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March/April 2012





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March/April 2012

2011-2012 OFFICERS AND DIRECTORS OF THE VIRGINIA BANKERS ASSOCIATION William Couper, Chairman, Bank of America Jeffrey M. Szyperski, Chairman-Elect, Chesapeake Bank Charles H. Majors, Immediate Past Chairman, American National Bank & Trust Co. O.R. Barham, Jr., StellarOne Corporation Frank Bell, III, Chesapeake Bank Katherine E. Busser, Capital One Financial Corporation Tim Butturini, Wells Fargo Bank, N.A. Larry G. Dillon, C&F Bank Randy K. Ferrell, The Fauquier Bank Larry Heaton, Franklin Community Bank Gail Letts, SunTrust Bank John R. Milleson, Bank of Clarke County Samuel L. Neese, Highlands Union Bank Susan Ralston, Bank @Lantec Gary R. Shook, Middleburg Bank David P. Summers, Virginia Heritage Bank Daniel G. Waetjen, BB&T Richard T. Wheeler, Jr., Franklin Federal Savings Bank AT-LARGE MEMBERS Benefits Corporation Chair Richard M. Liles, Bank of McKenney Management Services Inc. Chair Frank Bell, III, Chesapeake Bank Government Relations Committee Chair Christopher W. Bergstrom, Cardinal Bank VBA Education Foundation Chair J. Peter Clements, The Bank of Southside Virginia

EDITORIAL & EXECUTIVE OFFICES 4490 Cox Road Glen Allen, VA 23060 804-643-7469 Fax 804-643-6308 Bruce T. Whitehurst President and CEO Virginia Bankers Association Chandler Dewey Manager, Communications/ Marketing and Financial Literacy Virginia Bankers Association


280 Summer Street, Boston, MA 02210 Phone: 617-428-5100 Fax: 617-428-5118


Banker Day 2012 Draws Record Attendance More than 400 people attended the 12th annual event.


SUBSCRIPTIONS If you would like to subscribe to Virginia Banking, contact Chandler Dewey at


Data Breach and Identity Fraud: How to Proactively Mitigate Fraud Loss Financial institutions are paying the price for online security breaches over consumer websites.


SBA 504 Refinancing Program Provides Long-Term Working Capital for Small Businesses The Small Business Administration has temporarily modified its SBA 504 Program.


Taking a Different App-ti-tude Customers’ expectations of their online experience is changing. Are you ready?

Virginia Banker is published bi-monthly. Copyright 2012. Statements of fact and opinion are made on the responsibility of the authors alone and do not imply an opinion or endorsement on the part of the officers or members of VBA.

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Š2012 The Warren Group Inc. All rights reserved. The Warren Group is a trademark of The Warren Group Inc. No part of this publication may be reproduced in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage and retrieval system, without written permission from the publisher. Advertising, editorial and production inquiries should be directed to: The Warren Group, 280 Summer Street, Boston, MA 02210. Call 800-356-8805.

in every issue 4 Calendar of Events 5 Insights 6 Compliance Corner 8 Legal Line 10 Legislative Update

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Worth Noting Washington Update Welcome New Associate Members Bankers on the Move

Send us your thoughts or ideas on Virginia Banking! Please email Chandler Dewey at Has your information changed? Please email Kellee Edelin at with your new contact information.

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Calendar of


Live Event


Online Seminar


























Information and online registration is available at the VBA website. Please either go to or use this form to check the box next to the program you want information about, then fax the form to the VBA office at 804-643-6308. The VBA will send you information about the program as soon as it is available, usually eight weeks before the program. Name___________________________________________________ Bank/Firm______________________________________________ Address_____________________________________________________________________________________________________________________ City________________________________________________________________ State/Zip____________________________________ Phone___________________________ Fax_________________________ Email____________________________________________________ For more information go to 4 Virginia Banking | March/April 2012



I Bruce Whitehurst President and CEO, Virginia Bankers Association

bet you can quickly name the one teacher who had the most influence on you during your school years. Mine was Sue Moore, my teacher for English 10 and Spanish 3 through 5 at Liberty High School in Bedford, Virginia. Not all that much older than I was – although it didn’t seem that way at the time – Ms. Moore was my favorite teacher and my least favorite teacher all rolled into one; it just depended on the day of the week as to how I viewed her! In hindsight, it is clear she was simply my favorite teacher all the way around. We both had strong wills, which made clashes inevitable, and there was this element, too: I thought I knew everything and she knew I did not. What Ms. Moore also knew was that I was capable of more than I believed I was, so she challenged me to push myself, not only academically, but also as a person. She put up with my occasional shenanigans and she kept investing in me. My senior year of high school, I told Ms. Moore where I thought I would go to college; she replied that the school I had in mind was a good one, but said that I should aim higher. She strongly suggested that I consider The College of William & Mary and she had a lot to do with the fact that I did indeed apply (accompanied by her letter of recommendation), was admitted and had a great four years in Williamsburg.

A lot of people have gone further than they thought they could because someone else thought they could. — Unknown

Ironically, Ms. Moore followed my mother as a Spanish professor at Hollins University when my parents moved to the Richmond area after I graduated from high school; she taught at Hollins for a number of years. Ms. Moore now teaches at Roanoke Catholic School, no doubt still influencing students to stretch beyond where they think they can go.

