As we near the close of 2020, we’re all crossing our fingers and hoping that 2021 brings a stronger sense of stability and normalcy. No matter how we define it, “normal” will differ dramatically from this point forward.

Over time, a business relationship develops, much of which is a matter of convenience for the busy portfolio manager. And out of this relationship comes dialogue. In 2020, the dialogue has gone places it had not yet visited. So, as the year ends, and hopefully the COVID-19-dominated headlines begin to recede, ICBA Securities' Jim Reber recounts some questions and comments he's heard for the first time this year.

On Nov. 18, the Internal Revenue Service (IRS) issued Revenue Ruling 2020-27 and Revenue Procedure 2020-51. This guidance collectively addresses the timing of the disallowance of deduction of eligible costs incurred during 2020 that were paid using proceeds from a loan guaranteed under the Paycheck Protection Program (PPP).

As 2020 comes to an end, here are a couple of items to consider within the economy that might be important.

For all that 2020 hasn’t been, let’s look at what it has. In fact, let’s make COVID a magic word and see what happens to our perspective.

Bitcoin’s market cap is larger than the economies of some of the world’s smaller nations. The prices of popular cryptocurrencies continue to soar to new heights. Meanwhile, several financial institutions and tech giants announced significant digital asset initiatives.

As you know, there are currently two forms of central bank money in America: paper currency and money held by institutions on deposit at the Federal Reserve Banks. CBDC would be a new, third form — a “digital form of central bank money that is different from balances in traditional reserve or settlement accounts.”

Beginning Jan. 1 many courses will be updated to the new format, our BSA courses will include the very latest examiner hot-button issues, plus you can look forward to brand new courses in existing subject areas, plus some new courses in entirely new subject areas!

For community banks, the digital-first nature of today’s world creates an opportunity to forge deeper connections with existing customers, while attracting new customers

To think differently, you have to, well, think differently. While that is not a profound concept, it can be alarmingly difficult to execute. Yet, having to meet those check boxes before running with an idea means that sometimes the process limits the potential.