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 FEDERAL DEPOSIT INSURANCE CORPORATION

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 ADVISORY COMMITTEE ON COMMUNITY BANKING

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 MEETING

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 WEDNESDAY,

 NOVEMBER 3, 2021

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 The Advisory Committee convened at 

1:00 p.m. EDT via Video-Teleconference, Martin 

Gruenberg, Director, presiding. 

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PRESENT: 

SHAZA ANDERSEN, CEO, Trustar Bank

MIKE BOCK, CEO, Dairy State Bank

ANTHONY CAPOBIANCO, President and CEO, American

Community Bank

SARAH GETZLAFF, CEO, Security First Bank of

North Dakota 

STEPHEN K. HAYES, Chairman and President, Dakota

Prairie Bank 

HAROLD HORVAT, President, CEO and Chairman,

 Centreville Bank 

BETSY JOHNSON, President and CEO, Solutions Bank 

KENNETH KELLY, Chairman and CEO, First 

Independence Bank 

CYNTHIA A. KITNER, President and CEO, Jefferson

 Security Bank 

PATTY MONGOLD, Chairperson, President and CEO,

 Mt. McKinley Bank 

GILBERT NARVAEZ, JR., President and CEO, Falcon

 International Bank 

MARK PITKIN, President and CEO, Sugar River Bank 

ANDREW WEST, President and CEO, Eagle Bank 

JOHN E. WHARTON, V, President and CEO, Yampa 

Valley Bank 

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ALSO PRESENT: 

MARTIN J. GRUENBERG, Director, FDIC

CHAD DAVIS, Moderator, Deputy to the Chairman

for External Affairs 

GREGORY BOTTONE, Regional Director, Chicago

 Region 

DIANE ELLIS, Director, Division of Insurance and

 Research 

MARTIN HENNING, Deputy Director, Operational

 Risk Division of Risk Management

 Supervision 

JOHN HENRIE, Regional Director, Atlanta Region 

DAN HOOPLE, Financial Economist, Division of

 Insurance and Research 

ARLEAS UPTON KEA, Designated Federal Official 

SULTAN MEGHJI, FDIC Chief Innovation Officer 

SHAYNA OLESIUK, Associate Director, National and

 Regional Risk Analysis, Division of

 Insurance and Research 

BETTY RUDOLPH, National Director, Minority and

 Community Development Banking 

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 CONTENTS 

Introductory Remarks

Martin Gruenberg . . . . . . . . . . . . . . 5 

Discussion of Local Banking Conditions

Sarah Getzlaff . . . . . . . . . . . . . . .10

 Mark Pitkin. . . . . . . . . . . . . . . . .16

 Gilbert Narvaez. . . . . . . . . . . . . . .22

 Shaza Andersen . . . . . . . . . . . . . . .26

. . . . . . . . . . . . . . . .40

Kenneth Kelly. . . . . . . . . . . . . . . .32

Patty Mongold

Stephen Hayes. . . . . . . . . . . . . . . .47

 Hal Horvat . . . . . . . . . . . . . . . . .53

 PJ Wharton . . . . . . . . . . . . . . . . .58

 Betsy Johnson. . . . . . . . . . . . . . . .68

Andrew West. . . . . . . . . . . . . . . . .78

 Mike Bock. . . . . . . . . . . . . . . . . .84

 Cynthia "Cindy" A. Kitner. . . . . . . . . .94

Anthony Capobianco . . . . . . . . . . . . 100 

Discussion of Local Banking Conditions

Shayna Olesiuk . . . . . . . . . . . . . . 106

John Henrie. . . . . . . . . . . . . . . . 111

 Gregory Bottone. . . . . . . . . . . . . . 118 

Gilbert Narvaez. . . . . . . . . . . . . . 129

Update from the Minority Depository

Institutions Subcommittee

 Betty Rudolph. . . . . . . . . . . . . . . 131 

FDITECH Update

Sultan Meghji. . . . . . . . . . . . . . . 145 

Community Bank Research

Diane Ellis. . . . . . . . . . . . . . . . 160

 Dan Hoople . . . . . . . . . . . . . . . . 164 

Information Technology Supervision Update

Martin Henning . . . . . . . . . . . . . . 173 

Closing Remarks

Martin Gruenberg . . . . . . . . . . . . . 196 

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P-R-O-C-E-E-D-I-N-G-S

 1:04 p.m.

 DIRECTOR GRUENBERG: Good afternoon, 

everybody, and welcome to this meeting of the 

FDIC's Advisory Committee on Community Banking.

 Unfortunately, Jelena McWilliams had 

a last-minute conflict, and much to her regret, 

is not able to participate in today's meeting. 

So, I'll do my best to pinch hit.

 This Advisory Committee was 

established 12 years ago. Over that time, it has 

proven to be an invaluable resource for 

thoughtful and candid advice from a 

representative group of community bankers from 

around the country.

 Given the uncertainty that lies ahead, 

as we, hopefully, reach the final stages of this 

pandemic and begin to consider the future 

challenges facing community banking in the United 

States, the input of this Committee I believe 

will be more important to the FDIC than ever. 

So, we really deeply appreciate your 

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participation and your willingness to give us 

your time.

 Before I conclude my remarks, I do 

want to take this opportunity to acknowledge the 

forthcoming retirement of a very important person 

at the FDIC, Arleas Upton Kea.

 Many of you may know Arleas. She 

currently serves as the Deputy to the Chairman 

for External Affairs, and in that capacity, she 

serves as the Designated Federal Official for 

this Committee, the MDI Subcommittee, and also 

our Advisory Committee for State Regulators.

 Prior to that, you should know that 

Arleas served as the Chief Operating Officer and 

Deputy to the Chairman, the Director of the 

FDIC's Division of Administration, the FDIC's 

Ombudsman, and also, held a series of senior 

positions in the Legal Division of the FDIC.

 Fair to say she has played a major 

leadership role at the FDIC over the course of 

her 35 years of service and in many ways 

epitomizes the "can do" spirit of the FDIC. 

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And as I mentioned at the MDI 

Subcommittee yesterday, Arleas' contributions to 

the FDIC have in many ways been historic. And I 

particularly wanted to underscore this. She has 

been a trailblazer for women of color to rise to 

senior positions of leadership at the FDIC, and 

she has provided that leadership over time with 

courage and grace. Her devotion to the FDIC, its 

mission, and its employees has been second to 

none. She will leave a mark on this Agency that 

will stand the test of time.

 So, I wanted to take this opportunity 

-- and I may have others -- so, I wanted to take 

this opportunity to thank her for her service and 

to let her know that we will miss her very much.

 And it's now my privilege to turn the 

program over to Arleas, who will serve as the 

moderator for today's meeting.

 Arleas, it's all yours.

 MS. KEA: First, let me say, Director 

Gruenberg, thank you. Thank you so much for 

those beautiful words. I'm just very touched. 

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Just need a moment. Thank you.

 And I just want to say that there are 

really no appropriate words -- somebody just 

passed me a tissue; thank you -- to describe the 

awesome experience that I've had working here at 

the FDIC for over 35 years, as you said. I just 

feel so blessed that I've been able to work with 

you during your time as Chairman, as well as with 

10 other Chairmen of the FDIC.

 And I've assisted in resolving two 

financial crises -- not one, but two -- and now, 

working through the pandemic. And it has just 

been a very special opportunity to be able to 

work as a public servant in all of my various 

capacities.

 And to the Committee members, it has 

really been an absolute pleasure to interact with 

you all. Some of you, I have never actually met 

in person, but I do feel your presence through 

the virtue meetings that we've had. And I feel 

that I've bonded in so many ways in the meetings 

that we've had end of last year and this year. 

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I'll always have a great love for the 

FDIC and I look forward to all of the things that 

are still yet to come.

 So, Director Gruenberg, I just want to 

thank you again so very much. Thank you.

 So now, let me pause for just a minute 

and we'll get back on the agenda. I think we're 

going to have a great meeting today.

 We're going to start the afternoon by 

turning to the Committee members for a discussion 

about the trends and issues related to banking 

conditions and what's going on in your 

communities. And as Director Gruenberg said, and 

I'll just amplify, that is always a highlight of this 

meeting.

 After we've heard from you all, the 

Committee members, we're also going to hear from some 

FDIC staff members, and they are going to discuss 

their observations.

 It's always, again, another highlight when 

we hear from Shayna Olesiuk, Associate Director of 

National and Regional Risk Analysis from our Division 

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of Insurance. And she's going to cover some 

observations about the national economy and banking 

trends.

 And then, we're going to hear from John 

Henrie, our Regional Director for the Atlanta Region, 

and then, Greg Bottone, our Regional Director for the 

Chicago Region. And they're going to discuss some 

local FDIC staff observations.

 I'd like to ahead and start at this point 

with our Committee members. As I mentioned, Sarah 

Getzlaff is going to start us off. And Sarah is the 

Chief Executive Officer of Security First Bank of 

North Dakota. And then, she'll be followed by the 

other Committee members, and I know that we have sent 

that order out to all of you. It should be in your 

packets.

 So, at this point, Sarah, thank you very 

much. We'll go ahead and start with you.

 MEMBER GETZLAFF: Thank you, Arleas. 

Thank you for your service, too. That's quite an 

impressive record, especially when you mentioned 

how many FDIC Directors you've worked with. 

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That's outstanding.

 So, as she mentioned, I'm Sarah 

Getzlaff, CEO of Security First Bank of North 

Dakota, which is in central North Dakota. It's 

$220 million, community-based, third-generation 

family-owned.

 In North Dakota, we can't really talk 

about economic conditions without talking about 

COVID. COVID is definitely here. We knew it 

would come back as soon as the cold weather set 

in, and our rates are kind of back where they 

were about a year ago. It's about 7 percent; 

obviously, a new rate each day. But the 

difference between a year ago and now is it's 

really not impacting our daily life as far as 

business is fully open; schools are open, 

airports and medical facilities, but that's, 

honestly, about it.

 Sixty percent of our State is 

vaccinated, but, more importantly, 82 percent of 

those over 65 are vaccinated. So, that is really 

helping to bring hospitalizations down. 

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Our (audio interference) is back to 

pre-COVID levels at 2.8 percent. Everyone is 

(audio interference) everywhere. Our loan 

portfolio is really clean. Real estate portfolio 

is very clean. We really never identified a lot 

of delinquencies throughout the pandemic, and now 

that some of the government assistance as far a 

stimulus payments (audio interference). We're 

cautious in watching our (audio interference) 

rates, but, right now, everything is really 

good.

 Statewide, we were (audio 

interference). So, our crop failings were 

terrible. People had almost nothing to (audio 

interference. But, fortunately for us, crop 

insurance prices were really good, and then, 

between the crop insurance prices being good, the 

stimulus payments people received, the farm 

payments peopled received during COVID, and also 

PPP loans, everybody, obviously, had a really 

good year. So, our portfolio is strong right 

now. 

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We are predicted to stay in a drought 

for next year. So, we are a little nervous about 

that, and as obvious as it sounds, everybody is 

praying we get a lot of snow this winter, and 

especially this spring, so it runs off into the 

fields before planting season hits.

 Overall, earnings will be strong this 

year, but, much like most community banks in the 

country, our liquidity, it is just continues to 

grow. Every week it's more and more (audio 

interference). We met with you in July and I 

think we had $35 million in funds on hand, and 

now it's $52 million. And the (audio 

interference) market is not a good option right 

now. It's better than nothing maybe, but it's 

not great.

 We've seen lower loan demand. (Audio 

interference) inventory, so they're not drawing 

down on their line of credit. That is the same 

with car dealers and lots of other businesses 

that can't get inventory. That increase, along 

with all the payments that farmers have received 

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and (audio interference) have really just led to 

less loan demand overall. So, between the higher 

liquidity and the lower loan demands, we are a 

little concerned about our margins (audio 

interference) next year and, also, in the next 

five years, as our loan rates typically don't 

reset for five years at a time.

 And I'll end here, but when I end, I 

always like to mention what keeps me up at night. 

The interest rate part and the liquidity is 

definitely one aspect of it.

 But you might notice I'm dressed a 

little more casually today. It's because I'm 

leaving right after this meeting to go up to my 

hometown, which is where our original bank 

location is. It's a town of 550 people, and we 

have a customer appreciation dinner (audio 

interference) night where we literally feed the 

entire town. It's the only town in the county 

and we're the only bank in the county. And it's 

really unique in that way to our area, but I know 

it doesn't make it unique nationwide because I 

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know there's other banks in our situation.

 And the reason I bring all this up is 

because the CFPB has recently come out with a 

proposal for 1071, and with us having to report a 

(audio interference) code, and then, disclose our 

loan debt, we are really super concerned that, 

when we make a loan to the only dentist in town, 

the only hair salon in town, the only butcher 

shop in town, people are going to be able to look 

at that data and, basically, figure out exactly 

who our loans are to.

 And we're concerned that, when word 

gets out to the public, that, then, these 

customers won't want to bank with their hometown 

bank; that maybe they'll go to the next community 

over to a bigger bank, where they feel like that 

they can get the privacy that they've always had.

 And so, I would just hope that the 

FDIC would advocate with us for tiering within 

this regulation. I know that's not really (audio 

interference) at this point from what the CFPB 

said, but the banks that they regulate are so 

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different than the banks that you regulate from 

just a size perspective, that I would really hope 

that they would recognize that difference and 

give us some sort of tiered regulation to help 

that out.

 With that, I would like to thank you 

for your time and let you know that I really 

appreciate this opportunity.

 And also, I will hand it off to Mark 

Pitkin of Sugar River Bank.

 MEMBER PITKIN: Thank you, Sarah.

 Good morning, or good afternoon, 

everyone.

 As Sarah indicated, I'm Mark Pitkin, 

President and CEO of Sugar River Bank. We're 

located in Newport, New Hampshire.

 Certainly, thank you, Director 

Gruenberg and the entire FDIC team, for allowing 

us the opportunity to again share our thoughts. 

The inclusion on this Committee has been, and 

continues to be, a personal honor.

 So, Sugar River Bank is a 126-yearNeal R. Gross and Co., Inc. 

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old, State-chartered mutual institution. We have 

six branches spanning from the west central to 

the central part of the State, and our current 

assets, which have grown substantially throughout 

2021, is currently $371 million.

 Overall, banking and the economy 

remain strong in both local and statewide markets 

in New Hampshire, although concerns of inflation, 

the crippled supply chain, and the continued 

detriments of COVID-19 are shared by many bankers 

and citizens alike in the State.

 New Hampshire's unemployment rate 

remains low at 2.9 percent, as of September. 

Likewise, unemployment claims have dropped a 

significant 28 percent, as compared to August, 

and are the lowest they've been since 2000. 

Bankruptcy claims in September also totaled a 

record low of 48, which is the lowest number of 

bankruptcies in the State since 1986.

 But, despite these superlative 

metrics, New Hampshire businesses continue to 

struggle to find workers. This begs the 

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question, are our pre-COVID workers going back to 

work or are they leaving the workforce?

 Another growing concern in the State, 

including the banking sector, is the increasing 

number of retiring experienced workers. With 

fewer available workers, experienced or not, and 

even fewer young people aspiring to be community 

bankers, this requires a paradigm shift in the 

recruitment, training, and wage scale of current 

and future bank staff and, also, demands much 

higher productivity and efficiency at our 

institution.

 To overcome these staff shortages, the 

local talent erosion, and newly found fondness of 

working from home throughout the pandemic, many 

community banks in New Hampshire are finding that 

remote working conditions are necessary to retain 

and attract employees.

 While that model may make great sense 

for those institutions, Sugar River Bank 

continues to embrace the importance of employees 

remaining onsite. As a relatively small bank 

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located mostly in rural markets, our competitive 

advantage has been, and we believe always will 

be, centered on personal relationships and 

interactions with our customers.

 We have been fortunate that the 

overwhelming majority of our employees and those 

who we recruit do embrace that model. However, 

the uncertainty of future employee demands and 

changes in mainstream working environments are 

definitely concerning to us.

 We continue to successfully partner 

with a number of fintechs, most notably, on the 

lending side of the house. During a time of low 

margins, intense lender competition, and fewer 

investment alternatives, these partnerships have 

proven highly advantageous. Likewise, we 

continue to look for other fintech opportunities 

in the marketplace, not only to best ensure longterm sustainability, but to provide better 

service to our customers as well.

 Just this past month, I had the 

opportunity to meet with several fintechs at an 

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industry association's annual convention. I was 

amazed at the growth in technology, even over 

only a period of 12 months, and the options 

available to better serve banks.

 To that end, I am very encouraged by 

the continued direction that the FDIC is taking, 

under the leadership of the Chairman, to embrace 

the prudent use of financial technology and 

innovation to enhance customer experience and to 

create a more diverse and equitable banking 

system. I am confident that this collaborative 

effort is critical to the survival of community 

banks in the future.

 As for bank performance, our balance 

sheet continues to grow, as deposit growth shows 

little sign of weakening. As of year to date 

October 30, total assets have grown 12.7 percent, 

and although 86 percent of our PPP loans have 

paid off, the bank has grown total loans by 4.7. 

This is due primarily to continued local demand 

of both one to four family mortgages, as well as 

commercial real estate. 

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Historically high balances in our 

investment portfolio continued through October, 

which grew by 33 percent year to date, month end 

October. Tier 1 leverage capital continues to be 

strong at 13 percent, but has declined by 11.2 

percent since its high in 2019, due to the 

unanticipated ballooning of the balance sheet.

 Due to our mutual charter, our 

capital, while eroding, does remain well above 

regulatory capital requirements. However, I will 

note that a number of banks in New Hampshire are 

reporting much lower ratios due to the swelling 

of their balance sheets. Many bankers I have 

spoken to remain concerned about continued 

leverage ratio pressure, especially as it relates 

to regulatory thresholds. While originally 

thought to be transitory growth, many bankers, 

including myself, believe this growth to be much 

longer lasting, if not permanent. With this in 

mind, I respectfully ask that the FDIC continue 

to look closely at this matter before year end, 

as it may have adverse effects to the performance 

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of many banks and their customers.

 I have recently heard from some 

bankers that they are begrudgingly turning away 

large local community deposits to limit future 

capital erosion. I have also heard from others 

that the Tier 1 ratio is less meaningful going 

forward, as much of their new growth is invested 

in cash and other very low-risk rated assets. 

So, again, I respectfully ask that this is 

something that remains at the top of the FDIC 

list.

 And with that, I certainly thank you 

all again for the opportunity to share what's 

going on at the bank in New Hampshire and look 

forward to future meetings.

 With that, I will now turn it over to 

Gilbert Narvaez.

 MEMBER NARVAEZ: Thank you, Mark.

 Good afternoon, everyone.

 I'm Gilbert Narvaez, Jr. I'm 

President and CEO of Falcon Bank. Our bank is 

headquartered in Laredo, Texas. The Port of 

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Laredo is the largest inland port along the U.S.-

Mexico border and the nation's third busiest port 

amongst more than 450 airports, seaports, and 

border crossings.

 We're celebrating our 35th anniversary 

this year and currently stand at $1.7 billion in 

assets. We conduct a significant part of our 

business along the Texas-Mexico border. The 

bank's 17-branch footprints also extends into the 

south central region of the State, which includes 

the cities and metro areas of San Antonio and the 

Austin area. Our branches service communities 

comprised predominantly of the Hispanic 

population and, also, serve many customers in the 

low to moderate income areas.

 Being that Laredo is the largest 

inland port between the U.S. and Mexico, 

international trade and transportation sectors 

continue to be very important and very active to 

us in this operating environment. We've been 

fortunate that, throughout the pandemic, the 

international bridges have remained open for 

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international trade business.

 Today, our local economies are 

experiencing to as close to business as usual to 

pre-pandemic times, with the exception of the 

non-existent business activities stemming from 

the non-essential travel sector in cities along 

the Texas-Mexico border. This non-essential 

travel sector, which is the catalyst of retail, 

hospitality, and restaurant-related activity, is 

slated to open on November the 8th. We expect 

that this reopening will be the final touch in 

bringing back and improving the lightening 

retail, hospitality, and restaurant business 

segments along those cities and along the border.

 As most of our markets are 

experiencing pre-pandemic business activity 

levels, we are also dealing with the challenges 

in the labor market pressures and, also, in terms 

of (audio interference) backlogs.

 At the bank performance front, 

liquidity continues to be plentiful. Loan demand 

has been slow in the first six months of the 

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year, but has really picked up these last two 

quarters. Particularly in the metro areas of San 

Antonio and Austin, there's a lot of folks coming 

in from out of state and making huge investments 

in those areas. So, we've been fortunate to be 

able to capitalize on some of that activity.

 Today, also, loan delinquencies and 

non-performing assets are at all-time lows, and 

we remain, despite the growth in deposits, we 

still remain at a more-than-adequate capitalized 

position.

 On the COVID front, the number of new 

COVID cases and hospitalization rates have 

declined to all-time lows in most of our 

operating areas and really the entire State of 

Texas. And at the bank level, we're happy to 

announce that we've accomplished a little bit 

over 98 percent of a fully vaccinated rate. So, 

we're still working on the other 1.5 percent.

 Before I conclude my report, I'd like 

to share that our bank was recently certified as 

Bank On Provider, and we're hoping to continue to 

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do our part and make a significant difference in 

reaching out in Banking Reinvent.

 I also want to take this opportunity 

to address Arleas. You know, it's been a great 

pleasure and experience working with you and we 

appreciate all your contributions to our MDI 

Committee and Subcommittee. And you will be 

dearly missed, and we wish you the very best and 

hope that you enjoy your time off.

 MS. KEA: Thank you.

 MEMBER NARVAEZ: This concludes my 

report, and I'd like to introduce Shaza Anderson, 

CEO of Trustar Bank, as our next speaker.

 MEMBER ANDERSEN: Thank you so much.

 Can you all hear me? Okay, I'll 

assume you can.

 DIRECTOR GRUENBERG: Yes, we hear you 

fine, Shaza.

 MEMBER ANDERSEN: Thank you.

 So, I'm Shaza Andersen, the CEO at 

Trustar Bank.

 I have to say that I'm really proud to 

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say that we celebrated our two-year anniversary 

in July. We are now two and a half years old, 

but our bank continues to expand into the 

Washington Metropolitan Area. We currently have 

four locations since we opened, and we continue 

to grow.

 Our bank has currently over $470 

million in assets, of which we are $401 million 

in loans and 300 -- or sorry -- $401 million in 

deposits and $373 million in loans. So, we've 

been growing at a very fast pace, which really 

tells us that there was a huge demand for 

community banking in our market.

 We continue to be well-capitalized. 

We're well over 12 percent risk-based capital, 

and our net interest margin remains over 3.2.

 Our first tranche of PPP loans have 

all been forgiven. We continue to work on a very 

small amount of loans that are remaining. And 

obviously, the second tranche is in the process 

of applying for forgiveness. But that program 

seems to have worked for a lot of the small 

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businesses in our market.

 COVID cases and COVID around our 

community seems to have declined. We at the bank 

have not had a case since last March, and we have 

remained open throughout the entire COVID 

pandemic, but in a hybrid model. We have 

followed the CDC guidelines and it seems to have 

worked for us. Our customers seem to be very 

happy with the access to their bank.

 We have zero percent MDA. We have 

zero percent overdrafts. But I have to say that 

the confidence in our market is wavering. 

Although the D.C./Washington Metropolitan Area 

has always been strong, I think people are afraid 

about what's happening with inflation.

 Our gas prices have gone from $2.40 

per gallon to $3.40 per gallon. Our 

poultry/beef/eggs/milk have gone up drastically 

15 percent. And now, we're going to be going 

into the winter months, and the price of gas, et 

cetera, I'm not really sure how the inflation is 

going to hit, you know, that area, but we seem to 

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see some hesitation about what's going to happen 

in the future.

 While, in reality, the liquidity in 

the market has been great -- it seems like 

everybody has been flush with cash -- we are 

seeing a worsening in the human resource area and 

in the supplies and material area. We go to 

restaurants in the area and there's one or two 

servers. They can't hire enough people. Where 

are all the people? I'm not really sure. I'm 

not sure if they're scared and staying home or if 

they're not paying enough for them. But we seem 

to have a real issue in all these smaller 

businesses around us hiring people.

 We also seem to be having a lot of 

issues with supplies and materials. They keep 

saying everything is on backorder. We ordered 

glass for one of our branches; it took four 

months to get a glass for the window at one of 

our branches.

 So, cars, they're selling at a premium 

in our market. You know, if they have the MSRP 

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price, it's going at 20-30 percent premium 

because they don't have cars to sell. You go to 

the dealerships and there's five or six cars 

lined up in there.

 So, there are some concerns. Nobody 

has a crystal ball. But I think we need to be 

very diligent in our growth and very careful 

about the lending, I would call it.

 Although our market continues to be a 

little bit insulated, as we have businesses like 

Amazon, Microsoft, and now, StarKist tuna is 

moving from Pittsburgh to Fairfax County, which 

is right here where we operate our bank. So, the 

demand for real estate has gone up in our 

immediate market, although we have customers and 

businesses in D.C. that are turning some of their 

buildings into condominiums because they are 

getting less people renewing their leases on the 

business side, and the workforce has been -- I 

don't know whether it's enjoying or it's been a 

convenience of having them work from home and 

still be able to generate the results. 

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But, all in all, I believe that we're 

very hopeful that the market will continue to 

stay strong in the Washington Metropolitan Area, 

but we're keeping an eye on what's going on with 

inflation, with unemployment, with the increasing 

in pricing across all different areas, and really 

with the supply chain, we call it.

 But, with that, I mean, I want to also 

thank everybody that are presenting today.

 I want to thank Director Gruenberg.

 I want to tell Arleas, although we 

have worked together only during the pandemic, we 

will miss you terribly and congratulations. We 

wish you the very best. You've been such a great 

sunshine to this Committee with a big smile on 

your face at all times, and even during this 

whole pandemic area, and you've guided this 

Committee well. So, we thank you. Our salutes 

off to you.

 And I will turn it right now over to 

Kenneth Kelly, the Chairman and CEO of First 

Independence Bank. 

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MEMBER KELLY: Good afternoon, and 

good morning to those of you on the West Coast.

 Thank you, Shaza, for that warm 

welcome/introduction.

 I'm Kenneth Kelly. I serve as the 

Chairman and CEO of First Independence Bank, 

based in Detroit, Michigan. We were one of the 

positive outcomes of the 1967 riots there in 

Detroit. Took 22 leaders about three and a half 

years, two and a half years, to (audio 

interference) this organization. So, I'm so 

proud to sit in this seat with that being our 

premise.

 Many of the comments you've heard my 

colleagues state are right on target. Our bank 

is experiencing some of the same things. We do 

have a little bit of a discrepancy of one area, 

though. While we have seen the actual balance 

sheet growth that's been discussed, we've also 

seen some challenges with loan growth in the 

minority market. And so, that's an area that's a 

little bit of a discrepancy that I would share. 

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But, as you know, our intention and what we are 

focusing on is ensuring that there is equity in 

that space, and we'll continue to do that.

 Some of the issues I'd like to just 

bring to the table, in addition to many that my 

colleagues have already mentioned, is the 

discussion around really, as you think about the 

cybersecurity efforts I think all of us are 

facing in the banking space.

 We probably need to look at a more 

collaborative effort from the regulatory agencies 

in how we deal with the cybersecurity. What I 

have found is many of us kind of suffer in 

silence on that, in that area, oftentimes, and we 

try to figure out a way through it. But, as you 

know, this is an arms race that becomes a little 

bit more sophisticated every single day in trying 

to figure out how individuals can use fraud to 

really penetrate our institutions. And so, 

that's a topic I'd like to bring up for 

discussion.

 The liquidity issue is exactly as been 

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mentioned. Again, you know, you go back two and 

a half years; we were probably were looking to 

try to figure out how to get the deposits, but, 

today, it's an area where we have an oversupply. 

And that really impacts a lot of us.

 And I think it was mentioned a little 

bit earlier, as we were talking about deposits 

impacting the leverage ratios of our 

institutions. We do believe that the regulatory 

agencies may want to look at how can they help 

some of these institutions that are having what 

we would normally consider a good issue, meaning 

having more assets on the balance sheet, and 

particularly, impact them negatively as it 

relates to equity.

 One of the challenges we have seen 

that we've overcome in this environment, and 

particularly, in the minority banking space, is 

this ballooning of the balance sheet has actually 

helped out, because we have had additional 

capital come into our institutions. Many of the, 

I'll call them GSIBs, global institutions, have 

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made commitments to minority banks, particularly, 

and have made investments in our banks that have 

really helped to really bring us back up to what 

would be considered equitable across the banking 

space. And so, I want to talk a little bit about 

that.

 I also want to bring up the topic 

regarding CRA. There was a lot of discussion 

about a year and a half ago (audio interference) 

the OCC. We do believe that's a topic that needs 

to continue to be refined going forward.

 One of the issues we believe, or I 

personally believe, is that the description of 

community used to be around geography. I think 

we're going to see that morphing, gray in some 

areas where the affinity of organizations or the 

affinity of the bank itself may go beyond 

geography. And we'll have to figure out how do 

you manage through that.

 And my point is that, when you look at 

fintech today, it is managing across those 

geographies and bringing particularly together 

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different infinities. And so, I think the 

banking community, we have to be, I think, 

forward-looking and looking at how do we compete 

in that space and move forward.

 Some of the highlights of the banking, 

in particular, minority banking space, I'd like 

to turn to, deals with what the Chairman stated 

yesterday in the announcement of a Minority 

Banking Office that Betty Rudolph will continue 

to lead, and really providing resources there.

 We know from the (audio interference) 

Chicago and Boston, they've all demonstrated the 

need for minority banks, and the impact those 

minority banks have in their respective 

communities. So, I just want to applaud the 

Chairwoman for her efforts in establishing that 

office, and I just want to say so much to Betty 

Rudolph of what she does for this sector every 

day. And we wish you continued success.

 Again, as we look at what is happening 

in this space right now, particularly the 

minority space, there has been a sustained 

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interest over the last, let's say, year and a 

half. We've got to be sure that that effort 

continues to grow.

 I'm so grateful to our banks in the 

Minnesota market, the Minneapolis market, in 

welcoming us to that market. I call them the 

"Fab Five," or the "Fabulous Five," not to 

infringe on any trademarks. That includes Wells 

Fargo, Remer Bank, US Bank, TCL/Huntington, and 

Bank of America. And so, we are so grateful to 

have partnered with them in looking at the 

opportunity to move into that market and be a 

beacon of hope in the Minnesota market going 

forward.

 Again, I want to talk about at a high 

level what we have discussed. The leverage ratio 

issue is one that's real. I think it's one that 

needs some discussion and concern.

 The idea of cryptocurrency is one 

that's real from a regulatory perspective. I 

know it is considered property today, but many 

believe at some point in time it might be 

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considered currency by the Treasury. But I think 

it's one that the banking industry and the 

regulators ought to be talking about and thinking 

about.

 The fintech challenge I think is 

daunting. It is one that we certainly need to 

look at how do we embrace and engage. And you 

heard one of my colleagues mention that earlier. 

I think we have to look at, how do we lead in 

that and just become followers in that space?

 And then, lastly, I want to talk a 

little bit about examinations. This is an issue 

not only specific to me, but, generally, we're 

heard this brought up. In the midst of COVID and 

doing a lot of that examinations that are being 

done remote, you really miss the opportunity to 

be right across the desk from someone and really 

understand the nature of that business.

 And so, we would certainly encourage 

more of a hybrid approach, where it makes sense 

and where it is safe, going forward, because we 

do believe that, as you know, relationships 

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matter in understanding and being able to feel 

and touch. The culture can matter, as opposed to 

doing that just remotely. So, that's another 

topic I would like to bring up.

 In closing, I want to thank you again, 

Arleas. I heard that word used today that we 

used yesterday, "grace." I think you've done 

that with grace and style. We just want to say 

thank you for your leadership.

 Please give our regards to the 

Chairwoman. I know this is my last Committee, 

and it has been a pleasure to have been appointed 

to this role and serve over the last several 

years. And so, please give my regards to her.

 And to Director Gruenberg, your 

mentorship, your leadership has just been 

phenomenal with me. And I just really appreciate 

the way you've led, and I'd love to be in contact 

with you going forward long past my service on 

this Committee.

 So, at this point in time, I have the 

pleasure of introducing Patty Mongold, who is 

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Chairman, President, and CEO of the Mt. McKinley 

Bank.

 Patty?

 MEMBER MONGOLD: Thank you, Kenneth. 

I appreciate that.

 I am Patty Mongold, President, CEO, 

and Chair for Mt. McKinley Bank, a mutual bank in 

the center of the State of Alaska. I appreciate 

the opportunity to talk with you today about some 

of the things that are going on in Alaska and in 

Fairbanks.

 This year, at Mt. McKinley, we had an 

FDIC State of Alaska Safety and Soundness exam in 

July. This was our first year virtual, and we 

were quite pleased with how well it went. We had 

an exam team that recognized our increased 

workload to help load information, and they 

worked with us to reduce the number of documents 

to bare necessities.

 This team took an advisory approach 

and gave us tremendous insight into their 

expectations for future exams as we grow and meet 

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new asset thresholds. I would like to commend 

FDIC for this group of professionals that made a 

difficult process relatively easy. In my 

opinion, they represented the FDIC exceptionally 

well.

 Bring on our second week of our 

compliance CRA exam, and that process is also 

going well. This is the second time that we've 

had multiple exams in one year, and it's 

difficult when you have two exams back to back, 

but, fortunately for us, the exam teams worked 

with us and they put a couple of months' 

difference, space, between the exams. So, that 

really helped. We do appreciate their 

flexibility.

 I would say that, having gone through 

one totally virtual exam and another partially 

finished, I think that, even though they've gone 

well, it does not replace the opportunity for 

face-to-face meetings. In some instances, we 

were required to upload additional information on 

loans or reports that would not have been 

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necessary if we had been able to just hand the 

file or report to an examiner that was in person.

 I'm sure it's frustrating for them to 

have to wait for us to get things uploaded and 

compiled. And so, I think in the future it would 

be great, once we're past the lack of ability to 

meet in person or the travel restrictions, that 

it would be great if we could get to some sort of 

a hybrid model, where we have some examiners in 

the building. I believe the examiners get a 

better understanding of the bank when they're in 

person, and I also think that the bank benefits 

from that working relationship.

 On other subjects, the State of 

Alaska, much like many other states, is in need 

of more workers. You've heard that from other 

speakers today and I'm sure you'll hear it from 

others that follow me. The shortage of qualified 

applicants for positions is still very great.

 At Mt. McKinley Bank, we're feeling 

the pain of the labor shortages especially 

because our number of COVID cases and exposures 

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in our community is quite high, and some of our 

employees are being required to stay home until 

they're healthy, get test results, or a 

sufficient amount of time has elapsed after their 

exposure to COVID-19.

 Alaska leads the nation in the rate of 

new positive COVID cases per capita. The death 

rate here over the last week and a half is more 

than four times the national average -- not 

really things that we should be very proud of. 

But the good news is that our numbers seem to be 

plateauing. So, hopefully, that will lead to 

some decline in both positive cases and death 

rate.

 On the financial side, Mt. McKinley 

Bank continues to do well in 2021. Our earnings 

are good, exceeding our expectations for both 

income and balance sheet both. We continue to be 

optimistic for our 2021 earnings to mirror those 

of 2020, which was also a really good year.

 We finished the summer tourist season 

with decent numbers, but far fewer visitors than 

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our pre-COVID years, but definitely better than 

last year. This helped our tourism-related 

businesses to have a better year than last, and 

their bookings for 2022 are up from 2021. So, 

they're very hopeful that the worse is behind 

them.

 A bright spot is that we do have one 

customer that relies on winter travelers only; 

they're closed in the summer. They recently 

expanded their operations substantially, raised 

the rates, and are still solidly booked through 

2022 and into 2023. Winter tourism in the 

interior of Alaska is a small, but growing 

market. So, we're happy for that one bright 

spot.

 On the housing front, the military is 

talking about more expansion into the interior, 

which will continue to put pressure on our 

housing market. We have a housing shortage 

statewide, but it's especially difficult in the 

interior of Alaska.

 Currently, we are short over 500 

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housing units in the Fairbanks area, in the 

preferred area for our local Air Force Base, and 

that's through 2024. Those numbers are as troops 

come in through 2024.

 Our builders have responded because 

the shortage was much higher just a few years ago 

before the buildup began. The State of Alaska 

has also responded and they've created a military 

facility zone loan for borrowers who want to 

lease properties to military families. So, those 

things are certainly helping.

 But, unfortunately, with the labor 

shortages that we are experiencing, as well as 

the supply chain issues that we face, there's 

just no way to get all these homes built before 

the Air Force Base personnel arrive. So, it's a 

constant battle.

 The Army Post is also talking about 

expansion, which will add even more pressure on 

our market. So, we're working with the local 

governments to try to get some resolutions in 

place for those things, but we definitely need 

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more qualified workers in those construction 

industries.

 Other than our COVID numbers, things 

are going fairly well in Alaska, and in 

Fairbanks, in particular. We're optimistic about 

2022 and hope that we continue to see 

improvements in our economy and our bank will 

continue to thrive.

 I also want to thank Director 

Gruenberg, Chair McWilliams, and the rest of the 

FDIC staff, for this opportunity to visit with 

you a couple of times a year. It's been a unique 

opportunity and I've really appreciated it.

 I hope that I've shared enough about 

what's going on in our local community to give 

you some insight into Alaska, and it's been a 

pleasure to spend time with all of the other 

Committee members, as well as the FDIC staff. 

So, thank you very much.

 And at this time, I would like to 

introduce our next speaker, who is Neil McCurry, 

President and CEO of Sabal Palm Bank. 

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Thank you.

 MS. ROY: Actually, we're going to 

move to Mr. Hayes.

 MEMBER HAYES: Can you hear me now?

 MS. ROY: Yes, we can hear you.

 MEMBER HAYES: Okay. Thank you. I 

appreciate the opportunity to say a few words 

here.

 This is also my last meeting as well, 

and I'll share a few more comments a little 

later.

 But, again, my name is Steve Hayes. 

I'm President and CEO of Dakota Prairie Bank, 

located in central South Dakota. We're familyowned, about a $120 million bank, all within 45 

to 50 miles of one another, of the four 

locations.

 Now, when I talk about banking 

conditions, we're probably 60-percent-plus ag, 

and the other 40 percent comes in in commercial 

and consumer.

 And in sharing with the Banking 

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Commission, what a change from our July meeting, 

because I believe I was sharing with you in July 

how the drought effect was going on in central 

and western South Dakota; that some of our 

livestock producers were selling off some of 

their livestock herd because there just wasn't 

any hay to put up any feed whatsoever.

 But I'm really blessed and happy to 

say that, in the last month, we've had numerous 

rains, very timely rains, which makes, obviously, 

a big difference and changes the attitudes of so 

many people.

 And with that, you know, our grain 

farmers are going to turn out pretty well. 

They're currently harvesting their beans and 

corns and sunflowers. Our yields are going to be 

down, and that's primarily due to the drought, 

but our commodity prices have been really 

holding. Coupled with all the PPP loans, and so 

forth, I think our grain farmers will come 

through this year fine.

 Our livestock producers, yes, I think 

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this rain will help them, hopefully, going into 

the spring. The real issue here is going to be 

the shortage of hay, and we hope that -- you 

know, we need moisture and we need snow through 

the winter, but the shortage of hay is going to 

be an issue. And if they do get a hold of hay, 

it's tripled in price. But I think the prices 

and our livestock producers are doing well.

 On our commercial side, tourism is up. 

Our communities have done really well, I think. 

The C stores, the gas stations, lodging has 

really improved over last year.

 The big thing here is -- it's been 

talked about before, and again, I'm sure it will 

be in future speakers here -- is the shortage of 

labor, and that's, obviously, a continued-on, an 

issue.