I have been fortunate to have many great mentors in my life, including my parents; several excellent bankers at Jefferson National Bank, where I worked for 10 years before joining the VBA; my predecessor at the VBA, Walter Ayers; many Virginia banking leaders and my teammates at the VBA, whom I learn from every day. At our Financial Forecast Event in January, past VBA Chairman Betsy Duke, a long-time Virginia banker who now serves on the Federal Reserve Board of Governors, observed that “… at the VBA we have raised Bruce from a pup!” and that was a precise statement. I was 28 years old when I joined the VBA and I am the beneficiary of many mentors who have invested in me; in fact, working with so many great banking leaders is a unique and incredible part of my role at the VBA. We don’t all teach in a school setting, but without a doubt, we all teach. Others notice our actions and listen to our words. We make an impression on other individuals every day. As I reflect on Ms. Moore and all the other people who have invested in me and been great mentors to me, I realize how important it is for me to be that person to others. In Virginia banking, we have a legacy of mentorship, not only within each of our member banks, but in the industry at large. We have incredible volunteer support and bankers who take on leadership roles at the VBA. They learn from each other through their work together. We have a Leadership Division that is growing quickly in number and that is creating more opportunities for emerging banking leaders to interact not only with each other, but also with current banking leaders who share their experiences and their time. Through community service and financial literacy initiatives, bankers are serving as mentors in their communities all over Virginia every day. As an industry, we do a terrific job of paying it forward. I recently contacted Sue Moore to thank her for the valuable investment she made in me. If I get a similar call sometime in the future, I will have held up my end of the bargain.

Bruce Whitehurst can be reached by email at

March/April 2012 | Virginia Banking 5



Internet Banking Requirements Get Tougher ‘Layered Security’ is New Standard as Regulators Push Banks to Combat Internet Frauds By Steve Field Information Technology Compliance Consultant, Thomas Compliance Associates, Inc.


ike buzzwords? Try “layered security.” That’s the latest regulatory catchphrase intended to force bank IT and compliance managers to bring their Information Technology systems up to newly established 2012 standards. The FFIEC’s 2011 supplement to its 2005 Authentication in an Internet Banking Environment Guidance – which applies to Internet, mobile and telephone banking – is the standard examiners are using to match bank compliance with new requirements. The guidance was published last summer, with an effective date of Jan. 1, 2012. Critical areas are risk assessments; a review of an institution’s current IT-Internet banking status; creation of a business plan; and training. There are clear indications that examination attention will focus on: • Appropriate oversight and board reporting. • Comprehensive risk and controls assessment and policy gap analysis. • Reasonable project plan and timeline. • Active coordination with service providers. • Enhancement to internal controls and customer education programs. According to the FFIEC 2011 Guidance, “Fraudsters have continued to develop and deploy more sophisticated, effective and malicious methods to compromise authentication mechanisms and gain unauthorized access to customers’ online accounts.” Banks, the guidance continues, have not kept pace with these increased threats, as evidenced by the level of ongoing fraud. The 2011 guidance defines e-banking accounts as “high risk” when access to consumer nonpublic personal information or the ability to transfer funds to other parties is involved. The regulatory concern is that many banks don’t know what they’re up against. Criminals are now utilizing sophisticated attack methods that are silent and can bypass many of the security systems currently in use.

6 Virginia Banking | March/April 2012

The Zeus Trojan is one such weapon the bad guys continue to use against financial institutions and their customers. Unfortunately, anti-virus software often isn’t adequate protection. How big a challenge is the Zeus Trojan? A study by Trusteer reported that 55 percent of 10,000 tested computers, all equipped with the latest updated security software and antivirus, were unable to detect and remove the traces of the Zeus virus. New versions of this malware are constantly being updated to avoid detection. The FBI has reported that actual losses from Trojan total $70 million, and losses are growing. Even today, more than two years after the study, Zeus remains a difficult enemy: New variants come to life almost daily and can be purchased by criminals for $700 to $15,000 dollars, depending on the modules purchased. Infected computers have their online banking credentials stolen, which gives the criminal perpetrator access to account information. The malware typically infects a computer through directed e-mail phishing schemes. In particular, small to medium sized businesses and government accounts have been targeted and attacked. Resolution can be messy. Commercial accounts, for example, are not governed under Regulation E. Consequently, financial institutions and commercial customers who have been the victim of fraud often become involved in lawsuits as customers sue the bank in an attempt to recover money lost in the fraud. There are actions VBA members can take to assure that their IT programs are compliant with the layered security approach the guidance requires: • The first step is a risk assessment to determine how well your bank manages its Internet authentication program. The use of simple cookies or validation questions is no longer good enough. A customer’s mother’s maiden name, for example, is too easy to determine from easily obtainable public records. • Look at both consumer and commercial accounts, because both are vulnerable.

Cyber Theft Ring Malware exploiters purchase malware and use it to steal victim banking credentials. They launch attacks from compromised machines that allow them to transfer stolen funds and deter any tracking of their activities. Money mule networks are comprised of individuals engaged in the transfer of stolen funds who retain a percentage for their services.

Malware coders develop malicious software that is sold on the black market.

Malware Exploiters

Money Mules

Victims include individuals, businesses, and financial institutions.


How the Fraud Works

1. Malware coder writes malicious software to exploit a computer vulnerability and installs a trojan

Malware coder


2. Victim infected with credentialstealing malware

3. Banking

Targeted credentials victim

Compromised collection server


4. Hacker retrieves banking credentials


proxy 5. Remote access to compromised computer


6. Hacker logs into victim’s online bank account

Victim bank

7. Money transferred to mule

Money mules transfer stolen money for criminals, shaving a small percentage for themselves.

