Download - Virginia Banking Nov/Dec 2011

IN THIS ISSUE GET SMART ABOUT CREDIT | APPROACHING YOUR SOCIAL FOOTPRINT

November/December 2011

VIRGINIA BANKERS ASSOCIATION — SERVING VIRGINIA’S FINANCIAL COMMUNITY SINCE 1893

25 in 10: VBA Tour of

VirginiaVirginia

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2011-2012 OFFICERS ANDDIRECTORS OF THEVIRGINIA BANKERSASSOCIATION

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

Statements of fact and opinion aremade on the responsibility of theauthors alone and do not imply anopinion or endorsement on the partof the officers or members of VBA.

AT-LARGE MEMBERSBenefits Corporation Chair

Richard M. Liles, Bank of McKenneyManagement Services Inc. Chair

Frank Bell, III, Chesapeake BankGovernment Relations

Committee ChairChristopher W. Bergstrom, Cardinal Bank

VBA Education Foundation ChairJ. Peter Clements, The Bank of Southside Virginia

EDITORIAL & EXECUTIVE OFFICES4490 Cox Road Glen Allen, VA 23060804-643-7469 Fax 804-643-6308www.vabankers.org

Bruce T. WhitehurstPresident and CEOVirginia Bankers Association

Chandler DeweyManager, Communications/

Marketing and Financial LiteracyVirginia Bankers Association

SUBSCRIPTIONSIf you would like to subscribe to Virginia Banking, contact Chandler Dewey at [email protected]. Virginia Banker is published bi-monthly. Copyright 2011.

featuresGet Smart About Credit Day 2011Virginia Bankers Teach Children about the Basics of Credit

25 in 10: VBA Tour of Virginia VBA meets with 523 bankers for 25 meetings in 10 days.

4 Calendar of Events 5 Insights 6 Legal Line 7 Worth Noting

8 Compliance Corner14 Legislative Update18 Washington Update22 Bankers on the Move

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

Editor’s Note: Our September/October issue of Virginia Banking incorrectly stated that William F. “Tree” Rountree began his career with Farmers and Merchants Bank. Tree started out with United Virginia Bank. We regret the error.

12

BankingVIRGINIA BANKERS ASSOCIATION — SERVING VIRGINIA’S FINANCIAL COMMUNITY SINCE 1893

16

20

10

in every issue

The Social Bank How to Approach the Social Footprint Your Bank Already Has (Whether You Like It Or Not)

Wellness Doesn’t Cost … it Pays!Medical costs continue to go up, despite efforts to reduce them. Learn how to make your health work for you.

DIRECTORSTimothy M. Warren Chairman Timothy M. Warren Jr. CEO & Publisher David B. Lovins President Vincent M. Valvo Group Publisher & Editor in Chief

FINANCE & ADMINISTRATIONJeffrey E. Lewis Controller / Director of Operations

EDITORIAL Christina P. O’Neill Custom Publications Editor Cassidy Norton Murphy Associate Editor

ADVERTISINGGeorge Chateauneuf Publishing Division Sales Manager Richard Ofsthun Advertising Sales ManagerCara Inocencio Advertising Sales ManagerEmily Torres Advertising, Marketing & Events Coordinator

DESIGN & PRODUCTIONJohn Bottini Creative Director Scott Ellison Senior Graphic DesignerEllie Aliabadi Graphic Designer

©2011 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.

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280 Summer Street, Boston, MA 02210Phone: 617-428-5100 Fax: 617-428-5118 www.thewarrengroup.com