 One of the things that I have the 

concern with the ag and producers, as well as the 

commercial producers, is the supply chain. I 

mean, we have farmers trying to lock in prices in 

'22 and '23. Because it's really an issue, not 

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only can you get price locked in, but also trying 

to get the product here. And again, we've heard 

that before. So, that's one of our concerns, as 

an ag banker, is the expense side in our balance 

sheet, because everything is just tripling in 

cost.

 As far as the bank financially, we're 

doing well. I expect to have a real good year, 

better than we thought. Obviously, the same 

issue is depressed net interest margins, 

liquidity, trying to figure out how we can gain a 

little more revenue on that cash that's sitting 

out there. But, overall, the capital is good. 

Our loan quality has been holding well. So, 

those are things that I feel really well going 

into '22, you know, with the exception of the net 

interest margins.

 As far as the high point of the 

issues, I should say, you know, I've sat on 

probably two or three roundtable discussions 

amongst bankers in South Dakota, and it goes back 

to Mr. Kelly was talking about the joint exams, 

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the hybrid exams, and I have to concur with that. 

The majority of the people that I've talked to 

across the State as to the hybrid exam, we hope 

that they will consider that.

 The last item we have really as the 

concern, I guess, is the cannabis banking, and I 

really worry about that. You know, there's just 

so many, what I call, offshoots from this. Out 

here, we've gotten some of our farmers wanting to 

lease some land. And so, the payment coming in 

will come from those proceeds. So, that's an 

issue that we're watching very closely, just 

trying to get our arms wrapped around that, 

because it is happening. We've had a couple of 

people approach us about whether we would be able 

to bank those folks. So, that's the other thing 

that's the real issue there.

 So, with that, as I mentioned, this is 

also my last meeting. And I want to spend a 

little more time sincerely thanking Chairman 

McWilliams and Director Gruenberg and the FDIC 

staff. I tell you what; this has been such a humbling 

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experience. I'm truly honored to sit -- well, I was 

hoping to get together with everybody in a room, but 

this has been a tremendous experience that I will 

never forget. And I just appreciate so much the 

opportunity to be a part of this group.

 And I also want to thank, in ending, I 

want to thank the FDIC for all that you do for us 

community bankers. It's all about relationships. 

It's all about relationships, and that's so important 

to continue on, even beyond the pandemic, and we get 

into another cycle someday down the road, that it's 

all working together. So, I really appreciate the 

folks at the FDIC.

 And again, one more comment. I just want 

to thank the members of the Advisory Board. Again, I 

wish I had the opportunity to meet all of you in 

person, but that wasn't meant to be. And so, I wish 

you all the very best, as you get through this 

pandemic and you move forward in serving your 

communities that you've done for many years. So, 

thank you so much for your commitment.

 With that, I'm going to turn it over to 

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Hal Horvat, the President and CEO and Chairman of 

Centreville Bank.

 Hal?

 MEMBER HORVAT: Thank you, Steve.

 My name's Hal Horvat. Hopefully --

oh, my video has not started yet. I'm having a 

little trouble with my video. However, I will 

start with the presentation.

 My name is Hal Horvat. I am the CEO 

and President of Centreville. We are a $1.9 

billion asset institution, about 192 years old. 

So, we've been around a long time. We're based 

in West Warwick, Rhode Island. We have 17 

locations, nine of which are in the State of 

Rhode Island and eight of which are in the State 

of Connecticut, nearby eastern Connecticut.

 In terms of the economic outlook for 

Rhode Island and nearby Connecticut, it's 

actually improved pretty significantly over the 

third quarter of this year. We're still 

operating a pre-pandemic levels, but the signs 

are really encouraging. 

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Our unemployment is down in Rhode 

Island to 5.2 percent, still above the national 

average, but it's shown a nice improvement, as 

we've gone through the summer and into the fall.

 The labor force participation rate has 

improved, but not enough. As many of my 

colleagues have mentioned, there's been a real 

issue on labor shortage, and that's been 

certainly true in our area.

 There's a real concern about wage 

inflation because, unlike commodity prices that 

go up and down, once your wages go up, they don't 

have a tendency go down. And that's particularly 

true with banks as well.

 We've seen some growth, particularly 

in leisure and hospitality, as well as government 

sectors, and it's outpaced the region and the 

nation.

 The hospitality industry and tourism 

is very important to our area, and they had a 

much-needed strong demand over the summer months 

-- with finding help being probably the largest 

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issue. Many of the restaurants, many of the 

hotels had to close for more hours than they 

really had anticipated and could not take 

advantage of the strong demand.

 Home prices in our area continue to be 

very strong. We don't see any signs of any 

relief there. Inventory levels continue to be 

very low as well.

 As far as the bank, we're back to 

conducting business completely in person. Our 

lobbies are completely open, as they have been 

for some time. In contrast, I'm actually in 

Washington, D.C., today. I was here for an ABA 

Community Bank Council meeting. And I was 

surprised to see that it's pretty much locked 

down here in Washington, D.C., with masks 

required everywhere -- really a contrast to what 

we're seeing at home back in Rhode Island.

 In terms of the financials, net income 

is positive to budget. We've had very strong 

commercial loan production and very strong 

residential loan originations. Our margins 

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continue to be the main concern heading into 

2022. And we really have to produce a 

significant amount more in production in order to 

achieve the same level of income.

 Asset quality, however, remains very 

strong, with very little delinquency. As of 

September 30th, we have no P&I deferrals on our 

books and we have a limited number of interestonly loans.

 Commercial real estate lending 

continues to be very strong with investors taking 

advantage of the low interest rates. We've seen 

a considerable increase in construction projects 

during the year, but an uptick in demand for High 

Bay industrial properties, particularly around 

transportation hubs. And then, we've seen some 

medical and apartment projects as well.

 Residential lending has been strong 

throughout the year, and we anticipate that 

continue through the end of the year. Refinance 

makes up almost all of our volume at this point, 

mainly due to some of the inventory shortages of 

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housing.

 Deposits are also healthy, as many 

banks have mentioned. And in terms of looking 

forward, we expect to finish out 2021 very 

strong, but we're cautious about next year. 

Certainly, the decreased margins we expect to 

continue. We anticipate a recovery in the 

hospitality industry.

 And we've also seen an uptick in usage 

of digital channels, mostly through outreach and 

necessity. And we have ITMs in place which have 

significant amount of increased usage. So, we 

look to continue to focus on growth in all of our 

areas.

 I would echo the sentiments earlier 

about the remote exams. I think a hybrid model 

would probably make the most sense. We did 

complete both our CRA exam and our Safety and 

Soundness exam this year. The professionalism 

that we received from both staffs has been very, 

very high, and we were very pleased with the 

outcome. 

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And with that, I will turn it over to 

PJ Wharton, who is the CEO of Yampa Valley Bank.

 And thank you for this opportunity.

 MEMBER WHARTON: Hal, thank you so 

much. Appreciate the introduction.

 And I want to thank and congratulation 

Mr. Kelly and Mr. Hayes for your service to this 

group, and my greatest regret is we didn't get to 

meet in person. And I, too, am very disappointed 

we're not all together. Deeply respect the 

lockdown in D.C., but very much look forward to 

gathering face to face.

 Everybody loves visuals. And if I 

could share my screen, if that's okay, and if you 

can see that, what I am showing is about six 

miles from my chair is the top of Steamboat Ski 

Mountain. And two things that I want to point 

out. No. 1, we don't have any smoke or fires, 

and No. 2, as you see here in the righthand 

corner, about 10 inches of fresh snow. So, we're 

very, very excited about the future for skiing. 

We don't open up until Thanksgiving, but I'd love 

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to host any and all of you, if you want to come 

to the great State of Colorado.

 Steamboat Springs, Yampa Valley Bank 

represents two communities, two very diverse and 

different communities. Steamboat Springs is a 

small community, about 12,500 people. Our asset 

base here in Steamboat is about $360 million, and 

then, our friends to the west in Moffat County, 

and specially, Craig, Colorado, our second branch 

has about $115 million in assets, and truly a 

cowboy town and has the unique distinction of 

also being directly impacted by the Green 

Movement. We have a power plant there with three 

coal-powered generators that will be 

decommissioned in the next 10 years. So, we are 

directly being impacted very significantly in our 

valley.

 So, in this area, we have the tourism; 

obviously, the ski mountain, and enormous numbers 

of people moving here, based on the current 

economic environment.

 I'm going to echo the sentiments of my 

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peers. Right now, our staffing is our No. 1 

challenge. Currently, we have a team, between 

our two branches, of approximately 60 people. We 

are down right now, with open positions. About 

20 percent of our staff has open positions, which 

is down a little bit from the summer. This year, 

we have filled 28 positions, or about 61 percent 

of our staffing, and year to date, we've had 

about 14 percent of our employees separate, 

leaving the banks. So, overall, that remains a 

huge issue.

 And what's been unique this time, as 

opposed to taking jobs that may have been in 

their degree or other opportunities, being in a 

tourism town, we get a highly educated group 

moving here to take part in the outdoor 

recreation industry. What we're seeing different 

this time is dramatic changes. At least seven of 

our employees have moved out of state -- places 

like Virginia, Michigan, Alaska. So, major 

career and life changes.

 In the past two years, to try to 

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address this, we have addressed our starting 

salary or starting wage for our teller line. It 

has increased from $16 per hour to now $20 per 

hour, a 25 percent increase in the past two 

years. So, we are doing everything we can, but 

it remains a challenge.

 A great example, as I showed the 

powder cam from the ski area, our ski area needs 

to hire a thousand new employees this fall. As 

of now, they are projecting that they will fill 

70 percent of those positions. So, while the 

mountain will certainly be open, what they're, 

basically, projecting now is they will not have 

any nighttime restaurants or other ancillary 

services open during the ski year. So, that's a 

great example of the staffing needs that we're 

experiencing, and I'm sure we all are across the 

country.

 The next, second point would be 

inflation. I'm here to sound the siren, from a 

community bank perspective, that inflation is 

here. I would argue it is not transitory; it is 

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real. It is affecting all phases of our 

business.

 The one I would speak to is 

construction. At Yampa Valley Bank, probably our 

No. 1 business is single family construction of 

custom homes. Again, numerous folks move here 

from out of state, either now for fully remote or 

as a second home.

 Cost for housing, on average in the 

past two years, we've seen the cost per square 

foot just for hard costs increase from 

approximately $300 per foot to $500 per foot. In 

the past three years, we have seen construction 

costs increase between 40 and 60 percent.

 Just last week, we approved a 

construction loan for a well-qualified buyer. 

The construction cost for the home on a 4,000-

square-foot home was $3.4 million and approaching 

$900 per square foot. The home was very nice, 

but was not over the top.

 So, again, obviously, supply chain 

disruptions, but just inflation is here, and 

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we're all experiencing it, as you've heard --

gasoline prices, milk prices, et cetera.

 The third factor I'd like to talk 

about is wealth and deposit growth. The Yampa 

Valley Bank has increased, as of September, to 

$445 million in deposits between our two 

branches. In the past 12 months, our deposit 

growth has been $98 million, 28 percent. In the 

past 24 months, deposit growth has been $161 

million, or 57 percent.

 Last year, as we projected to 2021, we 

did not anticipate additional stimulus. We 

anticipated our deposits to shrink. The exact 

opposite has occurred.

 And I echo Mr. Pitkin's sentiments in 

regard to the community bank leverage ratio. I 

would encourage -- we are the poster child in 

terms of the community bank leverage ratio. And 

the abundance of stimulus, and specifically, cash 

and cash investments that we have, as a result, 

our community bank leverage ratio has dropped to 

8.43 percent. 

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While we anticipate, because of our 

strong earnings, that we will return above 9 

percent, it will not happen before December 31st, 

as our competitors -- specifically, Bank of the 

West, BNP Paribas, and Wells Fargo -- have 

effectively abandoned community banking. Bank of 

the West is closing their branch in Craig, 

Colorado, a town with three branches, three 

competitors. So, we will be down to two other 

competitors, and we have earned the lion's share 

of those deposits.

 So, overall, I would ask the FDIC, 

respectfully, to continue to look at that 

community bank leverage ratio. At this point in 

time, there aren't severe negative consequences, 

but, from our perspective, we want to make sure 

we are abiding by all of the requirements.

 Fourth, I want to talk a little bit 

about first-time banking and minority banking. 

We're very, very proud here in Steamboat Springs 

and Craig that we have a very strong relationship 

with Integrated Community, which is a nonprofit 

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that specifically reaches out to the immigrant 

population.

 And we've been successful for really 

one primary reason: we have made an effort to 

hire bilingual employees. In our communities, we 

have a large Hispanic population, and as a result 

of having three bilingual employees, including 

one manager, word of mouth has caused us to be 

the bank of choice for our Hispanic community, 

and we're quite proud of that, and continuing to 

reach out with education and a welcoming 

opportunity and attitude.

 Finally, one thing, as we've all been 

faced with, is affordable housing. Obviously, in 

resort communities, as I just talked about these 

incredible costs for building a home, 

affordability, either for rental or 

homeownership, is very, very difficult. And as 

you've all heard, in communities in the 

mountains, in resort communities, are employees 

are forced to drive 25, sometimes 44, miles to 

get to employment, to have affordable housing. 

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We had a very unique circumstance. As 

I described, this relates to the wealth in our 

community. We had an anonymous donor reach out 

and work with our Housing Authority, our local 

Housing Authority, that provides affordable 

housing. They donated $25 million to purchase a 

300-acre parcel that will have the capacity for 

3,000 units, all to be dedicated to affordable 

housing.

 And not to be outdone, that was six 

miles from town. So, we have a once-in-alifetime opportunity for affordable housing for 

our workers. And most likely, what is going to 

happen, it will not be deed-restricted, but what 

it will be is be required that you live here, 

that you work here, and/or retire here. So, no 

second homes; no VRBO; no speculative. So, we're 

really very excited about that.

 Finally, with financials, 2021 will be 

the best financial results that we've ever had. 

I think you will all agree, from a management 

perspective, it's probably the most difficult 

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year we've ever had -- between COVID and folks 

moving out of state, et cetera. Management and 

overall, I would categorize our team as emotional 

exhausted.

 So, the year for us, we will put up an 

ROI in excess of 2 percent. On a Sub S, non-taxadjusted, our ROE will be above 25 percent. And 

this will be the best year that we have put up 

for our shareholders.

 As we look ahead, we definitely expect 

next year to be much more difficult. We've heard 

about compression to the net interest margin. 

And with the lack of PPP fee income, we are 

projecting both revenue to decrease, but, 

certainly, net interest margin and net income 

will decrease in 2022.

 So, again, I just want to join the 

sentiment of my fellow community bankers. What 

an honor it is to be on this Committee. I so 

very much look forward to hearing from each of 

you what's happening in your respective 

communities. 

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So, thank you, Director Gruenberg, and 

thank you, Arleas. We're all jealous of those 

who have met you face to face and have had the 

opportunity to work with you on a daily basis. 

But it is very obvious, just the respect that 

your fellow FDIC teammates have for you, and that 

incredible smile that you have, that you're 

special person. So, we all wish you the very 

best in your future.

 And as I turn it over to Betsy 

Johnson, my final comment would be, please, 

please, please, we'll bring our vaccination card; 

we'll have our masks. Let's meet in person in 

February.

 Thank you.

 MEMBER JOHNSON: Thank you, PJ.

 I second that wholeheartedly. I've 

got my vaccination card. So, let's use it.

 Again, I'm Betsy Johnson, CEO and 

President of Solutions Bank, located in northern 

rural Illinois, previously and historically, an 

ag lending bank, ag concentration, except when we 

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added two banks, one in 2019 and one which we'll 

merge in with January 2022 -- with more ag 

customers, and that's wonderful because that's 

what we do; that's what we know. But we'll also 

take a side of some of that total concentration 

with some more business in commercial 

opportunities there. So, that's a wonderful 

thing.

 I'm downtown Chicago today. So, it 

was a balmy 22 degrees when I left, and I've got 

it doubled to 44 degrees. So, PJ, I don't think 

you should have noted that you love winter and 

hope to see you out in Steamboat.

 Sarah and Steve, you know, kind of 

close your ears when I tell you what a great crop 

production year it was in the State of Illinois. 

Although our summer ended up fairly dry, muchneeded rain was held off until most of the 

harvest was complete. Yields were good; 

commodity prices were good, which helps crop 

production businesses to remain stable and 

strong. 

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However, we know input costs are 

always increasing and that's normal. And the 

supply chain is also affecting that as well, as 

we can hear John Deere -- I don't think they've 

quite reached an agreement with their employees, 

but that's also affecting our ag customers when 

they just need to replace something and keep 

production going.

 We don't have a lot of livestock, but, 

also, as I hear from Sarah and Steve, the 

livestock production is good. The price has been 

good. But, also, as we know, you know, I hear 

from Shaza that the food prices are going up. 

And that's all the result of that. So, it's a 

snowball effect, and it's something that we're 

going to have to deal with, even though it seems 

like we do that kind of every year, except for 

this time, it's a little bit more severe and 

something for us to keep our eye on.

 More importantly, I wanted to mention 

that, even though we have good crop production in 

the State of Illinois, more importantly is that 

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carryover is not going to be a problem; has not 

been a problem; it will not continue to be a 

problem in our area.

 Like I said, we've seen not much drop 

of land prices. Depending on the quality and 

soil of the range, it's still going from about $8 

to $15 thousand an acre. Any more so in the high 

end, as, also, we know demand comes up when the 

neighbor's farm comes up for sale.

 Residential market, we know the supply 

still lags behind the demand. Illinois, in rural 

area, we're seeing more building permits, despite 

the higher cost, but, also, lagging behind 

because of supply chain command affecting some of 

the lending as well.

 Just to mention on COVID, our bank in 

the rural area, we filed with the CDC and the 

local health department; unfortunately, you know, 

COVID still exists in our area. Like I said, I'm 

in downtown Chicago today, and I do know that 

some of our local bankers, they haven't come back 

to the office. And so, it varies from cities and 

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metropolitan areas out to the rural areas, where 

I'm at.

 But our lobbies that were particularly 

open on Saturdays, they were closed during COVID, 

and we have not yet opened up those lobbies, but 

we do, of course, always by appointment, and so 

forth. And we're not sure we're going to open 

them up, but we'll monitor the activity.

 Deposits. As everyone was saying, 

when Mark put his presentation on, I concur in 

some of the same. Our numbers might be a little 

bit different, but the same message in all of 

that.

 (Audio interference) deposits since 

the beginning of the year in all our banks 

increased by $48 million. And so, that's not all 

PPP. So, I'm just mirroring and echoing what 

everyone has already said, and I can't express 

that even more -- it's top of the mind of every 

banker that we talk to, is the leverage ratios 

and what's going to happen with that. I know I 

wish we all had a crystal ball of what's going 

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happen.

 We do know that consumer spending is 

up year to date compared to last year; it was a 

negative; it's a positive this year. But I can't 

imagine that that's going to decrease deposit 

rates and they're going to use their funds in the 

accounts to make up for the lag on the lending 

side.

 I'm sure we will see, as the supply 

chains -- it's a hope, as the supply chains get 

better and they improve, that the business and 

development, the construction will go at a faster 

pace, and some of that money can be lent out for 

those purposes.

 In PPP, also, we know that was a good 

thing. Most of our balances, original balances, 

are down to 10 percent and in single digits for 

forgiveness. I don't think that's quite 

widespread through the State of Illinois. I hear 

from other bankers that their forgiveness numbers 

and the balances are still in the mid to low 

digits, and some even getting some audits on some 

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low balances. I hope those are one-offs, and 

that's not a normal practice. But, just the 

same, that's what I am hearing, and also, that 

some people are leaving their money sit because 

they're unsure of whether they will be audited or 

not. So, on the borrowing end, that's some 

information/feedback I've been getting.

 Illinois, as a whole, I'd just 

mentioned -- you guys talk about unemployment 

rates -- the good news, even though Illinois is 

higher, is that 7.2, which it just jumped up just 

a slight bit, but I guess that's the bad news. 

But the good news was it was 16 percent back in 

April of 2020. So, for the State of Illinois, 

that is doing okay.

 Another thing I wanted to mention, 

too, that comment made about the hybrid 

examinations, in some of our banker discussions, 

it was brought to my attention -- oh, a former 

examiner, now a banker, explained that, you know, 

a typical banker's explanation of a good 

examination equals a rating of 1 to 2, and a bad, 

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not-so-good examination is rating received of 3 

or worse.

 So, understanding that, there will be 

more complaints from others that didn't get a 

good examination. So, when we talk about this, 

and taking that into a mindset, I believe one of 

the most important items of this is our 

communication and understanding. And bankers 

want to be understood by their examiners. They 

want to know who they are.

 I always like to come with a solution 

or a suggestion to a problem or a situation, and 

the only thing I can come up with now is, part of 

the communication that we have when the examiners 

sit down -- I guess I'll step back a little bit 

and say that I am all for a hybrid examination. 

I'm also maybe more on the virtual and our 

experience is that has been very good. But I 

think maybe improvement may in the first 

communication that we have, if it has to be 

virtual.

 A conversation when we're training, or 

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doing refreshers for existing staff for 

examinations, that they get to know us. Maybe 

it's a little more personal basis. Our community 

bankers, we want to make it personal. We are 

very passionate about what we do in our banking; 

that we want the examiners to know who we are. 

And on the other side of that, maybe we should 

take a little bit more time and understand who 

our examiner is as well. So, enough said about 

that.

 I also want to give a shoutout to PJ, 

commending him on wage increases. It is a 

problem trying to retain staff, and especially in 

our small community areas, to get staff who they 

want to come and be bankers.

 And our model is a universal banker 

model for our frontline staff. And they aren't 

just people that clock in and clock out. So, no 

one is making minimum wage. They are way above 

minimum wage.

 So, anybody that does that and 

increases their wages, their people are of value. 

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We ask them to do a lot. They're, basically, 

personal bank owners on the frontline staff, and 

they're the first contact with our customers. 

So, it's very important.

 So, I encourage everybody to take a 

look at that, not only in order to retain your 

staff. And think of it, it's not just I have to, 

but just think of their worth as well, because 

they are extremely important.

 I'll close in saying, Arleas, congrats 

to an awesome career.

 And, Ken and Steve, we'll miss your 

contribution.

 Director Gruenberg, thanks for sitting 

in and pitch hitting today.

 I know Chairman McWilliams, she's 

going to be meeting with some Illinois bankers 

later this week. So, it will be interesting to 

hear what feedback she has, also, from the State 

of Illinois.

 Thank you.

 And I'm going to turn it over to 

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Andrew West, President of Eagle Bank.

 MEMBER WEST: Good afternoon, 

everyone.

 My name is Andrew West. I'm the 

President and CEO of Eagle Bank in Polson, 

Montana.

 Eagle Bank is one of 18 tribally-owned 

banks in the United States. We have average 

assets of around $95 million. It fluctuates a 

little bit, based on inflows and outflows from 

tribal deposit accounts, but we hover around 95. 

I expect we'll break over $100 million next year.

 We're located on the Flathead Indian 

Reservation in western Montana. We're the home 

to the Confederated Salish and Kootenai Tribes. 

The Pend d'Oreille Tribe is also part of this.

 Our market consists primarily within 

the exterior boundaries of the reservation, which 

encompasses 1,938 square miles, 1.3 million 

acres. There's around 30,000 people living on 

the reservation, and approximately 5,000 of those 

people are tribal members. 

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Our original mandate was to help the 

unbanked and underbanked. We try very hard to 

continue to do that every day. Over the last few 

years, we have broadened our scope and have done 

more commercial ag and mortgage lending to all 

residents of the reservation, rather than just 

tribal members.

 Regarding banking and economic 

conditions here, Montana has an unemployment rate 

that's around 3.7-3.8 percent. On the 

reservation, it's over 20 percent. There is the 

same problem here. Businesses cannot find help. 

It's just an ongoing thing. I think it's being 

experienced across the nation.

 We have a higher-than-normal COVID 

infection rate here in Lake County, where I am. 

the tribal government has been extremely 

proactive in trying to battle this, but it's 

still very much a factor here.

 We had our lobby closed for about a 

year. It reopened in June. Didn't seem to 

affect our performance at all last year or this 

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year. The customers have just changed how they 

interface with the bank, using mobile banking and 

the drive-through. And it hasn't really been a 

problem for us, but we are back open and 

everything seems to be going okay.

 Despite the higher-than-normal levels 

of COVID infection here, we have had a ridiculous 

amount of people move in. We've had 3,000 new 

residents move onto the reservation since April 

of 2021. And the county north of us, in Flathead 

County, they have had approximately 30,000 people 

move in since April, which is, for a small state 

like ours -- large by geography; small by 

population -- that's a lot of people.

 Previously, moving to Montana, the 

barrier to coming in here was there is a lack of 

viable jobs. Well, now with everybody being able 

to work from home, that barrier is pretty much 

gone. So, that does help the economy with the 

influx of more money.

 But the downside is that it's created 

a housing shortage. And we get a lot of people 

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moving here from California who have a lot of 

money. They sell their house for a million or a 

million and a half dollars, and they come here 

and they can buy one for $500,000 that's better 

than the one they sold. And they are willing to 

pay, and a lot of cash buyers. And what ends up 

happening is it's driving the price of housing up 

so high here that a normal born-and-bred Montanan 

can't afford to buy a house anymore. So, that's 

a real problem here, not to mention there's just 

a housing shortage.

 In 2020 and 2021, we saw exceptional 

real estate lending activity, just not unlike 

almost everyone. We were tripling our 2019 

numbers. Real estate production has begun to 

taper. I think we're just running out of 

inventory, and everyone who wanted to finance 

their house has financed their house, or 

refinanced. I expect that it will pick back up 

in the spring a little bit, but it has been a 

little slow.

 Commercial loan demand has been 

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moderate compared to prior years for us. As a 

lot of the PPP loans begin to roll off the books, 

it's been a little bit of a challenge for us to 

replace those. Fourth quarter there, we're 

starting to see things pick up. There's been a 

lot of uncertainty here, and I think the 

commercial loan demand has kind of reflected 

that.

 Agriculture business has been 

difficult across all of Montana, not just here in 

western Montana. But we had an exceptionally hot 

summer last summer, and there was just a 

tremendous drought and a grasshopper hatch that 

was for the ages. The combination of the heat 

and the grasshopper hatch -- you know, the 

grasshoppers destroyed hay crops; the heat 

destroyed hay crops.

 And hay, normally, may be $100 a ton; 

it's $70 to $100 for ranchers here. It's $350 a 

ton. And even though cattle prices have gone up, 

you cannot run a viable ranch and operation on 

$350-a-ton hay. It's just not possible. 

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So, what we're seeing is a lot of 

people are selling off their herds, which, in 

turn, is going to end up with we're going to not 

have as many cattle on the market, and it could 

affect the market going forward for many years.

 In the consumer realm, there's been, 

as everyone knows, there's a large influx of 

stimulus money. Where I live on the reservation, 

the tribal government has given out even more 

stimulus money than the U.S. Government. And 

what we've seen from that is we have very few 

past dues, but, also, very low demand for 

consumer loans. People are flush right now, and 

they just don't need these smaller loans that we 

often do. And then, additionally, credit unions 

are marketing very low interest rate consumer 

loans, and we don't have any interest in 

competing with that. So, it's been a little bit 

of a challenge on the consumer.

 Overall, the bank's doing well. We're 

probably going to have the best year we've ever 

had. A lot of cautious optimism about going 

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forward into 2022.

 You know, we've experienced margin 

compression. If interest rates continue to climb 

or they begin to climb, we're concerned about it 

clamping down on borrowing activities.

 So, like I said, we're cautiously 

optimistic. Everything is going well, but I 

certainly have worked hard to prepare the bank to 

be positioned for a downturn in the economy. So, 

we're kind of hoping for the best and planning 

for the worst.

 And that's all I have to report.

 And I would turn it over to Mike Bock, 

CEO of Dairy State Bank.

 Thank you.

 MEMBER BOCK: Thank you, Andrew.

 Mike Bock, Dairy State Bank, CEO of 

Dairy State Bank in Rice Lake, Wisconsin. We are 

about 100 miles straight east of the MinneapolisSt. Paul area. So, if you're trying to put us in 

geography in Wisconsin, that's about where we 

lie. 

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We have a market area that runs kind 

of northern Wisconsin down to mid-Wisconsin, so 

no the north end of it. We have a lot of 

tourism, some logging, those types of industries, 

moving through some industrial stuff in the 

middle, down to some farming in the south. So, 

we've got a big variety of customers that we do 

work with.

 We are experiencing a very good year 

at this point in time. PPP loans have been very 

successful. We've got most of them forgiven. 

We're down to our last literally handful of loan 

applications to get through the system. They've 

gone through very smoothly, very few audits, 

double-checks.

 So, that process was going well, 

which, in turn, resulted into some fee income for 

us, as well as others have experienced that; 

plus, a little luck and some other items that 

have gone through the bank. We're going to have 

a very successful year this year. Profitability 

will probably be as high as we've ever 

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experienced in our, roughly, 60-year history.

 But, with that profitability, we've 

gone through some significant asset growth. From 

pre-COVID times, we've grown about 40 percent. 

We went from a $500 million bank; today, we're 

running about $740 million.

 We keep talking about this can't last 

forever, and then, next month we add another $5 

million to the total. So, some of this is going 

to reverse. But, as that money comes in, what 

we've experienced is a significant downturn in 

loan demand.

 Obviously, the PPP era brought us a 

lot of loans, but we are largely a commercial 

bank. And in that commercial bank world, we 

finance inventory and we finance car dealers and 

we finance RV dealers, and those folks literally 

have nothing on their lots out here to sell. 

It's reached the point that, if you want a car, 

you put your name in; you put an order in, and 

when the car comes off the truck, you pay for it 

and off it goes. So, a significant part of our 

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business had been Ford plant financing, and we 

are down to almost zero in terms of dollars 

outstanding for that right now.

 But what's unique and interesting, as 

we talk to the dealers, they're thinking this 

might become somewhat the new look of their new 

business model. They're finding that, with less 

cars on their lot, there's less overhead and 

there's less interest to be incurred, and they 

may see this as part of their future, that they 

will never go back to the levels of inventory 

financing that they've done in the past. And 

again, for us, that has been a very significant 

part of our commercial business.

 There's money that keeps coming into 

the system. Just recently, in northern 

Wisconsin, even though the egg industry has been 

supplemented nicely by different areas, the State 

of Wisconsin is going to have another grant 

program that comes out today for agriculture 

people. A hard industry and hard business, it's 

been a good year for them on many fronts this 

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year, but there will be some more assistance 

coming out.

 But there are starting to be some 

questions for them and other businesses on what 

next year might bring. As we've talked about 

before, we have supply chain issues; we have 

inflation issues. Some of the commodities that 

go into our commercial industries that do 

manufacturing are escalating in price. We're 

trying to get ahead of the curve, get orders in, 

get prices locked, et cetera. But they've been 

through cycles where they do this before, and 

then, suddenly, supply chains get better; prices 

go back down. Now they're sitting on high-priced 

inventory costs that they have to cycle through 

the system at some point in time. So, that is a 

challenge that a lot of businesses are trying to 

juggle.

 The other thing that we see on here, 

as we get into some of the national potential 

COVID protocols coming down the line in terms of 

testing, vaccination requirements, et cetera, 

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we're currently in an area that our vaccination 

rates, basically, they're running 50 to 55, maybe 

58 percent. So, it's relatively low here.

 So, as we talk to some of our larger 

businesses who are already short in terms of 

finding labor, and they see a potential COVID 

vaccine mandate coming down, and they've said a 

number of their staff have said, "We will simply 

not follow that and we will step out of the 

workforce." They're seeing an already short 

labor force becoming shorter and shorter.

 So, no matter what kinds of inventory 

they can get in terms of raw materials, with no 

people to do the job, they will have no products, 

as they go forward. So, a lot of interesting 

forces out there at work.

 So, again, 2021 is going to be a great 

year for us. We had great growth. Asset quality 

is phenomenal. We have virtually no passthroughs. We have nothing in other real estate. 

And it's looking very good at this point to have 

huge amounts of dollars. 

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But where does 2022 take us? Now this 

is a little bit of the unknown right now. Again, 

we have supply chain issues, inventory price 

increases for a lot of our commercial customers. 

They're being very conservative for next year in 

terms of their planning, which, of course, leads 

to us.

 Earlier it was stated that inflation 

is here; it's real, and it's not going away. And 

it's not transitory; I tend to agree with that. 

Could we have some drawback? Yes, but, with all 

we've experienced with the real estate market, 

construction cost market, we just don't see that 

ever rolling back to a level that it was preCOVID going forward.

 And with a shortage of labor, labor 

costs are going to continue to stay up. Even if 

we get some people back, we don't see labor costs 

dropping back now because, literally, everybody 

has had to make some labor adjustments going 

forward.

 Interest rates, the Fed is meeting 

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today. Where those goes, that's also a question 

for us in our industry, as well as our customers. 

All of our customers are looking at those right 

now, and they want the longest term, the lowest 

rate possible, and from a business standpoint, we 

can't blame them, which has tendencies to put 

pressures on all of us.

 But the other thing that we're hearing 

from our larger commercial customers, in 

particular, is the uncertainty of what's being 

discussed in terms of potential Tax Code changes. 

As a result, a lot of our businesses have drawn 

back, have gotten very conservative and kind of 

let's see what the six months plays out to be.

 Eventually, there will be answers to 

these questions, but there's enough uncertainties 

in the world already in terms of raw material 

costs, labor costs, et cetera. Throwing 

potential Tax Code changes on top of that just 

adds a little more uncertainty to the businesses 

that are out there.

 In a wide-ranging area, our egg folks 

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have had an excellent year. We had rain when we 

needed it. Yields coming off the field have been 

phenomenal. Prices are great. We have a lot of 

happy farmers at this point in time. But, again, 

input costs are expected to go up next year. 

They're not quite sure where that may bring them.

 (Audio interference) markets, the 

hospitality industry, business has come back. 

They're doing a lot better, but labor is an 

issue. They're having difficulty finding people 

to clean their rooms, take care of things that 

they need, and service the customers they want. 

The common theme is becoming we're not going to 

be open on Monday-Tuesday in a lot of cases. 

Some businesses are not going to open on 

Wednesday, either, just for staffing issues. So, 

definitely some issues coming down the pike.

 Again, a great year for 2021. I think 

that's going to be industrywide. But quarterly 

challenges going forward to utilize that money, 

and as had been discussed many times, the Tier 1 

capital ratio is certainly something to watch. 

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We are fortunate that we've been well-stocked in 

the Tier 1 capital ratio, but, with the growth 

we've experienced, that is being challenged, and 

I'm glad that it's been discussed. And I'm sure 

the regulators are looking at that in terms of 

the risk that's being taken on.

 A lot of our additional assets have 

gone into very low-risk assets. Yes, there is 

risk in terms of market value risk, et cetera, 

but credit risk should be very, very low for that 

going forward. So, certainly, an area for us, 

and I think many others in the industry, to keep 

track of, as we go forward. So, long story 

short, good 2021.

 For all of the folks that are wrapping 

up their time on the Committee, thank you for 

your service.

 For Arleas, thank you for your 

service. It would have been great to meet you 

before you retired out to have a handshake and a 

face-to-face, but, hopefully, that day will come 

for the rest of us, as we go forward. 

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So, with that, I'll wrap up and 

introduce Cindy Kitner, President and CEO of 

Jefferson Security Bank.

 Cindy, it's all yours.

 MEMBER KITNER: Thank you for that, 

Mike.

 Good afternoon.

 I am Cindy Kitner. I am the President 

and CEO of Jefferson Security Bank. Our bank was 

chartered over 152 years ago. We are located in 

the eastern panhandle of West Virginia. Our 

asset size is around $430 million with 70 

employees. We operate six locations, with two of 

those being drive-through-only, one of which was 

drive-through before our pandemic started.

 I, too, would like to thank Chairman 

McWilliams. I'm sorry that she couldn't be here 

with us today, but I do appreciate all that she 

does, and certainly, Director Gruenberg, all of 

the FDIC staff, and of my colleagues here today. 

I have great appreciation for this opportunity 

and for the commitment that we all share for 

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community banking.

 At this point in the presentation, I 

will try not to be repetitive, but would state 

that we share in a lot of the challenges and 

concerns previously mentioned. To go through 

those quickly:

 With COVID, our numbers have improved, 

but some of the highest numbers in our State have 

been in our neighboring communities and counties 

throughout the pandemic.

 In addition to that, concerns over 

inflation, the impact of labor shortages, supply 

shortages, balance sheet growth, cannabis 

banking, and also to mention that we are a heavy 

real estate lender. So, watching those real 

estate values climb is something that we are 

closely monitoring.

 To touch base on just a couple of 

things in more depth, in regards to capital, we 

remain well-capitalized. However, while we work 

to embrace our heritage here at the bank, our 

corporate structure and shareholder base presents 

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some unique challenges.

 Prior to the pandemic and the 

resulting impact of a significant increase in our 

deposit base, we felt that we had more time to 

prepare our capital for our growth. As for loan 

growth, we have seen strong competition in our 

local market and continue to have margin 

compression.

 We have several large public deposit 

relationships, some of which we have had since 

the 1970s. The additional funding that they have 

seen and received has further amplified our 

growth. All together, those changes have reduced 

our loan-to-deposit ratio and put pressure on our 

capital ratios. We continue to closely monitor 

all capital levels, including our risk-based 

capital and are working to strategically adjust 

for the unexpected balance sheet growth that we 

have seen. I feel, as an industry, we need to 

continue to acknowledge the unintended 

consequences of this pandemic and work together 

to safely and methodically address these 

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concerns.

 Another area that I wanted to touch on 

is employment. Within a 10-mile radius of our 

offices, we have several major manufacturing and 

distributing centers, including Amazon, FedEx, 

Macy's, P&G, and others. As we all know, these 

large corporations significantly impact the wages 

in our area, particularly at this time of the 

year, as they are hiring seasonal employees.

 As a small community bank, staying 

competitive and finding talent is becoming 

increasingly challenging. Recently, we've had 

some success in hiring through some new 

techniques.

 One example that I'd like to share is 

we've recently added a Community Impact 

Coordinator. As we experienced changes again in 

marketing, I knew that it was time to take a 

different approach. I have met a dynamic, what I 

would call an undiscovered, community influencer 

and knew that we needed to add her to our team. 

Focusing on our mission, our core values, and 

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strong desire to reach deeper into our 

communities helped form this position.

 She brings with her two assets: a 

strong commitment to developing our youth and 

others in our community, connecting with our 

staff, and reaching out to the community to 

better understand the needs.

 Through her efforts, we believe that 

our team can have a greater impact to improve our 

current relationships, as well as reaching those 

that are less familiar with banking. We agree 

that she could continue to teach career 

development at our local university, allowing us 

to stay connected with our youth and evaluate how 

we can make a difference. This is an exciting 

addition to our team which has brought some muchneeded energy in the recent weeks.

 I would echo the importance of what we 

heard earlier with the importance of having staff 

in our offices. For us, having our employees 

connected with this community and with our 

customers is the core of what started our bank 

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and what has grown our bank over the last 152 

years. So, that remains a focus of ours. When 

we need to go to a remote environment, we 

certainly can and will, but we will do everything 

that we can to keep our staff in the office. And 

that's been a great model for us.

 This year, from an earnings 

perspective, we are ahead of last year, and this 

could lead to our third year in a row of record 

earnings. However, we share in the concerns of 

next year with margin compression and all the 

other issues that have been discussed here today.

 With that, I would like to, again, 

thank Chairman McWilliams, Director Gruenberg, 

all of the FDIC staff, all of those of you that 

are here today. Our continued support and 

commitment to community banking is so important, 

and we know that we can't do it alone. So, thank 

you all for that.