Victims are both financial institutions and owners of infected machines.

mule organization victims

8. Money transferred from mule to organizers

Money mules

Fraudulent company

Criminals come in many forms: Malware coder Malware exploiters Mule organization

Global Reach malware coder/exploiters

Law Enforcement Response To Date: Total FBI cases: 390 Attempted loss: $220 million Actual loss: $70 million United States: 92 charged and 39 arrested United Kingdom: 20 arrested and eight search warrants Ukraine: Five detained and eight search warrants

This FBI graphic traces the cyber fraud process that worries banking regulators – and should worry bank IT and compliance officers. • Assess how your bank monitors security at the time of transaction. • If your bank uses outside vendors for its IT security, as many institutions do, make certain their systems are current with the new guidance. • If there are shortcomings in your security program, develop a plan indicating the steps that will be taken to make the bank compliant. Examiners will especially look for a how-we’re-goingto-fix-the-problem response. • IT and compliance should create an IT security presentation for the board and senior management, both of which are more seriously tasked than ever with compliance management. If there are issues, include them in the presentation – and explain how they will be solved. • Develop an IT Internet security training program for customer contact and backroom staff – and for senior management and directors as well.

These what-to-do recommendations are based on what examiners will be looking for during regulatory reviews: Diligent, good-faith efforts by management to comply, within a reasonable timeframe, in 2012. The guidance indicates banks should take the following steps: Perform periodic risk assessments of e-banking services. • Identify and assess threats and associated risks to the institution and customers. • Assess and adjust information security programs, controls and customer education efforts. • Conduct the assessment at least annually or whenever new technology or significant events occur. Maintain authentication controls commensurate with risk exposure. • Single factor authentication by itself is inadequate. • Multifactor authentication and layered security controls or other controls should be put in place. • Different levels of security should be applied to your customer base, based on the risk of the account type. Establish customer awareness programs. • Educate customers on threats, risks, bank controls and Regulation E applicability. Too often customers are taken in by phishing and other scams. Establish, and implement, an action plan to bring the bank into compliance with the 2011 guidance. • Well documented risk assessment and policy gap analysis. • Timely coordination with service providers, if applicable. • Reasonable project plan and timeline. Examiners will cite exceptions as Matters Requiring Attention or issue enforcement actions if an acceptable effort has not been made. VBA members seeking information or assistance with IT compliance issues should call Steve Field, a CISSP (Certified Information Systems Security Professional) and TCA’s compliance consultant for information technology. The toll-free number is 800-934-7347. TCA is the VBA’s endorsed provider of compliance consulting and support. March/April 2012 | Virginia Banking 7



ATM Disclosures, Standards and Bank Liability


Mel Tull General Counsel, Virginia Bankers Association

eware the Ides of March this year, especially if your bank has ATMs. The Department of Justice established March 15, 2012, as the date by which banks must make sure their ATMs comply with important communication-related aspects of the 2010 Americans with Disabilities Act (ADA) standards. Some of the new standards include requirements for new and existing ATMs. These new requirements aren’t the only ATM concerns banks have on their radars. Increasingly, banks are being pulled into litigation over compliance issues with the Electronic Funds Transfer Act requirements to provide ATM fee disclosures to customers. In addition, we have received a few inquiries about the applicability of ATM surcharge fees and withdrawal limits on federal benefit and tax refund debit card programs. This article will touch on all these issues below and provide some helpful guidance. ADA ACCESSIBILITY STANDARDS AND ATMS The ADA prohibits discrimination against individuals with a disability and imposes a number of standards for access to public facilities, products, and services. Two of the access standards are of particular importance to banks: the requirement to remove architectural barriers in existing facilities and the obligation to provide auxiliary aids and services to existing facilities. Banks with existing ATMs are not required to modify them to remove architectural barriers as long as the ATMs comply with the 1991 ADA specifications. The real compliance challenge lies in upgrading the communication-related aspects of ATMs to meet the 2010 ADA requirements. Communication-related aspects of ATMs are considered “auxiliary aids or services.” Auxiliary aids and services are those designed to provide effective communication. There are many questions as to what the Department of Justice (DOJ) considers to be a communication-related aspect of an ATM, but it does consider the speech output programs on ATMs to be communication-related elements. As auxiliary aids or services, these speech output elements are subject to the upgrade compliance dead-

line on March 15, 2012. Banks may postpone making upgrades to their auxiliary aids or services by establishing that doing so would impose an “undue burden.” The DOJ defines undue burden as “a significant difficulty or expense.” A number of factors go into classifying a measure as an undue burden, and ultimately it will be determined on a case-by-case basis. However, banks can take steps to comply with the new requirements and prove that upgrades will constitute an undue burden. The American Bankers Association suggests that banks inventory their existing ATMs and compare each ATM’s specifications to the 1991 and 2010 ADA standards. In addition, they should work with their ATM vendors to determine the cost to upgrade the speech output capabilities. Lastly, banks should establish a budget, plan, and schedule for achieving ATM accessibility and revisit those plans annually. These steps can go a long way towards showing compliance with the new requirements or an undue burden. Banks should also be aware that new ATMs must conform to all the requirements of the 2010 ADA standards, including physical access requirements and auxiliary aids and service requirements. ATM FEE DISCLOSURE REQUIREMENTS Nationwide, banks are increasingly being pulled into litigation over ATM fee disclosures to customers. A “cottage industry” has developed in finding ATMs that do not provide the fee notices required by the Electronic Funds Transfer Act (EFTA). This is especially costly for banks in violation of the EFTA as the Act provides for actual and statutory damages AND attorney’s fees. The EFTA provision at issue in these cases requires a bank charging an ATM fee to post a notice stating the fact that a fee will be charged for providing the service and the amount of any such fee. This notice must appear in two places: in a prominent and conspicuous location on or at the ATM and on the screen or a printout before the customer decides to pay the fee. Banks may not charge ATM fees unless they have provided the required notice in both

