April 2023

FedNowSM Service: A foundation for an instant payments world

The world is moving at a fast pace, and businesses and consumers expect payments to move just as fast, if not instantaneously. In fact, nearly two-thirds of businesses would factor access to faster payments into future decisions on whether to switch banks.1

To help meet this growing demand, the Federal Reserve is developing the FedNow Service to foster nationwide reach of instant payments. These payments can help your organization attract and retain customers, generate new revenue streams, and remain competitive in an increasingly fast-paced world.

Read more about how the FedNow Service will work, and how we can support financial institutions offering 24x7x365 instant payments.


Contact Lindsay York or Sheila Noll if you have any questions concerning our participation in FedNow℠.

We are proud to be participating in MBA'S FASTER PAYMENTS SEMINAR and hope you can join us for this event.


Much Ado About Risk Reporting

In September of ’08 I was a portfolio analyst on a buy-side fixed income desk managing $850 million of floating-rate corporate and structured bonds. Investing primarily in fixed income meant we didn’t pay for live equity pricing. The morning Lehman Brothers was collapsing I was on the phone with a broker’s assistant in New York. She was feeding me live LEH quotes every twenty or thirty seconds that I relayed to the traders next to me. In between one of these cliff diving updates, I overheard a trader whisper to himself, “May you live in interesting times,” the ancient and eastern sounding curse that, turns out, came from an American Congressman who turned the phrase less than a hundred years ago.


File Naming Conventions - Personally Identifiable Information (PII) and Passwords

Do you struggle with what to name a file? Do you wonder what should be included to make the file name useful, so you know what the file is? And what about those password protected files? Where should you keep the password for it? Too often during audits, we find file naming conventions include personal information in the file name, such as social security numbers or passwords. For password protected files, it defeats the purpose of password protecting the file if the password is in the file name. These files should be protected, and access should be limited. The best practice is to keep file names appropriate and limit any personal information contained in the file name that could be seen by others.


Join us for the MIB Community Banking Conference where you will meet many community bankers and industry leaders in the community banking environment. 


Missouri - May 22

Jefferson City Country Club

Jefferson City, MO

Iowa - June 7

The Legacy Golf Club

Norwalk, IA

Nebraska - June 12

Norfolk Country Club

Norfolk, NE


Where You Will See MIB This Quarter:


MBA Briefing & Golf Day

Porto Cima, Lake Ozark, MO

APRIL 25-26

MIBA Directors & Officer Seminar

Lodge of the Four Seasons, Lake Ozark, MO


Randolph County Bankers' Federation Annual Spring Meeting

The Chester Eagles, Chester, IL


Day with the Superintendent

Sheraton West Des Moines, West Des Moines, IA

MAY 3-5

NBA Annual Convention

Embassy Suite, La Vista, NE


FHLB Member Meeting

Iowa Tap Room, Des Moines, IA

MAY 11

FHLB Member Meeting

The Smith at the Moto Museum, St. Louis, MO

MAY 15-17 & 22-24

IBA Regional Meetings

Various Locations in Iowa

MAY 18

ILBA Golf Outing

Belleville Area Golf Outing, St. Clair Country Club, Belleville, IL


NBA Chairman's Golf Outing

Lochland Country Club, Hastings, NE

JUNE 13-16

MBA Annual Convention

Chateau on the Lake, Branson, MO

JUNE 21-24

ILBA Annual Convention

Fairmont Chicago- Millenium Park, Chicago, IL

Q: Do beneficial ownership requirements apply to a non-profit organization?

A: Yes. However, the bank is only required to document information in relation to the control prong. Per 31 CFR 1010.230(e)(3)(ii), the following legal entity customers are subject only to the control prong of the beneficial ownership requirement: any legal entity that is established as a nonprofit corporation or similar entity and has filed its organizational documents with the appropriate State authority as necessary.

Q: Should I use public USB charging stations?

A: The risk of falling victim to a "juice-jacking" attack is very low, as there are no documented cases of such an attack being used in the wild; however, steps to eliminate the risk completely are easy enough that it may be worthwhile to perform them anyway. To ensure your devices are safe when charging out in public, you can plug into an outlet directly with your own USB cable and AC adapter, you can use a USB "charge only" cable which does not contain pins for data transfer, or you can simply bring along your own power bank.