KENTUCKY BANKS & THE COVID-19 PANDEMIC MY TWO CENTS by Debra Stamper KBA EVP & General Counsel dstamper@kybanks.com
Reflections on a Pandemic I’m going to be honest; I haven’t had much time to reflect on anything. PPP loans have pretty much taken all of my time. But here are some of my thoughts, in no particular order of importance.
EMBRACE TECHNOLOGY
IN-PERSON BANKING Having said all of this, I don’t believe in-person business is gone. I just think that we have to be prepared for future situations where remote business is required.
Kentucky must embrace electronic signatures, notarizations, filings and other transmissions of business. We have been baby stepping into this world and that is not fast enough. COVID-19 slipped up on us, caught us unaware and showed us EXACTLY where we are deficient. Let’s not allow this to happen again!
KBA EVENTS
BUSINESS DOES NOT STOP
I MISS PEOPLE
County clerks MUST accept technology in a uniform manner. Last year we passed some legislation on electronic filings. It was voluntary for the clerks. That is no longer acceptable. Business does not stop when a disaster hits and all parties involved must be ready. If the clerks do not have the capacity to adopt procedures for technology, we need to allow for a central filing system, just as we have for UCC-1’s.
I miss seeing friends and family. I am a social person. I love to host informal get togethers, cook-outs and such. These last, going-on 3 months, are no fun!
PUSH FOR CHANGE Other agencies must be pushed to accept digital signatures and filings as well. Federal and state agencies such as FNMA and Freddie also need to be pushed to change their processes and procedures. They have waited too long and we saw the chaos created.
IMPROVE TITLE SEARCHES In addition to digital signatures and electronic filings, county clerks must be required to get at least a minimum of 30 years of deed/mortgage recordings online for title searches. Many county clerks’ offices have already done this and there is no reason the rest cannot.
I miss seeing you. I am sorry that we have had to cancel events. Networking is valuable. We will figure this out. In-person meetings will start up again, probably smaller meetings, with more “social distancing” at first and later events and conferences.
FACEBOOK DIY I am really tired of seeing friends’ posts on Facebook showing their most recent DIY accomplishments during the COVID-19 quarantine. What job do they have that they can work from home and still have time to remodel the bathroom on Wednesday and build their children a life-size play city on Thursday ??!!??
THIS TOO SHALL PASS As they say…this too shall pass…what doesn’t kill us makes us stronger…a rolling stone gathers no moss…a stitch in time saves nine…it’s like herding cats…the early bird catches the worm…absence makes the heart grow fonder…make hay while the sun shines…and... ...the PAC is still a strong tool…don’t forget!
FLEXIBLE WORK ENVIRONMENTS Our offices have to be flexible. Work will not go on as usual. Both employers and employees have seen that they can work from home (and often with more production/efficiency) and that will become the new expectation. Zoom has taught us that we can have in-person meetings quickly and easily. Even before this situation, employers found that most employees would take work-from-home days over a raise. That sounds like a win-win.
BRING VALUE Banks may need less employees going forward. This may be bad news for employees and for your community. But it also allows for employees to look for new ways to bring value to the bank. Everyone needs to find a model that works for their community and their customers. Employees have to find a way to bring a new value to the table. If you design it and it brings value to the bank, it will bring you more passion when performing your job! KENTUCKY BANKER Spring 2020 Special Edition | 11