Mel Tull can be reached by email at 8 Virginia Banking | March/April 2012

places and then received the customer’s consent. Banks can take a number of steps to help avoid EFTA liability, including performing and documenting regular inspections of their ATMs to confirm the presence of the required notice. They can also retain security photographs or videos for review upon receiving a complaint for failure to provide the necessary disclosure. These practices can help banks establish proof towards the two main statutory defenses. The first defense allows a bank to avoid liability if it can prove the violation was not intentional and resulted from a bona fide error. A second way banks may avoid liability is by proving the notice was removed or changed by someone other than the ATM operator. FEDERAL BENEFITS AND INCOME TAX REFUND DEBIT CARDS Lastly, we have received a few comments and questions about federal debit card programs that allow individuals to withdraw money from ATMs to get cash from their Social Security benefits and/or federal income tax refunds.

U.S. Direct Express allows the Social Security Administration to load federal benefits to a recipient’s special debit card. There are no ATM fees for cash withdrawals at Direct Express network ATMs, but the program warns recipients they may incur service charges if they use ATMs not in the network. At least one bank does not impose withdrawal limits on cash withdrawals made with the Direct Express card. Other ATM owners may set limits on the maximum withdrawal limit. The Treasury Department last year unveiled its pilot program to refund federal income taxes via the MyAccountCard debit card program. As above, card users have access to a network of surcharge-free network ATMs. Card users can also load the card with cash, a paycheck, and future tax refunds. Banks are likely to see an increase in the use of such cards as a way of distributing federal benefits. This is especially true with the Direct Express cards as it will be the only way the Treasury B:7.25” sends Social Security benefits to those who do T:7.25” not receive direct deposits as of March 1, 2013. S:6.75”

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VBA Successful in General Assembly Long Session

A Matt Bruning Director of Government Relations, Virginia Bankers Association

s of this writing, the Virginia General Assembly was in the final days of its 60-day “long session.” While final agreement on the Commonwealth’s biennial budget remained out of reach – and still might be pending as you read this – the vast majority of legislation had reached its ultimate outcome. The VBA had a successful session on legislative proposals impacting the banking industry in Virginia and we wanted to provide a summary of the actions that took place in Richmond. The VBA board endorsed two proposals to proactively advance in the session. The first dealt with the ability to appoint a substitute attorney-in-fact for a confession of judgment. As there is no current process to appoint a substitute, this change was necessary as the need to confess judgment often arises many years after a note or loan document is prepared, by which time the attorney specifically named in the note or loan document often is no longer available to confess judgment. The second bill eliminates the 10-year holding period limit and the requirement to write down the value of bank owned real estate. This allows state banks to hold such property indefinitely without writing down the value of the asset on the bank’s books. The requirement that banks arbitrarily write down the value of DPC real estate on their books conflicts with accounting rules. The VBA thanks our legislative sponsors of these bills, Senators John Watkins and Bill Stanley and Delegates Terry Kilgore and Greg Habeeb. Gov. Robert McDonnell signed the bills into law at the beginning of March. These, as with most laws enacted during the legislative session, will come into effect on July 1 of this year. In addition to our VBA agenda bills, we were also supportive of a number of successful bills related to our business. We worked to improve the effects of a proposal to implement the Dodd-Frank Act’s requirement of the licensure of appraisal management companies, including securing an exemption for AMCs that are a subsidiary owned and controlled by a financial institution. There were also a number of bills related to the garnishment process beneficial to creditors’ ability to collect on their debts. The ability to

collect costs from prior garnishments in a subsequent collection and to initiate proceedings in the physical location of the debtor were two of the changes that advanced with VBA support. Finally, several common sense adjustments to Virginia’s trust laws were approved that either add needed clarity or provide new trust service opportunities for customers. The new changes in Virginia’s banking laws are positive developments. Unfortunately, not all the legislation submitted by lawmakers was constructive. Much of the time spent by the VBA’s government relations team at the Capitol was “playing defense” against those harmful items. Similar to the 2011 session, there were many bills aimed at altering the state’s foreclosure process. Among the proposals debated were attempts to require the recordation of a mortgage note every time it is assigned, mandate the cessation of the foreclosure process during a pending modification request and create a new civil cause of action when fraudulent documents are used in a foreclosure. The VBA argued that these and other foreclosure bills were unnecessary or would only serve to increase costs and complexity to the process. Legislators were particularly interested in the various developments occurring at the federal level relative to mortgage servicing and regulatory oversight over the preceding year. Understanding that those and further anticipated revisions are more appropriately addressed at the federal level and acknowledging that Virginia’s underlying foreclosure framework is and should remain efficient and effective in order to facilitate a housing recovery, the measures were defeated for the year. Along with the failure of foreclosure legislation, bills to grant priority lien status to condo and homeowner associations as well as local zoning violations were also defeated with opposition from the VBA. The same fate was accomplished for a bill mandating IOLTA. Overall, the 2012 General Assembly session was a success for the banking industry. If you have any questions about the new laws taking effect or anything related to the VBA’s government relations, please do not hesitate to contact us.

Matt Bruning can be reached by email at 10 Virginia Banking | March/April 2012


Worth Sen. Ryan McDougle presents the resolution to Barbara Roberts.