November/December 2011 | Virginia Banking 3

November/December 2011

INSTRUCTOR-LED SEMINARS

COMPLIANCE WITH FEDERAL LENDING REGULATIONS SEMINAR, SANDSTON DECEMBER 13, 2011

MORTGAGE DISCLOSURE COMPLIANCE, SANDSTON DECEMBER 15, 2011

ONLINE/INSTRUCTOR-LED SEMINARS

AIB PRINCIPLES OF BANKING DECEMBER 12, 2011

AIB GENERAL ACCOUNTING DECEMBER 12, 2011

AIB GENERAL ACCOUNTING JANUARY 9, 2012

AIB ANALYZING FINANCIAL STATEMENTS JANUARY 9, 2012

MANAGING FUNDING, LIQUIDITY, AND CAPITAL JANUARY 9, 2012

AIB PRINCIPLES OF BANKING JANUARY 9, 2012

AIB PRINCIPLES OF BANKING ACCELERATED JANUARY 17, 2012

AIB LAW AND BANKING: APPLICATIONS JANUARY 17, 2012

AIB CONSUMER LENDING JANUARY 17, 2012

ABA ONLINE REVIEW COURSE FOR THE CRCM EXAMINATION JANUARY 23, 2012

AIB PRINCIPLES OF BANKING JANUARY 23, 2012

AIB LAW AND BANKING: APPLICATIONS MARCH 5

AIB ANALYZING FINANCIAL STATEMENTS MARCH 5

AIB PRINCIPLES OF BANKING MARCH 5

WEBINARS

IRA REQUIRED MINIMUM DISTRIBUTIONS DECEMBER 7, 2011

PRACTICAL APPROACH TO ANTICIPATING AND MANAGING INTEREST RATE RISK DECEMBER 7, 2011

IRA CONTRIBUTIONS DECEMBER 14, 2011

Live Event Online Seminar

Information and online registration is available at the VBA website. Please either go to www.vabankers.org 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 www.vabankers.org.

4 Virginia Banking | November/December 2011 www.vabankers.org

Calendar of Events

2012 financial forecastdowntown richmond marriott

january 6, 2012

retail banking and marketing conference omni charlottesville hotel

march 13-14, 2012

compliance schoolomni charlottesville hotel

april 2-6, 2012

security workshopomni charlottesville hotel

april 25-26, 2012

hr & benefits symposiumomni charlottesville hotel

may 6-8, 2012

operations & technology workshopstonewall jackson hotel & conference center

staunton, virginiamay 15-16, 2012

annual conventionthe homestead

june 17-20, 2012

school of bank managementthe university of virginiajuly 29-august 3, 2012

cfo conferenceomni charlottesville hotel

august 27-29, 2012

credit management conferenceomni charlottesville hotel

october 1-2, 2012

2012

conference

schedul e

Everywhere I go these days, people are talk-ing about the high degree of uncertainty that exists in our country, our economy

and our industry. Having been through the Financial Crisis of 2008 and the Great Recession that followed, uncertainty would seem to be a natural result as we struggle toward economic recovery. Sadly, the de-gree of uncertainty has been amplified substantially by Congressional action and the current regulatory environment – not just in banking, but more broadly in business.

Our recent state legislative meetings – 13 of them around the Commonwealth – brought this point home as bankers and state legislators alike cited examples of regulatory challenges. I have written plenty about Dodd-Frank and its enormous and over-reaching impact on banking, but in these meet-ings, we also heard about EPA regulations that ei-ther add cost to new projects or lead to a denial of permits altogether. We heard from bankers about the challenges of lending – at least in certain in-dustry categories – given the expectation that bank examiners will force these loans to be classified. We heard from state legislators and bankers alike about the small businesses that are unwilling to borrow for expansion – which would create new jobs – because of uncertainty over how health-care reform and changes to the tax structure might affect them. We heard that some businesses in need of more human resources are hiring contract or temporary employ-ees to avoid making a commitment to hiring more full-time employees.

All this uncertainty and the extremely cautious regulatory environment are working directly against what we all want to see: sustainable economic re-covery and a lower unemployment rate. It is truly a head-scratcher to observe so many ways our federal government is suppressing economic growth as it endeavors to micromanage business in America.

Where does this leave us? Even for an optimist

like me, it leaves us in a condition of malaise, as de-fined both ways. What do we do about it? We must stay in the fight, continue our legislative and regu-latory advocacy, and challenge Congress and the White House to strike a better balance between gov-ernment regulation and the free enterprise system. We can commiserate about the challenges we face, but we must also advocate for needed changes. We must discard our feelings of malaise and persevere.

We are still learning what the full impact of healthcare reform will be. Thank goodness we have our VBA Benefits Corporation, which not only pro-vides health insurance and related benefits to over 100 community banks, but also keeps all VBA mem-ber banks up to speed on health care reform.

