independent Banker - September 2023 - 45
Independent Banker - September 2023 - 46
Independent Banker - September 2023 - 47
Independent Banker - September 2023 - 48
Independent Banker - September 2023 - 49
Independent Banker - September 2023 - 50
Independent Banker - September 2023 - 51
Independent Banker - September 2023 - 52
Independent Banker - September 2023 - 53
Independent Banker - September 2023 - 54
Independent Banker - September 2023 - 55
Independent Banker - September 2023 - 56
Independent Banker - September 2023 - 57
Independent Banker - September 2023 - 58
Independent Banker - September 2023 - 59
Independent Banker - September 2023 - 60
Independent Banker - September 2023 - 61
Independent Banker - September 2023 - 62
Independent Banker - September 2023 - 63
Independent Banker - September 2023 - 64
Independent Banker - September 2023 - 65
Independent Banker - September 2023 - 66
Independent Banker - September 2023 - 67
Independent Banker - September 2023 - 68
Independent Banker - September 2023 - 69
Independent Banker - September 2023 - 70
Independent Banker - September 2023 - 71
Independent Banker - September 2023 - 72
Independent Banker - September 2023 - 73
Independent Banker - September 2023 - 74
Independent Banker - September 2023 - 75
Independent Banker - September 2023 - 76
Independent Banker - September 2023 - Cover3
Independent Banker - September 2023 - Cover4
https://www.nxtbook.com/mspc/independentbanker/february2025
https://www.nxtbook.com/mspc/independentbanker/january2025
https://www.nxtbook.com/mspc/independentbanker/december2024
https://www.nxtbook.com/mspc/independentbanker/november2024
https://www.nxtbook.com/mspc/independentbanker/october2024
https://www.nxtbook.com/mspc/independentbanker/september2024
https://www.nxtbook.com/mspc/independentbanker/august2024
https://www.nxtbook.com/mspc/independentbanker/july2024
https://www.nxtbook.com/mspc/independentbanker/june2024
https://www.nxtbook.com/mspc/independentbanker/may2024
https://www.nxtbook.com/mspc/independentbanker/april2024
https://www.nxtbook.com/mspc/independentbanker/march2024
https://www.nxtbook.com/mspc/independentbanker/february2024
https://www.nxtbook.com/mspc/independentbanker/january2024
https://www.nxtbook.com/mspc/independentbanker/december2023
https://www.nxtbook.com/mspc/independentbanker/november2023
https://www.nxtbook.com/mspc/independentbanker/october2023
https://www.nxtbook.com/mspc/independentbanker/september2023
https://www.nxtbook.com/mspc/independentbanker/august2023
https://www.nxtbook.com/mspc/independentbanker/july2023
https://www.nxtbook.com/mspc/independentbanker/june2023
https://www.nxtbook.com/mspc/independentbanker/may2023
https://www.nxtbook.com/mspc/independentbanker/april2023
https://www.nxtbook.com/mspc/independentbanker/march2023
https://www.nxtbook.com/mspc/independentbanker/february2023
https://www.nxtbook.com/mspc/independentbanker/january2023
https://www.nxtbook.com/mspc/independentbanker/december2022
https://www.nxtbook.com/mspc/independentbanker/november2022
https://www.nxtbook.com/mspc/independentbanker/october2022
https://www.nxtbook.com/mspc/independentbanker/september2022
https://www.nxtbook.com/mspc/independentbanker/august2022
https://www.nxtbook.com/mspc/independentbanker/july2022
https://www.nxtbook.com/mspc/independentbanker/june2022
https://www.nxtbook.com/mspc/independentbanker/may2022
https://www.nxtbook.com/mspc/independentbanker/april2022
https://www.nxtbook.com/mspc/independentbanker/march2022
https://www.nxtbook.com/mspc/independentbanker/february2022
https://www.nxtbook.com/mspc/independentbanker/january2022
https://www.nxtbook.com/mspc/independentbanker/december2021
https://www.nxtbook.com/mspc/independentbanker/november2021
https://www.nxtbook.com/mspc/independentbanker/october2021
https://www.nxtbook.com/mspc/independentbanker/september2021
https://www.nxtbook.com/mspc/independentbanker/august2021
https://www.nxtbook.com/mspc/independentbanker/july2021
https://www.nxtbook.com/mspc/independentbanker/june2021
https://www.nxtbook.com/mspc/independentbanker/may2021
https://www.nxtbook.com/mspc/independentbanker/april2021
https://www.nxtbook.com/mspc/independentbanker/march2021
https://www.nxtbook.com/mspc/independentbanker/february2021
https://www.nxtbook.com/mspc/independentbanker/january2021
https://www.nxtbook.com/mspc/independentbanker/december2020
https://www.nxtbook.com/mspc/independentbanker/november2020
https://www.nxtbook.com/mspc/independentbanker/october2020
https://www.nxtbook.com/mspc/independentbanker/september2020
https://www.nxtbook.com/mspc/independentbanker/august2020
https://www.nxtbook.com/mspc/independentbanker/july2020
https://www.nxtbook.com/mspc/independentbanker/june2020
https://www.nxtbook.com/mspc/independentbanker/may2020
https://www.nxtbook.com/mspc/independentbanker/april2020
https://www.nxtbook.com/mspc/independentbanker/march2020
https://www.nxtbook.com/mspc/independentbanker/february2020
https://www.nxtbook.com/mspc/independentbanker/january2020
https://www.nxtbook.com/mspc/independentbanker/december2019
https://www.nxtbook.com/mspc/independentbanker/november2019
https://www.nxtbook.com/mspc/independentbanker/october2019
https://www.nxtbook.com/mspc/independentbanker/september2019
https://www.nxtbook.com/mspc/independentbanker/august2019
https://www.nxtbook.com/mspc/independentbanker/july2019
https://www.nxtbook.com/mspc/independentbanker/june2019
https://www.nxtbook.com/mspc/independentbanker/may2019
https://www.nxtbook.com/mspc/independentbanker/april2019
https://www.nxtbook.com/mspc/independentbanker/march2019
https://www.nxtbook.com/mspc/independentbanker/february2019
https://www.nxtbook.com/mspc/independentbanker/january2019
https://www.nxtbook.com/mspc/independentbanker/december2018
https://www.nxtbook.com/mspc/independentbanker/november2018
https://www.nxtbook.com/mspc/independentbanker/october2018
https://www.nxtbook.com/mspc/independentbanker/september2018
https://www.nxtbook.com/mspc/independentbanker/august2018
https://www.nxtbook.com/mspc/independentbanker/july2018
https://www.nxtbook.com/mspc/independentbanker/june2018
https://www.nxtbook.com/mspc/independentbanker/may2018
https://www.nxtbook.com/mspc/independentbanker/april2018
https://www.nxtbook.com/mspc/independentbanker/march2018
https://www.nxtbook.com/mspc/independentbanker/february2018
https://www.nxtbook.com/mspc/independentbanker/january2018
https://www.nxtbook.com/mspc/independentbanker/december2017
https://www.nxtbook.com/mspc/independentbanker/november2017
https://www.nxtbook.com/mspc/independentbanker/october2017
https://www.nxtbook.com/mspc/independentbanker/september2017
https://www.nxtbook.com/mspc/independentbanker/august2017
https://www.nxtbook.com/mspc/independentbanker/july2017
https://www.nxtbook.com/mspc/independentbanker/june2017
https://www.nxtbook.com/mspc/independentbanker/may2017
https://www.nxtbook.com/mspc/independentbanker/april2017
https://www.nxtbookmedia.com