 Additionally, Arleas, while we've only 

had limited interactions, I do want to 

congratulate you on your retirement and all the 

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work that you've put into the FDIC, and thank you 

for that.

 So, with that, I will introduce our 

next presenter, Anthony Capobianco, President and 

CEO of American Community Bank.

 Thank you.

 MS. KEA: Anthony, pardon me, but I 

believe you are on mute. We are not able to hear 

you yet.

 MEMBER CAPOBIANCO: Can you hear me 

now? I'm sorry.

 MS. KEA: Yes, we can.

 MEMBER CAPOBIANCO: All right. I 

apologize, everybody. I'm having technical 

difficulties again. I apologize.

 Thank you again, Cindy.

 Good afternoon, everyone.

 I'm Tony Capobianco, President and CEO 

of American Community Bank here in Glen Cove, New 

York. We started this bank about 20 years ago, 

and we're located just outside of New York City 

in the suburbs of Long Island, in the Counties of 

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Nassau and Suffolk. We're a small, localized 

community bank, and our footings total about $250 

million. We have five branches with about 40 

employees in those two counties. The lion's 

share of our business is commercial real estate, 

I'd say about 95 percent-plus.

 So, the banking conditions in our 

local area have continued to improve since COVID, 

and while we close out the forgiveness 

applications for round two of the PPP loans, by 

the way, we're about 25 percent forgiveness in 

round two, and we anticipate full, 100 percent 

forgiveness by the end of the first quarter of 

2022. In the meantime, we've now been able to 

ramp up new loan originations back to pretty much 

normal, or whatever the new normal is going to 

be.

 I reported at our last meeting that 

our plan was to get back to 100 percent of 

regular underwriting parameters by the fourth 

quarter, and fortunately, we've been able to do 

that successfully thus far. Of course, if 

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there's another surge in COVID, or any of the 

variants, then we'll have to ease off.

 But our main focus right now, and the 

crucial question for me -- and I'm sure for many 

of us on this Committee -- is how to replace PPP 

income in 2022 and beyond. So, not to sound 

overly negative, but what if COVID doesn't die 

down and inflation continues to rise, and supply 

chain issues continue, like I've heard mentioned 

by almost all of you in your presentations? And 

there's the employee staffing challenges and 

turnover.

 By the way, we've also had to increase 

telewages by 25 percent, not over the past two 

years, but by just this year. And interest rates 

are projected to go up. So cost of funds 

increase, but we can't correspondingly increase 

loan yields. And then, there's always the 

constant, lingering threat of cybersecurity. And 

that's all before the corporate income tax rates 

that are expected to go up, too. And I'm sure 

the list can go on and on and on. 

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So, I've been spending a lot of time, 

probably since the beginning of the year, on 

exploring other opportunities in anticipation of 

this outcome. So, in our marketplace, we'd like 

to be able to deploy the significant excess 

liquidity that we all have, and again, I've been 

hearing about as well.

 And for us, it resulted primarily from 

the pandemic and many of the PPP loans that we 

made are not being used. Fortunately, they 

didn't use all the funds. So, they're still on 

deposit with us, but I don't see that decreasing 

at all. And even if it does a little bit, we're 

still way over our liquidity, necessary liquidity 

minimums and what we have in order to redeploy 

into higher earning assets.

 So, the opportunities that I've been 

looking at pretty much in-depth for the last 

several months include fintech-related 

partnerships, non-conforming residential 

mortgages, table funding, anything related to 

blockchain technology, and really taking a deep 

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dive into the pass-through payment processing. 

So, these are all avenues that would primarily 

impact just the non-interest fee income side of 

the ledger, but we feel that would also have the 

ancillary benefit of increasing shareholder value 

on our balance sheet, and that's always our No. 1 

priority.

 To that end, and in accordance with 

the current digital age, I'd just like to 

highlight a couple of very important digital 

trends with large percentage increases in our 

electronic services at our bank.

 We've had a 33 percent increase since 

last year in our mobile banking customer 

enrollments and a massive 70 percent increase in 

the number of deposits made by simply snapping a 

picture through our mobile app. More and more 

customers are migrating to our convenience 

digital product, and once they do, they stick 

with it.

 So, even though we're all about 

relationships -- we built this bank on 

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relationships, and that continues to be our most 

important competitive advantage -- and there's 

nothing like face-to-face, in my humble opinion, 

we still must continue to embrace any and all 

digital or remote access to banking in our 

industry.

 So, overall, I would say that the 

local banking trend issues and conditions are 

positive, but 2022 will be more of a challenge, 

based on anticipated margin compression and 

increased competition for loan demand and growth.

 The good news is we continue to enjoy 

our best year in our history again in terms of 

ROA and ROE. Our capital ratios continue to be 

strong. Our credit quality remains pristine with 

zero past dues and zero substandards. And even 

though we expect a downward trend slightly in 

earnings for 2022, we remain cautiously 

optimistic for a strong, continued recovery in 

our local economy, anyway.

 With that, I'd like to thank this 

Committee for allowing me the opportunity to 

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present alongside our colleagues. Thank you to 

the folks at FDIC for supporting us.

 And also, a special thank you and best 

wishes and congratulation to our host, Arleas, 

who I will turn the floor back over to now.

 Thank you.

 MS. KEA: Thank you so much, Tony.

 And let me just say, thank you all for 

sharing your observations on your communities. 

But there is a part two to this discussion, and 

that's where we're going to have our FDIC staff 

-- Shayna, John, and Greg -- engage you as they 

talk about some of their observations of the 

things that you have said.

 So, at this point, I'll turn it over 

to Shayna, John, and Greg.

 MS. OLESIUK: Great. Thank you very 

much, Arleas, and thank you to all the 

participants. I always find the discussions of 

this Committee very enjoyable and informative, 

and today was no different.

 So, I will spend just a few minutes 

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sharing some of our team's observations from a 

national viewpoint.

 So, in summary, economic and credit 

conditions continue to improve. Of course, 

they're still sensitive to the path of the 

pandemic, as we've heard today from many points 

around the country.

 The outlook is positive, but certainly 

faces downside risk from the labor market and 

supply chain constraints, also as many of you 

mentioned.

 And key risks for banking include: 

potential strains on credit, as pandemic support 

programs for borrowers begin to wind down and 

loan forbearance periods end. In addition, 

earnings pressures from low interest rates are 

certainly on our minds.

 So, along the lines of economic 

conditions, GDP growth was more than 6 percent in 

first and second quarter of this year, but it 

slowed considerably in third quarter and actually 

came in below expectations at around 2 percent 

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for third quarter. As of the October 2021 Blue 

Chip Forecast, the current consensus forecast for 

the full year of 2021 is at 5.7 percent growth. 

So, still quite strong from a historical 

perspective, but I think it's important to note 

that that forecast just in the last few months, 

since June, has slowed a full percentage point 

from 6.7 percent expected for the full year of 

2021, now down to 5.7 percent. So, we're 

certainly seeing that slowdown.

 Also, the story is concerning for 

employment, as many of you mentioned. While we 

have seen job growth -- through September of this 

year, the economy has regained more than threequarters of the jobs that were lost during the 

early days of the pandemic -- but, despite that, 

we're still about 5 million jobs fewer now than 

before the pandemic started. So, this translates 

to continued weakness in parts of the labor 

market and potential financial difficulties when 

programs such as the extended unemployment and 

forbearance end. 

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As many of you mentioned, the 

unemployment rate has come down quite a bit from 

a peak of nearly 15 percent early in the pandemic 

down to 4.8 percent nationally in September. So, 

that's certainly good news.

 And also, I would echo concerns about 

inflation, as many of you mentioned. The Blue 

Chip Consensus Forecast continues to point to a 

return of inflation just above 2 percent by year 

end 2022. Those forecasts have recently been 

moved out from the earlier forecasts which were 

saying that we were going to reach that level by 

the end of this year, 2021. So, certainly, 

concerns on the inflation front as well.

 I'll mention two other key areas of 

concern that we're watching.

 The first is commercial real estate. 

So, early in the pandemic, there was a lot of 

concern about how commercial real estate would 

fare during the pandemic. And we've seen that 

commercial real estate property prices have 

remained remarkably resilient, especially 

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compared to the performance of in the Great 

Recession.

 Office, retail, and lodging property 

prices remain below pre-pandemic peaks, but not 

by much, and this is, clearly, better than where 

we were about 18 months after the start of the 

Great Recession. Office vacancy rates remain 

high in many metropolitan areas, and they could 

increase even more as longer-term office leases 

become due, if companies decide they don't need 

as much space as they currently have.

 And finally, we're closely watching 

the housing markets. Of course, housing prices 

have continued to climb, reaching record levels 

of growth in 2021. The rise in home prices last 

year helped reduce the share of homes with 

negative equity. So, that's definitely a good 

thing. Homes with negative equity now account 

for just 3 percent of total mortgage debt, and 

that's down from the recent peak back in 2009 of 

26 percent. So, this abundance of home equity 

could certainly insulate banks and other lenders 

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from losses like we saw in the last cycle.

 So, with that, I will turn it over to 

John Henrie and Greg Bottone to share their 

insights from the regional perspectives.

 MR. HENRIE: This is a mic check. Can 

you hear me, Shayna?

 MS. OLESIUK: We can, John.

 MR. HENRIE: Yay. Okay.

 Well, first of all, thank you, Shayna.

 And good afternoon. I've really 

enjoyed listening in on hearing the presenters 

talk about their bank's experiences. And I'll 

have to be honest with you, many of the things 

that you shared were similar in the Atlanta 

Region.

 For your information, if you're not 

aware, the Atlanta Region covers the seven 

southeastern states, including West Virginia, 

Virginia, North and South Carolina, Georgia, 

Alabama, and Florida.

 In fact, I hope you don't mind, Shaza 

and Cindy, I just want to call you out. It's 

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good to see you here, and I'm glad to see you be 

able to participate on something as important as 

this.

 Now I'm going to really stick -- you 

know, I've always congratulated bankers when I 

meet them, given all that they did. I don't 

think we'd be where we're at today if it weren't 

for their considerable efforts to navigate the 

challenges that we've been through for the last 

year and a half. So, thank you very much.

 And really, what I am seeing in the 

Atlanta Region right now is, you know, all the 

key performance metrics are showing favorable. 

Capital is sound. Asset quality remains sound, 

although we did see a slight uptick in 

delinquencies. Earnings are up, although the 

significant change between the second quarter 

2021 and last year was really release of reserves 

or lower expenses that offset, as everyone 

discussed, the compressed net interest margins 

pressured by asset yields declining faster 

than funding costs. 

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The other challenge for earnings, and 

I agree with what everyone is saying -- Shaza, I 

heard you talk about it -- a lot of banks would 

be envious of you because across the Atlanta 

Region our banks are finding it very difficult to 

achieve desired loan growth. In fact, they're 

reporting increased levels of competition for 

loan business. So, that's something that rang 

true.

 And one characteristic of the Atlanta 

Region that I want to share is really, it's about 

interest rate risk exposure. We view it as 

elevated in the Atlanta Region. In particular, 

what we have here is Atlanta Region banks have 

extended the maturities and pricing dates of 

their assets while growing short-term deposits.

 In fact, the percentage of banks with 

net long-term assets over 40 percent of total 

assets remains elevated at 72 percent. And 

that's as of June 30th of this year. And this 

compares to just 24 percent in 2010. If you 

think about that timeframe, that shift has 

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occurred during an extended period of historic 

lower interest rates. So, that's something that 

we're, obviously, looking at very closely.

 Likewise, I don't need to really talk 

about liquidity. Everyone knows it's increased, 

and it is in some cases difficult to redeploy.

 In terms of specific areas that we're 

monitoring in the Atlanta Region, employment, as 

everyone has indicated, the trends are good. 

Unemployment rates across the Region range from 

3.1 percent in Alabama to 4.9 percent in Florida.

 One trend that is concerning involves 

the Region's labor force participation rate, 

which stands at 59.4 percent, which is 

considerably lower than the 62.7 percent it 

averaged in 2019, a year before the recession. 

So, if you take those two numbers, the difference 

roughly translates into about 700,000 fewer 

regional residents looking for employment, and we 

think that may be contributing to some of the 

challenges businesses are facing when they're 

trying to fill positions. 

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In terms of manufacturing, we've 

recovered, roughly, 82 percent of the 200,000-

plus jobs that were lost during the pandemic 

recession. The ISM, sometimes referred to as a 

purchasing managers' index, is in its 16th month 

of expansion, as demand for new orders is strong. 

However, there are headwinds involving, as we've 

indicated earlier, worker shortages and material 

scarcities, which are slowing production and 

increasing delivery times.

 I'll spend the last minute or two just 

talking about commercial real estate trends. 

Office space -- and really, commercial real 

estate a mixed bag -- office space continues to 

face challenges amid companies delaying their 

return-to-office plans. Aging office vacancies 

rose during the second quarter to 9.2 percent 

from 7.8 percent a year ago. Forecasters are 

projecting modest to moderate decline in office 

demand in the next five years, given an increase 

in the number of employees working remotely.

 On the other hand, retail space 

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fundamentals have improved, as vacancies have 

trended lower, rents have increased, and recent 

activity has boosted space absorption. This 

year, in fact, retail openings have outpaced 

store closures, and rents are also showing a 

nearly 3 percent increase from the prior year.

 Obviously, the pandemic had a direct 

and significant impact on trends in travel. The 

Atlanta Region hotel occupancy rates dropped to 

53 percent during the first quarter of 2021, down 

from 61 percent in the year prior. Travel and 

tourism has picked up during the summer and 

growth is expected to remain over the year. 

However, employee shortages and adverse global 

trends could temper those expectations.

 The Atlanta Region multifamily 

vacancies, another good point, are at their 

lowest level in years at 5.4 percent compared to 

7.7 percent during the pandemic. Asking rents in 

the region peaked to nearly $1,400, a 13 percent 

increase from a year earlier. With that said, we 

are seeing an increasing number of markets 

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showing excess supply that we are closely 

monitoring.

 And obviously, the elephant in the 

room, residential real estate, what can I say 

more? Prices have been going up. Home price 

growth in many of the states remained strong into 

the second quarter. For the first time ever, 

four of the Region's seven states logged doubledigit gains, and Alabama, Georgia, North 

Carolina, and South Carolina recorded their 

fastest pace of home price growth ever. Limited 

housing supply and low interest rates have been 

contributing factors to those trends.

 Although (audio interference), 

discussion is starting to shift and focus on 

overvalued markets. The S&P recently issued a 

report that concluded the nationwide housing 

market is, roughly, 5 percent overvalued. For 

the Atlanta Region, the report shows Georgia as 

overvalued within the range of 5 to 10 percent, 

and Florida is overvalued within the range of 15 

to 20 percent. Of course, with greater price 

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appreciation, they could experience greater value 

decline and shift market conditions to 

deteriorate.

 Again, I just want to thank you for 

this opportunity to present a little overview of 

the Atlanta Region, and I would like to turn the 

time over to Greg.

 MR. BOTTONE: Thank you, John.

 (Pause.)

 MS. KEA: Greg, we see you.

 MR. BOTTONE: Okay, okay, I don't see 

myself. I'm sorry. Thank you.

 MS. KEA: We are able to see you.

 MR. BOTTONE: Yes, thank you.

 Good afternoon, everyone.

 Before I begin my comments, I just 

want to acknowledge our CBAC representatives from 

the Chicago Region: Betsy Johnson, Kenneth 

Kelly, and Mike Bock. I want to thank you for 

being on this Committee, and I hope to meet all 

of you in person in the future.

 And I also want to say hello to Mark 

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Pitkin. Mark and I go way back, and I thoroughly 

enjoyed working with him in my previous position.

 I thought today I would speak 

generally about the economic conditions in the 

Chicago Region, then, talk a little bit about 

banking conditions and some things that we are 

watching going forward.

 For background, from east to west, the 

Chicago Region consists of the states of 

Kentucky, Ohio, Michigan, Indiana, Illinois, and 

Wisconsin. There's, obviously, a great variety 

of economic activity from agriculture and 

manufacturing and the metropolitan areas in each 

state.

 I'm happy to say that agriculture is 

doing well. And that's been further evidenced by 

our CBAC representatives' comments here today. 

Prices across all commodities appear wellsupported. Land values are also strong. If 

there's one negative that I've been hearing, it's 

that farms are doing so well that their demand 

for current financing has been muted. 

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Manufacturing is far more important in 

the Chicago Region than any other. Unlike 

previous recessions, which were particularly 

damaging for manufacturing, the good news is that 

the sector has weathered the pandemic relatively 

well, has a significant amount of consumer 

spending, and has turned from services to goods.

 However, one major issue is affecting 

the auto sector. While generally doing well, it 

continues to suffer from semiconductor chip 

shortage limiting production during a period of 

increasing demand for new cars and trucks.

 Auto manufacturers use many varieties 

of chips in their vehicles, leaving them exposed 

to supply disruptions. These chips are generally 

older and less expensive than other sectors, and 

chip manufacturers make less profit on older 

chips, limiting incentive to ramp up their 

production. States such as Michigan, Indiana, 

and Kentucky have high exposure to the auto 

industry. Experts are divided about when the 

shortage will ease, but, generally, everyone 

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agrees it will continue into 2022.

 Like other parts of the country, 

residential real estate has done extraordinarily 

well. Price appreciation in several states has 

shown increases even over the national rate. The 

lowest in the region was Illinois at 7.9 percent 

year over year.

 Residential real estate markets have 

benefitted from lower interest rates, and 

household with disposal incomes have bought 

remodeled homes. The exception has been 

multifamily housing, which while showing some 

positive growth, has exhibited a more modest 

increase in prices. However, most recently, from 

my discussions with associations and bankers in 

the Region, prices and demand seem to be 

moderating.

 Banking conditions are good, with 

earnings exhibiting solid returns, despite margin 

compression at historically low levels. Net 

interest margins in the Region are the lowest 

reported, going back to at least 2000, with 

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decline in yields dropping more than the cost of 

funds.

 Low interest rates and a relatively 

flat yield curve are major factors. Non-interest 

income increased, reduction in overhead, and 

lower loan loss provisions have at least 

mitigated some of the margin issues.

 Almost every bank experienced strong 

deposit growth through the pandemic, and 

liquidity remains high. At first, we believed 

that liquidity levels would drop fairly quickly 

through increased loan demand, but loan growth 

has been sluggish and was actually negative in 

the Region year over year at the end of June. 

Anecdotally, we've been hearing that loan growth 

did increase the third quarter, and early 

indications from the 9/30 Call Report is that we 

did have a modest increase in loans growth.

 Of note, asset quality remains very 

good. Total past due loans in the Region are 

less than 1 percent. COVID-related loan 

modifications, as defined in government stimulus 

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legislation, have declined substantially, as most 

credit is modified, either returned to current 

status or otherwise has been resolved. Loan 

chargeoffs are at levels similar to pre-pandemic.

 Capital levels have declined, as asset 

growth outpaced capital growth. The decline can 

be attributed to several factors, including PPP 

lending and the resulting increase in liquidity. 

Although levels are at some of the lowest in the 

last eight years, it's not necessarily a 

significant regulatory issue at the moment. 

Asset quality is good. Earnings are positive. 

And the growth on the asset side is largely in 

short-term investments and the expectation of 

increasing loan growth.

 I've heard it spoken about today, and 

I've also been asked by several bankers, about 

the decline in capital ratios and would it result 

in a grading downgrade. Capital is largely rated 

on the risk of each institution's balance sheet 

and their strategic plan. Therefore, funds 

placed in such short-term investments as 

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Treasuries and government agencies, in 

preparation for normal loan growth, should not be 

a major concern.

 There are three other areas that we're 

watching.

 One is our regional bankers citing a 

lack of clarity for the near-term on economic 

conditions. Events such as major government 

stimulus programs are still unfolding, and other 

proposed for the future, including those 

currently debated in Congress, may affect lending 

and overall growth.

 And staffing is also cited as an 

issue. The ability to retain, hire, and attract 

talent in the pandemic has become a challenge. 

Qualified individuals are asking for such things 

as the ability to work remotely or an increase in 

salary, and competition is fierce for their 

services.

 The last area is commercial real 

estate and, in particular, office space, and to a 

lesser extent, commercial real estate associated 

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with hospitality. It was recently reported that 

the downtown office market in Chicago is 

reporting a vacancy rate of 20 percent. This is 

the highest ever recorded, even more than the 

Great Recession. The good news is that other 

office markets in the Region are at or slightly 

below historical levels.

 Companies are reevaluating the amount 

of space needed, given their employees' ability 

to work remotely, as demonstrated during the 

pandemic, and what that will mean for the future.

 And reductions in office space leased 

can also affect hotels that rely on businesses 

for business travel and large events such as 

conventions. Two of our institutions are heavily 

concentrated in this area, but the overall 

economic effect of these conditions could impact 

their business lines.

 So, thank you for the opportunity to 

speak with you today. And I'll turn it back over 

to Arleas.

 MS. KEA: Thank you, Shayna, John, and 

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Greg.

 Let me ask of the members, if you had 

any questions of the observations and statements 

made by our team, this would be an opportunity to 

engage, if anyone has any thoughts.

 (No response.)

 I'm not sure that I see any hands 

raised in the chat. But asking the team just to 

double-check me on that.

 Okay. Very good. I think everybody 

might be ready for a break.

 But, before we go to the break and get 

too far away from the comments, especially those 

made by the members, as we went through, I just 

want to thank you all for acknowledging our 

Chairman in her absence. It means a lot to us 

that you all see what we see, and I want to thank 

you for all of your acknowledgments of her many 

efforts to help the members of our community 

bankers.

 Thank you especially for the warm 

sentiments that you gave to me. 

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And then, you will hear more from 

Director Gruenberg before we close the meeting, 

where he will provide some words of appreciation 

to our members who are rotating off and this is 

their last meeting.

 So, with that, you all have earned the 

right to go on break. We will have a 15-minute 

break. So, if you will be back in 15 minutes, 

we'll then resume. Thank you.

 (Whereupon, at 3:10 p.m., the 

foregoing matter went off the record and went 

back on the record at 3:25 p.m.)

 MS. KEA: Thank you and welcome back, 

everyone. We're getting ready to start up. I 

think we had a great discussion. And, again, 

with regard to the trends, there was so many 

similarities.

 Yesterday, we had a meeting of the 

Minority Depository Institution Subcommittee, 

which is a subcommittee of this committee. We've 

referenced it, to some extent, in our discussions 

earlier, and I'd like to just remind everyone 

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that Gilbert Narvaez serves on both this 

committee and the MDI Subcommittee, and I've 

invited Gilbert and Betty. Let me just pause on 

Betty for a moment. I think Ken Kelly indicated, 

as he was at our subcommittee meeting yesterday 

giving a spotlight, but he referenced the fact 

that the Chairman made an announcement that we 

now have a new office, she's created a new 

office, our Minority and Community Development 

Banking office. And Betty, who has been so 

passionate and who has worked so hard as the 

National Directory of our Minority and Community 

Development Banking program, is the new director 

of our new office.

 So at this time, I'd like to invite 

her and Gilbert to give a report out and engage 

you in some discussion on all of the items that 

were on the agenda at yesterday's meeting. So 

Betty, shall I say Director Betty, we will, we'll 

hear from you at this point. Thank you.

 MS. RUDOLPH: Great. Thank you so 

much, Arleas. I appreciate that. And I think 

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I'd like to invite Gilbert Narvaez to join me. 

As Arleas said, he has served on both of these 

committees, I think, for a couple of years now, 

and I really appreciate his participation, as 

well.

 Gilbert, are you able to join?

 MEMBER NARVAEZ: Yes, I am.

 MS. RUDOLPH: Thank you.

 MEMBER NARVAEZ: Thank you, Betty. I 

just wanted to briefly remind the Committee that 

the FDIC established this MDI Subcommittee under 

the authority of the Advisory Committee on 

Community Banking, CBAC. The Federal Advisory 

Committee Act requires that subcommittees provide 

advice or recommendations to the agency through 

the parent committee. Therefore, the MDI 

Subcommittee reports directly to CBAC, to you 

all, and not to the FDIC.

 The goals of the MDI Subcommittee are 

to, one, to serve as a source of feedback for the 

FDIC on strategies to fulfill its statutory goals 

and to preserve and promote MDIs; two, to provide 

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a platform for MDIs to promote collaboration, 

partnerships, and best practices; and, finally, 

to identify ways to highlight the work of MDIs in 

their communities.

 The MDI subcommittee is comprised of 

nine MDI executives representing a diversity of 

types of MDIs, from African American, Hispanic, 

Asian American, and Native American, and a range 

of business model size and geographic mix. The 

nine committee members of the MDI represent about 

10 percent of all the 96 MDIs supervised by the 

FDIC. In addition, there are three MDIs 

represented on CBAC, which is Mr. Kenneth Kelly 

from First Independent Bank of Detroit, Michigan; 

Mr. Andrew West, Eagle Bank of Polson, Montana; 

and myself.

 Yesterday, we learned about the 

creation of the new Office of Minority Community 

Banking that the FDIC is creating to support the 

mission-driven bank. And congratulations, Betty, 

on your new post. During the MDI spotlight on 

the best practices, we heard about an innovative 

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partnership that Kenneth Kelly's bank, First 

Independent Bank of Detroit, Michigan, recently 

engaged to expand the bank's footprint to the 

Twin Cities of Minneapolis and St. Paul. This 

initiative brings and African American-owned and 

controlled bank to serve a community in need. We 

learned about the partnership between the 

community, the large banks in the Twin Cities, 

and First Independent Bank that facilitated this 

initiative.

 During the Bankers' Roundtable, we 

heard many of the themes and topics that the CBAC 

members discussed earlier today. In addition, we 

discussed possible topics for MDI research and 

the creation of MDI origin story videos.

 At this time, the MDI Subcommittee 

does not have any recommendations for the FDIC, 

but the subcommittee does want to share a 

briefing on Mission-Driven Bank Fund, which the 

FDIC launched in September this year. And for 

this, I'll turn it over to Betty Rudolph.

 MS. RUDOLPH: Thank you so much, 

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Gilbert. And, Mike, if you could queue up the 

slides, that would be terrific.

 I wanted to brief you all about the 

Mission-Driven Bank Fund, which is a very unique 

public-private partnership that the FDIC 

announced. As Gilbert said, Chairman McWilliams 

held a press conference on September 16th to 

share information about this unique 

public-private partnership and to announce the 

anchor investors in the fund, as well as to 

invite other investors to come forward.

 And one of the unique features of this 

fund is that the FDIC created it using our, as 

Chairman McWilliams said, our weight and our 

brand, as well as our statutory goals to preserve 

and promote minority depository institutions. 

The FDIC will not be an investor in the fund or 

provide investment advice. That would be a 

conflict of interest due to our supervisory role 

and insurance role of our these institutions. 

But what we will do is support the mission focus 

of the fund through an advisory role, and I'll 

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talk a little bit more about that in the future.

 So if you could just switch to the 

first slide, Mike. Thank you.

 You know, last summer, the FDIC 

received a number of calls from treasurers of 

corporations, from larger banks, interested in 

doing something to support communities in need, 

including low-income communities, minority 

communities, and rural communities. And a lot of 

them said, you know, we have $100 million we'd 

like to put in deposits in these institutions. 

And for many of these corporate treasurers, they 

didn't understand the deposits are a liability on 

a bank's balance sheet and actually can have the 

potential to exacerbate access to capital. In 

many of these institutions, mission-driven banks 

historically have had a lack of opportunity for 

access to capital, so large deposits were going 

to be exacerbating that.

 So the fund is designed to provide 

investors with an opportunity to support these 

mission-driven banks and the communities that 

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they serve by helping them to build size, scale, 

and capacity. Many of these are smaller 

institutions, and funding available from this 

fund will help them build capacity and have a 

greater impact in the communities that they 

serve.

 Next slide, please. So what are 

mission-driven banks and what do they do? The 

FDIC describes mission-driven banks as the 

approximately 280 banks that are minority 

depository institutions or FDIC-insured community 

development financial institutions. They operate 

in about 29 states, and the FDIC has done 

numerous research studies on these institutions, 

which show that MDIs commit a larger proportion 

of their balance sheets to minority and 

lower-income communities compared to non-MDIs. 

And by definition, CDFI banks must deliver at 

least 60 percent of their total lending and other 

services in low-income communities.

 Next slide, please. So this is 

designed to show sort of how other mission-driven 

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bank fund works. And so on the left-hand side 

there, private investors, including corporations, 

financial institutions, and philanthropic 

organizations will make capital investments into 

the fund. I should pause there and say that the 

announcement on September 16th included an 

announcement that Microsoft Corporation and 

Truist Financial Corporation are the anchor 

investors in the fund, and Discovery, 

Incorporated, Discovery Communications, is a 

founding investor, as well. And for the anchor 

investors, that means that they will be hiring 

the fund manager to run the fund.

 So in total, at announcement on 

September 16th, we had $120 million in 

commitments to the fund and it's growing. We've 

received a lot of inquiries from companies and 

financial institutions that are interested in 

investing in the fund, and we have another $15 

million on the table now in matching funds, so 

the next $15 million raised will turn into $30 

million. 

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So the fund will, in turn, invest in 

the 280 mission-driven banks that come forward 

and make a pitch to the fund. And they will, in 

turn, make small business loans, home mortgages, 

redevelopment loans, and more in the communities 

that they serve, which are largely minority, low 

income, and rural.

 Next slide, please. This slide is 

designed to depict sort of the stakeholders in 

the fund, and on the right-hand side they include 

MDI and CDFI banks, the fund manager, and 

investors. And we've placed MDI and CDFI banks 

there at the top of the pyramid, recognizing that 

the fund design will need to balance the needs of 

all the stakeholders, but we wanted to prioritize 

for impact within the communities that MDIs and 

CDFIs serve.

 And I'm going to pause here and 

mention that, in developing the design for this, 

the FDIC engaged two outside law firms and a 

financial advisor to put together the blueprint 

or the design for the fund. And we engaged about 

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70 CEOs of minority depository institutions and 

CDFI banks in that design process and listening 

sessions and gathered their input, and what they 

said is they were looking for patient and 

permanent capital, that they wanted a unique 

ability to come forward with a pitch for a 

variety of investments. What we've heard is 

you've met one MDI, you've only met one MDI. If 

you've met one CDFI, you've only met one CDFI. 

There's a variety of unique business models and 

customers served, and these institutions are not 

all looking for the same thing from the fund. So 

flexibility was important. They mentioned the 

need to reduce some of the operational burden of 

the underwriting based on experience they've had 

in the past year with a number of large banks 

that have made significant investments into these 

banks.

 And then from the investment 

perspective, we've met during that design phase 

with a number of potential investment groups that 

are looking for impact investments. So impact in 

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the communities these banks serve is very 

important. However, they would like to have a 

return of their capital and a modest return on 

their capital. Well below market rates is what 

they're interested in. Access to liquidity and 

understanding the impact on the community that 

the investments in these institutions are making.

 And then the fund manager sort of 

brings this all together. They will make sure 

that the fund meets its performance targets from 

an investment perspective, as well as an impact 

measurement perspective. They will underwrite 

all of these investments and plan for and execute 

the fund exit.

 Next slide. So this slide is just 

designed to depict some of the asset classes that 

based on our listening sessions with the MDI and 

CDFI bank CEOs yielded, and so they will come 

forward and make pitches to the fund for 

potential investments. And the idea behind the 

pitch process is really to empower these banks to 

ask for what is needed for their unique needs. 

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They would need to demonstrate how the 

investments will support minority, lower and 

moderate income communities, or rural 

communities. So the products include equity, 

debt, loan participations, potentially loss-share 

agreements, and more. And I would just highlight 

the next to the last bullet here, investments 

proposed by mission-driven banks is sort of a 

catch-all designed to allow for banks to come 

forward with unique pitches.

 Next slide. So this slide is designed 

to show the role of the fund manager and how they 

will support the fund. And on the outer ring 

there, we have mission-driven banks as a major 

stakeholder, business leaders, and community 

leaders. And what we're envisioning here is that 

the fund is nested inside of a ecosystem that is 

supportive of this mission focus. An advisory 

council will be formed by the fund manager and 

the anchor investors comprised of community 

leaders, business leaders, and mission-driven 

bank stakeholders. And that will, this council 

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will be designed to support the mission focus, to 

share community perspectives. And I should 

mention that the FDIC's role there will be as a 

nonvoting member. And then the fund manager will 

be underwriting the pitches, managing the 

performance targets, planning for the fund exit. 

And that fourth bullet there I wanted 

to highlight, the fund manager will be selected 

by the anchor investors, so by Microsoft and 

Truist, through a competitive process that will 

emphasize the mission focus and be informed by 

input from mission-driven banks. So after the 

MDI Subcommittee meeting late yesterday 

afternoon, the anchor investors did have a focus 

group meeting with the MDI Subcommittee members, 

as well as the leaders of two trade groups, an 

MDI trade group and a CDFI bank trade group, to 

talk through the request for proposal that the 

anchor investors have put forward to select the 

fund manager. I think they're getting fairly 

close to soliciting the fund manager, so we're 

looking forward to hearing more about that. 

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Next slide, please. So this slide 

deck I'm using today was designed and distributed 

on our website with the launch of the fund on 

September 16th, and, based on our conversation 

last night, there are some updates to this slide 

which I'll mention. On the left-hand side, 

they're completed. We have secured, to date, 

$120 million and growing in private investment 

commitments, and we designed the fund, as I 

mentioned, with input from a significant number 

of stakeholders. And our outside law firms 

worked with our legal division to draft the terms 

and conditions for the fund.

 On the right-hand side there, at 

launch we did announce the anchor investors there 

in the third quarter. We've fallen behind the 

investors. Anchor investors are in the process 

of soliciting the fund manager. We didn't meet 

our third-quarter target there. They announced 

last night that they are definitely aiming to do 

that in the coming weeks and for sure in the 

fourth quarter, but that will slip the fourth 

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quarter goals there probably into the first 

quarter, which are to onboard the fund manager, 

finalize the terms and conditions, form the 

advisory committee, secure the first round of 

funding, and advise the mission-driven banks 

about the pitch process, all in the hopes of 

allowing the banks to come forward in the first 

quarter to make their pitches before the fund.

 Next slide, please. This is just a 

very detailed summation of the major terms and 

conditions as drafted in the blueprint that the 

FDIC produced. I'll just highlight a couple of 

things here. It's designed to be a ten-year 

closed-end fund. The aspirational target for 

this fund is a million to a billion dollars. Ten 

million is the suggested initial minimum 

commitment by investors. And there are 

provisions kind of baked into the founding 

documents related to mission alignment and the 

purpose of the fund, which is really to support 

the mission-driven aspect of the institutions 

it's supporting. 

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And the last slide, Mike, if we could 

advance to the last slide, is just a 

confidentiality and securities disclaimer.

 So I'm going to pause there, and that 

concludes our briefing on the mission-driven bank 

fund. I have one other item I wanted to share 

with the Committee today on behalf of the 

Minority Depository Institutions Subcommittee. 

Late last year, the FDIC issued an update to its 

statement of policy regarding minority depository 

institutions. This is an affirmative statement 

from our board of directors that dates back to 

1990 and describes our Minority Depository 

Institutions Program. We updated it, issued it 

for public comment. We did get input from the 

MDI Subcommittee, as well. And the statement of 

policy included, one of the updates was to 

include an affirmative statement that the 

financial rating systems for both safety and 

soundness and compliance both expect examiners to 

recognize the distinctive characteristics and 

differences in the core objectives of every 

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financial institution, whether it's a mutual 

community bank, an MDI, a CDFI bank, a de novo, 

et cetera, and to consider those unique factors 

when evaluating an institution's financial 

condition and risk management practices. And, 

specifically, examiners under those exam 

guidelines are expected to consider all relevant 

factors when assigning a component rating and 

that these rating systems are designed to reflect 

an assessment of the individual institution, 

including its size and sophistication, nature and 

complexity of its business activities, and risk 

profile.

 So that was approved by our board of 

directors in June and published in the Federal 

Register later in June and became effective on 

August 23rd of this year. I think you have a 

copy of that in your packet.

 And with that, that concludes our 

report from the MDI Subcommittee, and we're happy 

to answer any questions if you have them.

 MS. KEA: Just a reminder to the 

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Committee members, you may raise your hand, use 

that feature, or you can just simply speak. 

Okay. Betty and Gilbert, I'm not 

seeing any hands, so that was very interesting, 

very informative, and very thorough. Thank you 

both very much.

 MS. RUDOLPH: Thank you. Bye-bye.

 MS. KEA: So next on the agenda, we're 

very fortunate to have Sultan Meghji. It seems 

like whenever he speaks, there's never enough 

time to hear all of what we would like to have 

him talk about. I still like to introduce him as 

our new Chief Innovation Officer, although I 

think he's been with us about nine months. But 

everything he comes up with is innovative and 

creative and he makes it feel new.

 But Sultan is going to provide an 

update on the FDIC's efforts surrounding 

innovation and technology. Sultan, over to you.

 MR. MEGHJI: Well, thank you so much, 

Arleas. And as always, it's such a pleasure to 

talk to this group. I find the advisory 

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committees here at the FDIC to be just so useful 

and so valuable. And please do, for those who 

haven't reached out to me already, please do so. 

I'd love to chat with all of you.

 You know, nine months in, I am 

reminded that the Chairman quite often asks me 

what have I done today, and so, hopefully, today 

I can give you a little bit of color into the 

things we've been doing.

 If we could go to the next slide, 

please. And just as a refresher, when I joined, 

you know, I went on a bit of a listing tour and 

talked to a lot of people, including some of you, 

you know, various stakeholders across the 

community. And we came up with these four key 

pillars with an anchor on data because it's 

really about data. We spend so much time 

capturing data, analyzing data, communicating 

that data, and we wanted to organize it so that, 

as we began to walk down the programmatic side of 

doing things in innovation, that we had some 

organizing principles behind it. And I'll very 

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quickly just go through them.

 The first is inclusion. We want to 

ensure that we're encouraging the creation of the 

most inclusive banking system in the world, and 

not just for individuals but also for small 

businesses, especially women- and minority-owned 

small businesses, which make up such a huge piece 

of economic development here in this country.

 The second one is around resilience, 

and it's not just operational resilience, it's 

not just cybersecurity, but, as we see the 

utility of banking grow tremendously over the 

last few decades, we also have to respect the 

fact that the risks are evolving on an ongoing 

and even daily basis, whether it's offense of 

cyber activities, like hacking and ransomware, 

from criminal gangs or from state-based actors, 

all the way through to climate or a construction 

accident. You know, a long time ago, I was CIO 

of a very large organization, and we went offline 

for a few hours because a backhoe chopped through 

the primary fiberoptic cable that connected us to 

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the internet. And it was, you know, we had 

nothing to do about it, but we had to respond to 

that.

 If you're into podcasts, I interviewed 

former Homeland Security Secretary Michael 

Chertoff on the FDIC podcast a few months ago, 

and we talked just about resilience. It's a 

great primer if you're looking for it.

 The third category is around 

amplification, and that's really about making 

sure that especially FDIC staff but everyone in 

the system is as powerful as they can because 

they are just such great experts. We have such 

wonderful people at FDIC, even though we are 

losing one of them in our lease at the end of the 

year, which I think we're all still in shock and 

trying to adjust to that world order without her. 

But we want to make sure that all of the people 

involved can spend time being experts and not 

have to spend time in, you know, whacking away at 

a keyboard or something like that.

 And then, finally, we have to worry 

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about the future, whether it's digital assets and 

cryptocurrencies or artificial intelligence or 

quantum commuting or Elon Musk deciding to put a 

bank on Mars. The nature of banking products and 

services will continue to change at an 

ever-increasing rate, and we need to organize 

that.

