Virginia Banking, November/December 2016

November/December 2016

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Birthday of MLK, Jr.

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Please see back inside cover for more 2017 VBA events.

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HR & Training Fundamentals Exec. Leadership Institute #4 of Credit Conf.

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Security Risk Workshop

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Exec. Leadership Institute #2

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November/December 2016

2016-2017 Officers and Directors of the Virginia Bankers Association John G. Stallings, Chairman, SunTrust Bank William H. Hayter, Chairman-Elect, First Bank & Trust Company T. Gaylon Layfield, III, Immediate Past Chairman, Xenith Bankshares, Inc. Richard M. Adams, Jr., United Bankshares, Inc. Christopher W. Bergstrom, Cardinal Bank Michael W. Clarke, Access National Bank Jeffrey V. Haley, American National Bank & Trust Leton L. Harding, Jr., Powell Valley National Bank

cover 16

Scott C. Harvard, First Bank, Strasburg Charles Henderson, Bank of America, NA Brad E. Schwartz, TowneBank Joe A. Shearin, EVB

features

Susan K. Still, HomeTown Bank Daniel G. Waetjen, BB&T Michael O. Walker, Benchmark Community Bank Robert Wojciechowicz, Capital One Financial Corporation AT-LARGE MEMBERS VBA Benefits Corporation Chair Barry C. Elswick, TruPoint Bank Management Services Inc. Chair M. Andrew McLean, Middleburg Bank Government Relations Committee Chair Ronald D. Haley, River Community Bank, NA VBA Education Foundation Chair Jeffrey M. Szyperski, Chesapeake Bank EDITORIAL & EXECUTIVE OFFICES 4490 Cox Road Glen Allen, VA 23060 804-643-7469 Fax 804-643-6308 www.vabankers.org

Bruce T. Whitehurst President and CEO Virginia Bankers Association Monica McDearmon Communications & Financial Literacy Coordinator Virginia Bankers Association SUBSCRIPTIONS If you would like to subscribe to Virginia Banking, contact Monica McDearmon at mmcdearmon@vabankers.org Virginia Banking is published bi-monthly. Copyright 2016.

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Get Smart About Credit

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State Legislative Meetings

18

Should You Offer Instant Card Issuance?

19

To Be or Not to Be‌ Digital? That is the Question.

20

10 Financial Industry Trends You Cannot Ignore

in every issue 5 Insights 7 Legal Line 8 Legislative Update 9 New Associate Members 10 Compliance Corner 11 Washington Update 12 Worth Noting 22 Bankers on the Move

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Ba VBA

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The third Tuesday in March was declared Bank Day by the Virginia General Assembly in 1991. On this day, high school seniors spend a day in banks across the Commonwealth shadowing a banker in their daily duties. The purpose of this experience is for the students to learn about banking, financial services, and the vital role banks play in their communities.

From their experience, the students are required to write an essay on their Bank Day experience. $26,000 in college scholarships are awarded based on student essays.

Please contact Monica McDearmon at mmcdearmon@vabankers.org or 804-819-4743 for more information.

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Insights #60

T Bruce Whitehurst President and CEO, Virginia Bankers Association

www.vabankers.org

his is my 60th column since becoming VBA president & CEO, marking a decade in this role. It sure doesn’t seem like ten years since I was given this honor and privilege, yet that is indeed the case.

In my very first column, I talked about change and continuity. The change in VBA staff leadership came as I stepped into Walter Ayers’ very big shoes after his 23 years as VBA CEO and my 14 years of working with him and learning from him. The continuity came from our then 114-year legacy as an organization and the ongoing and strong support from our member banks. That continuity remains today and is vital to our continued success; change has been a constant over the past decade and that will no doubt be the case going forward.

In January 2007, we had no idea what lay just around the corner in the form of the Financial Crisis, housing and foreclosure crisis and the Great Recession. Sure, there were signs of an overheated housing market, but contemplating what was coming would have required a very large and accurate crystal ball. At the VBA, we hired a communications director – Courtney Fleming, now our senior vice president of education/training & communications – and worked on VBA branding and building a proactive media outreach program on behalf of the industry. Better lucky than smart, as they say.

With the fall of 2008 came the Financial Crisis, terms like, “Sunday is the new Monday” and more uncertainly about our economy, our financial markets and our banking industry than we had seen in decades. My role at the VBA became crystal clear and focused on two things: speaking out as an advocate for the industry and leading our staff to increase our support of member banks even in a time of ongoing industry consolidation.

Ten years later, as consolidation marches on, we have one third fewer banks in Virginia and as VBA members, with no new bank formations in Virginia and only three in the nation since 2009. The full regulatory implementation of the Dodd-Frank Act – signed into law six years ago – is not yet complete, which speaks to the

enormity of this Act. We see a robust job market for compliance officers and a required focus on operating efficiency in banks that results from an increased cost of doing business and a protracted low interest rate environment.

The VBA continues to provide valuable resources to our member banks, such as training programs, employee benefits and other incomeproducing or cost-saving programs. We know our work is far from done as we advocate for a more balanced regulatory environment and a more level competitive playing field. Our member banks continue to innovate and offer new and convenient ways for customers to do their banking and we are evolving the VBA business model to make sure we support our banks to the fullest extent possible. Our banks also continue to lead in their communities – investing in them and making them better – just as banks have always done; it’s in their DNA to do so.

I have written a lot over the past decade about the tremendous amount of disruptive forces our industry has experienced. We have seen landmark legislative and regulatory changes; a lengthy challenging economic period; attacks on industry image that bely the truth of what bankers are all about; and the emergence of fintech and marketplace lending as technology enables more and more innovation. And yet, bankers do what they have always done: serve and lead, while focused on financial literacy and community development – and along the way, provide over 70,000 very good jobs to Virginians.

For most of the past decade, our banking delegations to Richmond and Washington have worn buttons that say, “Proud to be a Virginia Banker”; I should have one made that says, “Proud to represent Virginia Banking!” After a decade of change, this statement is as true for me as it was the day I was tapped to serve as VBA president & CEO. On to the next decade.

Email Bruce Whitehurst at bwhitehurst@ vabankers.org with any comments on this article or tweet him at @BruceTW. November/December 2016 | Virginia Banking 5

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Legal

Virginia Banking Law Questions And Answers

A

s I travel around Virginia speaking with bankers, I get asked a lot of questions about the application of Virginia banking laws to a variety of situations. Here are a few that may be of interest to many bankers.

Mel Tull General Counsel, Virginia Bankers Association

Question: Is a confession of judgment provision in a promissory note binding on an entity domiciled in another state that borrows from a Virginiabased bank?

Answer: Yes. A confession of judgment provision in a promissory note appoints an attorney-infact to confess judgment on behalf of the borrower if the borrower defaults on the note in the future, thereby eliminating the need for a lengthy legal proceeding to obtain a judgment on the note. Federal regulations prohibit confession of judgment clauses in consumer loan transactions, but they are permitted in commercial loans. Virginia law expressly permits confession of judgment provisions in promissory notes and other debt instruments.

