Community Banking Lessons Learned: Takeaways From Recent CBAO Conference
Shareholders Sara Costanzo and Andrew Voorhees recently attended the Community Bankers Association of Ohio (CBAO) 49th Annual Convention in Toledo, OH. This convention was filled with educational sessions, special events, and networking opportunities with fellow peers in the industry.
Now, Sara and Andrew are sharing their top two takeaways from the event!
Recession or no recession - that is the looming question
Economists and financial experts have predicted the long-awaited recession to occur by the end of 2023. The typical precursors of recession, such as rising interest rates on the back of high inflation, have been present for well over a year. However, the Federal Reserve no longer predicts a recession to occur in 2023. In the quest to reduce the inflation rate to 2%, more rate hikes are expected after the most recent in July. With a red-hot labor market still in effect despite slowing growth, it remains to be seen whether a soft landing can be achieved.
Loss prevention with cyber security
Email compromises and ransomware are topping the charts. Web-based email platforms are widely used, allowing a hacker to imitate emails, falsify invoices, and empty accounts. The most common access is the Microsoft sign-in when only a username and password are required. This can lead to compromising an entire system with ransomware as the end result. Multifactor authentication is the key to prevention.
Our team is constantly monitoring our ever-changing industry. If you’d like to learn more about our consumer and commercial collection solutions, contact Sara and/or Andrew at any time.
This blog is not a solicitation for business and it is not intended to constitute legal advice on specific matters, create an attorney-client relationship or be legally binding in any way.