MOUNTAINSEED’s approach to appraisal management takes the burden off Management so you can focus on what you do best: lending.

At the presentation, from left, were Matt Bruning, Genise Whitehurst, Linda Beale, Billy Beale, Bruce Whitehurst, Sen. Ryan McDougle, Barbara Roberts, Speaker of the House Bill Howell and Delegate Margaret Ransone.

AUSTIN L. ROBERTS III HONORED WITH SENATE JOINT RESOLUTION On March 6, Barbara Roberts received a resolution honoring the life of her husband, Austin Roberts, a well-known leader in the Commonwealth’s banking industry and admired community supporter from White Stone. Austin Roberts began his remarkable banking career at First & Merchants Bank; he then moved to First Peninsula Bank & Trust, where, at the age of 29, he became the youngest bank president in the Commonwealth at the time. After helping start Commerce Bank in Newport News, Roberts relocated to the Northern Neck and began an exemplary 21-year career as president and chief executive officer of the Bank of Lancaster. A visionary leader, Roberts recognized the importance of hometown banks to local consumers, overseeing the growth of the Bank of Lancaster. He was committed to helping the banking industry better serve its customers, and he shared his extensive experience and expertise with a variety of professional organizations, including the Virginia Bankers Association, the Virginia Association of Community Banks, and the American Bankers Association. He is dearly missed.

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ith more than 400 people attending the 12th Annual Banker Day, Virginia bankers definitely left an impression on their legislators at the General Assembly on Jan. 12, 2012. The crowd was so large this year that the bankers relocated from their traditional meeting location in the Capitol to the Downtown Richmond Marriott, starting their day with breakfast and remarks from Regional President and Chief Credit Officer of Cardinal Bank and VBA Government Relations Committee Chairman Chris Bergstrom, VBA Director of Government Relations Matt Bruning, and Speaker of the House Bill Howell. From there, the bankers dispersed to meet with their respective legislators, discussing with them key industry issues and their stance on certain bills of importance. Topics that dominated conversation included foreclosures, IOLTA, state-owned banks, lien preferences, education and the state budget. After the meetings took place in the General Assembly Building, bankers regrouped at the

12 Virginia Banking | March/April 2012

Marriott for lunch and a presentation from Dan Palazzolo, Ph.D., a professor of political science at the University of Richmond. Palazzolo provided a timely and insightful update on the political landscape locally in Virginia and nationally. Meetings with legislators then continued all afternoon. The VBA would like to thank everyone who participated in this event! This year’s record attendance number clearly demonstrates that Virginia bankers are engaged and understand the importance of a strong grassroots effort. We’d like to thank the Leadership Division, which also participated in the event. Division members met the night before Banker Day for a Pre-Banker Day Reception at Gibson’s Grill. Participants had the opportunity to network and hear from past attendees of Banker Day on what to expect from the event. More than 40 people attended the reception. Please save the date for Banker Day 2013 on Thursday, Jan. 10.














Staying Ahead of Dodd-Frank


Frank Keating President and CEO, American Bankers Association

e’ve got another big year ahead for Dodd-Frank Act implementation. To help bankers stay out in front of this regulatory freight train, we’ve published and mailed to community banks our latest resource, “Dodd Frank & Community Banks: Your Guide to 12 Critical Issues.” This 29-page guide, developed with the input of bankers like you, provides detailed information on 12 key implementation items for 2012. Each issue is explained in terms of why it matters to community banks and what to watch out for. Just as important, the guide examines each issue from the standpoint of how bankers can get involved and help shape the outcome. Take the issue of capital, for example. As the guide explains, the advocacy challenge is to sensibly dial back capital requirements while

ensuring stable sources of capital. Sounds reasonable. The challenge, however, is a big one, since every indicator in the regulatory and legislative spheres, as well as public sentiment, points to requiring more bank capital. We’ve got to continue to tell, and sell, our story: That increasing capital requirements is a drag on banks’ lending, which hurts communities across the country. Capital is just one of the dozen issues we’ve highlighted in our guide. There are also Consumer Financial Protection Bureau rules, FDIC coverage and the assessment base, housing finance, and the qualified mortgage and qualified residential mortgage rules, the Volcker Rule, and more. Please read the guide, share it with others in your bank and get involved in shaping these important Continued on page 19

Gov. Frank Keating can be reached by email at

2012 Virginia Bankers Association Annual Convention: Register Now!

119th Annual VBA Convention



Explore Others. Challenge Your Own.

June 17-20 • The Homestead •Hot Springs, VA Learn more by scanning the QR code to visit our website, www. Michelle Bernard: The View from Washington

Dean Browell: The Social Revolution

14 Virginia Banking | March/April 2012

Dennis Gartman: Economic Outlook

Frank Keating: Banking Legislative & Regulatory Priorities


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SEND US YOUR NEWS! Please send submissions for Worth Noting and Bankers on the Move to Chandler Dewey at

Jason Caskey, CPA Financial Services Practice Chair

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March/April 2012 | Virginia Banking 15