Many other states prohibit the practice. Whether a confession of judgment clause is enforceable depends on which state’s law governs the promissory note. Whether Virginia law governs will depend on whether there is an adequate nexus to Virginia.

If the bank is headquartered or chartered in Virginia or has branches in Virginia, there is likely adequate nexus for the note to be governed by Virginia law. If Virginia law governs, then the confession of judgment provision will be enforceable against a commercial loan borrower that is domiciled in another state. Once a confessed judgment is entered in the appropriate Virginia court, it will be enforceable against any of the borrower’s assets located in that court’s jurisdiction. If the borrower has assets in other jurisdictions in Virginia or in other states, the judgment will need to be domesticated or registered in those other jurisdictions in order to be enforced against the borrower’s assets located in those other jurisdictions. The rules for domesticating or registering a judgment in other jurisdictions vary by state, but are usually fairly easy administrative procedures.

Question: Our bank is in the process of changing its document retention policy to retain most of our loan files and other important documents in an electronic storage medium. What, if any, loan documents or other important bank documents should be retained in physical paper form?

Answer: Virginia law does not require any specific documents be retained in paper form. However, there may be some advantages to keeping certain key documents (such as promissory notes, deeds of trust, guaranties, etc.) in paper form, and banks will need to balance those advantages with the costs of maintaining some paper records. For example, the Uniform Commercial Code provides that a promissory note may be enforced by the person entitled to payment under the note, even if the note has been lost, destroyed or stolen. In addition, rules of evidence in most state and federal courts permit copies of promissory notes and other business documents to be admitted as evidence.

However, to admit and enforce a copy of a note under those provisions requires compliance with additional administrative and evidentiary burdens to prove that it is a true, complete and authentic copy. In addition, handwriting experts may be able to provide better expert testimony as to the authenticity of signatures if they can inspect original signatures. Because promissory notes are negotiable instruments, and transactions to enforce, transfer or payoff notes are often easier and more efficient when in possession of the original note, some banks elect to retain original promissory notes even when most other bank documents are stored electronically.

Question: Our bank is chartered and headquartered in Virginia and most of our branches are located in Virginia. For abandoned deposit accounts where the customer’s last known address is outside of Virginia, is our bank required to escheat account funds to the state of last known address or to Virginia? Also, do we follow the escheat timelines and other escheat rules of Virginia or the state of the customer’s last known address?

Continued on page 9

www.vabankers.org

November/December 2016 | Virginia Banking 7

Legislative

Update

Post-Election Direction

S Matt Bruning Senior Vice President, Government & Member Relations, Virginia Bankers Association

urprising popular political punditry, America has chosen Donald Trump as our President-Elect, bringing to a close the seemingly never-ending race for the Commander-in-Chief. It is safe to say that the majority of Americans are not exactly thrilled with the outcome, as Trump is now the second presidential candidate in the last two decades - and fifth in our nation's history - to win the most Electoral College votes while losing the total U.S. popular vote. With two candidates sporting historic levels of unfavorable opinions having run campaigns that can charitably be characterized as unconventional or, more accurately, flat out cover-your-eyes embarrassing, there is no doubt that our country's raw divisions have been exposed, cultural and ideological polarization has intensified and President-Elect Trump has questionable claim to any sort of mandate from the public on substantive issues and policy ideas aside from his popular slogan. Although Republican election victories ensure control of the White House and Congress - even as the campaign ads, rallies and mud-slinging abate into initial calls for cooperation and orderly transition of power - the divisiveness of the preceding months of the campaign surely will not go gentle into the good night.

The framers of our nation, in selecting a federalism form of government with distinct separation of powers among the branches of government and with the states, sought to diffuse influence and authority. It is doubtful those original founders anticipated the level of divided government and visceral gridlock that has evolved, but that fundamental constitutional framework of checks and balances that remains today did anticipate and portend a deliberate process of governing. More modern procedures such as the filibuster and cloture maneuvers in the U.S. Senate further constrain the influence of political fluctuations, but also raise the bar on the ability to achieve legislative movement in any direction.

These intrinsic constraints can be viewed as frustrating barriers to progress when it is your supported policies that are thwarted. The perspective shifts when those same checks are applied to impede action you oppose. Then they are important governors in our system. For our industry, recent inaction on delivering meaningful regulatory relief and reform

despite bipartisan rhetorical support is beyond frustrating. Yet those same systemic barriers that have made progress in that arena elusive have obstructed efforts by some to go even further in adding to the regulatory burden of and government intrusion into financial services.

Thus far, our great American experiment, while certainly imperfect and soiled with historic blemishes, has endured and served generally well those under it compared to alternatives. There is no guarantee that will continue. With the election of more new members of the Virginia delegation in Congress and more than 50 percent turnover of our House members in the last 24 months, it is imperative to continually educate our elected officials on our specific issues as well as hold them accountable to work to bridge the divide and effectively govern our country.

As a strong banking system is essential to a vibrant economy, so is strong banker advocacy in holding lawmakers responsible fundamental to ensuring a well-functioning government.

Virginia has long held itself in high regard when it comes to prudent governance. That revered “Virginia Way,” too, has seen erosion in recent years. No matter the culprit to blame – loose ethical boundaries for elected officials, gerrymandered districts promoting blind adherence to ideological fringes and the nationalization of local politics seeping toxicity south of the Potomac are among the most popular cited – we must raise our expectations of those elected to represent us to come together and lead.

The federal election of 2016 is thankfully behind us, but Virginians are never far from the next trip to the ballot box. Primaries for the statewide offices of governor, lieutenant governor and attorney general as well as the House of Delegates are but a few months away. Once again, Virginians will be presented the opportunity to make their voices heard and exercise their right to determine their representatives. Whether the current political rancor is rewarded and perpetuated or voters demand that those seeking positions of power ascend from the nadir and offer real solutions is both the responsibility of the candidates themselves and each of us. Hopefully Virginia can remain a common sense, pragmatic balance to Washington.

Email Matt Bruning at mbruning@vabankers.org with any comments on this article.

8 Virginia Banking | November/December 2016

www.vabankers.org

Welcome

New Associate Members

LAW FIRMS

ACCOUNTING/EMPLOYEE BENEFITS

MARKETING

Willcox Savage

Ernst & Young

Free Agents Marketing

Address: 440 Monticello Avenue, Suite 2200 Norfolk,VA 23510-2243 CONTACT NAME: MICHAEL IVES Phone: (757) 628-5642 Fax: (757) 628-5566 Email: mives@wilsav.com

Address: 2100 E. Cary Street, Suite 201 Richmond,VA 23223-7270 CONTACT NAME: MATTHEW STREADBECK Phone: (804) 344-6164 Email: matthew.streadbeck@ey.com

Address: 4800 Cox Road Glen Allen,VA 23060 CONTACT NAME: KENNETH WAYLAND Phone: (804) 762-9400 Fax: (804) 762-7337 Email: kenwayland@freeagentsmarketing.com

Willcox Savage’s Banking Practice Group is led by Mike Ives, former President of Heritage Bank and CENIT Bank and the Hampton Roads Market CEO for SouthTrust Bank.

