Independent Banker - August 2019 - 47
First Federal Bank's
leadership includes
president John Medina,
CEO Keith Leibfried
and Dana Chaves, its
director of specialty
banking services.
" When we go
through exam
cycles with
regulatory
agencies, we
want to be the
benchmark
for doing it the
right way. "
-John Medina,
First Federal Bank
document management to payments, transaction
monitoring and reporting. First Federal's other partners
conduct extensive background checks, help with gap
analysis and review policies and infrastructure. This not
only aids the bank's compliance team, which is responsible
for huge amounts of data from tracking cash
from seed to the point of sale, but also
uncovers information about potential
irregularities that can be passed on
to clients. With many MRBs raising
substantial funds, the bank must vet
the capital-raising process and any
individuals with a controlling interest.
" We need to understand where funds
Photo: Holly Frazier
are coming from and where they are going, " Medina says.
" There are just a lot of details that having a system that
understands the risk associated with every transaction is
very helpful. "
Three months in, First Federal Bank has about 100
cannabis industry customers and is beginning to see an
increase in non-interest-bearing deposits and revenue from
non-interest-free income from account analysis. " While
we have good basis today, I can only imagine, two, three
or fi ve years from now, the innovation and technology
infrastructure in place to do even more better and faster, "
Medina says. " When we go through exam cycles with
regulatory agencies, we want to be the benchmark for
doing it the right way. " -Kelly Pike
independentbanker.org Q 47
http://www.independentbanker.org
Independent Banker - August 2019
Table of Contents for the Digital Edition of Independent Banker - August 2019
Table of Contents
Independent Banker - August 2019 - Intro
Independent Banker - August 2019 - Cover1
Independent Banker - August 2019 - Cover2
Independent Banker - August 2019 - Table of Contents
Independent Banker - August 2019 - 2
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Independent Banker - August 2019 - Cover3
Independent Banker - August 2019 - Cover4
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