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Money

Help on the way (access required)

Exempt organizations received some much-needed relief as part of the Consolidated Appropriations Act of 2021. While the full act runs more than 5,500 pages, we've summarized the key items affecting exempt organizations.

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Staying in touch at a distance (access required)

Banks often tout their “personal” attention to customers, but the COVID-19 pandemic forced them to take some detours. Many pushed mobile applications, but such a move can be an uphill battle: despite the convenience, more than 60% of US banking customers rarely or never use their bank's mobile app, according to a McKinsey study. Here’s how some institutions are building new relationships and maintaining existing ones while observing social-distancing requirements.

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Winning with wine (access required)

David Wolin, the owner of Old York Cellars winery in Ringoes and former Biglaw attorney, is a self-proclaimed worry wart. While peers spent March thinking all could go back to normal in a matter of weeks, Wolin and Old York took the position that pandemic-related changes might go on for a year.

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Still giving (access required)

The federal Coronavirus Aid, Relief and Economic Security Act has, by many accounts, left something to be desired. Former President Donald Trump signed the initial measure in March of last year to help keep businesses afloat as they faced an onslaught of restrictions and closures.

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Borrowing time (access required)

Across the nation, more than 5,000 commercial banks and savings institutions covered by the Federal Deposit Insurance Corporation reported that their third-quarter profits rose from the first and second quarters of this pandemic-stricken year. The institutions also increased their liquidity, and strengthened capital levels, which means “the banking industry remains well positioned to accommodate loan demand and support the economy,” according to a Dec. 1 FDIC report. That was the good news.

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