Mike has brought 30 years of practical banking experience to their banking practice which encompasses the full range of legal services required by banks in this rapidly evolving banking landscape.This practical experience includes directing a public and a private offering, multiple mergers and acquisitions, a branch and deposit acquisition, and branch closings; defeating an activist investor in a major proxy contest; and resolving various regulatory, accounting and serious asset quality problems existing at his arrival at the two banks.

Ernst & Young is a global leader in assurance, tax, transaction and advisory services. EY’s largest industry sector is banking. EY audits many of the largest depository institutions within the state of Virginia.The insights and quality services they deliver help build trust and confidence in the capital markets.

MMB Milne Leone LLC Address: 3901 Westerre Parkway, Suite 300 Richmond,VA 23233-1341 CONTACT NAME: JOHN MILNE Phone: (804) 762-7036 Fax: (877) 254-9153 Email: jmilne@mmbconsulting.net MMB Milne Leone LLC designs, services and administers executive benefit and BOLI plans for banks of all sizes.They service over $1.8 billion of cash value and barriers represented include all of the top rated mutual companies.They have spoken at national meetings on executive benefits and BOLI including the FFIEC, the OCC, the Federal Reserve, the Conference of State Bank Supervisors, the American Bar Association as well as numerous state bank examiner and state bank association conferences.

Free Agents Marketing is a full service, multidisciplinary marketing and public relations firm with offices in Richmond and Hampton Roads.

Founded in 2001, FAM works with their clients’ partners to develop and implement integrated communication plans that yield measurable results. At FAM, they live to awaken your brand.

INSURANCE

Forman & Associates Address: 301 Concourse Boulevard, Suite 301 Glen Allen,VA 23059 CONTACT NAME: RON BECKER Phone: (804) 560-5343 Fax: (804) 560-5348 Email: ron@formanassociates.com For more than 20 years Forman & Associates has specialized in disability income protection.

Their overhead expense and business loan protection products are meaningful to both you and your customer if they became too sick or hurt to meet their bank loan obligations.

Legal Line continued from page 7 Answer: In most circumstances, banks should escheat account funds to the state of the customer’s last known address, regardless of whether or not the bank has branches or other contacts with that state. In limited circumstances, banks may escheat the account funds to Virginia, and Virginia will forward them to the other state. The escheatment laws and time periods of the state of the customer’s last known address will apply and should be followed by the bank. Different rules may apply for safe deposit box contents, securities and distributions on securities, and money www.vabankers.org

orders and travelers checks. When in doubt, it may be a good practice to contact the Virginia Treasury Department’s Division of Unclaimed Property and ask for guidance.

For more information about these and other Virginia banking law questions, contact Mel Tull, VBA General Counsel, at mtull@vabankers.org or (804) 819-4710. This article has been prepared for informational purposes only and is not legal advice.

November/December 2016 | Virginia Banking 9

Compliance

Corner

The New URLA is Here …With Time to Spare

J James McGuire Associate General Counsel, Compliance Alliance

ust when banks thought they couldn’t get enough of Regulation Z and RESPA, the recent flood insurance changes and the phasein over the next two years for changes to the Home Mortgage Disclosure Act, along comes another change from our friends at government-sponsored entities (GSEs) Fannie Mae and Freddie Mac: a new Uniform Residential Loan Application, or URLA. This form, also commonly known as the 1003, is not explicitly required by federal regulation for mortgage loans, but it is required for any loans that the GSEs purchase and, therefore, is the form most financial institutions use to originate their mortgages.

In a cheerful proclamation on their website, the GSEs state, “The first material updates to the URLA in more than 20 years are the result of extensive collaboration. We worked closely with lenders, technology solution providers, mortgage insurers, trade associations, housing advocates, borrower groups, government housing agencies (FHA, HUD, VA and USDA-RD), the Consumer Financial Protection Bureau and other industry participants.”

But don’t rush out and start using this amazing new form just yet. The GSEs themselves won’t even accept the new form until January 2018, and if you’re thinking about using it for your portfolio loans before that time, you should know that there are a lot of important ins and outs to consider before adding the new 1003 to your loan document arsenal.

First of all, the good news: the new URLA is a vast improvement format-wise over its predecessor.

From a visual standpoint, it has been extensively market-tested and now clearly separates lender information from applicant information, making it easier on the eyes of both creditors and borrowers.

Its headings, font and boxes appear extremely similar to the Loan Estimate and Closing Disclosure that is currently required under the TILA/ RESPA Integrated Disclosures rule, which should give all the loan file documents a more uniform look overall.

Moreover, the form is now dynamic, meaning that its length and content will vary depending on the type of loan being applied for. Unnecessary data fields from the old form have been eliminated.

Additionally, both electronic and paper copies of

10 Virginia Banking | November/December 2016

the form will be made available and both will be accepted by the GSEs, accommodating technologically savvy and old-school bankers alike.

Finally, the new URLA makes it easier to add and remove additional borrowers than before—this should be a major relief especially to smaller community banks, which in using the older form may struggle to prove to examiners that requirements like establishing joint intent under Regulation B have been met.

There are some points of concern with the new form, however. First of all, the form’s dynamic nature means it’s maybe not as consistent as the prior, more universal URLA—what is true for a refinance URLA may not be so for a purchase loan URLA, which means that identifying the form properly in the course of the loan process and filing it away correctly, especially in the cases where paper copies are used, could get trickier.

Secondly, the existing URLA has been around for so long that it is familiar to bankers and is already a firm part of most banks’ lending platforms, so swapping it out with a brand-new form could constitute a major and potentially expensive undertaking, depending on a bank’s particular set-up and costs. (Fortunately, the GSEs are providing a “GMI addendum” that can be tacked onto the old URLA instead of using the new URLA for the early part of 2018, but presumably a full conversion over to the new URLA will be required at some point.)

Additionally, although a “final” version of the new form has been put out there, it could be up for a few more tweaks—the CFPB has yet to finish looking at it to ensure it qualifies for “safe harbor” as valid application under Regulation B, and the automated underwriting system with which the new URLA is supposed to function was not expected to be available until late September.