Data Breach and Identity Fraud: How to Proactively Mitigate Fraud Loss

By Vickie J. Storm Chief Marketing Officer, NXG Strategies


he growth of online shopping increased risks associated with consumer identity theft and fraud. These concerns escalated in the early 2000s with some high profile “breakins.” Today, identity theft has reached a new level of concern. Consumers no longer speculate whether or not they will become a victim of identity fraud, but rather when and how often their personal information will be obtained and used fraudulently. In many cases, financial institutions are paying the price for these security breaches. According to a study released by Javelin Strategy & Research in February 2012, one in 20 individuals became victims of identity theft in 2011. In 2011, there were 7.7 million victims of debit card and credit card fraud. Identity theft losses totaled $18 billion. Time spent trying to recover from identity fraud can amount to many hours – not to

mention the mental and emotional anguish that consumers experience. Today, the targets most at risk include small businesses. Identity thieves know that small business fraud typically yields higher returns than consumer fraud due in part to higher credit limits. Furthermore, cyber hackers know that small businesses house large numbers of personal records that can be sold very profitably on the black market, used for fraudulent purchases, or used to falsify “identification” for perpetrators. Businesses face greater challenges and expenses than ever before in protecting the security of their data. Many do not have the manpower or the resources to manage the escalating costs of fraud losses and maintaining a strong risk management infrastructure. According to an upcoming study from the Identity Theft Resource Center (ITRC), previewed in January 2012 by “Information Week,” 22.9 million records were affected in breaches that were publicly disclosed in 2011. Attacks by hackers were the leading cause of data breaches for the year, responsible for 26 percent of all known data breach incidents. A small business that suffers a data breach must respond by notifying affected customers and, to protect both the customers and its own reputation, provide services such as credit monitoring. Responding to a breach diverts attention from running the business. The combination of loss of focus, expenses to respond, and damage to the reputation of the damage can be devastating to the small business and can even call into question its longer-term viability. Financial institutions are affected as well. They often bear the burden of investigating and

NXG Strategies, LLC, founded in January 2005, is a pioneer in the industry of identity fraud identification and resolution and corporate risk mitigation, working with many of the nation’s organizations and financial institutions to provide quality programs for the protection of consumers and companies at risk. NXG Strategies understands the impact of record breach and fraud on both consumers and small businesses, not only for these individuals and entities but also for the financial institutions that often must bear the cost of fraud losses. Their services include complete response plans for breach incidents, fraud monitoring to detect fraud early and prevent damage, and fully managed recovery when fraud occurs. With a full suite of solutions, they effectively serve the needs of accountholders and small businesses, while at the same time helping to reduce expenses associated with fraud risk mitigation, ultimately helping the financial institution to improve ROE. 16 Virginia Banking | March/April 2012

reimbursing financial losses. If the small business’ profitability is damaged, its credit relationships with the financial institution may be compromised as well. As a leader in your financial institution, a thorough assessment of identity theft risk must consider the following issues. To start, it might be surprising to note the number of fraud claims that your institution is receiving on a weekly basis. From there, evaluation criteria would include: • The amount of employee time spend on responding to accountholder incidents of identity theft and small business breach. • The amount of time spent by your risk management personnel and other employees to monitor accountholder accounts in a plethora of ways, from overdraft management to unusual credit card usage to processing investigations of possible false claims of fraud. • The amount of money credited back to accountholders due to identity theft, especially the smaller claims that are credited without an investigation because the manpower is not available. Expenses associated with fraud risk mitigation are increasing and are negatively impacting the FIs ROE, an increasing important ratio for financial analysts to track. Combining the impact of increased expenses, rising fraud losses and lost revenue due to regulatory changes produces a significant, negative effect on profitability. Financial institutions are seeking ways to replace lost revenue, but such initiatives must be well-executed and enjoy consumer acceptance in order to produce the right results for FIs. Recent attempts to charge monthly debit card fees to supplant lost income were poorly executed with devastating results. The key is to create value. When consumers see greater value in their relationships, they are generally willing to pay for it. Financial institutions can reposition the value proposition of checking accounts (the most at-risk accounts due to the frequency of use and the attachment to an ATM/debit card) by establishing a security assessment for these accounts. The security assessment is tied to the

checking account itself rather than to any specific benefits that come with it. Such benefits remain free; for example, online banking, bill pay, ATM/debit card, first order of checks, identity fraud protections, etc. (The foregoing list contains examples of the types of benefits that may be offered free with a checking account.) Some accountholders may object to paying for a checking account, and for them it is possible to create a nofrills, basic checking account with very limited benefits and no fee. Similarly, for small business, a set of benefits and features can be provided as a way to open the door to more small business relationships, a way to differentiate your financial institution by being provided at no charge or to be combined with your other product features to justify a price (or price increase) for the business checking account. Features vary from product to product. Following are some of the features that you should seek: • Business fraud detection and prevention – Securely store up to 25 credentials (EIN, account numbers, etc.), for each business, for use in

• •

monitoring black market sites, chat room and social networking sites. A complete breach response plan, including communication to minimize brand damage, fines, and class action law suits, provided within 48 hours. Fully managed identity fraud recovery services for up to 100,000 compromised records. Unlimited business fraud recovery service with NO time limit. Consumer identity protection for the businesses employees and board members.

Best-in-class identity fraud solutions today will include pre-event monitoring to prevent fraud (or minimize damage) in addition to gold-standard postevent recovery services. While there is an expense associated with providing these services, the cost of not providing them can be far greater in the long run. In this arena, the old cliché that “ignorance is bliss” needs an update. For all of us, consumers, small businesses and financial institutions, ignorance is risk – and costly.