 Next slide, please. So a couple of 

things have been going on since I spoke to you 

last. The first is we announced that we have 

moved into the next phase of our Rapid Phased 

Prototyping Program. As a reminder, the Rapid 

Phased Prototyping Program was designed to help 

us jump farther into the future in terms of 

adjusting our procurement models to accelerate 

the adoption of modern technologies to help 

financial institutions, particularly community 

banks, provide more timely and granular data 

while potentially also reducing burdens not just 

on the FDIC but also on banks.

 And, you know, as a reminder, this 

started last year with a call for concept papers 

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and about, I think it was about 30 - 35 

organizations across the country responded with 

concept papers. And we worked through that into 

an initial prototype, and we winnowed that list 

down from 30-something to kind of the teens. And 

then through the end of this last year and into 

the spring, they did a final prototype that 

ended, roughly, you know, just shy of six months 

after the program started in kind of the 

beginning of the second quarter of this year. 

And since then, our team and a number 

of other parts at FDIC have been working to 

analyze the output of that and really make sure 

that we align it to the goals of the 

organization, align it to where the market is 

going, and then just about two months ago I think 

we announced the selection of four organizations 

to propose to us pilot programs to move this on.

 The basic structure of a pilot program 

will be a paid pilot. It will be, you know, up 

to a year, if they so choose. We're kind of 

working through some of those details right now 

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to really take some of these projects from a 

prototype to something that's actually piloted 

and useful that we can analyze and see what the 

value is, see what the result is, you know. As 

someone who has spent, you know, a huge amount of 

my life either in academic research or private 

sector technology, I like the output. I like 

what did we get out of it, you know, what makes 

it real. And so we're spending a lot of time 

making sure that, as we go down that process, 

we're doing the same thing.

 Next slide, please. The other 

program, the other big program that's kicked off 

are our sprint programs. And these are basically 

programs by which we create very finite questions 

and then finite selections of time where 

organizations come in and propose answers to the 

questions we suggest. They culminate in a demo 

day. We bring in people from across the federal 

landscape to be subject matter experts both 

inside FDIC and others, as well as judges. And 

then we pick based on some criteria a series of 

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winners, if you will.

 And so we've just finished up our 

second tech sprint, and we're incredibly excited 

about that one. The first was around inclusion. 

Why don't we go to the next slide. So the first 

one is called "Breaking Down Barriers: Reaching 

the Last Mile of the Unbanked." And this one 

came from a series of conversations that we had 

been having through the years that basically said 

there are far too many people who don't have a 

bank account. There are far too many people who 

don't have the full access of this amazing 

banking system here in the United States. And so 

we wanted to pose the question which data tools 

and other resources could help community banks 

meet the needs of the unbanked in a cost 

effective manner and how might the impact of that 

work be measured. Notice the measured part.

 It was absolutely fantastic. We had 

community banks, we had large banks, we had 

regional banks. We had a wonderful selection of 

banks. We had a wonderful selection of 

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technology vendors. We had a couple of 

non-profits and trade associations. And it was 

absolutely fantastic.

 And so we came through that, and there 

are a couple of outcomes I want to highlight for 

you. The first is not only were we just seeing 

work that was already out there in the market, 

but the teams, in working with us and listening 

to us, actually realized that there were new and 

interesting things they could do. And a number 

of those things created new and interesting 

things that answered our challenge. And the 

great thing is is some of them went from idea to 

prototype during the sprint, which is absolutely 

fantastic, and are now going into, you know, 

rolling them out in the market right now.

 The second thing that it really did 

was it really helped us understand far better, I 

think, where the state of the art in the market 

really is. You know, the system is often accused 

of being reactive, you know, we don't get in 

front of problems or get in front of technologies 

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before they're in our face. And we learned a 

tremendous amount about how people, especially 

how community banks are looking at using digital 

technologies to reach new customers and engage 

with them in new and interesting ways.

 The third thing is we helped raise the 

awareness of how much of what we do is already 

out there, how much data is available, how much 

other information is publicly available. You 

know, I think a lot of people don't realize that, 

when you go to the FDIC website, there is a 

treasure trove of very useful information there 

that's in the public already, and I think that 

really helped a lot of the ecosystem, you know, 

kind of understand that and also understand that, 

you know, we don't bite. You can come and talk 

to us about something or ask us a question, and 

we have wonderful people whose job it is to 

answer them.

 Also, just for anyone who's 

interested, all of the demo recordings from the 

demonstration day or being made public, so 

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they're easy to find. You can go and review them 

yourself if you'd like. If you have any trouble 

or anything, please don't hesitate to reach out 

to me.

 And then it also helped us refine tech 

sprints. You know, tech sprints were a creation 

of the Financial Conduct Authority in the UK a 

few years ago. It works very well in 

highly-centralized environments. We had to build 

our own version to work in an American context, 

and so, out of this one, we learned a lot of 

stuff and that allowed us to launch into our next 

one much more powerfully.

 So let's go to the next slide. And so 

that talks about the second tech sprint. The 

first one was in the inclusion category. The 

second is in the resilience category, and it's 

called "From Hurricanes to Ransomware: Measuring 

Resilience in the Banking World." And this 

really came out of a series of conversations 

where realized that even having a nomenclature, a 

taxonomy, to talk about resilience didn't really 

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exist in the banking system. You know, people in 

the technology universe have things like ITIL and 

ITSM and a bunch of acronyms like SLA; but, 

outside of technology, there really isn't 

something there.

 And so we thought it would be very 

interesting to pose the following question: what 

would be the most helpful set of measures, data, 

tools, or other capabilities for financial 

institutions, particularly community banks, to 

use to determine and to test their operational 

resilience against a disruption? Now, that's a 

mouthful. There's a lot in that. But, 

basically, what should we be helping create so 

that this entire universe can have a common way 

of talking to each other? You know, is it just I 

was, you know, this product of mine was taken 

offline, but we wanted to make it granular, we 

wanted to make it quantitative. And it was 

absolutely fantastic, and there's going to be a 

new version of this slide in a few days as we 

start to roll out memos and the work that was 

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created not too long ago.

 The first big thing that we learned is 

that there is a tremendous amount of great work 

out there that we all need to hear about. This 

is a collaborative effort. You know, whether 

we're talking about cybersecurity or whether 

we're talking about, you know, industrial issues 

or something like that, there is this need for us 

to all be working together. And out of that 

working together, we learned that there are 

tremendous emerging technologies that people are 

leveraging already that just we need to know more 

about, we need to get in front of.

 We also learned that there's a huge 

discrepancy in terms of the maturity and the 

ability of organizations to attack this problem. 

You know, some organizations are very large, they 

have lots of money, they have teams of people 

that can run around and do this; and others 

really don't and they don't even know where to 

start in some cases. So that really helped 

center us in terms of where we need to start 

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thinking about.

 We did start to dig into very specific 

pieces of data, piece of bank operations that are 

common across all of them that we can start to 

centralize on. And I'll credit our risk 

management groups and our supervisory groups here 

at FDIC for really jumping in with two feet into 

this discussion with helping them move that.

 The other thing that this is doing is 

presenting us a framework for next steps in a lot 

of different areas, whether it's our own internal 

processes or engagement or just, you know, how we 

look at the examination process. There's just a 

tremendous amount of really good stuff there.

 Okay. Next slide, please. Fantastic. 

So there have been a number of other things going 

on in the tech lab. We're building our sprint 

program for next year. We're looking at a 

variety of different issues, from BSA/AML to 

onboarding and a variety of other areas. There's 

a lot of activity around third-party vendor risk. 

There's a lot of activity around AI and quantum 

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computing that we're working on, you know, as we 

continue to go down this.

 The one thing that I would always say 

to all of you, everyone listening to the sound of 

my voice, if you have thoughts or ideas, we'd 

love to hear them. You see the email right in 

front of you. Please do reach out to us. Number 

one.

 Number two is we're going to continue 

to look for ways to engage with the community and 

make sure that we continue to listen. That's a 

big piece of this, making sure we really 

understand where the problems are, where the 

opportunities are. I call it being continually 

diagnostic. We always have to be asking the 

question what's working and what's not working, 

and so that's a big part of what we're doing 

right now.

 We are also hiring. So always keep an 

eye out on USAJOBS if you're looking to join the 

amazing organization here at FDIC.

 And with that, if there are any 

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questions, I'm, of course, happy to answer them. 

But if not, I will turn it back over to Arleas 

and break out the handkerchief because this might 

be the last time I get to be on this meeting with 

her.

 MS. KEA: Thank you so much, Sultan. 

Let us just pause for a moment, though, to see if 

there are any questions or comments. It's always 

a good time when you're with us, Sultan. Thank 

you so very much.

 MR. MEGHJI: Thank you.

 MS. KEA: So we will move on the 

agenda, and our next item is one that I think 

that you all will really have a great interest 

in, as well. Diane Ellis, who is our Director of 

the Division of Insurance and Research who has 

one of our economists with her, Dan Hoople, is 

going to discuss some community bank research. 

So at this point, Diane and Dan, I 

will turn it over to you.

 MS. ELLIS: All right. Yes, thank 

you, Arleas. And good afternoon, everybody. 

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Very pleased to be here to talk to you about a 

couple of issues in the area of FDIC research. 

Really I think the main event is when I turn it 

over here to Dan in a few minutes. He's going to 

talk about some work he has done, I think some 

very interesting work he has done on community 

bank investments in technology and how that may 

have affected performance through the pandemic.

 So before I do pass the floor or the 

screen over to him, I wanted to just talk a bit 

about highlights from the 2021 Community Banking 

in the 21st Century Research and Policy 

Conference, and I hope all of you are familiar 

with that conference. This is a conference 

that's co-hosted by the FDIC, the Federal Reserve 

system, and the CSBS. This year, it was held the 

last couple of days of September. It was the 

ninth annual conference. And what's really cool, 

if you will, about that conference, is that it 

gathers researchers -- it is first and foremost a 

research conference -- but it also, I think very 

nicely, incorporates bankers and supervisors into 

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the conference to discuss challenges and 

opportunities faced by community banks. And I 

think it's really become an excellent conference 

with high quality research, keynotes, and policy 

discussions.

 For example, I'll just note a few from 

this year, we were pleased this year that it 

included the first ever live FDIC podcast in 

conjunction with the conference. There's always 

a bankers panel at that conference, and this year 

the bankers conference was converted into an FDIC 

podcast on commercial real estate moderated by 

our own Brian Sullivan who hosts our podcast 

series and also incorporated Bob Ichiara, who is 

on my team and is an expert in commercial real 

estate, as well as several bankers talking about 

their perspective on commercial real estate 

conditions and trends. And that podcast hangs on 

our, I think it hangs on our website already. It 

certainly hangs on the conference website, as 

well, you know, forever.

 It also contained, the conference also 

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contains keynotes by Governor Bowman and our 

chairman, Chairman McWilliams, who revisited her 

transparency initiative and talked about the 

importance of transparent communication and then 

highlighted several efforts to that end.

 And then, again, as I said, it's a 

primarily research conference. This year, the 

research sessions reinforced many of the themes 

of the keynotes. For example, there were a 

couple of papers that found the Federal Reserve's 

Paycheck Protection Program Lending Facility 

allowed banks to make greater-volume small 

business loans to their communities. One paper 

demonstrated how the uncertainty of the PP 

Program led firms to returning some of those 

loans, and then two papers found that bank 

supervision has a positive effect on banks' 

willingness to lend to minority communities and 

recognize troubled or failing loans.

 So I really just wanted to spend those 

couple of minutes for those of you who hadn't 

tuned in to that conference giving you kind of a 

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flavor of what goes on at the conference, and I'm 

highlighting some of the issues so that you'll be 

encouraged to tune in and participate in the 

future. We're always looking for community 

bankers who can serve as discussants on those 

panels or serve, again, like on the Bankers 

Roundtable, and members of our advisory committee 

are always excellent candidates for that. So you 

never know. We may be reaching out to you next 

year or in the years to come to see if you'll 

participate. But, anyway, it's just, I think, a 

high-level conference that all community bankers 

should be aware of.

 So with that then, I'm going to now 

turn it over to Dan and ask Dan to share with you 

some of the research he's done on, again, 

technology investments and community banks. And 

feel free at the end to ask me or Dan any 

questions.

 Dan.

 MR. HOOPLE: Thank you, Diane. And 

thank you to members of the Advisory Committee. 

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Today, I have the pleasure to speak with you a 

bit more on a few of the themes from the 

community bank conference and report that Diane 

mentioned, specifically, technology adoption, 

which we heard Sultan talk quite a bit about, and 

how community banks fared during the pandemic. 

Specifically, I'll be drawing from a recent 

quarterly article published by the FDIC on the 

impact of technology investments for community 

bank lending and deposit-taking during the 

pandemic.

 The genesis of this article arose from 

the experiences shared by community banks and 

their customers following the onset of the 

pandemic. For many, temporary branch closures, 

mandatory stay-at-home orders, and a general 

desire to limit physical contact shifted the role 

of banking technology from a convenience to a 

necessity. Given this sudden shift, the article 

asked the question did prior technology 

investment help community banks lend and take 

deposits during the pandemic? 

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The hypothesis was that community 

banks with greater technology investment prior to 

the pandemic may have been better positioned to 

pivot their infrastructure, their customers, and 

their staff to a more digital-prominent strategy, 

if only temporary. This would translate into 

differences in lending and deposit-taking, 

specifically greater loan and deposit growth.

 Now, admittedly, this is not an easy 

question to answer given limited data on 

technology spending and adoption, particularly 

among community banks. The article then relies 

on data from the Call Report on data processing 

expenses, from Aberdeen on IT spending and PC 

adoption, and from the Conference of State Bank 

Supervisors' National Survey of Community Banks 

on adoption of specific technologies, that survey 

being a highlight of the community bank 

conference that Diane was talking about.

 Now, given this context and that data, 

what did we find? Well, community banks, we 

found, that invested more in technology generally 

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reported faster loan growth in 2020 then did 

banks with less investment. Now, that doesn't 

necessarily indicate that technology played a 

unique role during the pandemic. It could have 

been that technology had a role on lending growth 

prior to the pandemic. And we see this in this 

chart a little bit here that's on the slide 

that's before you. If you look at the bars above 

the 2015 through 2019 label, the dark blue bars 

representing or the right-hand bar representing 

banks with greater technology investment was 

higher than the light blue or left bar for 

several of the measures, indicating that, prior 

to the pandemic, banks with greater technology 

investment did have faster general loan growth 

than banks with lesser investor.

 However, if you shift over to 2020, 

you'll see the same bars over 2002. You'll see 

that differential grew during the pandemic 

further in favor of banks with greater technology 

investment. And so this indicates that maybe 

there was a unique role for technology during the 

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pandemic, and that difference in lending growth 

widened during that 2020 period.

 Now, this is something that could be 

an effect of bank size. If you recall, in the 

2020 community bank study that the FDIC released, 

technology adoption was heavily associated with 

bank size. And so when we looked at this, we did 

break this down by bank size by looking at banks 

above and below the median asset size. And what 

we found is, even for banks below the median 

asset size, the smaller community banks, this 

general trend held where technology investment 

was associated with a wider lending growth during 

the pandemic.

 Now, this led us to maybe question 

what would be driving that growth in particular 

loan categories. And it may not be surprising 

that really this differential, this growth, the 

widening of the gap really came from Paycheck 

Protection loans, Paycheck Protection Program 

loans, PPP loans. If you remove these loans from 

the data set, the difference in loan growth in 

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2020 actually reverts back to the pre-pandemic 

period, so it really was the PPP loans that were 

driving this widening differential based on 

technology investment.

 And so we thought, okay, well, let's 

look at a little bit further. Let's examine a 

couple of characteristics of PPP loans that might 

be creating the why behind this difference in 

loan growth.

 So if we move to the next slide, three 

things that we looked at with PPP loans were loan 

size, origination date, and borrower distance 

from the nearest bank branch, with the thought 

that banks with greater technology investment 

prior to the pandemic may be better positioned to 

have larger PPP loans, to have a faster 

origination date, or to be able to lend further 

outside their geographic market than banks with 

lesser technology investment.

 And what we found when looking at 

these three different characteristics is that 

hypothesis did hold true to some extent. So this 

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chart here focuses on loan size. And so if you 

look to the far right and look at the more than 

one million loan size category, once again, banks 

with greater technology investment did have a 

greater share of PPP loans, this share of assets, 

than banks with less technology investment, 

following along with that hypothesis.

 But if you look throughout the rest of 

the graph, there was also disadvantage in other 

loan sizes, as well. So while loan size could 

explain some of the difference in PPP lending 

based on technology investment, it couldn't 

explain all of it.

 And those similar patterns were found 

in looking at origination date or borrower 

distance from nearest bank branch. In the case 

of origination date, we saw that there was this 

difference in favor of banks with greater 

technology investment only in the program's 

lifeline. Banks with greater technology 

investment also had a greater share of PPP 

lending in every single week of the program. 

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Similarly, if you look at borrower 

distance, banks with greater technology 

investment had greater share of PPP loans beyond 

100 miles from the nearest bank branch. But they 

also had a significant advantage from within two 

miles of a bank branch, from borrower from the 

nearest bank branch.

 And so in each of these cases, it 

could explain a bit of the rationale or reason 

why technology investment might have had an 

impact here but not all of it. So open questions 

do remain.

 Not to mention we also looked at 

deposit growth, as well, and whether there would 

be differences with technology investment. And 

what was always a very similar pattern to loan 

growth where there was a difference in the 2017 

to 2018 period where banks with greater 

technology investment had a faster deposit 

growth, and that growth then widened in 2020.

 Now, we weren't able to delve into the 

individual deposit data like we were with loans, 

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but, with available call data, report data, we 

were able to kind of get a sense that this was 

largely for existing depositors growing the 

balances rather than an influx of new depositors.

 So, overall, to recap, the article 

really tried to look at whether technology 

investment prior to the pandemic had a unique 

role in driving deposit-taking and lending during 

the pandemic. Many questions still remain. 

There is a lot of questions surrounding the why. 

There is some evidence here that loan size, speed 

to approval, and borrower distance could play a 

role, but there wasn't really one factor that 

stood out, so a lot more questions remain.

 And I think the bigger question, too, 

which I think is on a lot of people's minds, will 

some of the trend that we see in the pandemic 

carry over into the new normal and to what 

extent? And that's research myself, as well as 

others at the FDIC, are really looking forward to 

continuing to put together and present to you 

all. 

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So with that, I'm happy to take any 

questions or Diane would be happy to take any 

questions or turn it back over to Arleas. Thank 

you.

 MS. KEA: Questions for Dan or Diane, 

or comments? Just checking here to see if I see 

any hands raised.

 Okay. Dan and Diane, thank you so 

very much.

 MS. ELLIS: Thank you.

 MS. KEA: With that, we will move on 

to the next item on our agenda, and next we have 

Martin Henning who is our Deputy Director of 

Operational Risk in our Division of Risk 

Management and Supervision. And Martin is going 

to provide the Committee with an update on 

information technology supervision.

 Martin, up to you.

 MR. HENNING: Hello, everybody and 

thank you, Arleas. My name is Martin Henning and 

as Arleas said, I'm the Deputy Director for 

Operational Risk in our Risk Management 

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Supervision Division.

 I've got a few things to talk about 

today with regard to information technology 

supervision, probably well placed on the heels of 

talking about how investments in information 

technology can help an institution. Bank and 

service provider work to mitigate cybersecurity 

risk continues to be near the top of our 

examination focus. When asked what we can do at 

the FDIC to help bank management and their boards 

mitigate cyber risk, cybersecurity risk, a 

foundational answer I give is great, relevant 

examinations. And we try to continue to push 

ourselves to get better as we do examinations.

 I noted, I was here earlier, and I 

think it was Mr. Kelly made a few comments about 

just cybersecurity efforts and the need to look 

at how we can collaborate even more banks with 

the regulatory community. Definitely do not want 

to leave any, especially community bank, feeling 

alone. You're not alone. There are, of course, 

many fighting this battle with you. 

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So with that and happy to chat at the 

end of my presentation here about anything you'd 

like. 

But there are two items I wanted to 

talk to you about, particularly, that are new 

since the last time we met. First, I wanted to 

update you on a key cybersecurity control 

publication on authentication which is a 

preventative control. This publication came from 

the FDIC. And the second thing I wanted to 

highlight is an update to you on a 

response-related control incident notification.

 So Mike has taken us to the second 

slide here to kind of set the context. I thought 

we'd talk about ransomware. I think it's a 

pretty good proxy for any cybersecurity threat. 

This FinCEN publication came out on, as you see, 

October 15th, so just last month. FinCEN 

researched SARs filed between January 1st and 

june 30th of this year. The subject was a FinCEN 

ransomware attack. And also compared what they 

found to similar SARs found in previous years. 

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It's really worth a read if your team 

hasn't looked at it yet, but to engage a little 

bit more with the topic of ransomware and I guess 

cybersecurity and information technology more 

broadly, let's answer some questions about the 

results of FinCEN's research. 

We're going to do some polling and 

just make mention that it's an anonymous poll so 

nobody will see who's answering what. It was 

really just the goal we have here is getting us 

into the mindset of threats to IT operations. 

There also aren't really, really bad answers to 

these questions. There could be multiple answers 

in some cases.

 I'd ask just the committee members, 

there are several from the FDIC on the line, but 

just the committee members if you could answer 

the questions as they come up. And I'll 

summarize the results of the polling orally.

 So with that set up, let's go to the 

first question. So you can see this question on 

the screen. I'll give you a few minutes to 

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answer, but what do you think is the average 

amount of total reported ransomware transactions 

per month filed in the first half of 2021 from 

this FinCEN research published just last month? 

What do you think the average amount of totals, 

so all the companies reporting in suspicious 

activity reports. And a little bit of time to 

click on A, B, C, or D. I don't expect you've 

read this report yet, so it probably is a guess 

for you. Got most folks having answered, we'll 

show you the poll results.

 All right, it looks like on my screen 

polling has ended. We've got a lot of no answers, 

so I'm wondering if folks are still out there. 

But of the answers, it looks like C is the 

winner, 100 million total reported ransomware 

transactions per month in SARS the first half of 

2021 and that's actually the right answer. 

That's the answer in FinCEN's report.

 I think the highlight there is that's 

a lot. That is a lot of money. The level of 

activity, unfortunately obviously, is very, very 

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high. 

Why don't we move to the second 

question. The second question is the number of 

ransomware related SARs filed between January 

1st, this year, and June 30th increased by what 

percent do you think from the total for calendar 

year 2020?

 It's A is 5 percent, B 10 percent, C 

30 and D, 45. I'll give you a little bit of time 

to answer that.

 That poll has ended. We'll see the 

results here momentarily. We're doing a little 

bit better -- well, probably the same people on 

the committee answered this time as answered last 

time. The best guess, the highest number -- I'm 

sorry, the answer that got the highest number was 

D, 45 percent. In this case, the report says 

actually 30 percent of growth, so the level is 

high in terms of ransomware attacks, but it's 

growing. And that's 30 percent over the total 

count for the previous year, calendar year 2020. 

So we're already 30 percent higher in ransomware 

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SARS this year than for the whole year of 2020 

through June 30th. So that's a little while ago. 

But I guess the message here is it's a large 

amount of attacks and we've got a growth rate 

that's pretty significant.

 Arleas has reminded me, we do only 

have 14 committee members so we're actually 

getting good committee member participation. I 

did ask just for committee members. So thank 

you.

 And the last question poll, this last 

question doesn't have to do with -- is not taken 

from the FinCEN SAR analysis. It's from another 

government agency. What is the first general 

best practice listed on the Cybersecurity and 

Infrastructure Security Agencies' Multi-State 

Information Sharing and Analysis Centers 

September 2020 Ransomware Guide. That's a very 

long name of a ransomware guide and I bolded the 

answers, some key words here. 

What do you think reading through was 

the first general best practice? 

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This really is one where there's not 

a bad answer. These are all very good best 

practices or effective practices. I'll give you 

a few more minutes to answer. Looks like the 

poll has ended. And we'll see the results. Of 

those answers, A, B, C, and D, multi-factor 

authentication was A; least privileged, B; 

offline encrypted backups was C and testing; and 

then D was cyber incident response plans. 

Committee members were split between D, cyber 

incident response plans, and A, multi-factor 

authentication, both really good answers. And 

then the next vote getter was B, least 

privileged; and C, offline encrypted backup. So 

one person voted for that.

 The correct answer is A, but I just 

emphasize all of these are very effective 

practices in defending against ransomware or many 

cybersecurity threats. The reason for really 

asking this polling questions was to draw our 

attention down to the answer A, employing 

multi-factor authentication for all services to 

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the extent possible. They've got some examples 

there.

 Mike, why don't we move to the next 

slide? 

Again, I said great examinations and 

one of the things we do from time to time is also 

update guidance that we send out and then we 

train our examiners on the guidance. And we're 

in the process of doing that right now. The 

FFIEC has published all the way back to 2001, 

updated in 2005, updated in 2011, and you can see 

here just recently updated in 2021, what we call 

authentication guidance. So this is a document 

that talks about how in this case businesses, 

business customers, consumer customers, 

employees, and third parties, both people and 

computers, for example, fintechs companies that 

have come up multiple times, how they 

authenticate to your systems, how do they prove 

that they are who they say they are, how do they 

get in. 

And I pulled out a quote here from 

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this update again. It's something we look at 

periodically and we've worked on this for quite 

some time on an inter-agency basis, the 

FFIEC-member agencies, but one quote out of this 

update that I really wanted to focus your 

attention on is the statement that says malicious 

activity resulting in compromise of customer and 

user accounts and information systems security 

has shown that single factor authentication, 

either alone or in combination with layered 

security, is inadequate in many situations.

 And if you compared what the Agency 

said in 2011 with what we've said in 2021, you 

would see that that's forward-leaning language. 

We're really zeroing in on the fact that whether 

it's a business or consumer customer or an 

employee to any system or computers and people at 

third parties communicating with the systems, the 

IT systems at a bank, and to the extent any of 

those categories are still using single backdrop 

indication. A good example of that would be a 

user ID and password to log into the system. 

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We're to a point now where that is viewed to be 

inadequate. 

I would also say over time that the 

tradeoff has been and it still is today for sure 

either great security or -- and a negative impact 

on the customer or employee or third party's 

experience or no friction in the system in 

logging in, but lower security. 

And more and more, innovated 

techniques and technologies are coming out and I 

think there's greater and greater familiarity by 

consumers and people just generally. That 

tradeoff isn't as dramatic today as I think it 

was not too long ago.

 So multi-factor authentication, lots 

of innovations there, and we're training our 

examiners, trying to help them understand what's 

changing, what some of those technologies are and 

how to do great examinations with regard to 

authentication.

 I'd say finally on this slide, many 

banks have already implemented very strong 

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authentication controls for these groups of 

entities, but for those that haven't and which is 

going to be a few in the bar (inaudible) for 

demonstrating that the risks of unauthorized 

access should be very high.

 At the FDIC, we're considering what 

additional support we can provide our examiners 

to make sure the examinations of authentication 

controls are the best they can be and I really 

should end these comments by saying that good 

authentication controls are not a silver bullet 

that brings the risk of cyber compromise to zero, 

but good authentication is a foundational control 

as the polling question pointed out, a good 

foundational control that banks and service 

providers should be improving all the time and 

boy, I picked out a particular publication where 

it listed it as the first control to be thinking 

about, but many publications come to the same 

conclusion.

 So I wanted to highlight that for you. 

It's new. I wanted to let you know our examiners 

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are being trained on it and we hope it's helpful. 

It's kind of an appendix with a ton of resources 

on authentication controls. I suspect your CIOs 

and CISOs and IT folks generally are -- I know 

that they're very familiar with authentication 

controls and getting into systems. And to the 

extent they haven't seen this yet, I think 

they'll find it useful.

 Why don't we move to the second topic 

I wanted to mention, so this -- if we could 

switch to slide 8, I think. I'm sorry, slide 7 

cybersecurity, computer security incident 

notification. 

I wanted to just give you an update on 

a rule that our board approved as a proposed rule 

in December of last year and then we published 

for the other regulators in January. It's a 

computer security incident notification rule.

 I wanted to review a few of the themes 

in the comments which are public, of course, and 

let me set the stage by reminding you of the 

proposal and reiterating the reason why we 

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published it, the notice of published rulemaking 

which was stated in the preamble of the Federal 

Register Notice. 

The proposal was to establish a 

requirement that any FDIC-supervised bank notify 

the FDIC whenever it experiences a computer 

security incident that disrupts or degrades the 

bank's ability to carry out material banking 

operations, disrupts or degrades any of its core 

business lines, or could pose a threat to the 

financial stability of the United States with 

similar requirements to the other federal 

regulators, depending on who your primary federal 

regulator is.

 The proposed rule would also require 

bank service providers to notify client banks if 

such service provider experiences a computer 

security incident that disrupts or degrades 

banking services for four or more hours. So the 

question why? Why do we propose this rule?

 We stated that this notification 

requirement is intended to serve as an early 

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alert, an early alert to a banking organization's 

primary federal regulator and is not intended to 

provide an assessment of the incident. And I 

think those words are really key to keep in mind 

as you look around at other jurisdictions, 

foreign jurisdictions that have notification 

requirements, or even other jurisdictions in the 

United States. Often the purpose of the 

notification requirement is to assess the 

incident, the information flowing from a company 

that's impacted or has had the incident to the 

regulator is for the purpose of the assessing the 

incident and that's not the purpose of this role. 

And I hope we said that clearly. It's really an 

early alert. It's trying to give us plenty of 

time to act when there is something as 

significant as the words I just described. We 

really don't think very many of these occur. I 

think even without the rule, many banks tell us. 

They certainly file, as we've talked about at the 

beginning of this segment, suspicious activity 

reports, 30, 60 days down the road. But there 

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are instances where we are not notified of very 

significant things that are happening. So that's 

the why behind this proposed rule.

 Because the rule was designed to 

simply provide an early alert and not intended to 

provide an assessment, the bank notification 

could be as simple as a phone call to the 

regulator. We mention that in the preamble. So 

with that, just kind of coverage of this proposed 

rule. I just wanted to hit on some of the main 

themes in the feedback we received. And I've 

summarized those on this slide for you. 

The first comment reacted to a part of 

the National Institute of Standards and 

Technology computer security incident definition 

we used when we talked about policy violations, 

for example. The comments also mentioned planned 

outages for systems maintenance and that is 

something we're considering very carefully. We 

did try to use terms here that your IT folks 

would be familiar with, so rather than designing 

new definitions of what a computer security 

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incident is, we went to a standards organization 

that had already defined it, but we did get some 

comments about that.

 The second theme here is -- had to do 

with reporting complexity. One item in relation 

to these comments was the draft rules service 

provider requirement was to report to two bank 

employees. It didn't specify who, it just said 

that there should be two and we got some feedback 

on that.

 The third major theme that we received 

in feedback had to do with the point at which the 

36-hour clock starts for notification, so the 

rule -- the proposed rule stated that an 

institution would 36 hours and some commenters 

said it was unclear when that 36-hour clock 

should start.

 The fourth comment pointed to the 

requirement in many cases for notifications to 

banks of outages that service providers typically 

contained in your contracts with them. So there 

were some comments that said that that already 

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happened.

 And the fifth theme that was pointed 

to was the existence of other regulations that 

have some bearing on the situation which were 

regulations we also identified in the Federal 

Register Notice and I mentioned there suspicious 

activity reports at the bottom and certainly the 

requirements in our regulations that implemented 

the Gramm-Leach-Bliley Act at the bottom of the 

page.

 So that's a recap of the proposed 

rule. I've just gone over some major themes from 

the comments. We're considering all of these 

comments and thought it might be helpful to 

review the feedback with you all since incident 

notification is something in the headlines, 

certainly more recently. And several states have 

existing incident notification requirements.

 But before I close, I just say thank 

you for the interaction today. Again, I listened 

carefully to the comments this morning.

 Mr. Kelly, I appreciate your comments 

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about the need to continue to support you all 

well in the efforts you undertake to defend your 

companies against cybersecurity threats and yet 

leverage technology in a lot of the ways that 

have been talked about today.

 So with that, I will stop and be glad 

to any questions.

 MS. KEA: It appears that Mark Pitkin 

has his hand raised.

 Mark, go ahead.

 MR. PITKIN: Thank you very much. So 

it's interesting that you said that 2(f)(a) 

(4:37:12) is so critical and we absolutely 

positively agree to the extent of we just did a 

conversion for our online and mobile applications 

such that all of our customers now have to 

provide 2(f)(a). So the only thing that I would 

ask because we do all agree, it seems that the 

biggest headwinds is not necessarily at the 

institution level, it's our customers. 

So the biggest question, problem, and 

concern of our customers, because we kept track 

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of all of the comments that were made, was the 

fact that they did not want to do 2(f)(a). 

2(f)(a) was too difficult. 2(f)(a) required them 

to have their cell. 

So while we all appreciate it, I just 

don't know if there is any communication avenues, 

whether it is the regulatory agencies or what 

not, but to have some sort of maybe social media 

communication just indicating to them why it's so 

important because that is again by far the number 

one concern with regards to it makes their life 

very difficult that came from customers.

 MR. HENNING: That's very helpful, Mr. 

Pitkin. Do you sense any change in that? I 

mentioned that, too. I have heard that before. 

Do you sense any change in consumer reaction to 

those requirements or not?

 MR. PITKIN: So I'm not sure what you 

mean by change, but obviously, their first 

reaction from not having to do it to them having 

to do it was not necessarily all that positive. 

However, the good news is once you do 

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it once and once you set it up on your device 

that you need not do it again, it makes people 

feel a lot less bothered by it. But I do think 

that initial reactions on 2(f)(a) is not as 

positive as we all in the industry would like it 

to be, knowing how critical it is to protect the 

privacy and security of our institutions. But 

again, a lot of that I think has to come from 

getting the word out to sort of our customers and 

those that are affected by it.

 MR. HENNING: Thank you. That's 

helpful. Good points. Would any one institution 

and any one consumer, there's probably not a lot 

of change. You know, the first time they're 

faced with an obstacle to logging into their 

online account, they probably don't like it. I 

do hear a little bit that over time, the 

technologies for providing that second factor of 

authentication are getting easier and easier to 

use, so if you look across the entire universe, 

the problem might be getting better. 

But I appreciate the feedback, Mr. 

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Pitkin, and I'm even thinking about some things 

we could do on our side. We do have publications 

and directed specifically to consumers and we 

have had many articles in there about information 

security and ways they can protect themselves, 

but with this new publication, perhaps it 

provides another opportunity to highlight the 

importance of that and frankly if your bank is 

improving their security, that's a really good 

thing that you should climb the learning curve on 

because it protects not only them, but it 

protects the U.S., the consumers. So thank you 

for that. That's one idea I've gotten and I'll 

take that back to the group. Thank you.

 Any others?

 MEMBER KELLY: Martin, this is 

Kenneth. I just want to say thanks for your 

remarks and comments and just would continue to 

encourage the discussion that you have. This is 

an arms race, as I made reference to earlier, and 

I think it's going to be something we're just 

going to have to continue to deal with and I 

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think the collective body can certainly be a 

stronger force than many of us as individual 

institutions on this. So thank you.

 MR. HENNING: Thank you, Mr. Kelly. 

I appreciate that. And by all means, let me know 

as you have additional ideas on what we can do to 

help.

 MS. KEA: Martin, thank you so very 

much. That was excellent. And thank you for 

your innovation and creativity. I think that it 

seems that everyone enjoyed the opportunity to 

participate in the poll and that was a very 

thoughtful and creative way for sharing the 

overview and creating awareness.

 MR. HENNING: Thank you. Thank you, 

Arleas.

 MS. KEA: Thank you. So this does 

bring us to the end of our meeting. Where does 

the time go? It certainly went by so very 

quickly. 

My sincere thanks to all of my FDIC 

colleagues who were presenters and then certainly 

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my deepest gratitude to the committee members for 

the various insights and your open and honest 

sharing today.

 To those who are rotating off, you 

know, I just want to give my deep appreciation 

and gratitude. It has been my pleasure to serve 

and work with you. I feel that there is no 

higher calling than the one that you all have 

answered when we asked you to serve on this 

advisory committee. You all have been very 

attentive. You all have come very prepared to 

the meetings and again, for those of you who are 

rotating off, I sincerely hope that our paths 

will cross again at some point.

 At this point, I'd like to turn it 

over to Director Gruenberg for his closing 

remarks and he will then dismiss us.

 Director Gruenberg. Thank you.

 DIRECTOR GRUENBERG: Thank you, 

Arleas. 

I also get to say thank you to all the 

members of the committee for your participation. 

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We can't overstate how much we value the input 

you provide us and what an impact this committee 

has made on the FDIC over the years of its 

existence.

 As Arleas indicated, before we 

adjourn, I would like to express our thanks to 

those committee members whose terms will expire 

at the end of this year and for whom this is 

their last committee meeting. Those members are 

Shaza Andersen, the CEO of Trustar Bank in Great 

Falls, Virginia; Sarah Getzlaff, CEO of Security 

First Bank of North Dakota and New Salem, North 

Dakota; Stephen Hayes, Chairman of the Board and 

President of Dakota Prairie Bank in Fort Pierre, 

South Dakota; Kenneth Kelly, Chairman of the 

Board and CEO of First Independence Bank in 

Detroit, Michigan; Patty Mongold, Chairperson of 

the Board, President and CEO of Mount McKinley 

Bank in Fairbanks, Alaska; and Mark Pitkin, 

President and CEO of Sugar River Bank in Newport, 

New Hampshire.

 On behalf of everyone at the FDIC, we 

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would like to thank you for the time and effort 

that you have devoted to this committee. We have 

benefitted greatly from your service and look 

forward to continuing engagement with you as 

distinguished alumni of this committee. So thank 

you all.

 MS. KEA: Thank you very much.

 DIRECTOR GRUENBERG: Sure. Thank you. 

Thanks to all of you. 

With that, I will adjourn the meeting. 

I wish you all a wonderful holiday season and we 

look forward to our next meeting in the spring of 

2022. Thank you all and take care. Good to see 

you. Good bye.

 (Whereupon, the above-entitled matter 

went off the record at 4:46 p.m.) 