Although the new URLA should be a major improvement once it’s fully up and running, it’s safe to say that the form is nowhere near “ready to rock” yet. The form still needs to be aligned with the GSEs’ automated underwriting and HMDA’s expanded 2018 data collection requirements, and use of the form at this point likely would result in an overcollection of government monitoring information, Continued on page 22 www.vabankers.org

Update

Washington

How Banks Can Tackle the Student Debt Crisis

M Rob Nichols President and CEO, American Bankers Association

ore than almost any other issue, student debt is driving whether and how your younger customers engage with your bank. With more than $1.26 trillion in outstanding student loans – nearly five times what it was in 2004 – and seven in 10 new college graduates having some amount of student debt, a huge share of your customer base is financially strapped. The average recent college graduate spends nearly one-fifth of her salary on repaying debt, and most expect to have student loan debt well into their 40s.

Sixty-three percent say their debt prevents them from buying a car or similarly large purchase, and 75 percent say it hinders them from saving for and buying a home. High student debt levels also limit young people’s ability to take on debt to start and grow small businesses.

And given the outsize role of small businesses in creating jobs, the student debt wave could be washing away future economic growth and opportunities.

How will young Americans move into the financial products that are the bread and butter of relationship banking – home loans, HELOCs, small business loans, credit cards and car loans – if they are spending so much to repay their college or grad school debt? Ultimately, many of

Student debt and the cost of college are the single biggest financial worry for Americans under 40.

them won’t. Imagine the economic growth that could be unleashed if young Americans had hundreds of billions of extra dollars to invest in starting businesses, to save for their futures and to buy new homes and cars.

Banks had nothing to do with the quintupling of student debt, which took place over a period www.vabankers.org

when the federal government essentially took over the student loan market. But this debt is preventing our young customers and employees from achieving their financial goals and developing deeper, lifelong relationships with their banks. We need to act.

First, we are encouraging companies to help their employees tackle their debt. It can be hard to justify saving for retirement when you have tens of thousands of dollars outstanding at 8 percent. Paying down debt offers the surest return many young Americans can find in the market, and it’s a great way to attract – and retain – young talent. At the American Bankers Association, we recently launched a student debt repayment benefit, contributing up to $1,200 per year toward any employee’s student loans.

Second, ABA, with the assistance of our Endorsed Solutions Banker Advisory Council, is evaluating companies that offer student debt repayment benefit solutions that banks can offer to their employees. While just 4 percent of employers nationwide offer such a benefit, more than 80 percent of millennials say this kind of benefit would be a “deciding factor” or make a “considerable impact” in whether they take a job or stay with an employer.

Third, we are exploring legislation to change the way student debt repayment is taxed – with a goal of helping borrowers get out of debt sooner so they can more fully engage with you. When the new Congress convenes, we will be working with lawmakers to develop this proposal.

Lastly, we are training bankers and offering resources for our members’ customers to help them understand student debt and its implications – and learn what restructuring and refinancing options might be available to them.

Student debt and the cost of college are the single biggest financial worry for Americans under 40. In partnership with ABA and your state associations, America’s banks are tackling this problem and positioning student borrowers to make the transition to adulthood a little sooner.

E-mail Rob Nichols at nichols@aba.com.

November/December 2016 | Virginia Banking 11

Noting

Worth

BEALE ANNOUNCES RETIREMENT

The board of directors of Union Bankshares Corp. announced that G. William “Billy” Beale, 66, will step down as CEO on Jan. 2, 2017, and will be succeeded

by John C. Asbury, 51, who will become G. William “Billy” Beale president of Union Bankshares Corp. and president and CEO of Union Bank & Trust effective Oct. 1, 2016. Beale will continue to work in an executive capacity as executive vice chairman of the board for Union Bankshares Corp. and Union Bank & Trust until March 31, 2017.

He will remain on the board of directors of Union Bankshares Corp. and stand for John C. Asbury reelection to the board at the 2017 Annual Meeting. Beale has served as president and CEO of Union Bankshares Corp. since 1991. Throughout his distinguished career at Union, Beale has been an active industry leader, to include serving as VBA Chairman in 2005-2006 and as ABA Treasurer from 2014-2016. John Asbury is a career banker with more than 29 years experience in commercial and corporate banking, most recently as president and CEO of First National Bank of Santa Fe. Asbury began his banking career in the management training program at Wachovia Bank & Trust in Winston-Salem, NC after graduating from Virginia Tech. He also holds an MBA from The College of William & Mary and is a native of Virginia, born in Radford. We wish Beale the best in his future plans.

HARDING ELECTED TO BOARD OF DIRECTORS OF POWELL VALLEY NATIONAL BANK

Powell Valley National Bank (PVNB) announced the election of Leton Harding Jr. to the board of directors of Powell Valley National Bank. Harding, CEO of PVNB, who has served the banking industry for nearly 40 years, joined the bank in March of 2012. He is a graduate of the University of Virginia’s College at Leton Harding Jr. Wise. Congratulations Leton!

BANK SCHOOL 3RD YEAR CLASS MAKES $2,000 DONATION

On behalf of the School of Bank Management 3rd year class, class president Marcus Wade, Bank of Botetourt, delivered a $2,000 donation to Rita Haltson of the Ronald McDonald House (RMH) of Charlottesville. During their week at Bank School, the 3rd year class sponsored a wish list drive for the charity in addition to a bowling fundraiser. Wade wrote, “On behalf of the class of 2016, we would like to say thank you to all that participated in our donations drive for the Ronald McDonald House of Charlottesville. I would also like to give a round of applause to my fellow officers, committee members, and classmates for choosing such an awesome charity to support. When families come to the RMH, their lives have been turned upside down. It’s through the donations of others that the RMH is able to provide some stability and comfort toward those families. Because of your generosity, we were able to collect enough supplies for the RMH that they will not have any worries for the next few months.” What great support of a wonderful organization!

SZYPERSKI ELECTED VICE-CHAIRMAN AT ABA CONVENTION

HOLT ELECTED CHAIRMAN OF THE BOARD OF DIRECTORS OF BANK OF FINCASTLE

The Bank of Fincastle announced that George Edwin “Ed” Holt III has been elected chairman of the board of direcGeorge Edwin “Ed” Holt III tors. Holt joined the board in 2015 and is a seventh generation Botetourt County resident and the third generation to serve as a member of The Bank of Fincastle’s board of directors. Holt graduated from William & Mary, where he obtained both BA and MBA degrees. Congratulations to Ed on his election!

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Past VBA Chairman Jeff Szyperski, Chesapeake Bank chairman, president and CEO, was elected ABA vice-chairman www.vabankers.org

during the ABA’s Annual Convention in mid-October. As vice-chairman, Jeff will serve on the executive committee of the ABA and rise to the position of chairman in 2018. Kudos to Jeff on his election to this national leadership role.

HARVARD ELECTED AS DIRECTOR OF FHLBANK ATLANTA

On Sept. 24, 2016, the Federal Home Loan Bank of Atlanta elected Scott C. Harvard, CEO and director of First Bank in Strasburg, to fill the member directorship that the Finance Agency designated for the commonwealth of Virginia.

Each of the directors-elect will begin serving a four-year term on Jan. 1, 2017.

Congratulations to Scott on his election!

