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        Among other things, the bill would facilitate the use of transaction   asset stability relative to the
        monitoring software, encourage information sharing and ensure   broader industry – even
        that current and future payment systems are included in the AML/  during the Great Recession.
        CFT supervisory regime. In addition, it directs the Financial   Farm banks – defined by
        Crimes Enforcement Network to establish a beneficial ownership   ABA as the 1,772 banks
        database – something ABA has previously advocated for.
                                                                whose ratio of domestic farm loans to total domestic loans is greater
        The Senate bill is the latest development in an ongoing effort to   than or equal to the industry average – tend to make high-quality
        modernize and strengthen the current AML/CFT framework   farmland loans, Dante wrote. In addition, they have demonstrated
        in the U.S. On the House side, ABA is currently supporting a   remarkable resilience during turbulent financial conditions. “With
        beneficial ownership database bill introduced by Rep. Carolyn   farm bank health and profitability strong in the first quarter of
        Maloney (D-N.Y.) that is expected to be considered by the   2019, farm banks are well positioned to face potential volatility.”
        Financial Services Committee this week.
                                                                To read the article visit:
        To read a summary created by Sen. Warner visit: https://www.  farm-banks-remain-strong-despite-recent-loan-weakness/
        and-Section-By-Section-060719                           Quarles to Banks: Begin Transition
                                                                from LIBOR Now
        Farm Banks Show Resilience,
        Strength                                                In the clearest terms expressed by any regulator to date, Federal
                                                                Reserve Vice Chairman for Supervision Randal Quarles
        Despite widespread concerns that farmland values are headed   emphasized that banks need to begin transitioning away from
        downward, farm banks on the whole appear to be healthy and   the London Interbank Offered Rate as a benchmark. “Regardless
        resilient. In an ABA Data Bank post, ABA’s Hugo Dante looked   of how you choose to transition, beginning that transition now
        at the performance of farm banks over the past decade, finding   would be consistent with prudent risk management and the duty
        that farm banks have enjoyed lower delinquency rates and greater   that you owe to your shareholders and clients,” he said in prepared

                                          YOU’RE INVITED

                               100  ANNIVERSARY CELEBRATION

                             Celebrate 100 years with us. There will be BND Museum Tours, Speakers,
                                              Pride of Dakota Booths and more.

                                      MONDAY, JULY 29

                                      11 a.m. - 4 p.m. | 1200 Memorial Hwy | Bismarck, ND

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