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A

ABA 55:13 

abandoned 64:6 

Aberdeen 166:14 

abiding 64:17 

ability 42:6 124:14,17 

125:9 137:6 157:16 

186:8 

able 5:8 8:7,13 15:9 

25:6 30:22 39:1 42:1 

51:15 80:17 100:8 

101:14,21 103:5 

112:2 118:13 129:6 

169:17 171:21 172:2 

above-entitled 198:15 

absence 126:16 

absolute 8:17 

absolutely 152:19 

153:3,14 156:20 

191:13 

absorption 116:3 

abundance 63:19 

110:21 

academic 151:6 

accelerate 149:15 

access 28:9 105:5 

133:15,18 138:5 

152:12 184:5 

accident 147:19 

accomplished 25:17 

account 110:18 152:11 

193:16 

accounts 73:7 78:11 

182:8 

accused 153:20 

achieve 56:4 113:6 

acknowledge 6:4 96:20 

118:17 

acknowledging 126:15 

acknowledgments

126:18 

acre 71:7 

acres 78:20 

acronyms 156:3 

act 129:14 187:16 190:9 

active 23:19 

activities 24:5 84:5 

144:12 147:16 

activity 24:9,16 25:6 

72:8 81:13 116:3 

119:12 158:21,22 

177:7,22 182:7 

187:21 190:7 

actors 147:17 

actual 32:18 

add 45:19 86:8 97:21 

added 69:1 97:16 

addition 33:5 95:11 

98:16 107:15 130:12 

131:13 

additional 34:20 41:21 

63:12 93:7 96:11 

184:7 195:6 

additionally 83:15 

99:20 

address 26:4 61:1 

96:22 

addressed 61:1 

adds 91:20 

adjourn 197:6 198:10 

adjust 96:17 148:17 

adjusted 67:7 

adjusting 149:15 

adjustments 90:20 

Administration 6:16 

admittedly 166:9 

adoption 149:16 165:4 

166:11,15,17 168:6 

advance 143:2 

advantage 19:2 55:4 

56:12 105:2 171:5 

advantageous 19:16 

adverse 21:22 116:14 

advice 5:13 129:15 

132:18 

advise 142:5 

advisor 136:21 

advisory 1:4,17 5:5,10 

6:12 40:20 52:15 

129:12,13 132:22 

139:18 142:4 145:22 

164:7,22 196:10 

advocate 15:19 

Affairs 3:3 6:9 

affect 79:22 83:5 

124:11 125:13 

affinity 35:16,17 

affirmative 143:11,18 

afford 81:9 

affordability 65:17 

affordable 65:14,22 

66:5,8,12 

afraid 28:14 

African 130:7 131:5 

afternoon 5:3 9:9 16:12 

22:19 32:1 78:2 94:7 

100:17 111:10 118:15 

140:14 160:22 

ag 47:19 49:19 50:4 

68:22,22 69:2 70:6 

79:5 

age 104:9 

agencies 33:11 34:10 

124:1 182:4 192:7 

Agencies' 179:16 

agency 7:10 129:15 

179:14 182:12 

agenda 9:7 128:18 

145:8 160:13 173:12 

ages 82:14 

Aging 115:16 

ago 5:11 11:12,14 35:9 

45:6 94:10 100:20 

115:18 147:19 148:6 

150:16 155:8 157:1 

179:2 183:14 

agree 66:21 90:10 

98:11 113:2 191:14 

191:18 

agreement 70:5 

agreements 139:6 

agrees 121:1 

agriculture 82:9 87:20 

119:12,15 

ahead 5:16 10:9,18 

67:10 88:10 99:8 

191:10 

AI 158:22 

aiming 141:20 

Air 45:2,16 

airports 11:17 23:3 

Alabama 111:20 114:11 

117:9 

Alaska 40:8,10,13 

42:15 43:6 44:13,21 

45:7 46:4,16 60:20 

197:19 

alert 187:1,1,15 188:5 

align 150:14,15 

alignment 142:19 

alike 17:11 

all-time 25:8,14 

allow 139:9 

allowed 155:12 163:12 

allowing 16:18 98:13 

105:22 142:7 

alongside 106:1 

alternatives 19:15 

alumni 198:5 

amazed 20:2 

amazing 152:12 159:21 

Amazon 30:11 97:5 

America 37:10 

American 2:3 100:5,19 

130:7,8,8 155:10 

American-owned 131:5 

amid 115:15 

amount 27:19 43:4 56:3 

57:12 80:8 120:6 

125:8 151:5 154:2 

157:3 158:14 177:2,5 

179:4 

amounts 89:22 

amplification 148:10 

amplified 96:12 

amplify 9:14 

analysis 3:17 9:22 

179:13,17 

analyze 150:13 151:3 

analyzing 146:18 

anchor 132:10 135:8,11 

139:20 140:9,14,19 

141:15,17 146:16 

ancillary 61:14 104:5 

and/or 66:16 

Andersen 2:2 4:5 26:14 

26:19,20 197:10 

Anderson 26:12 

Andrew 2:18 4:9 78:1,4 

84:16 130:15 

Anecdotally 122:15 

anniversary 23:5 27:1 

announce 25:17 132:9 

141:15 

announced 132:6 

141:19 149:10 150:17 

announcement 36:8 

128:7 135:6,7,14 

annual 20:1 161:18 

anonymous 66:3 176:8 

answer 144:21 154:19 

160:1 166:10 174:12 

176:5,17 177:1,18,19 

178:10,16 180:2,4,16 

180:21 

answered 153:12 

177:10 178:14,14 

196:9 

answering 176:9 

answers 91:15 151:17 

176:12,13 177:13,15 

179:20 180:6,12 

Anthony 2:3 4:10 100:4 

100:7 

anticipate 56:19 57:7 

63:12 64:1 101:12 

anticipated 55:3 63:13 

105:10 

anticipation 103:3 

Antonio 23:11 25:3 

anybody 76:21 

anymore 81:9 

anyway 105:20 164:11 

apartment 56:17 

apologize 100:14,15 

app 104:17 

appear 119:18 

appears 191:8 

appendix 185:2 

applaud 36:15 

applicants 42:19 

applications 85:13 

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applying 27:21 

appointed 39:12 

appointment 72:6 

appreciate 5:22 16:8 

26:6 39:17 40:5,8 

41:14 47:7 52:4,12 

58:5 94:18 128:22 

129:4 190:22 192:5 

193:22 195:5 

appreciated 46:13 

appreciation 14:17 

94:21 118:1 121:4 

127:3 196:5 

approach 38:20 40:20 

51:15 97:19 

approaching 62:18 

appropriate 8:3 

approval 172:12 

approved 62:15 144:14 

185:15 

approximately 60:3 

62:12 78:21 80:11 

134:10 

April 74:14 80:9,12 

area 14:21 23:12 27:4 

28:13,22 29:6,7,8 

31:3,17 32:17,21 

33:14 34:4 45:1,2 

54:9,20 55:5 59:18 

61:8,8 71:3,12,17,19 

84:20 85:1 89:1 91:22 

93:11 97:2,8 101:8 

124:20 125:16 161:2 

areas 23:11,15 25:2,5 

25:15 31:6 35:16 

57:14 72:1,1 76:14 

87:18 109:15 110:8 

114:7 119:13 124:4 

158:11,20 

argue 61:22 

Arleas 3:14 6:6,7,14 

7:17,19 10:19 26:4 

31:11 39:6 68:2 77:10 

93:18 99:20 106:4,18 

125:21 128:22 129:2 

145:21 160:2,22 

173:3,20,21 179:6 

195:16 196:20 197:5 

Arleas' 7:2 

arms 33:16 51:13 

194:20 

Army 45:18 

arose 165:12 

arrive 45:16 

art 153:19 

article 165:8,12,19 

166:12 172:5 

articles 194:4 

artificial 149:2 

Asian 130:8 

asked 123:17 165:20 

174:9 196:9 

asking 116:19 124:16 

126:8 159:15 180:20 

asks 146:6 

aspect 14:11 142:21 

aspirational 142:14 

aspiring 18:7 

assess 187:9 

assessing 187:12 

assessment 144:10 

187:3 188:6 

asset 41:1 53:11 56:5 

59:6 86:3 89:18 94:12 

112:14,21 122:19 

123:5,12,13 138:16 

168:9,11 

assets 17:4 20:17 22:8 

23:7 25:8 27:8 34:13 

59:10 78:9 93:7,8 

98:3 103:16 113:16 

113:18,19 149:1 

170:5 

assigning 144:8 

assistance 12:7 88:1 

assisted 8:10 

Associate 3:16 9:21 

associated 124:22 

168:6,13 

association's 20:1 

associations 121:15 

153:2 

assume 26:16 

Atlanta 3:11 10:5 

111:14,17 112:12 

113:4,10,13,14 114:8 

116:9,16 117:19 

118:6 

attack 157:16 175:21 

attacks 178:19 179:4 

attention 74:19 180:21 

182:6 

attentive 196:11 

attitude 65:12 

attitudes 48:11 

attract 18:18 124:14 

attributed 123:7 

audio 12:1,3,8,9,12,14 

13:10,13,17 14:1,4,17 

15:5,20 24:19 32:10 

35:9 36:11 72:14 92:7 

117:14 

audited 74:5 

audits 73:22 85:14 

August 17:15 144:17 

Austin 23:12 25:3 

authenticate 181:19 

authentication 175:8 

180:7,12,22 181:13 

182:9 183:15,20 

184:1,8,11,13 185:3,5 

193:19 

authority 66:4,5 129:12 

155:7 

auto 120:9,13,20 

available 18:6 20:4 

134:3 154:8,9 172:1 

avenues 104:2 192:6 

average 43:9 54:3 62:9 

78:8 177:1,5 

averaged 114:16 

aware 111:17 164:13 

awareness 154:7 

195:14 

awesome 8:5 77:11 

B

B 177:8 178:8 180:6,7 

180:13 

back 9:7 11:10,11 12:1 

18:1 24:12 34:1 35:3 

41:10,10 50:21 55:9 

55:18 71:21 74:13 

75:15 80:4 81:19 

87:11 88:14 90:14,18 

90:19 91:13 92:8 

101:15,19 106:5 

110:20 119:1 121:22 

125:20 127:8,12,13 

143:12 160:2 169:1 

173:3 181:10 194:14 

backdrop 182:20 

background 119:8 

backhoe 147:21 

backlogs 24:19 

backorder 29:17 

backup 180:14 

backups 180:8 

bad 74:12,22 176:12 

180:2 

bag 115:14 

baked 142:18 

balance 20:14 21:7,13 

32:18 34:13,19 43:18 

50:4 95:13 96:18 

104:6 123:20 133:14 

134:16 136:14 

balances 21:1 73:16,16 

73:21 74:1 172:4 

ball 30:6 72:22 

ballooning 21:7 34:19 

balmy 69:10 

bank's 23:9 83:20 

111:12 131:3 133:14 

186:8 

banker 50:4 72:20 

74:18,20 76:16 

banker's 74:21 

bankers 5:14 17:10 

18:8 21:13,17 22:3 

50:21 52:8 67:18 

71:21 73:20 75:8 76:4 

76:15 77:17 112:5 

121:15 123:17 124:6 

126:20 161:22 162:10 

162:11,16 164:5,6,12 

Bankers' 131:11 

banking 1:4 3:20 4:3,11 

5:5,19 9:11 10:2 17:6 

18:4 20:10 26:2 27:13 

33:9 34:18 35:4 36:2 

36:5,6,9 38:2 47:18 

47:22 51:6 64:6,19,19 

76:5 79:8 80:2 95:1 

95:14 98:11 99:17 

101:7 104:14 105:5,8 

107:12 119:6 121:18 

128:10,13 129:13 

130:19 147:4,12 

149:4 152:13 155:19 

156:1 161:11 165:18 

186:8,19 187:1 

bankruptcies 17:19 

Bankruptcy 17:17 

banks 13:8 15:1,22 

16:1 18:16 20:4,13 

21:11 22:1 35:1,2 

36:13,14 37:4 54:14 

57:3 60:10 69:1 72:15 

78:8 110:22 113:3,5 

113:14,17 131:8 

133:6,16,22 134:8,9 

134:10,18 136:2,11 

136:12 137:2,16,18 

138:1,21 139:8,9,14 

140:12 142:5,7 

149:18,20 152:15,20 

152:20,21,22 154:3 

156:10 162:2 163:12 

164:17 165:6,13,21 

166:2,12,16,21 167:2 

167:11,14,16,20 

168:8,10,11 169:14 

169:18 170:3,6,18,20 

171:2,18 174:18 

183:22 184:15 186:16 

187:19 189:20 

banks' 163:17 

bar 167:10,12 184:3 

bare 40:19 

barrier 80:16,18 

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bars 167:8,9,18 

base 45:2,16 59:7 95:18 

95:22 96:4 

based 32:7 53:12 59:20 

78:10 105:10 137:15 

138:17 141:4 151:22 

169:3 170:12 

basic 150:19 

basically 15:10 61:13 

77:1 89:2 151:14 

152:9 156:14 

basis 68:4 76:3 147:15 

182:3 

battle 45:17 79:18 

174:22 

Bay 56:15 

beacon 37:13 

beans 48:15 

bearing 190:4 

beautiful 7:22 

becoming 89:11 92:13 

97:11 

began 45:7 146:20 

beginning 72:15 103:2 

150:10 187:21 

begrudgingly 22:3 

begs 17:22 

begun 81:15 

behalf 143:7 197:22 

believe 5:20 19:2 21:18 

31:1 34:9 35:10,12,13 

37:22 38:22 42:10 

48:2 75:6 98:8 100:8 

believed 122:10 

benefit 104:5 

benefits 42:12 

benefitted 121:9 198:3 

best 5:9 19:18 26:8 

31:14 52:18 66:20 

67:8 68:9 83:21 84:10 

105:13 106:3 130:2 

130:22 178:15 179:15 

179:22 180:2 184:9 

Betsy 2:8 4:8 68:10,19 

118:18 

better 13:15 19:19 20:4 

42:11 44:1,3 50:9 

73:11 81:4 88:13 92:9 

98:7 110:5 153:18 

166:3 169:15 174:14 

178:13 193:21 

Betty 3:19 4:15 36:9,17 

128:3,4,10,19,19 

129:9 130:20 131:21 

145:3 

beyond 35:17 52:10 

102:6 171:3 

big 31:15 48:11 49:13 

85:7 151:13 157:2 

159:12,17 

bigger 15:16 172:15 

biggest 191:19,21 

bilingual 65:5,7 

billion 23:6 53:11 

142:15 

bit 25:17 30:10 32:17 

32:22 33:17 34:7 35:5 

38:12 60:6 64:18 

70:18 72:12 74:12 

75:15 76:8 78:10 

81:20 82:3 83:18 90:2 

103:13 109:2 119:5 

133:1 146:8,12 

161:10 165:2,5 167:7 

169:6 171:9 176:3 

177:7 178:9,13 

193:17 

bite 154:16 

blame 91:6 

blessed 8:7 48:8 

blockchain 103:22 

blue 108:1 109:7 167:9 

167:12 

blueprint 136:21 

142:11 

BNP 64:5 

board 52:15 143:12 

144:14 185:15 197:13 

197:16,18 

boards 174:10 

Bob 162:14 

Bock 2:2 4:9 84:13,16 

84:17 118:19 

body 195:1 

bolded 179:19 

bonded 8:21 

booked 44:11 

bookings 44:4 

books 56:8 82:2 

boosted 116:3 

border 23:2,4,8 24:7,14 

born-and-bred 81:8 

borrower 169:12 

170:15 171:1,6 

172:12 

borrowers 45:9 107:14 

borrowing 74:6 84:5 

Boston 36:12 

bothered 193:3 

bottom 190:7,9 

Bottone 3:4 4:13 10:6 

111:3 118:8,11,14 

bought 121:10 

boundaries 78:18 

Bowman 163:1 

boy 184:17 

branch 59:9 64:7 

165:15 169:13 170:16 

171:4,6,7 

branches 17:2 23:12 

29:18,20 60:3 63:7 

64:8 101:3 

brand 132:15 

break 78:12 126:11,12 

127:7,8 160:3 168:8 

Breaking 152:6 

Brian 162:13 

bridges 23:22 

brief 132:3 

briefing 131:19 143:5 

briefly 129:10 

bright 44:7,14 

bring 11:22 15:2 33:5 

33:20 35:3,7 39:4 

41:6 68:12 88:5 92:6 

151:19 195:18 

bringing 24:12 35:22 

brings 98:3 131:5 138:9 

184:12 

broadened 79:4 

broadly 176:5 

brought 38:14 74:19 

86:13 98:16 

BSA/AML 158:19 

budget 55:20 

build 134:1,4 155:9 

builders 45:5 

building 42:10 65:16 

71:12 158:17 

buildings 30:17 

buildup 45:7 

built 45:15 104:22 

bullet 139:7 140:7 

184:11 

bunch 156:3 

burden 137:14 

burdens 149:19 

busiest 23:2 

business 11:16 23:8 

24:1,3,5,13,16 30:19 

38:18 55:10 62:2,5 

69:6 73:11 82:9 87:1 

87:7,14,21 91:5 92:8 

101:5 113:8 125:14 

125:18 130:9 136:4 

137:10 139:15,21 

144:12 163:13 181:15 

182:16 186:10 

businesses 13:20 

17:21 28:1 29:14 

30:10,16 44:3 69:21 

79:12 88:4,17 89:5 

91:12,20 92:15 

114:21 125:13 147:6 

147:7 181:14 

butcher 15:8 

buy 81:4,9 

buyer 62:16 

buyers 81:6 

bye 198:14 

Bye-bye 145:7 

C

C 49:11 177:8,15 178:8 

180:6,8,14 

cable 147:22 

calendar 178:6,21 

California 81:1 

call 30:8 31:7 34:22 

37:6 51:8 97:20 

111:22 122:17 149:22 

159:14 166:13 172:1 

181:12 188:7 

called 152:6 155:18 

calling 196:8 

calls 133:5 

cam 61:8 

candid 5:13 

candidates 164:8 

cannabis 51:6 95:13 

capabilities 156:9 

capacities 8:15 

capacity 6:9 66:7 134:2 

134:4 

capita 43:7 

capital 21:4,9,10 22:5 

27:15 34:21 50:13 

92:22 93:2 95:19 96:5 

96:15,16,17 105:14 

112:14 123:5,6,18,19 

133:15,18 135:4 

137:5 138:3,4 

capitalize 25:6 

capitalized 25:10 

Capobianco 2:3 4:10 

100:4,10,13,18 

capturing 146:18 

car 13:20 86:16,19,21 

card 68:12,18 

care 92:11 198:13 

career 60:21 77:11 

98:12 

careful 30:7 

carefully 188:19 190:21 

Carolina 111:19 117:10 

117:10 

carry 172:18 186:8 

carryover 71:1 

cars 29:21 30:2,3 87:8 

120:12 

case 28:4 170:16 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
202 

178:17 181:14 

cases 25:13 28:2 42:22 

43:7,13 92:14 114:6 

157:21 171:8 176:14 

189:19 

cash 22:8 29:5 50:12 

63:19,20 81:6 

casually 14:13 

catalyst 24:8 

catch-all 139:9 

categories 168:17 

182:20 

categorize 67:3 

category 148:9 155:16 

155:17 170:3 

cattle 82:20 83:4 

caused 65:8 

cautious 12:9 57:5 

83:22 

cautiously 84:6 105:18 

CBAC 118:17 119:17 

129:13,17 130:13 

131:12 

CDC 28:7 71:17 

CDFI 134:18 136:11,12 

137:2,9,9 138:18 

140:17 144:2 

CDFIs 136:17 

celebrated 27:1 

celebrating 23:5 

cell 192:4 

center 40:8 157:22 

centered 19:3 

centers 97:5 179:17 

central 11:4 17:2,3 

23:10 47:14 48:3 

centralize 158:5 

Centreville 2:7 53:2,10 

Century 161:12 

CEO 2:2,2,3,4,6,8,9,11 

2:13,15,17,18,19 11:3 

16:15 22:21 26:13,20 

31:21 32:6 40:1,6 

46:22 47:13 53:1,9 

58:2 68:19 78:5 84:14 

84:17 94:2,9 100:5,18 

197:10,11,16,18,20 

CEOs 137:1 138:18 

certainly 16:17 22:12 

38:6,19 45:11 54:9 

57:6 61:12 67:15 84:8 

92:22 93:11 94:19 

99:4 107:8,17 108:10 

109:5,13 110:22 

162:20 187:20 190:7 

190:17 195:1,19,22 

certified 25:21 

cetera 28:21 63:2 67:2 

88:11,22 91:18 93:9 

144:3 

CFPB 15:3,21 

CHAD 3:2 

chain 17:9 31:7 45:14 

49:20 62:21 70:3 

71:14 88:6 90:3 102:9 

107:10 

chains 73:10,10 88:13 

chair 40:7 46:10 58:16 

chairman 2:5,6,9 3:2 

6:8,15 8:8 20:7 31:21 

32:6 36:7 40:1 51:20 

53:1 77:16 94:16 

99:14 126:16 128:7 

132:6,14 146:6 163:2 

163:2 197:13,15 

Chairmen 8:9 

Chairperson 2:13 

197:17 

Chairwoman 36:16 

39:11 

challenge 38:5 60:2 

61:6 82:3 83:19 88:17 

105:9 113:1 124:15 

153:12 

challenged 93:3 

challenges 5:19 24:17 

32:20 34:16 92:20 

95:4 96:1 102:11 

112:9 114:21 115:15 

162:1 

challenging 97:12 

change 48:1 112:17 

149:5 192:14,16,19 

193:14 

changed 80:1 

changes 19:9 48:11 

60:18,21 91:11,19 

96:13 97:17 

changing 183:18 

channels 57:10 

characteristic 113:10 

characteristics 143:21 

169:7,21 

chargeoffs 123:4 

chart 167:7 170:1 

charter 21:8 

chartered 94:10 

chat 126:8 146:4 175:1 

check 111:5 

checking 173:6 

Chertoff 148:6 

Chicago 3:4 10:7 36:12 

69:9 71:20 118:18 

119:5,9 120:2 125:2 

Chief 3:15 6:14 10:12 

145:13 

child 63:17 

chip 108:2 109:8 

120:10,17 

chips 120:14,15,18 

choice 65:9 

choose 150:21 

chopped 147:21 

Cindy 4:10 94:2,4,8 

100:16 111:22 

CIO 147:19 

CIOs 185:3 

circumstance 66:1 

CISOs 185:4 

cited 124:13 

cities 23:11 24:6,14 

71:22 131:4,8 

citing 124:6 

citizens 17:11 

City 100:21 

claims 17:14,17 

clamping 84:5 

clarity 124:7 

classes 138:16 

clean 12:4,5 92:11 

clearly 110:5 187:14 

click 177:8 

client 186:16 

climate 147:18 

climb 84:3,4 95:16 

110:14 194:10 

clock 76:18,18 189:13 

189:16 

close 24:3 55:2 69:15 

77:10 101:9 127:2 

140:21 190:19 

closed 44:9 72:4 79:20 

closed-end 142:14 

closely 21:21 51:12 

95:17 96:15 110:12 

114:3 117:1 

closing 4:21 39:5 64:7 

196:16 

closures 116:5 165:15 

co-hosted 161:15 

coal-powered 59:14 

Coast 32:2 

code 15:5 91:11,19 

cold 11:10 

collaborate 174:18 

collaboration 130:1 

collaborative 20:11 

33:11 157:5 

colleagues 32:15 33:6 

38:8 54:7 94:20 106:1 

195:22 

collective 195:1 

color 7:5 146:8 

Colorado 59:2,9 64:8 

combination 82:14 

182:10 

come 9:3 11:10 15:3 

34:21 45:4 48:20 

51:11 59:1 71:21 

75:11,13 76:15 81:3 

92:8 93:21 109:2 

132:11 136:2 137:6 

138:18 139:9 142:7 

151:17 154:16 164:10 

176:18 181:18 184:19 

193:8 196:11 

comes 47:20 71:8,9 

86:10,21 87:20 

145:15 

coming 25:3 51:10 

80:16 87:15 88:2,21 

89:7 92:2,17 141:21 

183:10 

command 71:14 

commend 41:1 

commending 76:12 

comment 52:14 68:11 

74:17 143:15 188:13 

189:18 

commenters 189:15 

comments 32:14 47:10 

118:16 119:17 126:13 

160:8 173:6 174:16 

184:10 185:20 188:17 

189:3,6,22 190:13,14 

190:21,22 192:1 

194:18 

commercial 20:22 

47:20 49:9,20 55:21 

56:10 69:6 79:5 81:22 

82:7 86:14,15 87:14 

88:8 90:4 91:9 101:5 

109:17,19,21 115:12 

115:13 124:20,22 

162:12,15,17 

Commission 48:1 

commit 134:15 

commitment 52:21 

94:22 98:4 99:17 

142:17 

commitments 35:1 

135:16 141:9 

committee 1:4,17 5:5 

5:10,20 6:11,12 8:16 

9:10,17 10:10,14 

16:20 26:7 31:15,18 

39:11,20 46:18 67:19 

93:16 102:5 105:22 

106:20 118:20 127:20 

128:2 129:10,12,14 

129:16 130:10 142:4 

143:7 145:1 164:7,22 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
203 

173:16 176:15,17 

178:14 179:7,8,9 

180:10 196:1,10,22 

197:2,7,9 198:2,5 

committees 129:3 

146:1 

commodities 88:7 

119:18 

commodity 48:18 54:11 

69:20 

common 92:13 156:15 

158:4 

communicating 146:18 

182:18 

communication 75:8 

75:14,20 163:4 192:6 

192:9 

Communications

135:10 

communities 9:13 

23:12 36:15 49:10 

52:20 59:4,5 65:5,15 

65:19,20 67:22 95:9 

98:2 106:9 130:4 

133:7,8,9,9,22 134:5 

134:17,20 136:5,16 

138:1 139:3,4 163:13 

163:18 

community 1:4 2:3 3:20 

4:18 5:5,14,19 13:8 

15:15 18:7,16 20:12 

22:4 27:13 28:3 35:14 

36:2 43:1 46:15 52:8 

55:14 59:6 61:21 

63:16,18,21 64:6,14 

64:22 65:9 66:3 67:18 

76:3,14 95:1 97:10,16 

97:20 98:5,6,21 99:17 

100:5,19 101:2 

126:19 128:9,12 

129:13 130:18 131:6 

131:8 134:11 138:6 

139:15,20 140:2 

144:2 146:15 149:17 

152:15,20 154:3 

156:10 159:10 160:18 

161:6,11 162:2 164:4 

164:12,17 165:3,6,9 

165:13,21 166:1,12 

166:16,18,21 168:5 

168:11 174:19,20 

community-based 11:5 

commuting 149:3 

companies 110:10 

115:15 125:8 135:17 

177:6 181:17 191:3 

company 187:10 

compared 17:15 73:3 

82:1 110:1 116:18 

134:17 175:21 182:12 

compares 113:21 

compete 36:3 

competing 83:18 

competition 19:14 96:6 

105:11 113:7 124:18 

competitive 19:1 97:11 

105:2 140:10 

competitors 64:4,9,10 

compiled 42:5 

complaints 75:4 

complete 57:18 69:19 

completed 141:7 

completely 55:10,11 

complexity 144:12 

189:5 

compliance 41:7 

143:20 

component 144:8 

compressed 112:20 

compression 67:12 

84:3 96:8 99:11 

105:10 121:20 

comprised 23:13 130:5 

139:20 

compromise 182:7 

184:12 

computer 185:12,18 

186:6,17 188:15,22 

computers 181:17 

182:17 

computing 159:1 

concentrated 125:16 

concentration 68:22 

69:5 

concept 149:22 150:3 

concern 18:3 37:18 

49:19 51:6 54:10 56:1 

109:16,19 124:3 

191:22 192:11 

concerned 14:4 15:6,12 

21:14 84:4 

concerning 19:10 

108:11 114:12 

concerns 17:8 30:5 

50:3 95:5,11 97:1 

99:10 109:6,14 

conclude 6:3 25:20 

concluded 117:17 

concludes 26:11 143:5 

144:19 

conclusion 184:20 

concur 51:1 72:10 

condition 144:5 

conditions 4:3,11 9:12 

11:8 18:17 47:19 79:9 

101:7 105:8 107:4,19 

118:2 119:4,6 121:18 

124:8 125:17 141:13 

142:3,11 162:18 

condominiums 30:17 

conduct 23:7 155:7 

conducting 55:10 

Confederated 78:15 

conference 132:7 

161:13,14,14,18,19 

161:21 162:1,3,9,10 

162:11,20,22 163:7 

163:22 164:1,12 

165:3 166:15,19 

confidence 28:12 

confident 20:11 

confidentiality 143:3 

conflict 5:7 132:19 

congrats 77:10 

congratulate 99:22 

congratulated 112:5 

congratulation 58:6 

106:4 

congratulations 31:13 

130:20 

Congress 124:11 

conjunction 162:9 

connected 98:14,21 

147:22 

Connecticut 53:16,16 

53:18 

connecting 98:5 

consensus 108:2 109:8 

consequences 64:15 

96:21 

conservative 90:5 

91:13 

consider 5:18 34:12 

51:4 144:3,7 

considerable 56:13 

112:8 

considerably 107:21 

114:15 

considered 35:4 37:21 

38:1 

considering 184:6 

188:19 190:13 

consists 78:17 119:9 

constant 45:17 102:19 

constraints 107:10 

construction 46:1 

56:13 62:4,5,13,16,17 

73:12 90:13 147:18 

consumer 47:21 73:2 

83:6,13,16,19 120:6 

181:15 182:16 192:16 

193:13 

consumers 183:12 

194:3,12 

contact 39:18 77:3 

165:17 

contained 162:22 

189:21 

contains 163:1 

CONTENTS 4:1 

context 155:10 166:20 

175:14 

continually 159:14 

continue 17:21 19:11 

19:17 21:20 23:19 

25:22 27:5,14,18 31:2 

33:3 35:11 36:9 43:18 

44:18 46:6,8 52:10 

55:5,7 56:1,20 57:7 

57:13 64:13 71:2 79:3 

84:3 90:17 96:7,15,20 

98:12 102:9 105:4,12 

105:14 107:4 121:1 

149:5 159:2,9,11 

174:13 191:1 194:18 

194:22 

continued 17:9 20:6,20 

21:2,14 36:19 99:16 

101:8 105:19 108:19 

110:14 

continued-on 49:16 

continues 13:9 16:21 

18:21 20:15 21:4 

24:21 27:3 30:9 37:3 

43:16 56:11 102:8 

105:1 109:8 115:14 

120:10 174:8 

continuing 65:10 

172:21 198:4 

contracts 189:21 

contrast 55:12,17 

contributing 114:20 

117:13 

contribution 77:13 

contributions 7:2 26:6 

control 175:7,9,12 

184:13,15,18 

controlled 131:6 

controls 184:1,9,11 

185:3,6 

convened 1:17 

convenience 30:21 

104:18 165:18 

convention 20:1 

conventions 125:15 

conversation 75:22 

141:4 

conversations 152:8 

155:20 

conversion 191:15 

converted 162:11 

cool 161:18 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
204 

Coordinator 97:17 

copy 144:18 

core 97:22 98:22 

143:22 186:9 

corner 58:20 

corns 48:16 

corporate 95:22 102:20 

133:12 

Corporation 1:1 135:7 

135:8 

corporations 97:7 

133:6 135:2 

correct 180:16 

correspondingly

102:17 

cost 50:6 62:9,10,17 

71:13 90:13 102:16 

122:1 152:16 

costs 62:11,14 65:16 

70:1 88:15 90:17,18 

91:18,18 92:5 112:22 

council 55:14 139:19 

139:22 

count 178:21 

counties 95:9 100:22 

101:4 

country 5:15 13:9 61:18 

107:7 121:2 147:8 

150:2 

county 14:19,20 30:12 

59:8 79:16 80:10,11 

couple 41:12 46:12 

51:14 95:18 104:10 

129:3 142:12 149:8 

153:1,5 161:2,17 

163:10,21 169:7 

Coupled 48:19 

courage 7:8 

course 6:20 72:6 90:6 

101:22 107:4 110:13 

117:22 160:1 174:21 

185:20 

Cove 100:19 

cover 10:1 

coverage 188:9 

covers 111:17 

COVID 11:9,9 12:19 

25:12,13 28:2,2,5 

38:14 42:22 43:7 46:3 

67:1 71:16,19 72:4 

79:15 80:7 88:21 89:6 

90:15 95:7 101:8 

102:1,7 

COVID-19 17:10 43:5 

COVID-related 122:21 

cowboy 59:11 

CRA 35:8 41:7 57:18 

Craig 59:9 64:7,21 

create 20:10 151:15 

156:14 

created 45:8 80:21 

128:8 132:13 153:11 

157:1 

creating 130:19 169:8 

195:14 

creation 130:18 131:15 

147:3 155:6 

creative 145:16 195:13 

creativity 195:10 

credit 13:19 83:15 

93:10 105:15 107:3 

107:13 123:2 158:5 

criminal 147:17 

crippled 17:9 

crises 8:11 

criteria 151:22 

critical 20:12 191:13 

193:6 

crop 12:13,15,17 69:15 

69:20 70:21 

crops 82:16,17 

cross 196:14 

crossings 23:4 

crucial 102:4 

cryptocurrencies 149:2 

cryptocurrency 37:19 

crystal 30:6 72:22 

CSBS 161:16 

culminate 151:18 

culture 39:2 

currency 38:1 

current 17:3 18:9 59:20 

98:10 104:9 108:2 

119:22 123:2 

currently 6:8 17:5 23:6 

27:4,7 44:22 48:15 

60:2 89:1 110:11 

124:11 

curve 88:10 122:4 

194:10 

custom 62:6 

customer 14:17 20:9 

44:8 104:14 182:7,16 

183:6 

customers 15:14 19:4 

19:20 22:1 23:14 28:8 

30:15 69:3 70:6 77:3 

80:1 85:7 90:4 91:2,3 

91:9 92:12 98:22 

104:18 137:11 154:4 

165:14 166:4 181:15 

181:15 191:16,20,22 

192:12 193:9 

cyber 147:16 174:11 

180:9,10 184:12 

cybersecurity 33:8,12 

102:19 147:11 157:6 

174:7,11,17 175:7,16 

176:4 179:15 180:19 

185:12 191:3 

cycle 52:11 88:15 111:1 

cycles 88:12 

Cynthia 2:11 4:10 

D

D 177:8 178:9,17 180:6 

180:9,10 

d'Oreille 78:16 

D.C 30:16 55:13,16 

58:11 

D.C./Washington 28:13 

daily 11:15 68:4 147:15 

Dairy 2:2 84:14,17,18 

Dakota 2:4,5 10:13 11:4 

11:4,7 47:13,14 48:4 

50:21 197:12,13,14 

197:15 

damaging 120:4 

Dan 3:12 4:19 160:17 

160:19 161:4 164:15 

164:15,18,20 173:5,8 

dark 167:9 

data 15:10 146:16,17 

146:18,18,19 149:18 

152:14 154:8 156:8 

158:3 166:10,13,13 

166:20 168:22 171:22 

172:1,1 

date 20:16 21:3 60:8 

73:3 141:7 169:12,17 

170:15,17 

dates 113:15 143:12 

daunting 38:6 

DAVIS 3:2 

day 11:13 33:17 36:19 

79:3 93:21 151:19 

154:22 

days 108:16 156:21 

161:17 187:22 

de 144:2 

deal 33:12 70:16 194:22 

dealers 13:20 86:16,17 

87:5 

dealerships 30:3 

dealing 24:17 

deals 36:7 

dearly 26:8 

death 43:7,13 

debated 124:11 

debt 15:6 110:19 139:5 

decades 147:13 

December 64:3 185:16 

decent 43:22 

decide 110:10 

deciding 149:3 

deck 141:2 

decline 43:13 115:19 

118:2 122:1 123:6,18 

declined 21:5 25:14 

28:3 123:1,5 

declining 112:21 

decommissioned

59:15 

decrease 67:14,16 73:5 

decreased 57:6 

decreasing 103:12 

dedicated 66:8 

deed-restricted 66:14 

deep 103:22 196:5 

deeper 98:1 

deepest 196:1 

deeply 5:22 58:10 

Deere 70:4 

defend 191:2 

defending 180:18 

deferrals 56:7 

defined 122:22 189:2 

definitely 11:9 14:11 

19:10 44:1 45:22 

67:10 92:17 110:17 

141:20 174:19 

definition 134:18 

188:15 

definitions 188:22 

degrades 186:7,9,18 

degree 60:14 

degrees 69:10,11 

delaying 115:15 

delinquencies 12:6 

25:7 112:16 

delinquency 56:6 

deliver 134:18 

delivery 115:10 

delve 171:21 

demand 13:17 14:2 

20:20 24:21 27:12 

30:14 54:21 55:4 

56:14 71:8,11 81:22 

82:7 83:12 86:12 

105:11 115:6,20 

119:21 120:12 121:16 

122:12 

demands 14:3 18:10 

19:8 

demo 151:18 154:21 

demonstrate 139:1 

demonstrated 36:12 

125:10 163:14 

demonstrating 184:4 

demonstration 154:22 

dentist 15:7 

department 71:18 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
205 

depending 71:5 186:13 

depict 136:9 138:16 

deploy 103:5 

deposit 1:1 20:15 63:4 

63:7,9 73:5 78:11 

96:4,9 103:12 122:9 

166:8 171:14,19,22 

deposit-taking 165:10 

166:7 172:8 

depositors 172:3,4 

depository 4:14 127:19 

132:16 134:11 137:1 

143:8,10,13 

deposits 22:4 25:9 

27:10 34:3,7 57:2 

63:6,13 64:11 72:9,14 

104:16 113:16 133:11 

133:13,18 165:22 

depressed 50:10 

depth 95:19 

Deputy 3:2,8 6:8,15 

173:13,21 

describe 8:4 

described 66:2 187:17 

describes 134:9 143:13 

description 35:13 

design 136:14,19,22 

137:2,20 

Designated 3:14 6:10 

designed 133:20 

134:22 136:9 138:16 

139:9,11 140:1 141:2 

141:9 142:13 144:9 

149:13 188:4 

designing 188:21 

desire 98:1 165:17 

desired 113:6 

desk 38:17 

despite 17:20 25:9 

71:12 80:6 108:16 

121:19 

destroyed 82:16,17 

detailed 142:10 

details 150:22 

deteriorate 118:3 

determine 156:11 

detriments 17:10 

Detroit 32:7,9 130:14 

131:2 197:17 

developing 98:4 136:19 

development 3:20 

73:12 98:13 128:9,13 

134:12 147:8 

device 193:1 

devoted 198:2 

devotion 7:8 

diagnostic 159:15 

Diane 3:6 4:18 160:15 

160:19 164:21 165:3 

166:19 173:2,5,8 

die 102:7 

difference 11:14 16:3 

26:1 41:13 48:11 

98:15 114:17 168:1 

168:22 169:8 170:11 

170:18 171:17 

differences 143:22 

166:7 171:15 

different 16:1 31:6 36:1 

59:5 60:17 72:12 

87:18 97:19 106:21 

158:11,19 169:21 

differential 167:19 

168:18 169:3 

difficult 41:3,10 44:20 

65:18 66:22 67:11 

82:10 113:5 114:6 

192:3,12 

difficulties 100:15 

108:20 

difficulty 92:10 

dig 158:2 

digit 117:9 

digital 57:10 104:9,10 

104:19 105:5 149:1 

154:3 

digital-prominent

166:5 

digits 73:17,22 

diligent 30:7 

dinner 14:17 

direct 116:7 

directed 194:3 

direction 20:6 

directly 59:12,16 

129:17 

director 1:19 3:2,4,6,8 

3:11,16,19 5:3 6:15 

7:20 9:4,13,21 10:5,6 

16:17 26:17 31:10 

39:15 46:9 51:21 68:1 

77:14 94:19 99:14 

127:2 128:13,19 

160:15 173:13,21 

196:16,18,19 198:8 

directors 10:22 143:12 

144:15 

Directory 128:12 

disadvantage 170:9 

disappointed 58:9 

disclaimer 143:3 

disclose 15:5 

Discovery 135:9,10 

discrepancy 32:17,22 

157:15 

discuss 9:18 10:7 

160:18 162:1 

discussants 164:5 

discussed 32:19 37:16 

91:11 92:21 93:4 

99:12 112:20 131:13 

131:14 

discussion 4:3,11 9:10 

33:7,21 35:8 37:18 

106:10 117:15 127:15 

128:17 158:8 194:19 

