Ten ICBA community bankers and several staff members met with federal regulators to discuss community bank experiences and concerns with core service providers.
Agency Inquiry: With the federal banking agencies working to understand community bank issues with core processors, the ICBA representatives met with the Federal Financial Institutions Examination Council’s Task Force on Supervision and Community Bank and Credit Union Digitalization Subcommittee.
Meeting Discussion: During the meeting, ICBA community bankers discussed costs and contract terms, technology and integration issues, the value of customer services, and the importance of building a partnership—not a vendor relationship—with core providers.
ICBA View: ICBA continues to urge core processors and other technology partners to help community banks by meeting and exceeding evolving customer expectations, complying with legal and regulatory requirements, managing operational risk, providing information about incident response and business continuity plans, and enhancing customer information security.