SHUFORD NAMED VACB’S COMMUNITY BANKER OF THE YEAR

Rob Shuford, Jr., president & CEO of Old Point National Bank and chair of the VBA School of Bank Management Board of Trustees, was named Virginia Association of Community Banks’ (VACB) Community Banker of the Year for 2016. Rob was recognized for his long time commitment to and advocacy for the Virginia banking industry, his leadership at Old Point, and community involvement in the Hampton Roads area. Congratulations Rob on this recognition!

WE WILL MISS…

Donald “Don” Unger, 74, passed away Saturday, Sep. 17, 2016. Born in Winchester, Don had a banking career that spanned Donald Unger over 40 years, culminating in his role as president and CEO of the Shenandoah Valley Region of United Bank, and eventual member of the board of directors of United Bankshares. Don held many community leadership roles, including chairman of the Virginia Association of Community Banks. Our thoughts are with Don’s family at this difficult time. www.vabankers.org

SAVE THE DATE January 6, 2017 | Greater Richmond Convention Center 11:00 am - Registration 12:00 pm - Luncheon Speaker Information Admiral Bob Day - The Economic Impact of the Cybersecurity Landscape in Virginia Dr. Sean Snaith - Forecast for the Economy in 2017 Please contact Amy Binns at abinns@vabankers.org for table sponsorship information.

Visit www.vabankers.org to register as an individual.

November/December 2016 | Virginia Banking 13

Fall Financial Literacy

Events

The ABA co-hosted a lesson with Burke & Herbert Bank at West Potomac High School in Alexandria for Get Smart About Credit Day. Joe Collum, Burke & Herbert SVP, was joined by Rob Nichols, ABA president and CEO. GET SMART ABOUT CREDIT DAY

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his fall, bankers across the state will participate in Get Smart About Credit day. This program, sponsored by the ABA, and supported by the VBA, is in its 14th year and was celebrated nationally on October 20th. Bankers visited classrooms in their communities and made presentations on important financial obstacles facing teens, including paying for college, developing good credit habits, managing their money and protecting their identity. Virginia had 21 banks registered, totaling 249 presentations to 7,013 students by 155 bankers.

Jessie Raney Doyle, The Bank of Southside Virginia, made a presentation at Brunswick Academy, from which she graduated from in 2001.

Karon Felts, Carter Bank & Trust, spoke to 130 students at Carroll County High School in southwest Virginia.

Barbara Trent, Carter Bank & Trust, made a presentation at Castlewood High School in southwest Virginia.

14 Virginia Banking | November/December 2016

JUMP$TART TEACHER SUMMIT - Monica McDearmon and Chandler Owdom exhibited on behalf of the VBA Education Foundation at this year’s Jump$tart Teacher Summit in downtown Richmond. This summit is designed to provide teachers and community groups with resources and teaching tools to enhance their economics and personal finance lessons. The Foundation was one of the many exhibitors at this year’s expo, a sponsor of the event, and donated a gift basket and gift card to the raffle drawing. www.vabankers.org

Meetings

State Legislative

State Legislative Meetings

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he VBA traveled across Virginia this fall to meet with state legislators.

These meetings provided an opportunity for bankers to interact with members of the Virginia General Assembly and for the representatives to hear directly from bankers on the issues affecting the industry in advance of the 2017 General Assembly session. Meetings were held in ten cities: Abingdon, Roanoke, Richmond, Williamsburg, Kilmarnock, Charlottesville, Staunton, Northern Virginia, Virginia Beach and Danville. During these meetings, more than 160 bankers from 43 different banks were able to visit with more than 50 state legislators.

www.vabankers.org

November/December 2016 | Virginia Banking 15

Leadership

Conference

Dana Muth, BankLogic, closed out the conference with a presentation on “Motivating for Financial Results.”

Adam Hill, CT Hill, Dorothy Welch, Monte Layman, John Stallings and Rex Smith after the CEO/Retired Banking Executives panel.

Fifth Annual Leadership Conference

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he 2016 Leadership Conference took place Oct. 6-7 at the Hilton Downtown Richmond. Nearly 75 emerging bank leaders from across the state came together for two days to share ideas, network, and attend sessions on topics currently affecting the banking industry.

Attendees attended two valuable panel discussions. The financial literacy panel, comprised of Jonathan Comer, Blue Ridge Bank; Jen Register, Old Point National Bank; Amy Mellinger, Powell Valley National Bank; and moderated by Chandler Owdom, discussed best practices for financial literacy efforts. From their personal experiences with the VCEE teacher institutes, VBA Bank Day Scholarship Program, and Back to School at the VBA, they shared ways to get started in financial literacy, how to best get involved with local schools, and helpful resources for many of the financial literacy programs held throughout the year. The CEO/ Retired Banking Executives Panel, featuring John Stallings, SunTrust Bank; Rex Smith, Essex Bank; CT Hill, retired executive from SunTrust Bank; Monte Layman, retired executive from Blue Ridge Bank; and moderated by Dorothy Welch, Chair of the Emerging Bank Leaders (EBL) from Blue Ridge Bank, discussed professional growth, industry hot topics, the future of the banking industry, the importance of being involved in groups such as the Emerging Bank Leaders, and the value of mentorships.

Presentations included an economic update by Jay Morelock, FTN Financial; presidential election preview by Dr. Daniel Palazzolo, University of Richmond; presentation on “Leading Yourself and Others through Change” by Wilbur Pike, Learning Dynamics; a session on leveraging FinTech by Rob Morgan, ABA; and “Motivating for Financial Results” by Dana Muth, BankLogic.

The EBL group works throughout the year to be involved with government relations. Matt Bruning discussed top industry trends and their impact on banking, as well as provided an update on recent banker visits with regulatory agencies such as the FDIC and the Federal Reserve. Adam Hill, vice chair of the EBL from Union Bank and Trust, shared tips on how to get involved with government relations efforts of the VBA and his personal experience of participating in events such as Banker Day and the VBA/ABA Government Relations Summit.

The conference recognized two members of the EBL group that have gone above and beyond in the areas of financial literacy and government relations. Tim Duffee, First Community Bank, was recognized for his commitment to financial literacy and Tom Rasey, The Farmers Bank of Appomattox, was recognized for his involvement with government relations efforts. Brandon Atkins was also recognized for his leadership as the EBL chairman for 2015-2016.

Additionally, attendees made time to get to know each other through roundtable sessions and a networking and billiards dinner at Greenleaf’s Pool Hall, sponsored by Troutman Sanders LLP. Thank you to Troutman Sanders, Q2, and the Graduate School of Banking at the University of Wisconsin – Madison for sponsoring this event!

Thank you to all of the attendees for their participating at the conference. To learn more about the Emerging Bank Leaders and upcoming EBL events in your area, visit our website at http://www.vabankers.org/vba-emerging-bank-leaders or contact Chandler Owdom at cowdom@vabankers.org.