discussions 50:20 

74:18 106:19 121:15 

127:21 162:5 

dismiss 196:17 

disposal 121:10 

disruption 156:12 

disruptions 62:22 

120:15 

disrupts 186:7,9,18 

distance 169:12 170:16 

171:2 172:12 

distinction 59:11 

distinctive 143:21 

distinguished 198:5 

distributed 141:2 

distributing 97:5 

dive 104:1 

diverse 20:10 59:4 

diversity 130:6 

divided 120:21 

division 3:6,9,12,17 

6:16,18 9:22 141:12 

160:16 173:14 174:1 

document 181:13 

documents 40:18 

142:19 

doing 38:15 39:3 49:8 

50:8 61:5 74:15 76:1 

83:20 92:9 119:16,21 

120:9 133:7 146:9,21 

151:11 158:9 159:17 

178:12 181:9 

dollars 81:3 87:2 89:22 

142:15 

donated 66:6 

donor 66:3 

double- 117:8 

double-check 126:9 

double-checks 85:15 

doubled 69:11 

downgrade 123:19 

downside 80:21 107:9 

downtown 69:9 71:20 

125:2 

downturn 84:9 86:11 

downward 105:17 

draft 141:12 189:6 

drafted 142:11 

dramatic 60:18 183:13 

drastically 28:18 

draw 180:20 

drawback 90:11 

drawing 13:18 165:7 

drawn 91:12 

dressed 14:12 

drive 65:21 

drive-through 80:3 

94:15 

drive-through-only

94:14 

driving 81:7 168:16 

169:3 172:8 

drop 71:4 122:11 

dropped 17:14 63:21 

116:9 

dropping 90:19 122:1 

drought 13:1 48:3,17 

82:13 

dry 69:17 

due 20:20 21:6,8,12 

48:17 56:22 110:10 

122:20 132:19 

dues 83:12 105:16 

dynamic 97:19 

E

E 2:19 

Eagle 2:18 78:1,5,7 

130:15 

earlier 34:7 38:8 57:15 

90:8 98:19 109:11 

115:8 116:21 127:22 

131:13 174:15 194:20 

early 108:16 109:3,18 

122:16 186:22 187:1 

187:15 188:5 

earned 64:10 127:6 

earning 103:16 

earnings 13:7 43:16,19 

64:2 99:7,10 105:18 

107:16 112:16 113:1 

121:19 123:12 

ears 69:15 

ease 102:2 120:22 

easier 193:19,19 

east 84:19 119:8 

eastern 53:16 94:11 

easy 41:3 155:1 166:9 

echo 57:15 59:22 63:15 

98:18 109:6 

echoing 72:17 

economic 11:8 53:17 

59:21 79:8 107:3,18 

119:4,12 124:7 

125:17 147:8 

economies 24:2 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
206 

Economist 3:12 

economists 160:17 

economy 10:2 17:6 

46:7 80:19 84:9 

105:20 108:14 

ecosystem 139:17 

154:14 

EDT 1:18 

educated 60:15 

education 65:11 

effect 48:3 70:15 

125:17 163:17 168:4 

effective 144:16 152:17 

180:3,17 

effectively 64:6 

effects 21:22 

efficiency 18:11 

effort 20:12 33:11 37:2 

65:4 157:5 198:1 

efforts 33:8 36:16 98:8 

112:8 126:19 145:18 

163:5 174:17 191:2 

egg 87:17 91:22 

eight 53:15 123:10 

either 62:7 65:17 92:16 

123:2 151:6 182:10 

183:5 

elapsed 43:4 

electronic 104:12 

elephant 117:3 

elevated 113:13,19 

Ellis 3:6 4:18 160:15,21 

173:10 

Elon 149:3 

email 159:6 

embrace 18:21 19:7 

20:7 38:7 95:21 105:4 

emerging 157:11 

emotional 67:3 

emphasize 140:11 

180:17 

employee 19:8 102:11 

116:14 182:17 183:6 

employees 7:9 18:18 

18:21 19:6 43:2 60:9 

60:19 61:9 65:5,7,20 

70:5 94:13 97:9 98:20 

101:4 115:21 181:16 

189:8 

employees' 125:9 

employing 180:21 

employment 65:22 97:3 

108:12 114:8,19 

empower 138:21 

encompasses 78:19 

encourage 38:19 63:17 

77:5 194:19 

encouraged 20:5 164:3 

encouraging 53:22 

147:3 

encrypted 180:8,14 

ended 69:17 150:8 

177:13 178:11 180:5 

ends 81:6 

energy 98:17 

engage 38:7 106:12 

126:5 128:16 154:4 

159:10 176:2 

engaged 131:3 136:20 

136:22 

engagement 158:12 

198:4 

enhance 20:9 

enjoy 26:9 105:12 

enjoyable 106:20 

enjoyed 111:11 119:2 

195:11 

enjoying 30:20 

enormous 59:19 

enrollments 104:15 

ensure 19:18 147:3 

ensuring 33:2 

entire 14:19 16:18 

25:15 28:5 156:15 

193:20 

entities 184:2 

envious 113:4 

environment 23:20 

34:17 59:21 99:3 

environments 19:9 

155:9 

envisioning 139:16 

epitomizes 6:22 

equals 74:22 

equitable 20:10 35:4 

equity 33:2 34:15 

110:17,18,21 139:4 

era 86:13 

eroding 21:9 

erosion 18:14 22:5 

escalating 88:9 

especially 10:21 13:5 

21:15 42:21 44:20 

76:13 109:22 126:13 

126:21 147:6 148:11 

154:2 174:20 

establish 186:4 

established 5:11 

129:11 

establishing 36:16 

estate 12:4 20:22 30:14 

56:10 81:13,15 89:20 

90:12 95:15,16 101:5 

109:17,19,21 115:12 

115:14 117:4 121:3,8 

124:21,22 162:12,16 

162:17 

et 28:20 63:2 67:2 88:11 

88:22 91:18 93:9 

144:3 

evaluate 98:14 

evaluating 144:4 

event 161:3 

events 124:8 125:14 

Eventually 91:15 

ever-increasing 149:6 

everybody 5:4 12:20 

13:3 29:5 31:9 52:2 

58:13 77:5 80:17 

90:19 100:14 126:10 

160:22 173:19 

evidence 172:11 

evidenced 119:16 

evolving 147:14 

exacerbate 133:15 

exacerbating 133:19 

exact 63:13 

exactly 15:10 33:22 

exam 40:13,16 41:7,11 

41:17 51:3 57:18,19 

144:6 

examination 74:22 75:1 

75:5,16 158:13 174:9 

examinations 38:12,15 

74:18 76:2 174:13,14 

181:5 183:19 184:8 

examine 169:6 

examiner 42:2 74:20 

76:9 

examiners 42:9,10 75:9 

75:14 76:6 143:20 

144:6 181:8 183:17 

184:7,22 

example 61:7,16 97:15 

162:6 163:9 181:17 

182:21 188:17 

examples 181:1 

exams 40:22 41:9,10,13 

50:22 51:1 57:16 

exceeding 43:17 

excellent 92:1 162:3 

164:8 195:9 

exception 24:4 50:16 

121:11 

exceptional 81:12 

exceptionally 41:4 

82:11 

excess 67:6 103:5 

117:1 

excited 58:21 66:18 

152:3 

exciting 98:15 

execute 138:13 

Executive 10:12 

executives 130:6 

exhausted 67:4 

exhibited 121:13 

exhibiting 121:19 

exist 156:1 

existence 190:3 197:4 

existing 76:1 172:3 

190:18 

exists 71:19 

exit 138:14 140:6 

expand 27:3 131:3 

expanded 44:10 

expansion 44:17 45:19 

115:6 

expect 24:10 50:8 57:4 

57:6 67:10 78:12 

81:19 105:17 143:20 

177:8 

expectation 123:14 

expectations 40:22 

43:17 107:22 116:15 

expected 92:5 102:21 

108:8 116:13 144:7 

expense 50:4 

expenses 112:19 

166:14 

expensive 120:16 

experience 8:5 20:9 

26:5 52:1,3 75:18 

118:1 137:15 183:7 

experienced 18:5,6 

79:14 84:2 85:18 86:1 

86:11 90:12 93:3 

97:17 122:8 

experiences 111:12 

165:13 186:6,17 

experiencing 24:3,16 

32:16 45:13 61:17 

63:1 85:9 

expert 162:15 

experts 120:21 148:13 

148:19 151:20 

expire 197:7 

explain 170:11,13 

171:9 

explained 74:20 

explanation 74:21 

exploring 103:3 

exposed 120:14 

exposure 43:5 113:12 

120:20 

exposures 42:22 

express 72:18 197:6 

extended 108:21 

113:15 114:1 

extends 23:9 

extent 124:22 127:21 

169:22 172:19 181:1 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
207 

182:19 185:7 191:14 

exterior 78:18 

External 3:3 6:9 

extraordinarily 121:3 

extremely 77:9 79:17 

eye 31:4 70:19 159:20 

F

Fab 37:7 

Fabulous 37:7 

face 31:16 45:14 58:12 

58:12 68:3,3 115:15 

154:1 

face-to-face 41:20 

93:21 105:3 

faced 65:14 162:2 

193:15 

faces 107:9 

facilitated 131:9 

facilities 11:17 

facility 45:9 163:11 

facing 5:19 33:9 114:21 

fact 111:21 113:6,17 

116:4 128:6 147:14 

182:15 192:2 

factor 63:3 79:19 

172:13 182:9 193:18 

factors 117:13 122:4 

123:7 144:3,8 

failing 163:19 

failings 12:13 

Fair 6:19 

Fairbanks 40:11 45:1 

46:5 197:19 

Fairfax 30:12 

fairly 46:4 69:17 122:11 

140:20 

Falcon 2:15 22:21 

fall 54:4 61:9 

fallen 141:16 

Falls 197:11 

familiar 98:11 161:13 

185:5 188:21 

familiarity 183:11 

families 45:10 

family 20:21 62:5 

family- 47:14 

family-owned 11:6 

fantastic 152:19 153:3 

153:15 156:20 158:15 

far 11:15 12:7 43:22 

50:7,18 55:9 101:22 

120:1 126:13 152:10 

152:11 153:18 170:2 

192:10 

fare 109:20 

fared 165:6 

Fargo 37:9 64:5 

farm 12:18 71:9 

farmers 13:22 48:14,20 

49:21 51:9 92:4 

farming 85:6 

farms 119:21 

farther 149:14 

fast 27:11 

faster 73:12 112:21 

167:1,15 169:16 

171:19 

fastest 117:11 

favor 167:20 170:18 

favorable 112:13 

FDIC 3:2,15 5:21 6:6,18 

6:20,22 7:3,6,8 8:6,9 

9:2,18 10:8,22 15:19 

16:18 20:6 21:20 

22:10 40:13 41:2,4 

46:11,18 51:21 52:7 

52:13 64:12 68:6 

94:20 99:15 100:1 

106:2,11 129:11,18 

129:21 130:12,19 

131:17,20 132:5,13 

132:17 133:4 134:9 

134:13 136:20 142:12 

143:9 146:1 148:6,11 

148:14 149:20 150:12 

151:21 154:11 158:7 

159:21 161:2,15 

162:8,11 165:8 168:5 

172:20 174:10 175:10 

176:16 184:6 186:6 

195:21 197:3,22 

FDIC's 5:5 6:16,16 

140:3 145:18 

FDIC-insured 134:11 

FDIC-supervised 186:5 

FDITECH 4:16 

feature 145:2 

features 132:12 

February 68:14 

Fed 90:22 

federal 1:1 3:14 6:10 

129:13 144:15 151:19 

161:15 163:10 186:2 

186:12,13 187:2 

190:5 

FedEx 97:5 

fee 67:13 85:17 104:3 

feed 14:18 48:7 

feedback 77:19 129:20 

188:11 189:9,12 

190:15 193:22 

feel 8:7,19,20 15:16 

39:1 50:15 96:19 

104:4 145:16 164:18 

193:3 196:7 

feeling 42:20 174:20 

feet 158:7 

fellow 67:18 68:6 

felt 96:4 

fewer 18:6,7 19:14 

43:22 108:17 114:18 

FFIEC 181:10 

FFIEC-member 182:4 

fiberoptic 147:22 

field 92:2 

fields 13:6 

fierce 124:18 

fifth 190:2 

fighting 174:22 

figure 15:10 33:15,18 

34:3 35:18 50:11 

file 42:2 187:20 

filed 71:17 175:19 

177:3 178:4 

fill 61:10 114:22 

filled 60:7 

final 5:17 24:11 68:11 

150:7 

finalize 142:3 

finally 65:13 66:19 

110:12 130:2 148:22 

183:21 

finance 81:17 86:16,16 

86:17 

financed 81:18 

financial 3:12 8:11 20:8 

43:15 66:20 108:20 

134:12 135:3,8,18 

136:21 143:19 144:1 

144:4 149:17 155:7 

156:9 186:11 

financially 50:7 

financials 55:19 66:19 

financing 87:1,12 

119:22 

FinCEN 175:17,18,20 

177:4 179:13 

FinCEN's 176:6 177:19 

find 17:22 79:12 106:19 

145:22 155:1 166:21 

185:8 

finding 18:16 54:22 

87:7 89:6 92:10 97:11 

113:5 

fine 26:18 48:21 

finish 57:4 

finished 41:18 43:21 

152:2 

finite 151:15,16 

fintech 19:17 35:21 

38:5 

fintech-related 103:19 

fintechs 19:12,22 

181:17 

fires 58:18 

firms 136:20 141:11 

163:15 

first 2:4,9 7:20 10:12 

11:3 24:22 27:17 

31:21 32:6 40:14 

75:19 77:3 101:13 

107:20 109:17 111:9 

116:10 117:7 122:10 

130:14 131:1,9 133:3 

142:1,4,7 147:2 

149:10 152:4,5 153:6 

155:16 157:2 161:20 

162:8 175:6 176:21 

177:3,17 179:14,22 

184:18 188:13 192:19 

193:14 197:12,16 

first-time 64:19 

five 14:6,7 30:3 37:7,7 

101:3 115:20 

flat 122:4 

Flathead 78:13 80:10 

flavor 164:1 

flexibility 41:15 137:13 

floor 106:5 161:9 

Florida 111:20 114:11 

117:21 

flowing 187:10 

fluctuates 78:9 

flush 29:5 83:13 

focus 57:13 99:2 102:3 

117:15 132:21 139:18 

140:1,11,14 174:9 

182:5 

focuses 170:1 

focusing 33:2 97:22 

folks 25:3 51:16 52:13 

62:6 67:1 86:17 91:22 

93:15 106:2 177:10 

177:14 185:4 188:20 

follow 42:18 89:9 

followed 10:13 28:7 

followers 38:10 

following 156:7 165:14 

170:7 

fondness 18:14 

food 70:13 

foot 62:11,12,12,19 

footings 101:2 

footprint 131:3 

footprints 23:9 

forbearance 107:15 

108:22 

force 45:2,16 54:5 

89:11 114:13 195:2 

forced 65:21 

forces 89:16 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
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Ford 87:1 

forecast 108:2,2,6 

109:8 

Forecasters 115:18 

forecasts 109:10,11 

foregoing 127:11 

foreign 187:6 

foremost 161:20 

forever 86:8 162:21 

forget 52:4 

forgiven 27:18 85:11 

forgiveness 27:21 

73:18,20 101:9,11,13 

form 98:2 142:3 

formed 139:19 

former 74:19 148:5 

Fort 197:14 

forth 48:20 72:7 

forthcoming 6:5 

fortunate 19:5 23:21 

25:5 93:1 145:9 

fortunately 12:15 41:11 

101:21 103:10 

forward 9:2 22:7,15 

35:11 36:4 37:14 

38:21 39:19 52:19 

57:4 58:11 67:20 83:5 

84:1 89:15 90:15,21 

92:20 93:11,13,22 

119:7 132:11 136:2 

137:6 138:19 139:10 

140:19,22 142:7 

172:20 198:4,12 

forward-leaning 182:14 

forward-looking 36:3 

found 18:14 33:13 

163:10,16 166:22 

168:10 169:20 170:14 

175:22,22 

foundational 174:12 

184:13,15 

founding 135:11 

142:18 

four 20:21 27:5 29:18 

43:9 47:16 117:8 

146:15 150:17 186:19 

fourth 64:18 82:4 

101:20 140:7 141:22 

141:22 189:18 

framework 158:10 

frankly 194:8 

fraud 33:18 

free 164:18 

fresh 58:20 

friction 183:7 

friends 59:8 

front 24:20 25:12 44:16 

109:14 153:22,22 

157:13 159:7 

frontline 76:17 77:2 

fronts 87:22 

frustrating 42:3 

fulfill 129:21 

full 101:12 108:3,7,8 

152:12 

fully 11:16 25:18 62:7 

fund 131:19 132:4,10 

132:13,17,22 133:20 

134:4 135:1,5,9,13,13 

135:16,19 136:1,3,10 

136:11,14,22 137:12 

138:8,10,14,19 

139:12,13,17,19 

140:4,6,8,20,21 141:3 

141:9,13,18 142:2,8 

142:14,15,20 143:6 

fundamentals 116:1 

funding 96:11 103:21 

112:22 134:3 142:5 

funds 13:12 73:6 

102:16 103:11 122:2 

123:21 135:20 

further 96:12 119:16 

167:20 169:6,17 

future 5:18 18:10 19:8 

20:13 22:4,15 29:2 

40:22 42:5 49:15 

58:21 68:9 87:10 

118:21 124:10 125:11 

133:1 149:1,14 164:4 

G

gain 50:11 

gains 117:9 

gallon 28:17,17 

gangs 147:17 

gap 168:19 

gas 28:16,20 49:11 

gasoline 63:2 

gathered 137:3 

gathering 58:12 

gathers 161:20 

GDP 107:19 

general 165:16 167:15 

168:12 179:14,22 

generally 38:13 119:4 

120:9,15,22 166:22 

183:12 185:4 

generate 30:22 

generators 59:14 

genesis 165:12 

geographic 130:9 

169:18 

geographies 35:22 

geography 35:14,18 

80:13 84:21 

Georgia 111:19 117:9 

117:19 

getter 180:13 

getting 30:18 73:22 

74:7 127:14 140:20 

176:10 179:8 185:6 

193:9,19,21 

Getzlaff 2:4 4:4 10:11 

10:19 11:3 197:11 

Gilbert 2:15 4:5,15 

22:17,20 128:1,3,16 

129:1,6 132:1,6 145:3 

give 6:1 16:4 39:10,14 

46:15 76:11 128:16 

146:8 174:12 176:22 

178:9 180:3 185:14 

187:15 196:5 

given 5:16 83:9 112:6 

115:20 125:9 165:19 

166:10,20 

giving 128:6 163:22 

glad 93:4 112:1 191:6 

glass 29:18,19 

Glen 100:19 

global 34:22 116:14 

goal 176:10 

goals 129:19,21 132:15 

142:1 150:14 

goods 120:7 

gotten 51:9 91:13 

194:13 

government 12:7 54:16 

79:17 83:9,10 122:22 

124:1,8 179:14 

governments 45:21 

Governor 163:1 

grace 7:8 39:7,8 

grading 123:19 

grain 48:13,20 

Gramm-Leach-Bliley

190:9 

grant 87:19 

granular 149:18 156:18 

graph 170:9 

grasshopper 82:13,15 

grasshoppers 82:16 

grateful 37:4,10 

gratitude 196:1,6 

gray 35:15 

greater 98:9 117:22 

118:1 134:5 166:2,8 

167:11,14,20 169:14 

170:4,5,18,20,21 

171:2,3,18 183:11,11 

greater-volume 163:12 

greatest 58:8 

greatly 198:3 

Green 59:12 

Greg 10:6 106:12,16 

111:3 118:7,10 126:1 

Gregory 3:4 4:13 

grew 21:3 167:19 

group 5:14 41:2 52:5 

58:8 60:15 140:15,17 

140:17 145:22 194:14 

groups 137:21 140:16 

158:6,6 184:1 

grow 13:10 20:15 27:6 

37:3 40:22 147:12 

growing 18:3 27:11 

44:13 113:16 135:16 

141:8 172:3 178:20 

grown 17:4 20:17,19 

86:4 99:1 

growth 20:2,15 21:17 

21:18 22:7 25:9 30:7 

32:19,20 54:15 57:13 

63:4,8,9 86:3 89:18 

93:2 95:13 96:5,6,13 

96:18 105:11 107:19 

108:3,13 110:15 

113:6 116:13 117:6 

117:11 121:13 122:9 

122:12,15,18 123:6,6 

123:13,15 124:2,12 

166:8 167:1,5,15 

168:1,13,16,18,22 

169:9 171:14,17,20 

171:20 178:18 179:4 

Gruenberg 1:19 3:2 4:2 

4:22 5:3 7:21 9:4,13 

16:18 26:17 31:10 

39:15 46:10 51:21 

68:1 77:14 94:19 

99:14 127:2 196:16 

196:18,19 198:8 

GSIBs 34:22 

guess 51:6 74:12 75:15 

176:3 177:9 178:15 

179:3 

guidance 181:7,8,13 

guide 179:18,19 

guided 31:17 

guidelines 28:7 144:7 

H

hacking 147:16 

hair 15:8 

Hal 4:7 53:1,3,5,9 58:4 

half 27:2 32:9,10 34:2 

35:9 37:2 43:8 81:3 

112:10 177:3,17 

Hampshire 16:16 17:8 

17:21 18:16 21:11 

22:14 197:21 

Hampshire's 17:12 

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(202) 234-4433 Washington DC www.nealrgross.com 
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hand 13:12 16:9 42:1 

115:22 145:1 191:9 

handful 85:12 

handkerchief 160:3 

hands 126:7 145:4 

173:7 

handshake 93:20 

hangs 162:18,19,20 

happen 29:1 64:3 66:14 

72:21 73:1 

happened 190:1 

happening 28:15 36:20 

51:14 67:21 81:7 

188:2 

happy 25:16 28:9 44:14 

48:8 92:4 119:15 

144:20 160:1 173:1,2 

175:1 

hard 62:11 79:2 84:8 

87:21,21 128:11 

HAROLD 2:6 

harvest 69:19 

harvesting 48:15 

hatch 82:13,15 

hay 48:7 49:3,5,6 82:16 

82:17,18,22 

Hayes 2:5 4:7 47:3,4,6 

47:12 58:7 197:13 

heading 56:1 

headlines 190:16 

headquartered 22:22 

headwinds 115:7 

191:19 

health 71:18 

healthy 43:3 57:2 

hear 9:17,21 10:4 26:15 

26:17 42:17 47:4,5 

70:4,10,12 73:19 

77:19 100:8,10 111:6 

127:1 128:20 145:11 

157:4 159:6 193:17 

heard 9:16 22:2,5 32:14 

38:8,14 39:6 42:16 

50:2 63:1 65:19 67:11 

98:19 102:9 107:6 

113:3 123:16 130:22 

131:12 137:7 165:5 

192:15 

hearing 67:20 74:3 91:8 

103:7 111:11 119:20 

122:15 140:22 

heat 82:14,16 

heavily 125:15 168:6 

heavy 95:14 

heels 174:4 

held 6:17 69:18 132:7 

161:16 168:12 

hello 118:22 173:19 

help 16:4 34:10 40:17 

49:1 54:22 79:1,12 

80:19 126:19 134:4 

149:13,16 152:15 

165:21 174:6,10 

183:17 195:7 

helped 34:20 35:3 

41:14 44:2 98:2 

110:16 153:18 154:6 

154:14 155:5 157:21 

helpful 156:8 185:1 

190:14 192:13 193:12 

helping 11:22 45:11 

134:1 156:14 158:8 

helps 69:20 

Henning 3:8 4:20 

173:13,19,20 192:13 

193:11 195:4,15 

Henrie 3:11 4:12 10:5 

111:3,5,8 

herd 48:6 

herds 83:2 

heritage 95:21 

hesitate 155:3 

hesitation 29:1 

high 21:1,6 37:15 43:1 

50:18 56:14 57:21 

71:7 81:8 85:22 110:8 

120:20 122:10 162:4 

178:1,19 184:5 

high-level 164:12 

high-priced 88:14 

higher 14:2 18:11 45:6 

71:13 74:11 103:16 

167:12 178:22 196:8 

higher-than-normal

79:15 80:6 

highest 95:8 125:4 

178:15,16 

highlight 9:14,20 

104:10 130:3 139:6 

140:8 142:12 153:5 

166:18 175:11 177:20 

184:21 194:7 

highlighted 163:5 

highlighting 164:2 

highlights 36:5 161:11 

highly 19:16 60:15 

highly-centralized

155:9 

hire 29:9 61:9 65:5 

124:14 

hiring 29:14 97:9,13 

135:12 159:19 

Hispanic 23:13 65:6,9 

130:7 

historic 7:3 114:1 

historical 108:4 125:7 

historically 21:1 68:21 

121:20 133:17 

history 86:1 105:13 

hit 5:9 28:22 188:10 

hits 13:6 

hitting 77:15 

hold 49:6 169:22 

holding 48:19 50:14 

holiday 198:11 

home 18:15 29:11 

30:21 43:2 55:5,18 

62:8,17,18,19 65:16 

78:14 80:18 110:15 

110:21 117:5,11 

136:4 

Homeland 148:5 

homeownership 65:18 

homes 45:15 62:6 

66:17 110:16,18 

121:11 

hometown 14:15 15:14 

honest 111:13 196:2 

honestly 11:18 

honor 16:21 67:19 

honored 52:1 

Hoople 3:12 4:19 

160:17 164:21 

hope 15:18 16:2 26:9 

37:13 46:6,14 49:3 

51:3 69:13 73:10 74:1 

111:21 118:20 161:13 

185:1 187:14 196:13 

hopeful 31:2 44:5 

hopefully 5:17 43:12 

49:1 53:5 93:21 146:7 

hopes 142:6 

hoping 25:22 52:2 

84:10 

Horvat 2:6 4:7 53:1,4,5 

53:9 

hospitality 24:9,13 

54:16,19 57:8 92:8 

125:1 

hospitalization 25:13 

hospitalizations 11:22 

host 59:1 106:4 

hosts 162:13 

hot 82:11 

hotel 116:9 

hotels 55:2 125:13 

hour 61:3,4 

hours 55:2 147:21 

186:19 189:15 

house 19:13 81:2,9,18 

81:18 

household 121:10 

housing 44:16,19,19 

45:1 57:1 62:9 65:14 

65:22 66:4,5,6,9,12 

80:22 81:7,11 110:13 

110:13 117:12,17 

121:12 

hover 78:11 

hubs 56:16 

huge 25:4 27:12 60:11 

89:22 147:7 151:5 

157:14 

human 29:6 

humble 105:3 

humbling 51:22 

Hurricanes 155:18 

hybrid 28:6 38:20 42:9 

51:1,3 57:16 74:17 

75:16 

hypothesis 166:1 

169:22 170:7 

I

Ichiara 162:14 

ID 182:22 

idea 37:19 138:20 

153:13 194:13 

ideas 159:5 195:6 

identified 12:5 190:5 

identify 130:3 

Illinois 68:21 69:16 

70:22 71:11 73:19 

74:8,10,14 77:17,20 

119:10 121:6 

imagine 73:5 

immediate 30:15 

immigrant 65:1 

impact 34:14 36:13 

95:12 96:3 97:7,16 

98:9 104:3 116:8 

125:17 134:5 136:16 

137:22,22 138:6,11 

152:17 165:9 171:11 

183:5 197:2 

impacted 59:12,16 

187:11 

impacting 11:15 34:8 

impacts 34:5 

implemented 183:22 

190:8 

importance 18:21 

98:18,19 163:4 194:8 

important 5:21 6:5 

23:19 52:9 54:20 75:7 

77:4,9 99:17 104:10 

105:2 108:5 112:2 

120:1 137:13 138:2 

192:10 

importantly 11:20 

70:20,22 

impressive 10:21 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
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improve 73:11 98:9 

101:8 107:4 

improved 49:12 53:19 

54:6 95:7 116:1 

improvement 54:3 

75:19 

improvements 46:7 

improving 24:12 

184:16 194:9 

in-depth 103:18 

inadequate 182:11 

183:2 

incentive 120:18 

inches 58:20 

incident 175:12 180:9 

180:11 185:12,18 

186:7,18 187:3,10,11 

187:13 188:15 189:1 

190:15,18 

include 103:19 107:12 

136:10 139:4 143:18 

included 135:6 143:17 

162:8 

includes 23:10 37:8 

including 18:4 21:18 

65:7 96:16 97:5 

111:18 123:7 124:10 

133:8 135:2 144:11 

146:13 

inclusion 16:20 147:2 

152:4 155:16 

inclusive 147:4 

income 23:15 43:18 

55:19 56:4 67:13,15 

85:17 102:6,20 104:3 

122:5 136:7 139:3 

incomes 121:10 

incorporated 135:10 

162:14 

incorporates 161:22 

increase 13:21 56:13 

61:4 62:11,14 96:3 

102:13,17,17 104:13 

104:15 110:9 115:20 

116:6,21 121:14 

122:16,18 123:8 

124:17 

increased 40:16 57:12 

61:3 63:5 72:16 

105:11 113:7 114:5 

116:2 122:5,12 178:5 

increases 76:12,22 

90:4 104:11 121:5 

increasing 18:4 31:5 

70:2 104:5 115:10 

116:22 120:12 123:15 

increasingly 97:12 

incredible 65:16 68:7 

incredibly 152:3 

incurred 87:9 

Independence 2:10 

31:22 32:6 197:16 

Independent 130:14 

131:2,9 

index 115:5 

Indian 78:13 

Indiana 119:10 120:19 

indicate 167:3 

indicated 16:14 114:9 

115:8 128:4 197:5 

indicates 167:21 

indicating 167:13 192:9 

indication 182:21 

indications 122:17 

individual 144:10 

171:22 195:2 

individuals 33:18 

124:16 147:5 

industrial 56:15 85:5 

157:7 

industries 46:2 85:4 

88:8 

industry 20:1 38:2 

54:19 57:8 60:17 

87:17,21 91:2 92:8 

93:12 96:19 105:6 

120:21 193:5 

industrywide 92:19 

infection 79:16 80:7 

infinities 36:1 

inflation 17:8 28:15,21 

31:5 54:11 61:20,21 

62:22 88:7 90:8 95:12 

102:8 109:7,9,14 

inflows 78:10 

influencer 97:20 

influx 80:20 83:7 172:4 

information 4:20 40:17 

41:21 111:16 132:8 

154:9,12 173:17 

174:3,5 176:4 179:17 

182:8 187:10 194:4 

information/feedback

74:7 

informative 106:20 

145:5 

informed 140:11 

infrastructure 166:4 

179:16 

infringe 37:8 

initial 142:16 150:4 

193:4 

initiative 131:5,10 

163:3 

inland 23:1,17 

innovated 183:9 

innovation 3:15 20:9 

145:13,19 146:21 

195:10 

innovations 183:16 

innovative 130:22 

145:15 

input 5:20 70:1 92:5 

137:3 140:12 141:10 

143:15 197:1 

inquiries 135:17 

inside 139:17 151:21 

insight 40:21 46:16 

insights 111:4 196:2 

instances 41:20 188:1 

Institute 188:14 

institution 17:1 18:12 

53:11 127:19 144:1 

144:10 174:6 189:15 

191:20 193:12 

institution's 123:20 

144:4 

institutions 4:14 18:20 

33:19 34:9,11,21,22 

125:15 132:16,20 

133:11,16 134:3,11 

134:12,14 135:3,18 

137:1,11 138:7 

142:21 143:8,11,14 

149:17 156:10 193:7 

195:3 

insulate 110:22 

insulated 30:10 

insurance 1:1 3:6,13,18 

10:1 12:16,17 132:20 

160:16 

Integrated 64:22 

intelligence 149:2 

intended 186:22 187:2 

188:5 

intense 19:14 

intention 33:1 

inter-agency 182:3 

interact 8:17 

interaction 190:20 

interactions 19:4 99:21 

interest 14:10 27:16 

37:1 50:10,17 56:12 

67:12,15 83:16,17 

84:3 87:9 90:22 

102:15 107:16 112:20 

113:12 114:2 117:12 

121:9,21 122:3 

132:19 160:14 

interest- 56:8 

interested 133:6 135:18 

138:5 154:21 

interesting 77:18 87:4 

89:15 145:4 153:10 

153:11 154:5 156:7 

161:6 191:12 

interface 80:2 

interference 12:1,3,8,9 

12:13,15 13:11,14,18 

14:1,5,18 15:5,21 

24:19 32:11 35:9 

36:11 72:14 92:7 

117:14 

interior 44:13,17,21 

internal 158:11 

international 2:16 

23:18,22 24:1 

internet 148:1 

interviewed 148:4 

introduce 26:12 46:21 

94:2 100:3 145:12 

introducing 39:22 

introduction 58:5 

Introductory 4:2 

invaluable 5:12 

inventory 13:18,21 55:7 

56:22 81:17 86:16 

87:11 88:15 89:12 

90:3 

invest 136:1 

invested 22:7 166:22 

investing 135:19 

investment 19:15 21:2 

132:18 137:19,21 

138:11 141:8 165:21 

166:2 167:2,11,15,21 

168:12 169:4,14,19 

170:4,6,12,19,21 

171:3,10,15,19 172:7 

investments 25:4 35:2 

63:20 123:14,22 

135:4 137:7,17,22 

138:7,13,20 139:2,7 

161:7 164:17 165:9 

174:5 

investor 132:17 135:11 

167:16 

investors 56:11 132:10 

132:11 133:21 135:2 

135:9,12 136:12 

139:20 140:9,14,19 

141:15,17,17 142:17 

invite 128:15 129:1 

132:11 

invited 128:3 

involved 148:19 

involves 114:12 

involving 115:7 

Island 53:13,15,18 54:2 

55:18 100:22 

ISM 115:4 

issue 29:13 33:22 34:12 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
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37:17 38:12 49:2,6,17 

49:22 50:10 51:12,17 

54:8 55:1 60:11 92:10 

120:8 123:11 124:14 

issued 117:16 143:9,14 

issues 9:11 29:16 33:4 

35:12 45:14 50:19 

88:6,7 90:3 92:16,17 

99:12 102:9 105:8 

122:7 157:7 158:19 

161:2 164:2 

item 51:5 143:6 160:13 

173:12 189:5 

items 75:7 85:19 

128:17 175:4 

ITIL 156:2 

ITMs 57:11 

ITSM 156:3 

J

J 3:2 

January 69:2 175:19 

178:4 185:17 

jealous 68:2 

Jefferson 2:11 94:3,9 

Jelena 5:6 

job 89:14 108:13 

154:18 

jobs 60:13 80:17 

108:15,17 115:3 

John 2:19 3:11 4:12 

10:4 70:4 106:12,16 

111:3,7 118:8 125:22 

Johnson 2:8 4:8 68:11 

68:16,19 118:18 

join 67:17 129:1,6 

159:20 

joined 146:11 

joint 50:22 

Jr 2:15 22:20 

judges 151:21 

juggle 88:18 

July 13:11 27:2 40:14 

48:1,2 

jump 149:14 

jumped 74:11 

jumping 158:7 

june 79:21 108:7 

113:20 122:14 144:15 

144:16 175:20 178:5 

179:2 

jurisdictions 187:5,6,7 

K

K 2:5 

Kea 3:14 6:6 7:20 26:10 

100:7,12 106:7 

118:10,13 125:22 

127:13 144:22 145:8 

160:6,12 173:5,11 

191:8 195:8,17 198:7 

keep 29:16 70:7,19 86:7 

93:12 99:5 159:19 

187:4 

keeping 31:4 

keeps 14:9 87:15 

Kelly 2:9 4:6 31:21 32:1 

32:5 50:22 58:7 

118:19 128:4 130:13 

174:16 190:22 194:16 

195:4 197:15 

Kelly's 131:1 

Ken 77:12 128:4 

Kenneth 2:9 4:6 31:21 

32:5 40:4 118:18 

130:13 131:1 194:17 

197:15 

Kentucky 119:10 

120:20 

kept 191:22 

key 107:12 109:15 

112:13 146:15 175:7 

179:20 187:4 

keyboard 148:21 

keynotes 162:4 163:1,9 

kicked 151:13 

kinds 89:12 

Kitner 2:11 4:10 94:2,5 

94:8 

knew 11:9 97:18,21 

knowing 193:6 

knows 83:7 114:5 

Kootenai 78:15 

L

lab 158:17 

label 167:9 

labor 24:18 42:21 45:12 

49:16 54:5,8 89:6,11 

90:16,16,18,20 91:18 

92:9 95:12 107:9 

108:19 114:13 

lack 42:6 67:13 80:16 

124:7 133:17 

lag 73:7 

lagging 71:13 

lags 71:11 

Lake 79:16 84:18 

land 51:10 71:5 119:19 

landscape 151:20 

language 182:14 

Laredo 22:22 23:1,16 

large 22:4 65:6 80:13 

83:7 96:9 97:7 104:11 

125:14 131:8 133:18 

137:16 147:20 152:20 

157:17 179:3 

largely 86:14 123:13,19 

136:6 172:3 

larger 89:4 91:9 133:6 

134:15 169:16 

largest 23:1,16 54:22 

last-minute 5:7 

lasting 21:19 

lastly 38:11 

late 140:13 143:9 

launch 141:3,15 155:12 

launched 131:20 

law 136:20 141:11 

layered 182:10 

lead 36:10 38:9 43:12 

99:9 

leaders 32:9 139:15,16 

139:21,21 140:16 

leadership 6:20 7:6,7 

20:7 39:9,16 

leads 43:6 90:6 

learned 130:17 131:7 

154:1 155:11 157:2 

157:10,14 

learning 194:10 

lease 45:10 51:10 

148:15 

leased 125:12 

leases 30:18 110:9 

leave 7:10 174:20 

leaving 14:14 18:2 

60:10 74:4 120:14 

led 14:1 39:18 163:15 

168:15 

ledger 104:4 

left 69:10 167:12 

left-hand 135:1 141:6 

legal 6:18 141:12 

legislation 123:1 

leisure 54:16 

lend 163:18 165:21 

169:17 

lender 19:14 95:15 

lenders 110:22 

lending 19:13 30:8 

56:10,18 68:22 71:15 

73:7 79:5 81:13 123:8 

124:11 134:19 163:11 

165:10 166:7 167:5 

168:1,13 170:11,22 

172:8 

lent 73:13 

lesser 124:22 167:16 

169:19 

let's 37:1 68:13,18 

91:14 155:14 169:5,6 

176:5,20 

level 25:16 37:16 56:4 

90:14 109:12 116:18 

177:21 178:18 191:20 

levels 12:2 24:17 53:21 

55:7 80:6 87:11 96:16 

110:14 113:7 121:20 

122:11 123:4,5,9 

125:7 

leverage 21:4,15 34:8 

37:16 63:16,18,21 

64:14 72:20 191:4 

leveraging 157:12 

liability 133:13 

lie 84:22 

lies 5:16 

life 11:15 60:21 151:6 

192:11 

lifeline 170:20 

lifetime 66:12 

light 167:12 

lightening 24:12 

Likewise 17:14 19:16 

114:4 

limit 22:4 165:17 

limited 56:8 99:21 

117:11 166:10 

limiting 120:11,18 

line 13:19 61:2 88:21 

176:16 

lined 30:4 

lines 107:18 125:18 

186:10 

lingering 102:19 

lion's 64:10 101:4 

liquidity 13:9 14:3,10 

24:21 29:3 33:22 

50:11 103:6,14,14 

114:5 122:10,11 

123:8 138:5 

list 22:11 102:22 150:4 

listed 179:15 184:18 

listen 159:11 

listened 190:20 

listening 111:11 137:2 

138:17 153:8 159:4 

listing 146:12 

literally 14:18 85:12 

86:17 90:19 

little 13:2 14:4,13 20:16 

25:17 30:10 32:17,22 

33:16 34:6 35:5 38:12 

47:10 50:12 51:20 

53:7 56:6 60:6 64:18 

70:18 72:11 75:15 

76:3,8 78:10 81:20,21 

82:3 83:18 85:19 90:2 

91:20 103:13 118:5 

119:5 133:1 146:8 

167:7 169:6 176:2 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
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177:7 178:9,12 179:2 