We are still learning what the full impact of Dodd-Frank will be. Thank goodness we have a VBA ad-vocacy and legal team that is focused on how our industry can influence regulatory promulgation as new proposals come out. Thank goodness we have a VBA Education & Training team bringing valuable training as we enter uncharted waters, especially – and unfortunately – in the compliance arena.

We are still fighting against an unfair portrayal of traditional banking, especially in the national me-dia and, sadly, from some of our national political leaders. Blaming banks for everything might be in vogue, but it is not right. Thank goodness we have a VBA Communications and Financial Literacy team interacting with the media frequently to change per-ceptions and to point out the incredible and positive role banks play in their communities.

As we quickly approach a new year, one thing I know for sure is this: Virginia bankers will stay en-gaged in the political process, active in VBA advo-cacy and will continue to be leaders in their com-munities. We have real challenges before us, but we will do all that we can – together – to overcome this regulatory malaise and to get our economy and our country back on track.

Bruce Whitehurst can be reached by email at [email protected].

Bruce Whitehurst

President and CEO,

Virginia Bankers Association

Malaise (from dictionary.com) 1. A condition of general bodily weakness or discomfort, often marking the onset of a disease. 2. A vague or unfocused feeling of mental uneasiness, lethargy or discomfort.

Regulatory Malaise

November/December 2011 | Virginia Banking 5 www.vabankers.org

Insights


Electronic Notary Law

Banks will soon be able to notarize docu-ments without having to make custom-ers come into their local branch. This past

session, the General Assembly passed a bill allow-ing electronic notary publics to notarize documents when the signer is not in the notary’s presence if satisfactory evidence of the signer’s identity is estab-lished. Under previous law, satisfactory evidence of a signer’s identity could only be established in person for electronic notarizations. Beginning July 1, 2012, a Virginia electronic notary can electronically notarize documents using audio and video conference tech-nology to confirm the signer’s identity. Below are some FAQs on the new law.

What is electronic notarization? Electronic notari-zation, as distinguished from traditional pen and pa-per notarization, is a process by which an electronic notary public affixes an electronic notary signature and seals information to an electronic document. Virginia law has allowed for such notarizations since 2007.

How is the amended statute different from the previous version? The new law allows an electronic notary public to notarize a document when the signer is not in the notary’s presence if satisfactory evidence of the identity is established. Before the most recent amendments, an individual had to make a personal appearance before an electronic notary public for an electronic notarization. The 2011 amendment allows the satisfactory evidence of identity to be based on video and audio conference technology that permits the notary to communicate with and identify the signer at the time of the notarial act. A personal ap-pearance is still considered satisfactory evidence of identity.

What are the video and audio conference technol-ogy requirements? The parties must simultaneously see and speak to one another, the signal transmission must be live (real time), and the signal transmission must be secure from interception through lawful means by anyone other than the persons communi-cating.

Do I have to be a notary public before I am com-missioned as an electronic notary public? Yes. In-dividuals can apply to become an electronic notary

after they receive their notary public commission cer-tificates from the circuit court.

What is the difference between an electronic notary public and a notary public? A notary public must complete a separate application to be an elec-tronic notary public. In the application, the notary must provide a general description of the technology the applicant will use to create an electronic signa-ture. The electronic notary public has the additional responsibility of keeping a copy of any video and au-dio conference that formed the basis for satisfactory evidence of identity. This electronic record must be kept for a period of at least five years from the date of the transaction.

Does the notarial act need to be performed in Virginia? No. An electronic notarial act performed in accordance with the statute is deemed to have been performed within the Commonwealth and is gov-erned by Virginia law. It is important for the notary to be a commissioned Virginia electronic notary public.

What parts of the law are in effect? The entire stat-ute is in effect with the exception of the provisions relating to the use of video and audio conference technology. Those provisions will have an effective date of July 1, 2012.

How does the statute protect against fraud? The statute requires the electronic notary public to con-firm the principal’s identity by personal knowledge, an antecedent in-person identity proofing process in accordance with federal standards, a valid digital cer-tificate, or by use of a personal identity verification card designed, issued, and managed in accordance with federal standards. These requirements, in addi-tion to the obligation to maintain a copy of the re-cording of the video and audio conference, help to protect against fraud while allowing individuals and businesses to take advantage of the latest technology in an effort to facilitate transactions.

