The CAT Tool Going Dark on August 31, 2025: What it Means for Your Bank
By Raj Patel The retirement of the CAT tool (Cybersecurity Assessment Tool) marks confusing new chapter in cybersecurity risk management for community banks. When NIST CSF 1.0 was introduced in 2014, its complexity made it challenging for smaller institutions to implement, and it didn’t fully address critical areas such as governance and third-party risks. To…
Great Lake Banker Magazine
Union Savings Bank Opens Branch in Cleveland
Union Savings Bank (USB), a Cincinnati-based institution with a long history in Ohio, recently expanded its footprint by opening a new branch in Cleveland. This move marks an important development for the bank as it continues to grow its presence in Northeast Ohio. Known for its focus on community banking, Union Savings Bank’s entry into…
Mail Theft, Dark Web Sales and Counterfeits: Combating Today’s Check Fraud Threats
Check fraud is on the rise, and community banks are frequently in the crosshairs. While digital payments have transformed the financial landscape, checks remain a favored target for fraudsters due to vulnerabilities in legacy systems and traditional processes. Criminals continue to innovate, leveraging new methods to exploit checks, and banks must adapt to protect their…
The Future of Cash Management for Commercial Banks in The Digital Age
By Rachel Gruber As shifts in payment methods and consumer expectations reshape the operations of commercial banks, traditional cash and card transactions are now complemented by digital payment options. With 56% of U.S. consumers feeling comfortable leaving their wallets at home and relying on mobile phones for payments, this evolution presents both opportunities and challenges….
50 Years Ago: Policy Debates Fuel a Surge of State Community Banking Associations
By Jack Hopkins Several state community banking associations in the Great Lakes region and beyond have celebrated 50th anniversaries this year and in 2023, pointing to an outbreak of industry organization a half-century ago. While the formation of these state associations in the mid-1970s was part of a debate over banking policy that lasted years,…
Community Banking and Risk Premia
By Corey Chambas As a fundamental economic principle, there is typically a fair trade-off between risk and return. In the investment world, where risks are taken on various asset classes, risk premia are the returns received above the risk-free rate earned in exchange for taking that risk. Where there are sufficient buyers and sellers of…
Navigating the Green Frontier: The Challenges and Opportunities of Cannabis Lending
By Alex Leonowicz From an outsider’s perspective, the cannabis industry can look rosy. For instance, the state of Michigan is on pace to hit a record ‘high’ $3.2B in overall sales in 2024, highways are littered with cannabis billboards and many dispensaries still have lines out the door. The industry is massive. But, a closer…
Cybersecurity and AI — What Community Banks Should Know
By Steve Sanders Artificial intelligence (AI) has dominated headlines and conversations over the last year, with various industries exploring what this technology means for automation, collaboration, communication and more. However, new challenges come with those opportunities to streamline processes, particularly in cybersecurity. Banks should know the following perils and tips to minimize risk when incorporating…
Doing Your Homework: Why Online Reviews Matter for Banking Decisions
By Corey Wrinn Why ask one person for a recommendation when you have the wisdom of millions at your fingertips? Online reviews have become a crucial factor in shaping consumer decisions across various industries, including the banking sector. The influence of these crowdsourced opinions is undeniable, as consumers increasingly seek transparency and authenticity in their…
How CFPB’s Rule 1033 Could Affect Data Rights and Open Banking
By Bradley Wallace The Consumer Financial Protection Bureau (CFPB) estimates that 100 million consumers have authorized third parties to access their data. That data drives endless business decisions and capabilities. But financial institutions and technology developers must also be aware of regulations regarding consumers and their rights over their data. One such proposed regulation, Rule…
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