193:17 

live 66:15 83:8 162:8 

livestock 48:5,6,22 

49:8 70:9,11 

living 78:20 

load 40:17 

loan 12:3 13:17 14:2,3 

14:6 15:6,7 24:21 

25:7 32:20 45:9 50:14 

55:21,22 62:16 81:22 

82:7 85:12 86:12 96:5 

101:15 102:18 105:11 

107:15 113:6,8 122:6 

122:12,12,15,21 

123:3,15 124:2 139:5 

166:8 167:1,15 

168:17,22 169:9,11 

170:1,3,10,10 171:16 

172:11 

loan-to-deposit 96:14 

loans 12:20 15:11 

20:18,19 27:9,10,17 

27:19 41:22 48:19 

56:9 82:2 83:13,14,17 

85:10 86:14 101:10 

103:9 122:18,20 

136:4,5 163:13,16,19 

168:20,21,21,21 

169:2,7,11,16 170:5 

171:3,22 

lobbies 55:11 72:3,5 

lobby 79:20 

local 4:3,11 10:8 17:7 

18:14 20:20 22:4 24:2 

45:2,20 46:15 66:4 

71:18,21 96:7 98:13 

101:8 105:8,20 

localized 101:1 

located 16:16 19:1 

47:14 68:20 78:13 

94:10 100:21 

location 14:16 

locations 27:5 47:17 

53:14 94:13 

lock 49:21 

lockdown 58:11 

locked 50:1 55:15 

88:11 

lodging 49:11 110:3 

log 182:22 

logged 117:8 

logging 85:4 183:8 

193:15 

long 39:19 53:12 93:13 

100:22 147:19 157:1 

179:19 183:14 

long- 19:18 

long-term 113:18 

longer 21:19 

longer-term 110:9 

longest 91:4 

look 9:2 15:9 19:17 

21:21 22:14 33:10 

34:10 35:20 36:20 

38:7,9 57:13 58:11 

64:13 67:10,20 77:6 

87:6 158:13 159:10 

167:8 169:6 170:2,2,8 

171:1 172:6 174:17 

182:1 187:5 193:20 

198:3,12 

looked 168:7 169:11 

171:13 176:2 

looking 34:2 36:3 37:11 

57:3 89:21 91:3 93:5 

103:18 114:3,19 

137:4,12,22 140:22 

148:8 154:3 158:18 

159:20 164:4 168:8 

169:20 170:15 172:20 

looks 177:12,15 180:4 

losing 148:15 

loss 122:6 

loss-share 139:5 

losses 111:1 

lost 108:15 115:3 

lot 12:5 13:4 25:3 27:22 

29:15 34:5 35:8 38:15 

70:9 77:1 80:14,22 

81:1,6 82:2,6 83:1,22 

85:3 86:14 87:8 88:17 

89:15 90:4 91:12 92:3 

92:9,14 93:7 95:4 

103:1 109:18 113:3 

126:16 133:9 135:17 

146:13 151:9 154:10 

154:14 155:11 156:13 

158:10,21,22 172:10 

172:14,16 177:13,21 

177:21 191:4 193:3,8 

193:13 

lots 13:20 86:18 157:18 

183:15 

love 9:1 39:18 58:22 

69:12 146:4 159:6 

loves 58:13 

low 17:13,18 19:13 

23:15 55:8 56:12 

73:21 74:1 83:12,16 

89:3 93:10 107:16 

117:12 121:20 122:3 

136:6 

low-income 133:8 

134:20 

low-risk 22:8 93:8 

lower 13:17 14:3 21:12 

112:19 114:2,15 

116:2 121:9 122:6 

139:2 183:8 

lower-income 134:17 

lowest 17:16,18 91:4 

116:18 121:6,21 

123:9 

lows 25:8,14 

luck 85:19 

M

Macy's 97:6 

main 56:1 102:3 161:3 

188:10 

mainstream 19:9 

maintenance 188:18 

major 6:19 60:20 97:4 

120:8 122:4 124:3,8 

139:14 142:10 189:11 

190:12 

majority 19:6 51:2 

making 25:4 76:19 

138:7 148:10 151:10 

159:12 

malicious 182:6 

manage 35:19 

management 3:9 66:21 

67:2 144:5 158:6 

173:15,22 174:10 

manager 65:8 135:13 

136:11 138:8 139:12 

139:19 140:4,8,20,21 

141:18 142:2 

managers' 115:5 

managing 35:21 140:5 

mandate 79:1 89:7 

mandatory 165:16 

manner 152:17 

manufacturers 120:13 

120:17 

manufacturing 88:9 

97:4 115:1 119:13 

120:1,4 

March 28:4 

margin 27:16 67:12,15 

84:2 96:7 99:11 

105:10 121:19 122:7 

margins 14:4 19:14 

50:10,17 55:22 57:6 

112:20 121:21 

mark 2:17 4:4 7:10 16:9 

16:14 22:18 72:10 

118:22 119:1 191:8 

191:10 197:19 

market 13:14 24:18 

27:13 28:1,12 29:4,22 

30:9,15 31:2 32:21 

37:5,5,6,12,13 44:14 

44:19 45:20 71:10 

78:17 83:4,5 85:1 

90:12,13 93:9 96:7 

107:9 108:20 117:18 

118:2 125:2 138:4 

150:15 153:7,16,19 

169:18 

marketing 83:16 97:18 

marketplace 19:18 

103:4 

markets 17:7 19:1 

24:15 92:7 110:13 

116:22 117:16 121:8 

125:6 

Mars 149:4 

Martin 1:18 3:2,8 4:2,20 

4:22 173:13,15,18,20 

194:16 195:8 

masks 55:16 68:13 

massive 104:15 

matching 135:20 

material 29:7 91:17 

115:8 186:8 

materials 29:16 89:13 

matter 21:21 39:1,2 

89:12 127:11 151:20 

198:15 

maturities 113:15 

maturity 157:15 

McCurry 46:21 

McKinley 2:14 40:1,7 

40:12 42:20 43:15 

197:18 

McWilliams 5:6 46:10 

51:21 77:16 94:17 

99:14 132:6,14 163:2 

MDA 28:10 

MDI 6:11 7:1 26:6 128:2 

129:11,16,19 130:5,6 

130:10,21 131:14,15 

131:16 136:11,12 

137:8,8 138:17 

140:13,15,17 143:16 

144:2,20 

MDIs 129:22 130:1,3,7 

130:11,12 134:15 

136:16 

mean 31:8 49:21 

125:11 192:19 

meaning 34:12 

meaningful 22:6 

means 126:16 135:12 

195:5 

meant 52:17 

measured 152:18,18 

measurement 138:12 

measures 156:8 167:13 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
213 

Measuring 155:18 

media 192:8 

median 168:9,10 

medical 11:17 56:17 

meet 19:22 40:22 42:7 

52:16 58:9 68:13 

93:19 112:6 118:20 

141:18 152:16 

meeting 1:8 5:4,8 7:18 

9:8,15 14:14 47:9 

48:1 51:19 55:14 

77:17 90:22 101:18 

127:2,5,18 128:5,18 

140:13,15 160:4 

195:18 197:9 198:10 

198:12 

meetings 8:20,21 22:15 

41:20 196:12 

meets 138:10 

Meghji 3:15 4:17 145:9 

145:20 160:11 

member 10:19 16:11 

22:18 26:11,14,19 

32:1 40:4 47:4,6 53:4 

58:4 68:16 78:2 84:16 

94:5 100:10,13 129:7 

129:9 140:4 179:8 

194:16 

members 8:16 9:10,17 

9:18 10:10,14 46:18 

52:15 78:22 79:7 

126:2,14,19 127:4 

130:10 131:13 140:15 

145:1 164:7,22 

176:15,17 179:7,9 

180:10 196:1,22 

197:7,9 

memos 156:22 

mention 14:9 38:8 

70:20 71:16 74:16 

81:10 95:14 109:15 

136:19 140:3 141:6 

171:13 176:8 185:10 

188:8 

mentioned 7:1 10:10,21 

11:2 33:6 34:1,6 

51:18 54:7 57:3 74:9 

95:5 102:9 107:11 

108:12 109:1,7 

137:13 141:10 165:4 

188:17 190:6 192:15 

mentorship 39:16 

merge 69:2 

message 72:12 179:3 

met 8:18 13:11 68:3 

97:19 137:8,8,9,9,20 

175:6 

methodically 96:22 

metrics 17:21 112:13 

metro 23:11 25:2 

metropolitan 27:4 

28:13 31:3 72:1 110:8 

119:13 

Mexico 23:2,17 

mic 111:5 

Michael 148:5 

Michigan 32:7 60:20 

119:10 120:19 130:14 

131:2 197:17 

Microsoft 30:11 135:7 

140:9 

mid 73:21 

mid-Wisconsin 85:2 

middle 85:6 

midst 38:14 

migrating 104:18 

Mike 2:2 4:9 84:13,17 

94:6 118:19 132:1 

133:3 143:1 175:13 

181:3 

Mile 152:7 

miles 47:16 58:16 65:21 

66:11 78:19 84:19 

171:4,6 

military 44:16 45:8,10 

milk 63:2 

million 11:5 13:12,13 

17:5 27:8,8,9,10 

47:15 59:7,10 62:18 

63:6,8,10 66:6 72:16 

78:9,12,19 81:2,3 

86:5,6,9 94:12 101:3 

108:17 133:10 135:15 

135:20,21,22 141:8 

142:15,16 170:3 

177:16 

mind 21:20 72:19 

111:21 187:4 

minds 107:17 172:16 

mindset 75:6 176:11 

mine 156:17 

minimum 76:19,20 

142:16 

minimums 103:15 

Minneapolis 37:5 131:4 

Minneapolis- 84:19 

Minnesota 37:5,13 

minority 3:19 4:14 

32:21 34:18 35:1 36:6 

36:8,13,14,22 64:19 

127:19 128:9,12 

130:18 132:16 133:8 

134:10,16 136:6 

137:1 139:2 143:8,10 

143:13 163:18 

minority-owned 147:6 

minute 9:6 115:11 

minutes 106:22 127:8 

161:4 163:21 176:22 

180:4 

mirror 43:19 

mirroring 72:17 

missed 26:8 

mission 7:9 97:22 

132:21 139:18 140:1 

140:11 142:19 

mission-driven 130:20 

131:19 132:4 133:16 

133:22 134:8,9,22 

136:2 139:8,14,21 

140:12 142:5,21 

143:5 

mitigate 174:7,11 

mitigated 122:7 

mix 130:9 

mixed 115:14 

mobile 80:2 104:14,17 

191:15 

model 18:19 19:7 28:6 

42:9 57:16 76:16,17 

87:7 99:6 130:9 

models 137:10 149:15 

moderate 23:15 82:1 

115:19 139:3 

moderated 162:12 

moderating 121:17 

moderator 3:2 7:18 

modern 149:16 

modest 115:19 121:13 

122:18 138:3 

modifications 122:22 

modified 123:2 

Moffat 59:8 

moisture 49:4 

moment 8:1 123:11 

128:4 160:7 

momentarily 178:12 

Monday-Tuesday 92:14 

money 73:13 74:4 

80:20 81:2 83:8,10 

86:10 87:15 92:20 

157:18 177:21 

Mongold 2:13 4:6 39:22 

40:4,6 197:17 

monitor 72:8 96:15 

monitoring 95:17 114:8 

117:2 

Montana 78:6,14 79:9 

80:15 82:10,11 

130:15 

Montanan 81:8 

month 19:21 21:3 48:9 

86:8 115:5 175:18 

177:3,4,17 

months 20:3 24:22 

28:20 29:19 54:21 

63:7,9 91:14 103:19 

108:6 110:6 145:14 

146:5 148:6 150:8,16 

months' 41:12 

more-than-adequate

25:10 

morning 16:12 32:2 

190:21 

morphing 35:15 

mortgage 79:5 110:19 

mortgages 20:21 

103:21 136:4 

Mount 197:18 

mountain 58:17 59:19 

61:12 

mountains 65:20 

mouth 65:8 

mouthful 156:13 

move 36:4 37:12 47:3 

52:19 62:6 80:8,9,12 

150:18 158:8 160:12 

169:10 173:11 178:2 

181:3 185:9 

moved 60:19 109:11 

149:11 

Movement 59:13 

moving 30:12 59:20 

60:16 67:2 80:15 81:1 

85:5 

MSRP 29:22 

Mt 2:14 40:1,7,12 42:20 

43:15 

much- 69:17 98:16 

much-needed 54:21 

multi-factor 180:6,11 

180:22 183:15 

Multi-State 179:16 

multifamily 116:16 

121:12 

multiple 41:9 176:13 

181:18 

Musk 149:3 

mute 100:8 

muted 119:22 

mutual 17:1 21:8 40:7 

144:1 

N

name 47:12 53:9 78:4 

86:20 173:20 179:19 

name's 53:5 

Narvaez 2:15 4:5,15 

22:17,18,20 26:11 

128:1 129:1,7,9 

Nassau 101:1 

nation 43:6 54:18 79:14 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
214 

nation's 23:2 

national 3:16,19 9:22 

10:2 43:9 54:2 88:20 

107:2 121:5 128:12 

166:16 188:14 

nationally 109:4 

nationwide 14:22 

117:17 

Native 130:8 

nature 38:18 144:11 

149:4 

navigate 112:8 

near 174:8 

near-term 124:7 

nearby 53:16,18 

nearest 169:13 170:16 

171:4,7 

nearly 109:3 116:6,20 

necessarily 123:10 

167:3 191:19 192:21 

necessary 18:17 42:1 

103:14 

necessities 40:19 

necessity 57:11 165:19 

need 8:1 30:6 33:10 

36:13 38:6 42:15 

45:22 49:4,4 70:7 

83:14 92:12 96:19 

99:3 110:10 114:4 

131:6 133:7 136:14 

137:14 139:1 149:6 

157:4,8,12,13,22 

174:17 191:1 193:2 

needed 69:18 92:2 

97:21 98:17 125:9 

138:22 

needs 35:10 37:18 61:8 

61:16 98:7 136:14 

138:22 152:16 

negative 64:15 73:4 

102:7 110:17,18 

119:20 122:13 183:5 

negatively 34:14 

neighbor's 71:9 

neighboring 95:9 

Neil 46:21 

nervous 13:2 

nested 139:17 

net 27:16 50:10,16 

55:19 67:12,15,15 

112:20 113:18 121:20 

never 8:18 12:5 52:4 

87:11 145:10 164:9 

new 11:13 16:16 17:8 

17:12,21 18:16 21:11 

22:7,14 25:12 41:1 

43:7 61:9 80:8 87:6,6 

97:13 100:19,21 

101:15,16 115:6 

120:12 128:8,8,13,14 

130:18,21 145:13,16 

153:9,11 154:4,5 

156:21 172:4,18 

175:5 184:22 188:22 

194:6 197:12,21 

newly 18:14 

Newport 16:16 197:20 

news 43:11 74:10,12,13 

105:12 109:5 120:4 

125:5 192:22 

nice 54:3 62:19 

nicely 87:18 161:22 

night 14:9,18 141:5,20 

nighttime 61:14 

nine 53:14 130:6,10 

145:14 146:5 

ninth 161:18 

nomenclature 155:21 

non-conforming

103:20 

non-essential 24:6,7 

non-existent 24:5 

non-interest 104:3 

122:4 

non-MDIs 134:17 

non-performing 25:8 

non-profits 153:2 

non-tax- 67:6 

nonprofit 64:22 

nonvoting 140:4 

normal 70:2 74:2 81:8 

101:16,16 124:2 

172:18 

normally 34:12 82:18 

north 2:4 10:13 11:3,4,7 

80:10 85:3 111:19 

117:9 197:12,12 

northern 68:20 85:2 

87:16 

not-so-good 75:1 

notably 19:12 

note 21:11 108:5 

122:19 162:6 

noted 69:12 174:15 

notice 14:12 152:18 

186:1,3 190:6 

notification 175:12 

185:13,18 186:21 

187:6,9 188:6 189:13 

190:16,18 

notifications 189:19 

notified 188:1 

notify 186:5,16 

November 1:13 24:10 

novo 144:2 

number 17:18 18:5 

19:12 21:11 25:12 

40:18 42:22 56:8 89:8 

104:16 115:21 116:22 

133:5 137:16,21 

141:10 150:11 153:10 

158:16 159:7,9 178:3 

178:15,16 192:10 

numbers 43:11,22 45:3 

46:3 59:19 72:11 

73:20 81:15 95:7,8 

114:17 

numerous 48:9 62:6 

134:14 

O

objectives 143:22 

observations 9:19 10:2 

10:8 106:9,13 107:1 

126:3 

obstacle 193:15 

obvious 13:3 68:5 

obviously 11:13 12:20 

27:20 48:10 49:16 

50:9 59:19 62:21 

65:14 86:13 114:3 

116:7 117:3 119:11 

177:22 192:19 

OCC 35:10 

occupancy 116:9 

occur 187:18 

occurred 63:14 114:1 

October 20:17 21:2,4 

108:1 175:18 

offense 147:15 

office 36:9,17 71:22 

99:5 110:3,7,9 115:13 

115:14,16,19 124:21 

125:2,6,12 128:8,9,10 

128:14 130:18 

Officer 3:15 6:14 10:12 

145:13 

offices 97:4 98:20 

Official 3:14 6:10 

offline 147:20 156:18 

180:8,14 

offset 112:19 

offshoots 51:8 

oftentimes 33:14 

Ohio 119:10 

old 17:1 27:2 53:11 

older 120:16,17 

Olesiuk 3:16 4:12 9:21 

106:17 111:7 

Ombudsman 6:17 

onboard 142:2 

onboarding 158:20 

once 42:6 54:12 104:19 

170:3 192:22 193:1,1 

once-in-a- 66:11 

one-offs 74:1 

ongoing 79:13 147:14 

online 191:15 193:16 

onset 165:14 

onsite 18:22 

open 11:16,16 23:22 

24:10 28:5 55:11 

58:22 60:4,5 61:12,15 

72:4,7 80:4 92:14,15 

171:11 196:2 

opened 27:5 72:5 

openings 116:4 

operate 30:13 94:13 

134:12 

operating 6:14 23:20 

25:15 53:21 

operation 82:21 

operational 3:8 137:14 

147:10 156:11 173:14 

173:22 

operations 44:10 158:3 

176:11 186:9 

opinion 41:4 105:3 

opportunities 19:17 

60:14 69:7 103:3,17 

159:14 162:2 

opportunity 6:4 7:12,14 

8:13 16:8,19 19:22 

22:13 26:3 37:12 

38:16 40:9 41:19 

46:11,13 47:7 52:5,16 

58:3 65:12 66:12 68:4 

94:21 105:22 118:5 

125:19 126:4 133:17 

133:21 194:7 195:11 

opposed 39:2 60:13 

opposite 63:14 

optimism 83:22 

optimistic 43:19 46:5 

84:7 105:19 

option 13:14 

options 20:3 

orally 176:19 

order 10:15 56:3 77:6 

86:20 103:15 148:17 

ordered 29:17 

orders 88:10 115:6 

165:16 

organization 32:11 

147:20 150:15 159:21 

189:1 

organization's 187:1 

organizations 35:16 

135:4 150:2,17 

151:17 157:16,17 

organize 146:19 149:6 

organizing 146:22 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
215 

origin 131:15 

original 14:15 73:16 

79:1 

originally 21:16 

origination 169:12,17 

170:15,17 

originations 55:22 

101:15 

ought 38:3 

outages 188:18 189:20 

outcome 57:22 103:4 

outcomes 32:8 153:5 

outdone 66:10 

outdoor 60:16 

outer 139:13 

outflows 78:10 

outlook 53:17 107:8 

outpaced 54:17 116:4 

123:6 

output 150:13 151:7 

outreach 57:10 

outside 100:21 136:20 

141:11 156:4 169:18 

outstanding 11:1 87:3 

overall 13:7 14:2 17:6 

50:13 60:10 64:12 

67:3 83:20 105:7 

124:12 125:16 172:5 

overcome 18:13 34:17 

overdrafts 28:11 

overhead 87:8 122:5 

overly 102:7 

overstate 197:1 

oversupply 34:4 

overvalued 117:16,18 

117:20,21 

overview 118:5 195:14 

overwhelming 19:6 

owned 47:15 

owners 77:2 

P

P-R-O-C-E-E-D-I-N-G-S

5:1 

P&G 97:6 

P&I 56:7 

p.m 1:18 5:2 127:10,12 

198:16 

pace 27:11 73:13 

117:11 

packet 144:18 

packets 10:16 

page 190:10 

paid 20:19 150:20 

pain 42:21 

Palm 46:22 

pandemic 5:18 8:12 

12:6 18:15 23:21 28:6 

31:12,17 52:10,19 

94:15 95:10 96:2,21 

103:9 107:6,13 

108:16,18 109:3,18 

109:20 115:3 116:7 

116:19 120:5 122:9 

124:15 125:11 161:8 

165:6,11,15,22 166:3 

167:4,6,14,19 168:1 

168:14 169:15 172:7 

172:9,17 

panel 162:10 

panels 164:6 

panhandle 94:11 

paper 163:13 

papers 149:22 150:3 

163:10,16 

paradigm 18:8 

parameters 101:20 

parcel 66:7 

pardon 100:7 

parent 129:16 

Paribas 64:5 

part 14:10 17:3 23:7 

26:1 52:5 60:16 75:13 

78:16 86:22 87:10,14 

106:10 152:18 159:17 

188:13 

partially 41:17 

participants 106:19 

participate 5:8 112:2 

164:3,11 195:12 

participation 6:1 54:5 

114:13 129:4 179:8 

196:22 

participations 139:5 

particular 36:6 46:5 

91:10 113:13 124:21 

168:16 184:17 

particularly 7:4 25:2 

34:14,18 35:1,22 

36:21 54:13,15 56:15 

72:3 97:8 120:3 

149:17 156:10 166:11 

175:5 

parties 181:16 182:18 

partner 19:11 

partnered 37:11 

partnership 131:1,7 

132:5,9 

partnerships 19:15 

103:20 130:2 

parts 108:19 121:2 

150:12 

party's 183:6 

pass 161:9 

pass- 89:19 

pass-through 104:1 

passed 8:4 

passionate 76:5 128:11 

password 182:22 

path 107:5 

paths 196:13 

patient 137:4 

pattern 171:16 

patterns 170:14 

Patty 2:13 4:6 39:22 

40:3,6 197:17 

Paul 84:20 131:4 

pause 9:6 118:9 128:3 

135:5 136:18 143:4 

160:7 

pay 81:6 86:21 

Paycheck 163:11 

168:19,20 

paying 29:12 

payment 51:10 104:1 

payments 12:8,18,19 

13:22 

PC 166:14 

peak 109:3 110:20 

peaked 116:20 

peaks 110:4 

peers 60:1 

Pend 78:16 

penetrate 33:19 

people 12:14,18 14:16 

15:9 18:7 28:14 29:9 

29:10,14 30:18 48:12 

51:2,15 59:6,20 60:3 

74:4 76:18,22 78:20 

78:22 80:8,11,14,22 

83:2,13 87:21 89:14 

90:18 92:10 146:13 

148:14,18 151:19 

152:10,11 154:2,10 

154:18 156:1 157:11 

157:18 178:13 181:16 

182:17 183:12 193:2 

people's 172:16 

peopled 12:19 

percent 11:12,19,20 

12:2 17:13,15 20:17 

20:18 21:3,5,6 25:18 

25:19 27:15 28:10,11 

28:19 30:1 47:20 54:2 

60:5,7,9 61:4,11 

62:14 63:8,10,22 64:3 

67:6,7 73:17 74:13 

79:10,11 86:4 89:3 

101:11,12,19 102:14 

104:13,15 107:19,22 

108:3,8,9 109:3,4,9 

110:19,21 113:18,19 

113:21 114:11,11,14 

114:15 115:2,17,18 

116:6,10,11,18,19,20 

117:18,20,22 121:6 

122:21 125:3 130:11 

134:19 178:6,8,8,17 

178:18,20,22 

percent-plus 101:6 

percentage 104:11 

108:7 113:17 

performance 20:14 

21:22 24:20 79:22 

110:1 112:13 138:10 

140:6 161:8 

period 20:3 114:1 

120:11 168:2 169:2 

171:18 

periodically 182:2 

periods 107:15 

permanent 21:19 137:5 

permits 71:12 

person 6:5 8:19 42:2,7 

42:12 52:17 55:10 

58:9 68:8,13 118:21 

180:15 

personal 16:21 19:3 

76:3,4 77:2 

personally 35:13 

personnel 45:16 

perspective 16:2 37:20 

61:21 64:16 66:22 

99:8 108:5 137:20 

138:11,12 162:17 

perspectives 111:4 

140:2 

phase 137:20 149:11 

Phased 149:11,13 

phases 62:1 

phenomenal 39:17 

89:19 92:3 

philanthropic 135:3 

phone 188:7 

physical 165:17 

pick 81:19 82:5 151:22 

picked 25:1 116:12 

184:17 

picture 104:17 

piece 147:7 158:3 

159:12 

pieces 158:3 

Pierre 197:14 

pike 92:17 

pillars 146:16 

pilot 150:18,19,20 

piloted 151:2 

pinch 5:9 

pitch 77:15 136:3 137:6 

138:21 142:6 

pitches 138:19 139:10 

140:5 142:8 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
216 

Pitkin 2:17 4:4 16:10,11 

16:14 119:1 191:8,11 

192:14,18 194:1 

197:19 

Pitkin's 63:15 

Pittsburgh 30:12 

pivot 166:4 

PJ 4:8 58:2 68:16 69:11 

76:11 

place 45:22 57:11 

placed 123:22 136:12 

174:4 

places 60:19 

plan 101:19 123:21 

138:13 

planned 188:17 

planning 84:10 90:6 

140:6 

plans 115:16 180:9,11 

plant 59:13 87:1 

planting 13:6 

plateauing 43:12 

platform 130:1 

play 172:12 

played 6:19 167:3 

plays 91:14 

please 39:10,14 68:11 

68:12,12 134:7,21 

136:8 141:1 142:9 

146:2,3,11 149:8 

151:12 155:3 158:15 

159:7 

pleased 40:15 57:21 

161:1 162:7 

pleasure 8:17 26:5 

39:12,22 46:17 

145:21 165:1 196:6 

plentiful 24:21 

plenty 187:15 

plus 85:19 115:3 

podcast 148:6 162:8,12 

162:13,18 

podcasts 148:4 

point 10:9,17 15:21 

35:20 37:22 39:21 

50:18 56:21 58:17 

61:19 64:14 85:10 

86:19 88:16 89:21 

92:4 95:2 106:15 

108:7 109:8 116:17 

128:20 160:19 183:1 

189:12 196:14,15 

pointed 184:14 189:18 

190:2 

points 107:6 193:12 

policy 143:10,17 

161:12 162:4 188:16 

poll 176:8 177:11 

178:11 179:11 180:5 

195:12 

polling 176:7,19 177:13 

180:20 184:14 

Polson 78:5 130:15 

population 23:14 65:2 

65:6 80:14 

port 22:22 23:1,2,17 

portfolio 12:4,4,21 21:2 

pose 152:14 156:7 

186:10 

position 25:11 98:2 

119:2 

positioned 84:9 166:3 

169:15 

positions 6:18 7:6 

42:19 60:4,5,7 61:11 

114:22 

positive 32:8 43:7,13 

55:20 73:4 105:9 

107:8 121:13 123:12 

163:17 192:21 193:5 

positively 191:14 

possible 82:22 91:5 

131:14 181:1 

post 45:18 130:21 

poster 63:17 

potential 88:20 89:6 

91:11,19 107:13 

108:20 133:15 137:21 

138:20 

potentially 139:5 

149:19 

poultry/beef/eggs/milk

28:18 

powder 61:8 

power 59:13 

powerful 148:12 

powerfully 155:13 

PP 163:14 

PPP 12:20 20:18 27:17 

48:19 67:13 72:17 

73:15 82:2 85:10 

86:13 101:10 102:5 

103:9 123:7 168:21 

169:2,7,11,16 170:5 

170:11,21 171:3 

practice 74:2 179:15,22 

practices 130:2,22 

144:5 180:3,3,18 

Prairie 2:5 47:13 197:14 

praying 13:4 

pre- 90:14 

pre-COVID 12:2 18:1 

44:1 86:4 

pre-pandemic 24:4,16 

53:21 110:4 123:4 

169:1 

preamble 186:2 188:8 

predicted 13:1 

predominantly 23:13 

preferred 45:2 

premise 32:13 

premium 29:21 30:1 

preparation 124:2 

prepare 84:8 96:5 

prepared 196:11 

presence 8:19 

present 2:1 3:1 106:1 

118:5 172:21 

presentation 53:8 

72:10 95:2 175:2 

presentations 102:10 

presenter 100:4 

presenters 111:11 

195:22 

presenting 31:9 158:10 

presents 95:22 

preserve 129:22 132:15 

President 2:3,5,6,8,11 

2:13,15,17,18,19 

16:15 22:21 40:1,6 

46:22 47:13 53:1,10 

68:20 78:1,5 94:2,8 

100:4,18 197:14,18 

197:20 

presiding 1:19 

press 132:7 

pressure 21:15 44:18 

45:19 96:14 

pressured 112:21 

pressures 24:18 91:7 

107:16 

pretty 48:14 53:19 

55:15 80:18 101:15 

103:18 175:16 179:5 

preventative 175:9 

previous 119:2 120:3 

175:22 178:21 

previously 68:21 80:15 

95:5 

price 28:20 30:1 49:7 

50:1 70:11 81:7 88:9 

90:3 117:5,11,22 

121:4 

prices 12:16,17 28:16 

48:18 49:7,21 54:11 

55:5 63:2,2 69:20 

70:13 71:5 82:20 

88:11,13 92:3 109:21 

110:4,13,15 117:5 

119:18 121:14,16 

pricing 31:6 113:15 

primarily 20:20 48:17 

78:17 103:8 104:2 

163:7 

primary 65:4 147:22 

186:13 187:2 

primer 148:8 

principles 146:22 

prior 6:13 82:1 96:2 

116:6,11 165:20 

166:2 167:6,13 

169:15 172:7 

prioritize 136:15 

priority 104:7 

pristine 105:15 

privacy 15:17 193:7 

private 135:2 141:8 

151:6 

privilege 7:16 

privileged 180:7,14 

proactive 79:18 

probably 33:10 34:2 

47:19 50:20 54:22 

57:17 62:4 66:22 

83:21 85:22 103:2 

142:1 174:4 177:9 

178:13 193:13,16 

problem 71:1,2,3 75:12 

76:13 79:12 80:4 

81:10 157:16 191:21 

193:21 

problems 153:22 

159:13 

proceeds 51:11 

process 27:20 41:3,7 

85:16 137:2 138:21 

140:10 141:17 142:6 

151:10 158:13 181:9 

processes 158:12 

processing 104:1 

166:13 

procurement 149:15 

produce 56:2 

produced 142:12 

producers 48:5,22 49:8 

49:19,20 

product 50:2 104:19 

156:17 

production 55:21 56:3 

69:16,21 70:8,11,21 

81:15 115:9 120:11 

120:19 

productivity 18:11 

products 89:14 139:4 

149:4 

professionalism 57:19 

professionals 41:2 

profile 144:13 

profit 120:17 

profitability 85:21 86:2 

program 7:17 27:21 

87:20 128:13 143:14 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
217 

149:12,13 150:9,19 

151:13,13 158:18 

163:11,15 168:20 

170:22 

program's 170:19 

programmatic 146:20 

programs 107:14 

108:21 124:9 150:18 

151:14,15 

projected 63:11 102:16 

projecting 61:10,13 

67:14 115:19 

projects 56:13,17 151:1 

promote 129:22 130:1 

132:16 

properties 45:10 56:15 

property 37:21 109:21 

110:3 

proportion 134:15 

proposal 15:4 140:18 

185:22 186:4 

propose 150:18 151:17 

186:20 

proposed 124:10 139:8 

185:15 186:15 188:3 

188:9 189:14 190:11 

protect 193:6 194:5 

Protection 163:11 

168:20,20 

protects 194:11,12 

protocols 88:21 

prototype 150:4,7 

151:2 153:14 

Prototyping 149:12,13 

proud 26:22 32:12 

43:10 64:20 65:10 

prove 181:19 

proven 5:12 19:16 

provide 19:19 127:3 

129:14,22 132:18 

133:20 145:17 149:18 

173:16 184:7 187:3 

188:5,6 191:17 197:2 

provided 7:7 

provider 25:22 174:7 

186:17 189:7 

providers 184:16 

186:16 189:20 

provides 66:5 194:7 

providing 36:10 193:18 

provisions 122:6 

142:18 

proxy 175:16 

prudent 20:8 

public 8:14 15:13 96:9 

143:15 154:13,22 

185:20 

public-private 132:5,9 

publication 175:8,9,17 

184:17 194:6 

publications 184:19 

194:2 

publicly 154:9 

published 144:15 165:8 

177:4 181:10 185:16 

186:1,1 

pulled 181:22 

purchase 66:6 

purchasing 115:5 

purpose 142:20 187:8 

187:12,13 

purposes 73:14 

push 174:13 

put 41:12 44:18 48:7 

67:5,8 72:10 84:20 

86:20,20 91:6 96:14 

100:1 133:11 136:21 

140:19 149:3 172:21 

pyramid 136:13 

Q

qualified 42:18 46:1 

124:16 

quality 50:14 56:5 71:5 

89:18 105:15 112:14 

122:19 123:12 162:4 

quantitative 156:19 

quantum 149:3 158:22 

quarter 53:20 82:4 

101:13,21 107:20,21 

108:1 112:17 115:17 

116:10 117:7 122:16 

141:16,22 142:1,2,8 

150:10 

quarterly 92:19 165:8 

quarters 25:2 108:15 

question 18:1 91:1 

102:4 152:14 154:17 

156:7 159:16 165:20 

166:10 168:15 172:15 

176:21,21 178:3,3 

179:11,12 184:14 

186:20 191:21 

questions 88:4 91:16 

126:3 144:21 151:15 

151:18 160:1,8 

164:19 171:11 172:9 

172:10,14 173:2,3,5 

176:5,13,18 180:20 

191:7 

queue 132:1 

quickly 95:6 122:11 

147:1 195:20 

quite 10:20 40:15 43:1 

65:10 70:5 73:18 92:6 

108:4 109:2 146:6 

165:5 182:2 

quote 181:22 182:4 

R

race 33:16 194:20 

radius 97:3 

rain 49:1 69:18 92:1 

rains 48:10,10 

raise 145:1 154:6 

raised 44:10 126:8 

135:21 173:7 191:9 

ramp 101:15 120:18 

ranch 82:21 

ranchers 82:19 

rang 113:8 

range 71:6 114:10 

117:20,21 130:8 

ransomware 147:16 

155:18 175:15,21 

176:3 177:2,16 178:4 

178:19,22 179:18,19 

180:18 

Rapid 149:11,12 

rate 11:13 14:10 17:12 

25:18 43:6,8,14 54:5 

79:9,16 83:16 91:5 

109:2 113:12 114:13 

121:5 125:3 149:6 

179:4 

rated 22:8 123:19 

rates 11:11 12:10 14:6 

25:13 44:11 56:12 

73:6 74:10 84:3 89:2 

90:22 102:15,20 

107:16 110:7 114:2 

114:10 116:9 117:12 

121:9 122:3 138:4 

rating 74:22 75:1 

143:19 144:8,9 

ratio 21:15 22:6 37:16 

63:16,18,21 64:14 

92:22 93:2 96:14 

rationale 171:9 

ratios 21:12 34:8 72:20 

96:15 105:14 123:18 

raw 89:13 91:17 

reach 5:17 65:11 66:3 

98:1 109:12 154:4 

155:3 159:7 

reached 70:5 86:19 

146:3 

reaches 65:1 

reaching 26:2 98:6,10 

110:14 152:6 164:9 

reacted 188:13 

reaction 192:16,20 

reactions 193:4 

reactive 153:21 

read 176:1 177:9 

reading 179:21 

ready 126:11 127:14 

real 12:4 20:22 29:13 

30:14 37:17,20 49:2 

50:8 51:17 54:7,10 

56:10 62:1 81:10,13 

81:15 89:20 90:9,12 

95:15,15 101:5 

109:17,19,21 115:12 

115:13 117:4 121:3,8 

124:20,22 151:9 

162:12,15,17 

reality 29:3 

realize 154:10 

realized 153:9 155:21 

realm 83:6 

reason 15:2 65:4 171:9 

180:19 185:22 

recall 168:4 

recap 172:5 190:11 

received 12:18,19 

13:22 57:20 75:1 

96:12 133:5 135:17 

188:11 189:11 

recession 110:2,7 

114:16 115:4 125:5 

recessions 120:3 

recognize 16:3 143:21 

163:19 

recognized 40:16 

recognizing 136:13 

recommendations

129:15 131:17 

record 10:21 17:18 99:9 

110:14 127:11,12 

198:16 

recorded 117:10 125:4 

recordings 154:21 

recovered 115:2 

recovery 57:7 105:19 

recreation 60:17 

recruit 19:7 

recruitment 18:9 

redeploy 103:15 114:6 

redevelopment 136:5 

reduce 40:18 110:16 

137:14 

reduced 96:13 

reducing 149:19 

reduction 122:5 

reductions 125:12 

reevaluating 125:8 

reference 194:20 

referenced 127:21 

128:6 

referred 115:4 

Refinance 56:20 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
218 

refinanced 81:19 

refine 155:5 

refined 35:11 

reflect 144:9 

reflected 82:7 

refresher 146:11 

refreshers 76:1 

regained 108:14 

regard 63:16 127:16 

174:3 183:19 

regarding 35:8 79:8 

143:10 

regards 39:10,14 95:19 

192:11 

region 3:5,11 10:5,7 

23:10 54:17 111:15 

111:17 112:12 113:5 

113:11,13,14 114:8 

114:10 116:9,16,20 

117:19 118:6,18 

119:5,9 120:2 121:6 

121:16,21 122:14,20 

125:6 

Region's 114:13 117:8 

regional 3:4,11,17 9:22 

10:5,6 111:4 114:19 

124:6 152:21 

Register 144:16 186:3 

190:6 

regret 5:7 58:8 

regular 101:20 

regulate 15:22 16:1 

regulation 15:20 16:4 

regulations 190:3,5,8 

regulator 186:14 187:2 

187:12 188:8 

regulators 6:12 38:3 

93:5 185:17 186:13 

regulatory 21:10,16 

33:11 34:9 37:20 

123:11 174:19 192:7 

reinforced 163:8 

Reinvent 26:2 

reiterating 185:22 

related 9:11 103:21 

142:19 178:4 

relates 21:15 34:15 

66:2 

relation 189:5 

relationship 42:13 

64:21 

relationships 19:3 

38:22 52:8,9 96:10 

98:10 104:22 105:1 

relatively 18:22 41:3 

89:3 120:5 122:3 

release 112:18 

released 168:5 

relevant 144:7 174:12 

relief 55:7 

relies 44:8 166:12 

rely 125:13 

remain 17:7 21:9,14 

25:9,10 69:21 95:20 

105:18 110:4,7 

116:13 171:12 172:9 

172:14 

remained 23:22 28:5 

109:22 117:6 

remaining 18:22 27:19 

remains 17:13 22:10 

27:16 56:5 60:10 61:6 

99:2 105:15 112:14 

113:19 122:10,19 

remarkably 109:22 

remarks 4:2,21 6:3 

194:18 196:17 

Remer 37:9 

remind 127:22 129:10 

reminded 146:6 179:6 

reminder 144:22 

149:12,21 

reminding 185:21 

remodeled 121:11 

remote 18:17 38:16 

57:16 62:7 99:3 105:5 

remotely 39:3 115:21 

124:17 125:10 

remove 168:21 

renewing 30:18 

rental 65:17 

rents 116:2,5,19 

reopened 79:21 

reopening 24:11 

repetitive 95:3 

replace 41:19 70:7 82:4 

102:5 

report 15:4 25:20 26:12 

42:2 84:12 117:17,19 

122:17 128:16 144:20 

165:3 166:13 172:1 

177:9,19 178:17 

189:7 

reported 101:18 121:22 

125:1 167:1 177:2,16 

reporting 21:12 113:7 

125:3 177:6 189:5 

reports 41:22 129:17 

177:7 187:22 190:7 

represent 130:10 

representative 5:14 

representatives 118:17 

representatives'

