Main Street Matters Blog

In a time of ambiguity, you take notice when there’s unilateral consensus, as was the case at last month’s ThinkTECH Policy Summit. During the summit, assembled regulators, legislators, and community bankers all agreed that community bank innovation will drive the future of financial services.

Community bankers have hit the ground running this year with another round of Paycheck Protection Program lending, Economic Impact Payment processing, and the everyday business of supporting local communities during the pandemic.

In our industry if you’re not moving forward, you’re in danger of falling behind. It’s why we created the ICBA ThinkTECH Accelerator program—to foster community bank innovation.

We have had to juggle countless responsibilities this year—to our families, to our businesses, to our communities, to each other. With so many simultaneous demands, we have had to make no shortage of sacrifices.

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.

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.”

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.

While the 116th Congress winds down in the coming weeks with its post-election "lame duck" session, ICBA's efforts to pass much-needed economic stimulus measures continue unabated.