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Stonier partners with the Wharton Business School March/April 2012 | Virginia Banking 17

Temporary SBA 504 Refinancing Program Provides Long-Term Working Capital for Small Businesses By Barbara A. Vohryzek Regulatory Affairs Advisor, National Association of Development Companies


ecognizing the dilemma faced by small businesses as a result of the contraction in the credit markets, the Small Business Administration has temporarily modified its SBA 504 Program to allow the refinancing of existing debt and the use of the equity in the property for long term working capital needs. Small businesses have historically had limited access to long-term financing at attractive interest rates. As a result, many elected to finance long-term projects or long-lived assets with short-term balloons in anticipation that the lender would renew the balance at maturity on similar terms. The recent financial crisis and economic downturn caused many businesses to scramble as their commercial mortgages matured, but their renewal was not assured. Additionally, such short-term financing often creates havoc in budgeting, planning for long-term growth and effectively allocating scarce financial resources. This new SBA refinance program is designed to meet your long term financial needs. PROGRAM BENEFITS This program enables you to refinance your existing debt with a long term loan and, if you

have more than 10 percent equity in your property, you can also borrow against that equity for your working capital needs. SBA 504 loans are funded by the sale of 10-year and 20-year bonds guaranteed by the SBA. Thus, this loan has an interest rate that is generally lower than market. Recent interest rates have been as low as 5.15 percent for 20-year SBA 504 refinancing loans. PROGRAM ELIGIBILITY Your small business must have been in existence at least two years before the loan application is received by the SBA. It must be for-profit and have a tangible net worth of less than $15 million and an after tax profit of less than $5 million for the previous two years. Your small business must currently occupy at least 51 percent of the existing commercial real estate to be refinanced, and the property must have been acquired at least two years ago with debt. In addition, you must demonstrate that the loan is current and that you have not made any payments more than 30 days after the due date under original or modified bank terms for the past 12 months. Such modifications of terms must have been entered into prior to Oct. 12, 2011.

REFINANCING A $1,100,000 NOTE WITH CASH OUT FOR WORKING CAPITAL Current Appraised Value of Property


New Maximum Outstanding Balance of Debt


90% LTV





New Bank First Trust Loan

$ 560,000


1st Lien

New CDC/SBA 504 Loan

$ 560,000


2nd Lien

Borrower contribution (equity)

$ 280,000


Appraised Value of Property:


Existing Note Payoff:


Cash out for Working Capital:


18 Virginia Banking | March/April 2012

PROGRAM FEATURES Loans under this temporary 504 refinance program are structured like traditional 504 loans. With a traditional 504 loan, a bank provides up to 50 percent of the project cost and holds the first lien position. A Certified Development Company (CDC) provides up to 40 percent of the project cost and takes a secondary position to the bank loan. The small business borrower must provide equity of as little as 10 percent. The amount of the bank loan must be at least as much as the 504 loan. While there is no limit on project size, the 504 loan is limited to $5 million maximum for the majority of refinance projects just as with the regular 504 program. The upper loan limit increases to $5.5 million for eligible manufacturing projects and projects that incorporate energy saving technologies. The project structure is based on the current appraised value of the collateral, and up to 90 percent of this value may be refinanced. A huge benefit of the SBA 504 refinance loan is that you are able to refinance your existing debt and use excess equity to obtain long term working capital for payment of eligible business expenses. These expenses can include items such as rent, utilities, inventory and other business obligations. The National Association of Development Companies (NADCO) – the trade association representing the nation’s CDCs – has actively worked with SBA to promote the 504 refinance program. NADCO President Chris Crawford noted, “Over the past two years, our industry has worked to assist more small businesses as they deal with the impact of this recession. We believe thousands of small businesses can improve their cash flow and extend existing debt under this new refinancing program.” For more information on this new debt refinancing program, contact a certified development company in your area right away. Visit the NADCO website at for a list of member CDCs in Virginia. They will be pleased to meet with you to explain the unique advantages of the program. Act fast; the program expires Sept. 27, 2012, unless Congress acts to extend it.

Barbara A. Vohryzek is president of Vohryzek & Co., a consulting firm which specializes in SBA lending. She currently serves as the regulatory affairs advisor for the National Association of Development Companies, the trade association for certified development companies. She can be reached at (703) 748-2575 or

Continued from page 14 issues. Don’t hesitate to tap into ABA’s staff expertise (1-800-BANKERS) and our tremendous online resources, such as our up-to-the-minute ABA Dodd-Frank Tracker ( You can also look to us for support through peer networking, training and education, and products and services. The challenge for our industry is not to put the Dodd-Frank Act behind us, but to stay out in front of it. Working together, we can do that.

It’s only a sampling, but look what’s in the compliance services package TCA provides VBA member banks: • • • • •

Hands-on help, with scheduled on-site audits. Timely, accurate information about compliance issues and trends. Advice about how to meet federal compliance requirements. An e-newsletter heads-up when the rules change. Access to the TCA compliance professionals, the people who make TCA the most respected source of compliance information and assistance in banking.

Whether your need is BSA/AML, IT vulnerability scans and web site security reviews, or training that keeps your staff — and directors — up-to-date, TCA is your Compliance Advantage. Call us . . . today . . . to learn more. 1-800-934-7347.

