BankWise January 31, 2019

“Our financial system is safer than it was 10 years ago.”
Neel Kashkari, President of the Federal Reserve Bank of Minneapolis in a debate on Jan. 16.

Ten years after the crisis – Is the financial system "safer?"

Neel Kashkari, President of the Federal Reserve Bank of Minneapolis, said that the nations’ largest banks have been reigned-in by regulations. However, more still needs to be done to ensure they are no longer ” too big to fail.”
Kashkari spoke in 2v2 debate on the question “Is the financial system more resilient than it was 10 years ago?”

ICBM Tracking 9 Bills, Federal Tax Conformity and Implications Discussed

ICBM continues to be at the table as the pace of activity continued to ramp up last week at the Minnesota Capitol, despite it being a shorter week after the Legislature’s observance of Rev. Dr. Martin Luther King, Jr. Day. Most committees continued overview hearings and testimonies from state agencies. 
Of note, the House Tax Committee discussed tax conformity and the implications of having a state tax code that diverges from federal code because of the Tax Cuts and Jobs Act (TCJA). Department of Revenue staff gave the committee an overview on policy questions that will need to be resolved before making significant changes to individual and corporate tax filers. Commissioner Cynthia Bauerly also emphasized that the Department of Revenue has changed tax forms to prevent headaches that may have occurred during 2019 tax filing with two tax codes out of sync with each other.
If you desire additional information on these hearings, please check out the committee’s webpage. A few conformity related bills have been introduced so far, but none have had hearings.
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February 21, 2019

Faces and Places

Krukowski to Leave ICBM
Doug Krukowski has announced his intention to leave ICBM. His last day will be February 28, 2019. After nearly 15 years with ICBM, Doug has decided it is time for a change and may even use the opportunity to move a little closer to his grandkids. “We are thankful that Doug has provided an extended notice to make sure we have a little extra time to prepare for his departure” said ICBM’s President & CEO, Jim Amundson. “Doug has been an important part of ICBM for nearly 15 years and we wish him and Jean well in whatever their future may hold.”
If ICBM members have any questions, please contact Jim Amundson or 651-789-3985. Or, if you’d like to wish Doug well, he can be reached at or 651-789-3981. 
Congrats to our members at First State Bank and Trust, which has announced three promotions: Jason Howard, CPA to Executive Vice President, Chief Operating Officer, and Chief Financial Officer; Alex Zeien, CTFA to Vice President, Trust Officer and Angie Laska to Officer as Senior Credit Analyst, Portfolio Lender. 

Agriculture: Working capital a key to farm finances

Kent Thiesse, Farm Management Analyst and Senior Vice President, MinnStar Bank, Lake Crystal, has prepared a summary of the $12 billion in “Trade Retaliation Mitigation” authorized for 2018.

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