119:17 

represented 41:4 

130:13 

representing 130:6 

167:10,10 

represents 59:4 

request 140:18 

require 186:15 

required 41:21 43:2 

55:17 66:15 192:3 

requirement 186:5,22 

187:9 189:7,19 

requirements 21:10 

64:17 88:22 186:12 

187:7 190:8,18 

192:17 

requires 18:8 129:14 

research 3:7,13,18 4:18 

131:14 134:14 151:6 

160:16,18 161:2,12 

161:21 162:4 163:7,8 

164:16 172:19 176:6 

177:4 

researched 175:19 

researchers 161:20 

reservation 78:14,18 

78:21 79:6,11 80:9 

83:8 

Reserve 161:15 

Reserve's 163:10 

reserves 112:18 

reset 14:7 

residential 55:22 56:18 

71:10 103:20 117:4 

121:3,8 

residents 79:6 80:9 

114:19 

resilience 147:9,10 

148:7 155:17,19,22 

156:12 

resilient 109:22 

resolutions 45:21 

resolved 123:3 

resolving 8:10 

resort 65:15,20 

resource 5:12 29:6 

resources 36:10 152:15 

185:2 

respect 58:10 68:5 

147:13 

respectfully 21:20 22:9 

64:13 

respective 36:14 67:21 

respond 148:2 

responded 45:5,8 

150:2 

response 126:6 180:9 

180:11 

response-related

175:12 

rest 46:10 93:22 170:8 

restaurant 24:13 

restaurant-related 24:9 

restaurants 29:8 55:1 

61:14 

restrictions 42:7 

result 63:20 65:6 70:14 

91:12 123:18 151:4 

resulted 85:17 103:8 

resulting 96:3 123:8 

182:7 

results 30:22 43:3 

66:20 176:6,19 

177:11 178:12 180:5 

resume 127:9 

retail 24:8,13 110:3 

115:22 116:4 

retain 18:17 76:13 77:6 

124:14 

retire 66:16 

retired 93:20 

retirement 6:5 99:22 

retiring 18:5 

return 64:2 109:9 138:3 

138:3 

return-to-office 115:16 

returned 123:2 

returning 163:15 

returns 121:19 

revenue 50:12 67:14 

reverse 86:10 

reverts 169:1 

review 155:1 185:19 

190:15 

revisited 163:2 

Rhode 53:13,15,18 54:1 

55:18 

Rice 84:18 

ridiculous 80:7 

right-hand 136:10 

141:14 167:10 

righthand 58:19 

ring 139:13 

riots 32:8 

rise 7:5 102:8 110:15 

risk 3:9,9,17 9:22 93:6 

93:9,9,10 107:9 

113:12 123:20 144:5 

144:12 158:5,21 

173:14,14,22,22 

174:8,11,11 184:12 

risk-based 27:15 96:16 

risks 107:12 147:14 

184:4 

River 2:17 16:10,15,22 

18:20 197:20 

ROA 105:14 

road 52:11 187:22 

ROE 67:7 105:14 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
219 

ROI 67:6 

role 6:20 39:13 132:19 

132:20,22 139:12 

140:3 165:17 167:4,5 

167:22 172:8,13 

187:13 

roll 82:2 156:22 

rolling 90:14 153:16 

room 52:2 117:4 

rooms 92:11 

rose 115:17 

rotating 127:4 196:4,13 

roughly 86:1 114:18 

115:2 117:18 150:8 

round 101:10,12 142:4 

roundtable 50:20 

131:11 164:7 

row 99:9 

ROY 47:2,5 

Rudolph 3:19 4:15 36:9 

36:18 128:21 129:8 

131:21,22 145:7 

rule 185:15,15,18 

186:15,20 187:19 

188:3,4,10 189:14,14 

190:12 

rulemaking 186:1 

rules 189:6 

run 82:21 135:13 

157:19 

running 81:16 86:6 

89:2 

runs 13:5 85:1 

rural 19:1 68:21 71:11 

71:17 72:1 133:9 

136:7 139:3 

RV 86:17 

S

S 67:6 

S&P 117:16 

Sabal 46:22 

safe 38:21 

safely 96:22 

safety 40:13 57:18 

143:19 

salary 61:2 124:18 

sale 71:9 

Salem 197:12 

Salish 78:15 

salon 15:8 

salutes 31:18 

San 23:11 25:2 

SAR 179:13 

Sarah 2:4 4:4 10:10,11 

10:17 11:2 16:11,14 

69:14 70:10 197:11 

SARs 175:19,22 177:17 

178:4 179:1 

sat 50:19 

Saturdays 72:4 

saw 81:12 111:1 170:17 

saying 29:17 72:9 

77:10 109:12 113:2 

184:10 

says 178:17 182:6 

scale 18:9 134:1 

scarcities 115:9 

scared 29:11 

schools 11:16 

scope 79:4 

screen 58:14 161:10 

176:22 177:12 

seaports 23:3 

season 13:6 43:21 

198:11 

seasonal 97:9 

seat 32:12 

second 7:9 27:20 41:6 

41:8 59:9 61:19 62:8 

66:17 68:17 107:20 

112:17 115:17 117:7 

147:9 150:10 152:3 

153:17 155:15,17 

175:10,13 178:2,3 

185:9 189:4 193:18 

Secretary 148:5 

sector 18:4 24:6,8 

36:18 120:5,9 151:7 

sectors 23:18 54:17 

120:16 

secure 142:4 

secured 141:7 

securities 143:3 

security 2:4,12 10:12 

11:3 94:3,9 148:5 

179:16 182:8,11 

183:5,8 185:12,18 

186:7,18 188:15,22 

193:7 194:5,9 197:11 

seeing 29:6 55:18 

60:17 71:12 83:1 

89:10 108:10 112:11 

116:22 145:4 153:6 

seen 13:17 32:18,20 

34:16 54:15 56:12,16 

57:9 62:10,13 71:4 

83:11 96:6,12,19 

108:13 109:20 185:7 

segment 187:21 

segments 24:14 

select 140:19 

selected 140:8 

selection 150:17 

152:21,22 

selections 151:16 

sell 30:2 81:2 86:18 

selling 29:21 48:5 83:2 

semiconductor 120:10 

send 181:7 

senior 6:17 7:6 

sense 18:19 38:20 

57:17 172:2 192:14 

192:16 

sensitive 107:5 

sent 10:14 

sentiment 67:18 

sentiments 57:15 59:22 

63:15 126:22 

separate 60:9 

September 17:13,17 

56:7 63:5 108:13 

109:4 131:20 132:7 

135:6,15 141:4 

161:17 179:18 

series 6:17 151:22 

152:8 155:20 162:14 

servant 8:14 

serve 7:17 20:4 23:14 

32:5 39:13 129:20 

131:6 134:1,6 136:6 

136:17 138:1 164:5,6 

186:22 196:6,9 

served 6:14 129:2 

137:11 

servers 29:9 

serves 6:8,10 128:1 

service 6:21 7:14 10:20 

19:20 23:12 39:19 

58:7 92:12 93:17,19 

174:7 184:15 186:16 

186:17 189:6,20 

198:3 

services 61:15 104:12 

120:7 124:19 134:20 

149:5 180:22 186:19 

serving 52:19 

sessions 137:3 138:17 

163:8 

set 11:10 156:8 168:22 

175:14 176:20 185:21 

193:1 

seven 60:18 111:17 

117:8 

severe 64:15 70:18 

share 16:19 22:13 

25:21 32:22 47:10 

58:14 64:10 94:22 

95:4 97:15 99:10 

101:5 110:16 111:3 

113:11 131:18 132:8 

140:2 143:6 164:15 

170:5,5,21 171:3 

shared 17:10 46:14 

111:14 165:13 

shareholder 95:22 

104:5 

shareholders 67:9 

sharing 47:22 48:2 

106:9 107:1 179:17 

195:13 196:3 

Shayna 3:16 4:12 9:21 

106:12,16 111:6,9 

125:22 

Shaza 2:2 4:5 26:12,18 

26:20 32:3 70:13 

111:21 113:2 197:10 

she'll 10:13 

sheet 20:15 21:7 32:19 

34:13,19 43:18 50:5 

95:13 96:18 104:6 

123:20 133:14 

sheets 21:13 134:16 

shift 18:8 113:22 

117:15 118:2 165:19 

167:17 

shifted 165:17 

shock 148:16 

shop 15:9 

short 44:22 89:5,10 

93:14 

short-term 113:16 

123:14,22 

shortage 42:18 44:19 

45:6 49:3,5,15 54:8 

80:22 81:11 90:16 

120:11,22 

shortages 18:13 42:21 

45:13 56:22 95:12,13 

115:8 116:14 

shorter 89:11,11 

shoutout 76:11 

show 134:15,22 139:12 

177:11 

showed 61:7 

showing 58:15 112:13 

116:5 117:1 121:12 

shown 54:3 121:5 

182:9 

shows 20:15 117:19 

shrink 63:13 

shy 150:8 

side 19:13 30:19 43:15 

49:9 50:4 69:5 73:8 

76:7 104:3 123:13 

135:1 136:10 141:6 

141:14 146:20 194:2 

sign 20:16 

significant 17:15 23:7 

26:1 56:3 57:12 86:3 

86:11,22 87:13 96:3 

103:5 112:17 116:8 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
220 

120:6 123:11 137:17 

141:10 171:5 179:5 

187:17 188:2 

significantly 53:19 

59:16 97:7 

signs 53:21 55:6 

silence 33:14 

silver 184:11 

similar 111:14 123:4 

170:14 171:16 175:22 

186:12 

similarities 127:17 

Similarly 171:1 

simple 188:7 

simply 89:8 104:16 

145:2 188:5 

sincere 195:21 

sincerely 51:20 196:13 

single 33:17 62:5 73:17 

170:22 182:9,20 

siren 61:20 

sit 32:12 52:1 74:4 

75:15 

sitting 50:12 77:14 

88:14 

situation 15:1 75:12 

190:4 

situations 182:11 

six 17:2 24:22 30:3 

58:15 66:10 91:14 

94:13 150:8 

Sixty 11:19 

size 16:2 94:12 130:9 

134:1 144:11 168:4,7 

168:8,9,11 169:12 

170:1,3,10 172:11 

sizes 170:10 

ski 58:16 59:19 61:8,8 

61:15 

skiing 58:21 

SLA 156:3 

slated 24:10 

slide 133:3 134:7,21 

136:8,8 138:15,15 

139:11,11 141:1,1,5 

142:9 143:1,2 146:10 

149:8 151:12 152:5 

155:14 156:21 158:15 

167:7 169:10 175:14 

181:4 183:21 185:11 

185:11 188:12 

slides 132:2 

slight 74:12 112:15 

slightly 105:17 125:6 

slip 141:22 

slow 24:22 81:21 

slowdown 108:10 

slowed 107:21 108:7 

slowing 115:9 

sluggish 122:13 

small 18:22 27:19,22 

44:13 59:6 76:14 

80:12,13 97:10 101:1 

136:4 147:5,7 163:12 

smaller 29:13 83:14 

134:2 168:11 

smile 31:15 68:7 

smoke 58:18 

smoothly 85:14 

snapping 104:16 

snow 13:4 49:4 58:20 

snowball 70:15 

social 192:8 

soil 71:6 

sold 81:5 

soliciting 140:21 

141:18 

solid 121:19 

solidly 44:11 

solution 75:11 

Solutions 2:8 68:20 

somebody 8:3 

someday 52:11 

somewhat 87:6 

soon 11:10 

sophisticated 33:17 

sophistication 144:11 

sorry 27:9 94:17 100:11 

118:12 178:16 185:11 

sort 16:4 42:8 134:22 

136:9 138:8 139:8 

192:8 193:9 

sound 61:20 102:6 

112:14,14 159:4 

soundness 40:13 57:19 

143:20 

sounds 13:3 

source 129:20 

south 23:10 47:14 48:4 

50:21 85:6 111:19 

117:10 197:15 

southeastern 111:18 

space 33:3,9 34:18 35:5 

36:4,6,21,22 38:10 

41:13 110:11 115:13 

115:14,22 116:3 

124:21 125:9,12 

spanning 17:2 

speak 62:3 119:3 

125:20 145:2 165:1 

speaker 26:13 46:21 

speakers 42:17 49:15 

speaks 145:10 

special 8:13 68:8 106:3 

specially 59:9 

specific 38:13 114:7 

158:2 166:17 

specifically 63:19 64:4 

65:1 144:6 165:4,7 

166:8 194:3 

specify 189:8 

speculative 66:17 

speed 172:11 

spend 46:17 51:19 

106:22 115:11 146:17 

148:19,20 163:20 

spending 73:2 103:1 

120:7 151:9 166:11 

166:14 

spent 151:5 

spirit 6:22 

split 180:10 

spoke 149:9 

spoken 21:14 123:16 

spot 44:7,15 

spotlight 128:6 130:21 

spring 13:5 49:2 81:20 

150:7 198:12 

Springs 59:3,5 64:20 

sprint 151:14 152:3 

153:14 155:15 158:17 

sprints 155:6,6 

square 62:10,19 78:19 

square-foot 62:18 

St 84:20 131:4 

stability 186:11 

stable 69:21 

staff 9:18 10:8 18:10,13 

46:11,18 51:22 60:5 

76:1,13,14,17 77:2,7 

89:8 94:20 98:6,19 

99:5,15 106:11 

148:11 166:5 

staffing 60:1,8 61:16 

92:16 102:11 124:13 

staffs 57:20 

stage 185:21 

stages 5:17 

stakeholder 139:15 

stakeholders 136:9,15 

139:22 141:11 146:14 

stand 7:11 23:6 

standards 188:14 189:1 

standpoint 91:5 

stands 114:14 

StarKist 30:11 

start 9:9 10:9,11,18 

53:8 110:6 127:14 

156:22 157:21,22 

158:2,4 189:17 

started 53:6 94:15 

98:22 100:20 108:18 

149:22 150:9 

starting 61:1,2 82:5 

88:3 117:15 

starts 189:13 

state 2:2 6:12 11:19 

17:3,11,19 18:3 23:10 

25:4,15 32:15 40:8,13 

42:14 45:7 51:3 53:14 

53:15 59:2 60:19 62:7 

67:2 69:16 70:22 

73:19 74:14 77:19 

80:12 84:14,17,18 

87:18 95:3,8 119:14 

153:19 166:15 

state-based 147:17 

State-chartered 17:1 

stated 36:7 90:8 186:2 

186:21 189:14 

statement 143:10,11,16 

143:18 182:6 

statements 126:3 

states 5:20 42:15 78:8 

111:18 117:6,8 119:9 

120:19 121:4 134:13 

152:13 186:11 187:8 

190:17 

statewide 12:12 17:7 

44:20 

stations 49:11 

status 123:3 

statutory 129:21 

132:15 

stay 13:1 31:3 43:2 

90:17 98:14 

stay-at-home 165:16 

staying 29:11 97:10 

Steamboat 58:16 59:3 

59:5,7 64:20 69:13 

stemming 24:5 

step 75:15 89:9 

Stephen 2:5 4:7 197:13 

steps 158:10 

Steve 47:12 53:4 69:14 

70:10 77:12 

stick 104:19 112:4 

stimulus 12:8,18 63:12 

63:19 83:8,10 122:22 

124:9 

stood 172:14 

stop 191:6 

store 116:5 

stores 49:11 

story 93:13 108:11 

131:15 

straight 84:19 

strains 107:13 

strategic 123:21 

strategically 96:17 

strategies 129:21 

strategy 166:5 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
221 

strong 12:21 13:7 17:7 

21:5 28:14 31:3 54:21 

55:4,6,20,21 56:6,11 

56:18 57:5 64:2,21 

69:22 96:6 98:1,4 

105:15,19 108:4 

115:6 117:6 119:19 

122:8 183:22 

stronger 195:2 

structure 95:22 150:19 

struggle 17:22 

studies 134:14 

study 168:5 

stuff 85:5 155:12 

158:14 

style 39:8 

Sub 67:6 

subcommittee 4:14 

6:11 7:2 26:7 127:19 

127:20 128:2,5 

129:11,17,19 130:5 

131:16,18 140:13,15 

143:8,16 144:20 

subcommittees 129:14 

subject 151:20 175:20 

subjects 42:14 

substandards 105:16 

substantially 17:4 

44:10 123:1 

suburbs 100:22 

success 36:19 97:13 

successful 65:3 85:11 

85:21 

successfully 19:11 

101:22 

sudden 165:19 

suddenly 88:13 

suffer 33:13 120:10 

sufficient 43:4 

Suffolk 101:1 

Sugar 2:17 16:10,15,22 

18:20 197:20 

suggest 151:18 

suggested 142:16 

suggestion 75:12 

Sullivan 162:13 

Sultan 3:15 4:17 145:9 

145:17,19 160:6,9 

165:5 

summarize 176:19 

summarized 188:12 

summary 107:3 

summation 142:10 

summer 43:21 44:9 

54:4,21 60:6 69:17 

82:12,12 116:12 

133:4 

sunflowers 48:16 

sunshine 31:15 

super 15:6 

superlative 17:20 

supervised 130:11 

supervision 3:10 4:20 

163:17 173:15,17 

174:1,4 

supervisors 161:22 

Supervisors' 166:16 

supervisory 132:19 

158:6 

supplemented 87:18 

supplies 29:7,16 

supply 17:9 31:7 45:14 

49:20 62:21 70:3 

71:10,14 73:9,10 88:6 

88:13 90:3 95:12 

102:8 107:10 117:1 

117:12 120:15 

support 99:16 107:13 

130:19 132:21 133:7 

133:21 139:2,13 

140:1 142:20 184:7 

191:1 

supported 119:19 

supporting 106:2 

142:22 

supportive 139:18 

surge 102:1 

surprised 55:15 

surprising 168:17 

surrounding 145:18 

172:10 

survey 166:16,17 

survival 20:12 

suspect 185:3 

suspicious 177:6 

187:21 190:6 

sustainability 19:19 

sustained 36:22 

swelling 21:12 

switch 133:2 185:11 

system 20:11 85:13 

87:16 88:16 147:4 

148:12 152:13 153:20 

156:1 161:16 182:17 

182:22 183:7 

systems 143:19 144:9 

181:19 182:8,18,19 

185:6 188:18 

T

table 33:5 103:21 

135:20 

taken 93:6 156:17 

175:13 179:12 

talent 18:14 97:11 

124:15 

talk 11:7 35:5 37:15 

38:11 40:9 47:18 63:3 

64:18 72:20 74:9 75:5 

87:5 89:4 106:13 

111:12 113:3 114:4 

119:5 133:1 140:18 

145:12,22 154:16 

155:22 161:1,5,10 

165:5 174:2 175:5,15 

talked 49:14 51:2 65:15 

88:5 146:13 148:7 

163:3 187:20 188:16 

191:5 

talking 11:8 34:7 38:3 

44:17 45:18 50:22 

86:7 115:12 156:16 

157:6,7 162:16 

166:19 174:5 

talks 155:15 181:14 

taper 81:16 

target 32:15 141:19 

142:14 

targets 138:10 140:6 

tax 91:11,19 102:20 

taxonomy 155:22 

TCL/Huntington 37:9 

teach 98:12 

team 16:18 40:16,20 

60:2 67:3 97:21 98:9 

98:16 126:4,8 150:11 

162:15 176:1 

team's 107:1 

teammates 68:6 

teams 41:11 153:8 

157:18 

tech 152:3 155:5,6,15 

158:17 

technical 100:14 

techniques 97:14 

183:10 

technologies 149:16 

153:22 154:4 157:11 

166:17 183:10,18 

193:18 

technology 4:20 20:2,8 

103:22 145:19 151:7 

153:1 156:2,4 161:7 

164:17 165:4,9,18,20 

166:2,11,22 167:3,5 

167:11,14,20,22 

168:6,12 169:4,14,19 

170:4,6,12,19,20 

171:2,10,15,19 172:6 

173:17 174:3,6 176:4 

188:15 191:4 

teens 150:5 

telewages 102:14 

tell 31:11 51:22 69:15 

187:19 

teller 61:2 

tells 27:12 

temper 116:15 

temporary 165:15 

166:6 

Ten 142:15 

ten-year 142:13 

tend 90:10 

tendencies 91:6 

tendency 54:13 

term 19:19 91:4 

terms 24:18 53:17 

55:19 57:3 63:18 87:2 

88:21 89:5,13 90:6 

91:11,17 93:5,9 

105:13 114:7 115:1 

141:12 142:3,10 

149:14 157:15,22 

178:19 188:20 197:7 

terrible 12:14 

terribly 31:13 

terrific 132:2 

test 7:11 43:3 156:11 

testing 88:22 180:8 

Texas 22:22 25:16 

Texas-Mexico 23:8 

24:7 

thanking 51:20 

thanks 77:14 194:17 

195:21 197:6 198:9 

Thanksgiving 58:22 

theme 92:13 189:4,11 

190:2 

themes 131:12 163:8 

165:2 185:19 188:11 

190:12 

things 9:2 32:16 40:10 

42:4 43:10 45:11,22 

46:3 49:18 50:15 

58:17 82:5 92:11 

95:19 106:14 111:13 

119:6 124:16 142:13 

146:9,21 149:9 

153:10,11,12 156:2 

158:16 169:11 174:2 

181:6 188:2 194:1 

third 23:2 53:20 63:3 

99:9 107:21 108:1 

122:16 141:16 148:9 

154:6 181:16 182:18 

183:6 189:11 

third-generation 11:5 

third-party 158:21 

third-quarter 141:19 

thorough 145:5 

thoroughly 119:1 

thought 21:17 50:9 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
222 

119:3 156:6 169:5,13 

175:14 190:14 

thoughtful 5:13 195:13 

thoughts 16:19 126:5 

159:5 

thousand 61:9 71:7 

threat 102:19 175:16 

186:10 

threats 176:11 180:19 

191:3 

three 32:9 50:20 59:13 

62:13 64:8,8 65:7 

124:4 130:12 169:10 

169:21 

three- 108:14 

thresholds 21:16 41:1 

thrive 46:8 

throughs 89:20 

Throwing 91:18 

Tier 21:4 22:6 92:21 

93:2 

tiered 16:4 

tiering 15:19 

timeframe 113:22 

timely 48:10 149:18 

times 24:4 31:16 43:9 

46:12 86:4 92:21 

115:10 181:18 

tissue 8:4 

today 9:8 14:13 24:2 

25:7 31:9 34:4 35:21 

37:21 39:6 40:9 42:17 

55:13 69:9 71:20 

77:15 86:5 87:20 91:1 

94:18,20 99:12,16 

106:21 107:6 112:7 

119:3,17 123:16 

125:20 131:13 141:2 

143:7 146:7,7 165:1 

174:3 183:4,13 

190:20 191:5 196:3 

today's 5:8 7:18 

ton 82:18,20 185:2 

Tony 100:18 106:7 

tools 152:14 156:9 

top 22:10 58:16 62:20 

72:19 91:19 136:13 

174:8 

topic 33:20 35:7,10 

39:4 176:3 185:9 

topics 131:12,14 

total 20:17,19 69:5 86:9 

101:2 110:19 113:18 

122:20 134:19 135:14 

177:2,16 178:6,20 

totaled 17:17 

totally 41:17 

totals 177:5 

touch 24:11 39:2 95:18 

97:2 

touched 7:22 

tour 146:12 

tourism 44:12 49:9 

54:19 59:18 60:15 

85:4 116:12 

tourism-related 44:2 

tourist 43:21 

town 14:16,19,19 15:7 

15:8,9 59:11 60:15 

64:8 66:11 

track 93:13 191:22 

trade 23:18 24:1 140:16 

140:17,17 153:2 

trademarks 37:8 

tradeoff 183:4,13 

trailblazer 7:5 

train 181:8 

trained 185:1 

training 18:9 75:22 

183:16 

tranche 27:17,20 

transactions 177:2,17 

transitory 21:17 61:22 

90:10 

translate 166:6 

translates 108:18 

114:18 

transparency 163:3 

transparent 163:4 

transportation 23:18 

56:16 

travel 24:6,8 42:7 116:8 

116:11 125:14 

travelers 44:8 

treasure 154:12 

treasurers 133:5,12 

Treasuries 124:1 

Treasury 38:1 

tremendous 40:21 52:3 

82:13 154:2 157:3,11 

158:14 

tremendously 147:12 

trend 105:8,17 114:12 

168:12 172:17 

trended 116:2 

trends 9:11 10:3 104:11 

114:9 115:12 116:8 

116:15 117:13 127:16 

162:18 

tribal 78:11,22 79:7,17 

83:9 

tribally-owned 78:7 

Tribe 78:16 

Tribes 78:15 

tried 172:6 

tripled 49:7 

tripling 50:5 81:14 

troops 45:3 

trouble 53:7 155:2 

troubled 163:19 

trove 154:12 

truck 86:21 

trucks 120:12 

true 54:9,14 113:9 

169:22 

Truist 135:8 140:10 

truly 52:1 59:10 

Trustar 2:2 26:13,21 

197:10 

try 33:15 34:3 45:21 

60:22 79:2 95:3 

174:13 188:20 

trying 33:17 49:21 50:1 

50:11 51:13 76:13 

79:18 84:20 88:10,17 

114:22 148:17 183:17 

187:15 

tuna 30:11 

tune 164:3 

tuned 163:22 

turn 7:16 22:16 31:20 

36:7 48:14 52:22 58:1 

68:10 77:22 83:3 

84:13 85:17 106:5,15 

111:2 118:6 125:20 

131:21 135:21 136:1 

136:4 160:2,20 161:3 

164:15 173:3 196:15 

turned 120:7 

turning 9:10 22:3 30:16 

turnover 102:12 

Twin 131:4,8 

two 8:10,11 25:1 27:2 

29:8 32:10 34:1 41:10 

50:20 58:17 59:4,4 

60:3,22 61:4 62:10 

63:6 64:9 69:1 94:13 

98:3 101:4,10,12 

102:14 106:10 109:15 

114:17 115:11 125:15 

129:22 136:20 140:16 

150:16 158:7 159:9 

163:16 171:5 175:4 

189:7,9 

two-year 27:1 

types 85:4 130:7 

typical 74:21 

typically 14:6 189:20 

U

U.S 23:17 83:10 194:12 

U.S.- 23:1 

unanticipated 21:7 

unauthorized 184:4 

unbanked 79:2 152:7 

152:16 

uncertainties 91:16 

uncertainty 5:16 19:8 

82:6 91:10,20 163:14 

unclear 189:16 

underbanked 79:2 

underscore 7:4 

understand 38:18 76:8 

98:7 133:13 153:18 

154:15,15 159:13 

183:17 

understanding 39:1 

42:11 75:3,8 138:6 

understood 75:9 

undertake 191:2 

underwrite 138:12 

underwriting 101:20 

137:15 140:5 

undiscovered 97:20 

unemployment 17:12 

17:14 31:5 54:1 74:9 

79:9 108:21 109:2 

114:10 

unexpected 96:18 

unfolding 124:9 

unfortunately 5:6 45:12 

71:18 177:22 

unintended 96:20 

unions 83:15 

unique 14:21,22 46:12 

59:11 60:12 66:1 87:4 

96:1 132:4,8,12 137:5 

137:10 138:22 139:10 

144:3 167:4,22 172:7 

United 5:19 78:8 152:13 

186:11 187:8 

units 45:1 66:8 

universal 76:16 

universe 156:2,15 

193:20 

university 98:13 

unknown 90:2 

unsure 74:5 

update 4:14,16,20 

143:9 145:18 173:16 

175:7,11 181:7 182:1 

182:5 185:14 

updated 143:14 181:11 

181:11,12 

updates 141:5 143:17 

upload 41:21 

uploaded 42:4 

uptick 56:14 57:9 

112:15 

Upton 3:14 6:6 

usage 57:9,12 

USAJOBS 159:20 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
223 

use 20:8 33:18 68:18 

73:6 103:11 120:13 

145:1 156:11 188:20 

193:20 

useful 146:1 151:3 

154:12 185:8 

user 182:8,22 

usual 24:3 

utility 147:12 

utilize 92:20 

V

V 2:19 

vacancies 115:16 116:1 

116:17 

vacancy 110:7 125:3 

vaccinated 11:20,21 

25:18 

vaccination 68:12,18 

88:22 89:1 

vaccine 89:7 

valley 2:20 58:2 59:3,17 

62:4 63:5 

valuable 146:2 

value 76:22 93:9 104:5 

118:1 151:4 197:1 

values 95:16 97:22 

119:19 

variants 102:2 

varies 71:22 

varieties 120:13 

variety 85:7 119:11 

137:7,10 158:19,20 

various 8:14 146:14 

196:2 

vehicles 120:14 

vendor 158:21 

vendors 153:1 

version 155:10 156:21 

viable 80:17 82:21 

video 53:6,7 

Video-Teleconference

1:18 

videos 131:15 

view 113:12 

viewed 183:1 

viewpoint 107:2 

violations 188:16 

Virginia 60:20 94:11 

111:18,19 197:11 

virtual 40:14 41:17 

75:17,21 

virtually 89:19 

virtue 8:20 

visit 46:11 

visitors 43:22 

visuals 58:13 

voice 159:5 

volume 56:21 

vote 180:13 

voted 180:15 

VRBO 66:17 

W

wage 18:9 54:10 61:2 

76:12,19,20 

wages 54:12 76:22 97:7 

wait 42:4 

walk 146:20 

wanted 7:4,12,13 70:20 

74:16 81:17 97:2 

129:10 132:3 136:15 

137:5 140:7 143:6 

146:19 152:14 156:18 

156:19 161:10 163:20 

175:4,6,10 182:5 

184:21,22 185:10,14 

185:19 188:10 

wanting 51:9 

warm 32:3 126:21 

Warwick 53:13 

Washington 27:4 31:3 

55:13,16 

wasn't 48:6 52:17 

172:13 

watch 92:22 

watching 12:9 51:12 

95:15 109:16 110:12 

119:7 124:5 

wavering 28:12 

way 14:21 33:15 39:18 

45:15 76:19 101:11 

102:13 103:14 119:1 

147:18 156:15 181:10 

195:13 

ways 6:21 7:3 8:21 

130:3 154:5 159:10 

191:4 194:5 

weakening 20:16 

weakness 108:19 

wealth 63:4 66:2 

weather 11:10 

weathered 120:5 

website 141:3 154:11 

162:19,20 

Wednesday 1:12 92:16 

week 13:10 41:6 43:8 

62:15 77:18 170:22 

weeks 98:17 141:21 

weight 132:14 

welcome 5:4 127:13 

welcome/introduction

32:4 

welcoming 37:6 65:11 

well- 119:18 

well-capitalized 27:14 

95:20 

well-qualified 62:16 

well-stocked 93:1 

Wells 37:8 64:5 

went 40:15 86:5 126:14 

127:11,11 146:12 

147:20 153:13 189:1 

195:19 198:16 

weren't 112:7 171:21 

west 2:18 4:9 17:2 32:2 

53:13 59:8 64:5,7 

78:1,2,4 94:11 111:18 

119:8 130:15 

western 48:4 78:14 

82:11 

whacking 148:20 

Wharton 2:19 4:8 58:2 

58:4 

whatsoever 48:7 

wholeheartedly 68:17 

wide-ranging 91:22 

widened 168:2 171:20 

widening 168:19 169:3 

wider 168:13 

widespread 73:19 

willing 81:5 

willingness 6:1 163:18 

wind 107:14 

window 29:19 

winner 177:16 

winners 152:1 

winnowed 150:4 

winter 13:4 28:20 44:8 

44:12 49:5 69:12 

Wisconsin 84:18,21 

85:2 87:17,19 119:11 

wish 26:8 31:14 36:19 

52:16,17 68:8 72:22 

198:11 

wishes 106:4 

women 7:5 

women- 147:6 

wonderful 69:3,7 

148:14 152:21,22 

154:18 198:11 

wondering 177:14 

word 15:12 39:6 65:8 

193:9 

words 7:22 8:3 47:7 

127:3 179:20 187:4 

187:17 

work 8:7,14 18:2 27:18 

30:21 66:4,16 68:4 

80:18 85:8 89:16 

95:20 96:21 100:1 

124:17 125:10 130:3 

152:18 153:7 155:10 

156:22 157:3 161:5,6 

174:7 196:7 

worked 10:22 27:22 

28:8 31:12 40:18 

41:11 84:8 128:11 

141:12 150:3 182:2 

worker 115:8 

workers 17:22 18:1,5,6 

42:16 46:1 66:13 

workforce 18:2 30:19 

89:10 

working 8:5,12 18:15 

18:17 19:9 25:19 26:5 

42:13 45:20 52:12 

96:17 115:21 119:2 

150:12,22 153:8 

157:9,10 159:1,16,16 

workload 40:17 

works 135:1 155:8 

world 86:15 91:17 

147:4 148:17 155:19 

worry 51:7 148:22 

worse 44:5 75:2 

worsening 29:6 

worst 84:11 

worth 77:8 176:1 

wrap 94:1 

wrapped 51:13 

wrapping 93:15 

X

Y

Yampa 2:19 58:2 59:3 

62:4 63:4 

Yay 111:8 

years 5:11 6:21 8:6 

14:6,7 27:2 32:10,10 

34:2 39:14 44:1 45:6 

52:20 53:11 59:15 

60:22 61:5 62:10,13 

79:4 82:1 83:5 94:10 

99:2 100:20 102:15 

115:20 116:18 123:10 

129:3 152:9 155:8 

164:10 175:22 197:3 

yesterday 7:2 36:8 39:7 

127:18 128:5 130:17 

140:13 

yesterday's 128:18 

yield 122:4 

yielded 138:18 

yields 48:16 69:19 92:2 

102:18 112:21 122:1 

York 100:20,21 

young 18:7 

youth 98:4,14 

Z

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
224 

zero 28:10,11 87:2 

105:16,16 184:12 

zeroing 182:15 

zone 45:9 

0

1

1,400 116:20 

1,938 78:19 

1.3 78:19 

1.5 25:19 

1.7 23:6 

1.9 53:10 

1:00 1:18 

1:04 5:2 

10 4:4 8:9 58:20 59:15 

73:17 117:20 130:11 

178:8 

10-mile 97:3 

100 4:10 78:12 82:18,19 

84:19 101:12,19 

133:10 171:4 177:16 

106 4:12 

1071 15:4 

11.2 21:5 

111 4:12 

115 59:10 

118 4:13 

12 5:11 20:3 27:15 63:7 

12,500 59:6 

12.7 20:17 

120 47:15 135:15 141:8 

126-year- 16:22 

129 4:15 

13 21:5 116:20 

131 4:15 

14 60:9 179:7 

145 4:17 

15 28:19 71:7 109:3 

117:21 127:8 135:19 

135:21 

15-minute 127:7 

152 94:10 99:1 

15th 175:18 

16 4:4 61:3 74:13 

160 4:18 

161 63:9 

164 4:19 

16th 115:5 132:7 135:6 

135:15 141:4 

17 53:13 

17-branch 23:9 

173 4:20 

18 78:7 110:6 

192 53:11 

196 4:22 

1967 32:8 

1970s 96:11 

1986 17:19 

1990 143:13 

1st 175:19 178:5 

2

2 58:19 67:6 74:22 

107:22 109:9 

2(f)(a) 191:12,17 192:2 

192:3,3 193:4 

2.40 28:16 

2.8 12:2 

2.9 17:13 

20 60:5 61:3 79:11 

100:20 117:22 125:3 

20-30 30:1 

200,000- 115:2 

2000 17:16 121:22 

2001 181:10 

2002 167:18 

2005 181:11 

2009 110:20 

2010 113:21 

2011 181:11 182:13 

2015 167:9 

2017 171:17 

2018 171:18 

2019 21:6 69:1 81:14 

114:16 167:9 

2020 43:20 74:14 81:12 

167:1,17 168:2,5 

169:1 171:20 178:7 

178:21 179:1,18 

2021 1:13 17:5 43:16,19 

44:4 57:4 63:11 66:19 

80:10 81:12 89:17 

92:18 93:14 108:1,3,9 

109:13 110:15 112:18 

116:10 161:11 177:3 

177:18 181:12 182:13 

2022 44:4,12 46:6 56:2 

67:16 69:2 84:1 90:1 

101:14 102:6 105:9 

105:18 109:10 121:1 

198:13 

2023 44:12 

2024 45:3,4 

21st 161:12 

22 4:5 32:9 49:22 50:16 

69:10 

220 11:5 

23 49:22 

23rd 144:17 

24 63:9 113:21 

25 61:4 65:21 66:6 67:7 

101:11 102:14 

250 101:2 

26 4:5 110:21 

28 17:15 60:7 63:8 

280 134:10 136:2 

29 134:13 

3

3 1:13 75:1 110:19 

116:6 

3,000 66:8 80:8 

3.1 114:11 

3.2 27:16 

3.4 62:18 

3.40 28:17 

3.7-3.8 79:10 

3:10 127:10 

3:25 127:12 

30 20:17 135:21 150:1 

178:9,18,20,22 

187:22 

30-something 150:5 

30,000 78:20 80:11 

300 27:9 62:12 

300-acre 66:7 

30th 56:7 113:20 

175:20 178:5 179:2 

31st 64:3 

32 4:6 

33 21:3 104:13 

35 6:21 8:6 13:12 150:1 

350 82:19 

350-a-ton 82:22 

35th 23:5 

36 189:15 

36-hour 189:13,16 

360 59:7 

371 17:5 

373 27:10 

4

4,000- 62:17 

4.7 20:19 

4.8 109:4 

4.9 114:11 

4:37:12 191:13 

4:46 198:16 

40 4:6 47:20 62:14 86:4 

101:3 113:18 

401 27:8,9 

430 94:12 

44 65:21 69:11 

445 63:6 

45 47:15 178:9,17 

450 23:3 

47 4:7 

470 27:7 

48 17:18 72:16 

5

5 4:2 86:8 108:17 

117:18,20 178:8 

5,000 78:21 

5.2 54:2 

5.4 116:18 

5.7 108:3,9 

50 47:16 89:2 

500 44:22 62:12 86:5 

500,000 81:4 

52 13:13 

53 4:7 116:10 

55 89:2 

550 14:16 

57 63:10 

58 4:8 89:3 

59.4 114:14 

6

6 107:19 

6.7 108:8 

60 60:3 62:14 134:19 

187:22 

60-percent-plus 47:19 

60-year 86:1 

61 60:7 116:11 

62.7 114:15 

65 11:21 

68 4:8 

7

7 11:12 185:11 

7.2 74:11 

7.7 116:19 

7.8 115:18 

7.9 121:6 

70 61:11 82:19 94:12 

104:15 137:1 

700,000 114:18 

72 113:19 

740 86:6 

78 4:9 

8

8 71:6 185:11 

8.43 63:22 

82 11:20 115:2 

84 4:9 

86 20:18 

8th 24:10 

9

9 64:2 

9.2 115:17 

9/30 122:17 

900 62:19 

94 4:10 

95 78:9,11 101:6 

96 130:11 

98 25:18 63:8 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
NEAL R. GROSS 

COURT REPORTERS AND TRANSCRIBERS 

1323 RHODE ISLAND AVE., N.W. 

(202) 234-4433 WASHINGTON, D.C. 20005-3701 www.nealrgross.com 

C E R T I F I C A T E 

This is to certify that the foregoing transcript 

In the matter of: Community Banking

Advisory Committee

Before: FDIC

Date: 11-03-21

Place: teleconference

was duly recorded and accurately transcribed under 

my direction; further, that said transcript is a 

true and accurate record of the proceedings. 

 

225

Court Reporter