In separate meetings last week, small groups of bankers met officials from the Chicago offices of the OCC and FDIC. Cybersecurity and third-party vendor management were discussed, with each agency stating it is critical for institutions to conduct appropriate due diligence prior to entering into a relationship, and to perform ongoing monitoring once the relationship is established. Hemp was also a topic garnering a fair amount of discussion. Both agencies acknowledge the legality of hemp in Wisconsin under DATCP’s research pilot program and indicated it is a bank’s business decision whether or not to bank hemp-related businesses and activities, based upon the bank’s own risk assessment. Other topics discussed include CECL, HMDA, and BSA.

Attending the OCC meeting were: Blake Paulson, Deputy Comptroller; Ben Lemanski, Associate Deputy Comptroller; Mike Larabee, Assistant Deputy Comptroller; Paul Northway, American National Bank-Fox Cities; Dan Peterson, The Stephenson National Bank, Marinette; Lori Ruch, National Exchange Bank & Trust, West Bend; Eric Stone, National Exchange Bank & Trust, West Bend; and Lisa Zeimetz, The First National Bank & Trust Company Beloit.

Attending the FDIC meeting were: John Conneely, Regional Director; Chris Newbury, Deputy Regional Director; Teresa Sabanty, Deputy Regional Director; Donna Hoppenjan, Mound City Bank, Platteville; Tom Reil, Waldo State Bank; Ken Thompson, Capitol Bank, Madison; and Dave Werner, Park Bank, Milwaukee. WBA’s Rose Oswald Poels, Mike Semmann, Daryll Lund, and Kris Cleven were present at both meetings.