Rob Morgan, ABA, spoke to attendees on leveraging fintech.

Jay Morelock, FTN Financial, provided an economic update.

16 Virginia Banking | November/December 2016

www.vabankers.org

Dorothy Welch, EBL chair, moderated the conference.

Seth Winter from Troutman Sanders, one of this year’s sponsors, welcomed attendees to the conference.

Jonathan Comer, Jen Register, Amy Mellinger and Chandler Owdom during the financial literacy panel.

Matt Bruning gave an industry update and spoke about government relations issues on which the VBA is focused.

Chandler Owdom and Jonathan Comer presented the Outstanding Emerging Bank Leader in Government Relations award to Tom Rasey (center), The Farmers Bank of Appomattox.

Chesapeake Bank bankers participated in the roundtable session.

The group dinner was held at Greenleaf ’s Pool Room.

Nicole Martin, Tom Rasey and Jessica Hall enjoyed the reception at the Hilton.

Conference attendees also played billiards at Greenleaf ’s Pool Room.

www.vabankers.org

November/December 2016 | Virginia Banking 17

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Article Courtesy of Harland Clarke 1. Is software setup required? If so, what are the system requirements?

It’s important to research the type of instant issue programs that are available. Gone are the days when large financial institutions need to purchase a software package for $100,000 or more and pay annual licensing fees. With innovations in instant issue programs, purchasing software is now one choice among many. You’ll want to determine who is responsible for setting up the card production process, if your financial institution will have to coordinate a setup project with your core and EFT platforms, and if there are ongoing resource requirements to operate the instant issue program. Costs for instant issue – whether they are hard costs such as software or printers, or soft costs, like internal resources needed to the set up project – can significantly impact the return on your investment.

2. Is software training required? If so, what are the time requirements and resources needed?

Three factors can make the difference in whether you will run the instant issue program or it will run you: ensuring that your employees can easily navigate the card ordering system, whether your IT department has the resources necessary to remain updated on the program requirements, and whether your operations department knows how to monitor the system. Web-based solutions can be more intuitive for users and provide greater systems support as part of the overall package. Software-based solutions give control of the system to the financial institution, enabling its own resources to fully provide training for and monitor the instant issue package.

3. How long will integration with the processor’s platform take?

For a fully integrated software solution with a core or EFT processor platform, timing depends on the vendor. A system that provides integration options will allow for the most flexibility in both the time to set up and the costs of integrating. It’s also important to understand the role of the core and EFT processors in the integration project. Will a separate integration project need to be managed with them? Are there costs associated with utilizing an existing processor integration? Having integration options could mean the difference between saving time and money during the setup process, or getting your instant issue program bogged down in setup.

4. How simple is the solution to deploy and operate?

There can be a tremendous difference in the resources necessary for system setup, maintenance and monitoring. Look for a solution that minimizes your financial institution’s resources during setup, provides a user-friendly maintenance plan, and supports monitoring of both the system and your printers. The new norms for instant issue are customer 18 Virginia Banking | November/December 2016

service hotlines available 24 hours a day to immediately troubleshoot system problems, rapid printer replacement programs and proactive monitoring solutions.

5. What is system network uptime?

Uptime is essential in any instant issue solution. Your financial institution should expect 99% uptime for any card issuance system, and you’ll want to determine who is responsible for that uptime. Specifically, does the responsibility fall on your financial institution, or is it on the instant issue provider? Other questions to ask: Who creates and is responsible for the backup systems when incidents occur? Does a system technician need to come out to the branch to resolve issues, or can system repairs be handled remotely? Ask for references from experienced users about the vendor’s track record on network uptime and system repairs.

6. Is the solution Payment Card Industry (PCI) certified by an independent third party?

Instant issue programs create an environment where sensitive card information is stored and handled within the branch. Making sure the instant issue program provides the highest level of account holder information security needs to be your highest priority. Whereas most instant issue programs provide a PCI-compliant program, only a few provide a PCI-certified program. Implementing a non-PCI-certified program means a financial institution must prepare for and submit to an audit by its payment-branded card provider.

7. What is the procedure for printer maintenance?

New to the instant issue market are solutions offering customer service that can first troubleshoot via telephone. If it’s determined that there is a mechanical issue, some providers can ship a new printer to the branch overnight to ensure that downtime is no longer than 24 hours. Quick and easy plug-and-play instant issue solutions enable the new printer to be up and running without draining IT resources. With some instant issue solutions, a financial institution needs to have maintenance agreements in place that can be costly and time consuming, particularly when the timing of repair is dependent on technicians who must service the hardware in person.

8. What IT resources are required for ongoing maintenance of the software solution?

Instant issue programs can increase the strain on your financial institution’s IT resources. With some software-based solutions, the institution’s IT staff and customer representatives need to budget time for handling updates and issues. SaaS providers often manage these tasks Continued on page 21 www.vabankers.org

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To Be or Not to Be…Digital?

That is the Question.

By James G. Caliendo President & COO, PWCampbell

It is no secret that technology is rapidly changing the world we live in. It allows us to do things smarter, quicker and more efficiently. As a result, our expectations have become grander, our need for information has become greater and possibly our attention span has become a bit shorter.

What does this mean for bankers? It may mean the days of lobby posters, buck slips and banners are coming to an end. Well, maybe not an end, but certainly bank marketers need to embrace this new technology in order to improve the customer experience and give themselves a sustainable advantage within the marketplace. While bank branches are nowhere near extinction, the banking model has changed to a smaller, more efficient operation, making marketing real estate within the branch a premium. Digital signage allows for enhanced visibility, greater flexibility and multiple messaging compared to its more stagnant counterpart.

According to a survey performed by the Platt Retail Institute: • perceived wait time was 10.8 percent less with digital merchandising • product awareness increased from 22 percent to 45 percent with digital signage • 63 percent recall/customer awareness if there is digital signage in branch • 40 percent conversion rate of traffic to viewers with digital displays versus static signage at 4 percent While the benefits of going digital are apparent, many banks stumble over the costs. If you are looking for a quick, simple pricing strategy for a digital signage network, well, you are out of luck. The best strategy is to be educated about the budgeting process and what a comprehensive system might include. Digital www.vabankers.org

signage is very customizable therefore pricing can vary for each institution and with each project. There are several key elements that encompass what will most likely be involved in a digital signage network: business, content, hardware, software, connectivity, design and operations. According to the Digital Signage Experts Group, an organization that certifies people in the digital signage industry, several factors that help determine the cost of your digital signage system include: • How many displays will there be and where will they be located?

• Is power and network connectivity already there or will it have to be added?

• Will there be interactive displays?

• How many media players will be needed?

• How often will content need to be refreshed and at what cost?

• What will the installation costs be?

• What will the cost of the service be?