Thomas Compliance Associates, Inc. 2846 N. Mildred Avenue, Suite 150 Chicago, Illinois 60657 1-800-934-7347

March/April 2012 | Virginia Banking 19

Taking a Different App-ti-tude Expectations of the Online Experience are Changing By Jennifer Geis Strategic Business Development Manager Jack Henry & Associates, Inc.


ith each passing day, it seems that there is a gizmo, gadget or app for virtually everything, from grocery shopping or finding the cheapest gas in town, to organizing photos or finding a long-lost relative. The most recent consumer craze is the tablet device. Ownership of this technology is growing exponentially – tablet users in the U.S. are estimated to grow 51 percent from 2010 to 2015. At last count, Apple has sold more than 44 million iPads, with several other vendors following suit. Amazon has now introduced its own set of tablets, and Forrester Research estimates that it could sell anywhere from three to five million tablets in its first quarter on the market. It’s tough to keep up with all of these newly-released gadgets, and tougher still if you’re a first-generation computer user. With the myriad applications available on the market today, it can be difficult to determine which apps you need, which ones are worth paying for, or perhaps more importantly, which ones you will actually use. Many iPad and tablet users are flocking to a new application called Flipboard. Flipboard packages images, videos, articles, Facebook updates and tweets in a consolidated format. It organizes personal preferences and offers them up in a one-page block format that is optimized for easy browsing. Flipboard even collects information published by friends on Facebook and Twitter, turning disparate links to photos, videos and articles into an accessible potpourri of your favorite things. This is the new expectation of the online experience – a place for everything and everything in its place. With all of the online options at our fingertips, consumers are gravitating more and more to the online channel to simplify and solve the challenge of organizing their lives. This methodology not only applies to the way we interact online in general, but it also applies to the way we bank online. Just as apps come and go, our attitude toward banking is evolving. Consumers are expecting easy and immediate access to organized and consolidated financial information. So how can your bank meet this consumer demand and consolidate transactions into a pretty package of financial services in the same way that Flipboard does for the iPad? Three small initials – OFM, or online fi-

nancial management. OFM (also known as PFM, or personal financial management) is growing in popularity as more and more banking functions move online and consumer demand grows for all-in-one financial control. OFM sites are marketed as “dashboards,” where users can view multiple accounts, categorize financial transactions, manage alerts, create and manage budgets, accurately analyze spending, and even establish savings goals and track net worth – all in one place. According to a recent Celent report, online banking is no longer about using personal computers and logging into an online banking website. It is about an integrated, fully functional online banking and bill pay user experience. Celent reports that in the future of electronic banking, an ideal scenario for banks would be to house all of its electronic banking components in one place. Interchangeable modules such as bill pay, money movement and PFM widgets would be served up to the device, and modality would be selected by the consumer, along with a properly skinned front end. This shift clearly has implications for OFM and will contribute to it becoming the cornerstone of online banking. Although OFM has come a long way in recent years, in some respects it still has a long way to go. Many OFM solutions on the market today are bolt-on solutions that create a disconnected user experience; their solutions open up in new browser windows, have different interfaces and menu structures, varied navigation and an inconsistent look and feel. Progressive technology vendors, however, anticipated the demand for a seamless consumer experience, and developed OFM services that encompass the comprehensive and cohesive features that consumers crave. Smart OFM solutions allow consumers to easily monitor account balances, transfer funds, create attractive graph-like pictures of their overall financial status, and even pay bills through one simple and secure connection to their online banking website. They offer individualized homepages that integrate online banking, OFM and bill pay, along with bank-specific marketing to create a consistent, comfortable and targeted user experience. Progressive technology providers are also introducing online banking iPad apps, which will allow users to be even more mobile and flexible with their financial management.

Jennifer Geis is a strategic business development manager for Jack Henry & Associates, Inc. She can be reached at 727-525-2107 or 20 Virginia Banking | March/April 2012

So, while banking online and paying bills probably isn’t on the top-10 list of fun things to do on the weekend for most consumers, seamless features like OFM and mobile features like the iPad app certainly make financial management much easier and possibly more entertaining for today’s tech savvy, convenience-driven consumer. And perhaps more importantly, OFM aligns their online banking experience with the “everything in its place” methodology that is so common among other new technologies available on the market today. Your customers are gravitating toward the online channel to simplify their financial management experience. If you aren’t offering the premiere technology, online features and simplified user experience they expect, there’s likely a bank just down the street that can. Talk to your technology vendor about these high-demand features today and develop a plan to adopt them at your bank right away. Your conveniencedriven customers, and ultimately your bank’s bottom line, will benefit from your progressive thinking and organizational shift in app-ti-tude!



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Bankers on the




American National Bank & Trust Co. Tom Hickey, Senior Vice President of Special Assets James Jefferson, Senior Vice President and Controller BB&T Nate Wood, Area Executive, Fredericksburg Market Bank of Lancaster Douglas Jenkins Jr., Executive Vice President and Retail Delivery Administrator Deborah Evans, Senior Vice President and Commercial Lending Administrator Susan Pittman, Senior Vice President, CFO and Cashier




Bank of Virginia Richard Dickinson, Bank President Benchmark Community Bank C. Scott Lewis, AVP/Branch Manager The Business Bank Peter Lee, Vice President and Commercial Lender Carter Bank & Trust Samuel M. “Matt” Jordan, Branch Manager Alice M. Hardin, Branch Manager Bonnie Jo Robertson, Branch Manager Community Bankers’ Bank Wendy C. Wright, Senior Vice President




First National Corporation/ First Bank Dennis Dysart, Senior Executive Vice President and Chief Credit Officer StellarOne Suzie Dull, Team Member, Community Banking Initiative Tammy Brown, Team Member, Community Banking Initiative Michael Kane, Leader, Community Banking Initiative George Meyls, Trust Advisor,Wealth Management Department Lynn White, Team Member, Community Banking Initiative Sean O’Toole, Team Member, Community Banking Initiative

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Virginia Banking March/April 2012  

12th Annual Banker Day draws more than 400 attendees; protecting your bank against data breaches aimed at small businesses; how the SBA 504...