2020 Journal of Community Bank Studies

THIRD PLACE: Mansfield University of Pennsylvania

institutions scheduled updates regarding the state of the investigation so that banks are more informed. Communication is the most important factor in this situation, because it is sometimes unclear what exactly happens as a result of the reports. More communication between the two would be more beneficial for both parties. Conclusion In this case study, we examined the impact of BSA/AML regulations on C&N and how legislative reform can improve the compliance measures on community banks. We found that C&N has a moderate risk-level due to its risk profile, but still spends a significant amount on compliance costs every year. Having to spend substantial resources on compliance and customer due diligence can greatly reduce the bank’s ability to spend vital resources on other departments that more directly benefit customers, as well as donations to the local community. In this study, we have identified various pieces of legislation that would help to modernize BSA/AML regulations to ease the stress of community banks. Earlier, we noted that community banks are often defined by the value of assets they possess. However, there is much more that contributes to the term than its asset size. C&N is the perfect example of a community bank because it is locally owned and operated, and many people in the area utilize the bank it in their everyday lives. By coming up with tailored solutions, the bank focuses on the needs of the local businesses and families. Each of the

Between the bank’s core values and growth over the past few years, the future for C&N is positive.

bank’s branches is distinct and serves entirely different customers and legal entities; C&N acknowledges this and develops its products and services to see every customer as an individual. All employees, whether a manager, teller, loan officer, or support personnel, work toward C&N’s greater vision that one person alone cannot achieve. This vision works toward the hope that every customer believes “C&N is the ONLY bank I need” (“2018 Highlights”). Between the bank’s core values and growth over the past few years, the future for C&N is positive. The bank’s conservative fiscal strategy will continue to show its benefits in the future, and the new acquisition of Monument Bank will bring in another source of revenue, as well as new customers. Hopefully, in the future, BSA regulations will be modernized to relieve community banks of certain pressures. But no matter what, C&N will continue to prosper and serve its customers with the utmost support for many years to come.

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