In addition, digital signage can also be categorized as one-time costs, such as the initial planning and set up, versus recurring costs, which might include licensing renewals or service contracts. A knowledgeable vendor should be able not only to cater a digital system to your individualized, specific needs, but should also be able to outline all the costs upfront to make sure your benefits justify the investment.

Three out of every five financial institutions have deployed a digital signage solution…will you be next?

To learn more about PWCampbell, visit www.pwcampbell.com/ourwork/financial-institutions.

November/December 2016 | Virginia Banking 19

Trends

Industry

10 Financial Industry Trends You Cannot Ignore Michael D. Cohn, CPA, CISA, CGEIT Director, WolfPAC Solutions Group

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t’s the time of year to take stock and look forward to what’s next. If you had a crystal ball, what would it say? Past editions of this projection have included development and enhancement of Enterprise Risk Management as a top 10 area, but this year, ERM is the lens through which all of these trends are seen. We believe these 10 financial industry trends will shape our thinking and planning in the coming year. #10 – LACK OF NEW BANK FORMATIONS In the last 10 years there has been a sharp drop in the number of new bank charters approved. From 175 in 2007 alone to less than 3 over the last three years combined. The reasons for this steep drop can be attributed to low bank profitability caused by sustained low interest rates and the high cost of compliance. In the absence of an environment with higher interest rates that can lead to higher profits, new banks will be nearly impossible to create and grow, and consolidation will continue. #9 – INTEREST RATE RISK Regulators are concerned that banks will not be able to react fast enough to remain profitable when interest rates inevitably rise. There is continued safety & soundness focus in this area.

The good news is that you already have the tools in place to manage this area. Demonstrate to your regulators that you have a plan but don’t wait for rising rates to return your institution to greater profitability. #8 – CREDIT RISK Now more than ever, banker training is focused on techniques and practices for sound underwriting, credit management and collection. However, if non-bank competitors continue to drive pricing down, banks will not be paid for the risk they take. As compliance costs further the hurdle for banks to compete, expect large scale players to win out. Arguments regarding a fair competitive landscape are creeping into the discussion as the borrower will be the likely loser as choices are limited. #7 – CAPITAL PLANNING Capital planning is not just for big institutions anymore. The objective is to withstand a poor external environment and negative impacts to earnings. There will be an expectation to increase capital planning sophistication within community banking. The good news here is that you should be able to leverage many of the Key Risk Indicators that support your risk appetite statement to help enhance the capital planning and monitoring processes.

20 Virginia Banking | November/December 2016

#6 – REGULATORY RISK 2016 has not seen as many new changes as recent years but there are two changes for additional disclosures. The first is the additional fair lending requirements for service members and truth in lending requirements for student loans. The second is the application by the regulators of Enterprise Risk Management’s 3 Lines of Defense framework for the compliance management function. #5 – OPERATIONAL RISK The digital payment landscape has completely upended operational risk. Do you consider mobile a product offering or a channel? Consumers are adopting digital currency and digital wallets and new risks to the institution are quickly emerging.

Will you partner or develop ubiquitous mobile capabilities?

These are trends with potentially significant impacts even though only a minority of your customers are currently using them. #4 – STRATEGIC RISK While I find it troubling, I am no longer surprised when an institution does not have a robust, documented strategic plan.

Institutions need to be more opportunistic in their growth strategies. If your institution has adequate capital, then we need a plan to use it. The board members of tomorrow need more comprehensive information to meet their fiduciary responsibilities.

That need is driven by a more complex financial world and by the emergence of nonbank competitors. Peter Drucker said it best: “The best way to predict the future is to plan it.” #3 – HUMAN CAPITAL RISK The negative publicity during the recession has made it difficult to attract, train and reposition talent. Millennials may never join the industry in significant numbers. It is time to look to the next generation, GenZ or the “Builders.” They are beginning to graduate from high school. Offer them opportunities in operations, technology or finance. They shouldn’t work on the teller line as they don’t see a need for currency. #2 – VENDOR RISK We outsource more today than we did five years ago, and will likely outsource more five years from now. Financial services has lead the business community in managing vendor relationships but finally other industries are catching on. Look for all industries to enhance their practices as we look to outsourcing www.vabankers.org

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for financial institutions, and their solutions make it possible for most problems to be resolved with responsive customer service.

to continue to expand. #1 – TECHNOLOGY/CYBER RISK We have seen cyber threats as a no. 1 risk for several years and this trend continues. Large scale breaches by fraudsters seeking financial or intellectual property has given way to state actors seeking disruption to private sector industries and public sector institutions. The good news is that our defense techniques continue to improve as fast as the bad guys develop new techniques. The bad news, this cycle may only be broken years from now by global treaties of the scale of the Treaty of Versailles.

Michael D. Cohn is the director of WolfPAC Solutions Group, a VBA endorsed vendor. He can be reached at 617-428-5488 or mcohn@wolfandco.com.

9. Can the hardware be placed, if secured, in an open area where there are customer and employee interactions?

Instant issue programs are designed to help support and enhance the account holder experience. The best solutions tend to offer more compact printers that are ideal for even small branches in grocery stores or office buildings. Printers can be placed behind a teller counter or other secure area (with a security camera) that is close to where representatives interact with account holders. Bigger, bulkier printers can take away from the account holder experience because they hold sensitive data and, therefore, require a dedicated space and computer (with a security camera and a room with a locked door). Be aware that if embossing printers are used, they need to be placed in a separate room or area due to size and the potential for noise.

10. How are inventory and card management handled?

Look for a setup that allows for easy monitoring of inventory and can automatically reorder cards when needed. Most institutions also want a solution that tracks employee usage and provides audit trails, which saves valuable time when it’s necessary to backtrack and troubleshoot problems.

Harland Clarke, a VBA endorsed vendor, offers a full suite of card services – including an affordable, easy-to-implement instant card issuance solution for large financial institutions.

To learn more, contact your Harland Clarke account executive at cardservices@harlandclarke.com or visit harlandclarke.com/Card@Once.

TRUST IS EVERYTHING

Equias Alliance is your Trusted Source for BOLI & NONQUALIFIED BENEFIT PLANS Speaking of TRUST, our custom-designed BOLI solutions have earned the exclusive endorsement of the American Bankers Association.

This endorsement is based on our key strengths, which include: • Number of BOLI Placements Made • Number of Nonqualified Plans Designed • High Client Satisfaction Ratings • Experienced Administrative Service Professionals • Thorough BOLI Risk Assessment Reviews

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jolson@equiasalliance.com Tel: 804.784.7216 1900 Manakin Road, Suite E Manakin-Sabot, VA 23103

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The American Bankers Association (through its subsidiary, the Corporation for American Banking) has endorsed services provided by Equias Alliance.

EA-Ad-10-2016-VA-Bankers-HP-03ab.indd www.vabankers.org

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©2016 Equias Alliance

10/27/16 4:24 PM November/December 2016 | Virginia Banking 21

Move

Bankers on the

Are your bankers on the move?

Email submissions to mmcdearmon@vabankers.org

City National Bank Tabitha Troxell – Mortgage Loan Specialist Cheryl Dillon

Teresa Fridley

Lauren Andrews

Ace Bohanon

Charity Coleman

Lisa Seamster

Jennifer Throckmorton

EVB Rick Fulk – Director of Acquisition, Development and Construction Banking/Senior Vice President Marnie Triscari – Branch Manager Nicole Young

David Allen

Bud Yerly

Tabitha Troxell

American National Bankshares, Inc. Andy Agee – Senior Vice President and Relationship Manager Allen Clark – Senior Vice President and Relationship Manager Gary Goldsmith – Senior Vice President and Relationship Manager Edward Martin – Executive Vice President and Senior Credit Officer Kevin Meade – Executive Vice President of the Bank and Regional President Alan Miller – Vice President and Relationship Manager Steven Smith – Senior Vice President and Relationship Manager Bank of Fincastle Cheryl Dillon – Treasury Services Officer, Commercial Lending Teresa Fridley – Branch Manager

Calan Jansen

Robert Wright

Jennifer Register

Markeia Johnson – Branch Manager

Bank of Charlotte County Lauren T. Andrews – Bank Secrecy Act Officer

Farmers & Merchants Bank Calan Jansen – Assistant Vice President

Benchmark Community Bank Ace Bohanon – Vice President/Business Banker Charity Coleman – Assistant Vice President/EDP Officer Lisa Seamster – Relationship Banker Jennifer Throckmorton – Branch Manager Nicole Young – Branch Manager

Fulton Bank Robert Wright – Senior Vice President and Senior Commercial Relationship Manager

Blue Ridge Bank Don Andree – Executive Vice-President and Chief Banking Officer

Old Point National Bank Jennifer Register – Vice President, Retail Lending Officer

BNC Bank David Allen – Virginia Regional President

Park Sterling Bank Bobby Cowgill – Richmond Regional President

The Bank of Southside Virginia Bud Yerly – Market Lending Executive

Virginia National Bank Samuel T. Ashworth – Market President & Commercial Lender

to roll out an official launch schedule and training solutions for the form, but those should be arriving in the near future, so be sure to look out for them.

A wonderful FAQ, a summary, copies of URLA forms and addenda and samples of filled-out URLAs for purchase and refinance transactions can be found on the GSEs’ website at https://www.fanniemae.com/singlefamily/uniform-residential-loan-application. (A Spanish version of the form

should be available soon as well, if not already.)

John Marshall Bank Tom Nida – Senior Vice President & Regional Executive

Compliance Corner continued from page 10 which runs the risk of violating both Regulation B (ECOA) and Regulation C (HMDA) as they are currently written.

Therefore, it’s best to hold off on using the new URLA to originate mortgage loans for the time being.

Nevertheless, with all the other big regulatory changes looming on the horizon, financial institutions are encouraged to check out the new form and see how it can best fit into their existing lending platforms. The GSEs have yet 22 Virginia Banking | November/December 2016

James McGuire has worked as an attorney and legal researcher in the financial industry since 2010. Compliance Alliance, a VBA Endorsed Vendor, offers a wide variety of compliance support resources. To learn how to put them to work for your bank, call them at (888)353-3933 or visit compliancealliance.com. www.vabankers.org

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11

12

18

19

6

7

8

December 2017 13 14 15 Sun Mon Tues 20

21

5

6

7

8

12

13

14

15

Wed

22

19

Thur 20

Fri 121

9

10

16

17

Women in Banking

Sat

23

24

Thanksgiving Day

26

3

27

10

Tues

Wed

1

2

17

4

28

11 Thur 3

529

6

12

13

Fri

Sat

184

5 19

26

7 27

828

December 2017

14

15

Sun

Tues

20

Mon

21

29

9

9

May 16 8-10 HR & Training Conference, Charlottesville Lorem ipsum 9-10 Fund. of Credit Analysis & Business Financing, Glen Allen 23 11-12 Executive Leadership Institute, Glen Allen 16-17 Operations & Technology Conference, Charlottesville 30 23-24 Supervisor Boot Camp, Glen Allen June 1-2 Executive Leadership Institute Sat 18-21 VBA Annual Convention, Hot Springs, VA 7

July 14 30-31 VBA School of Bank Management, Charlottesville 21

August 1-4 VBA School of Bank Management, Charlottesville 28 28-30 CFO Conference, Richmond

Sat

October 4 2-3 Credit Management Conference, Charlottesville 5-6 11 Leadership Conference, Location TBD November 18 2-3 CEO Forum, Charlottesville 9 Women in Banking Conference, Richmond 25 15-16 Enterprise Risk Management Workshop, Richmond Veterans Day

ERM Workshop

222

April Sat Compliance School & Advanced Compliance, Charlottesville 3-7 2 13-14 Executive Leadership Institute, Glen Allen 19-20 Consumer Lending School, Glen Allen

September 11 BSA/AML Compliance Management Seminar, Kingsport, TN 26-27 Commercial Lending School, Glen Allen

ERM Workshop

ndependence Day

25

18

29

7

4

22

9

Exec. Leadership Columbus Day Institute #4

Leadership Conference

6

31

6

Tues

15

11

5

WedSeptember Thur2017 Fri 4 Sun 5 Mon 6Tues

March 1 Security Risk Workshop, Charlottesville 2-3 Executive Leadership Institute, Glen Allen 8-9 Retail Banking & Marketing Conference, Charlottesville 14-15 AML & BSA 2-Day School, Glen Allen 20-22 VBA-ABA Government Relations Summit, Washington, D.C.

30

16 Wed

22

Thur

Fri

Sat

1

2

7

8

9

23

VBA Events

Conferences

Seminars & Schools

Federal Reserve Bank Holidays

ank Management

8

9

10

11

25

12

26

27

3

15

24 16 31

17

Christmas Day

18

19

10

22

23

24

25

26

17

4

5

6

11

12

13

14

15

16

18

19

20

21

22

23

28

29

30

VBA Events

Conferences

Seminars & Schools

Federal Reserve Bank Holidays

ERM

RISK OPERATIONS

RISK COST

RISK GOVERNANCE

Balance your risk with WolfPAC Integrated Risk Management.

An accurate and holistic view of risk gives your organization more time for analysis and strategic planning while ensuring your resources are utilized efficiently. WolfPAC is a secure, online suite of enterprise risk assessment tools and risk management plans that incorporate the elements of enterprise-wide risks into integrated solutions.

WolfPAC is regularly updated to reflect changes in business practices, regulations, and examination standards, so you can be sure you’re meeting regulatory requirements. Find out how WolfPAC can streamline your Enterprise Risk Management and assist you in developing a thoughtful and strategic ERM program.

FOR MORE INFORMATION: Contact Bharat Nair at 617-439-9700

www.wolfpacsolutions.com