How will this affect my banking practice? The new electronic notary law will allow banks to obtain notarized documents from individuals who are out of state or unable to appear at a local bank branch. This will facilitate the ability to complete financial transac-tions or functions that require many notarized docu-ments in an efficient manner.

Mel Tull can be reached by email at [email protected].

LineLegal

Mel Tull General Counsel, Virginia Bankers

Association


PETER CONVERSE NAMED BUSINESS LEADER OF THE YEAR BY ALEXANDRIA CHAMBER

The Alexandria Chamber of Commerce honored Peter A. Converse, president and CEO of Virginia Commerce Bank, as the 2011 Business Leader of the Year. Converse was recognized at the Chamber’s Business Awards Dinner on Oct. 6 at the U.S. Patent and Trademark Office.

The Chamber’s selection of Converse as the recipient of its top business award was based on his dedication and exem-plary leadership in the business community. From the time he joined VCB as its CEO in 1994, the bank has grown under his leadership from two branches with $54 million in assets to what is now Northern Virginia’s largest community bank with over $2.9 billion in assets, 28 branches, a residential mortgage lending office and a wealth management services department. Converse joins a distinguished list of honored business leaders since the awards program began in 1994.

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Glen Allen, VA 23060(800) 643.5599

Visit our website at www.vabankers.org

VBA BANKER DAY 2012: On Thursday, Jan. 12, 2012, we invite you to join bankers from across the Commonwealth in visiting the General Assembly to advocate on behalf of our industry. Please email Bobbi Weimer for more information and to register at [email protected] or visit us online at www.vabankers.org.


The ability to find and share reliable compli-ance trend information can be especially beneficial to VBA member institutions:

There are, for example, some noteworthy themes that have emerged during the current cycle of BSA/AML examinations.

It can take time for some trends to become appar-ent. The most recent FFIEC BSA/AML Examination Manual (April, 2010) included additional, expanded guidance on AML risk assessment – a sure sign that risk assessments would receive additional scrutiny during examinations.

That’s happening.The AML risk assessment is the key analysis that

drives the depth and complexity of a bank’s BSA/AML management efforts. Understanding your insti-tution’s risk profile allows you to design appropriate risk mitigation efforts.

There are no prescribed or recommended meth-ods for assessing BSA/AML risk. Guidance from the FFIEC Interagency BSA/AML Examination Manual suggests, however, that banks begin by identifying specific risk categories – products, services, custom-ers, entities, transactions and geographic locations. The second step suggested in the Manual is to con-duct a more detailed analysis of the data identified to better assess the risk within these categories.

Financial institutions generally do a good job of identifying their relevant risks. Nonetheless, banks need to expand on the documentation of analysis re-lied upon to quantify risks for relevant factors.

Regulators are paying attention to documentation, with documentation issues leading to citations in nearly two-thirds of examinations.

Bottom line: The examination devil is in the details.

RISK RATING FACTORSYour analysis should be sufficient to support the rat-

ing assigned to the risk factor. To quantify risk from cash activity, your analysis may include the following:• Number of CTRs filed.• Cash shipment types and volumes.• Use the query capabilities of your core processor to

trend where cash activity is coming from or going to, i.e., average daily volumes of cash by account or customer type, and total amount and volume of cash ins and cash outs per day. The data will help

you define how cash intensive your bank is.• The number of cash-intensive businesses. Define

what a cash-intensive business is – for example, businesses which deposit over $5,000 per transac-tion more than five times a year.

• Analyze controls over cash reporting and moni-toring. Are all points of cash entry or exit identi-fied and considered for CTR and suspicious activ-ity monitoring and reporting?

A comprehensive analysis looks at data from sev-eral different perspectives. This concept can also be applied to an analysis of wire transfer data. For ex-ample, to quantify risks for wire transfers, you might analyze the following:• The number of international transfers as a percent-

age of total wire transfers.• The number of transfers originated or received by

customers designated as high risk or by customers using other high risk products or services.

• The number of international transfers to higher risk geographies or jurisdictions (such as FATF or INSCR designated countries).

Examiners are making certain institutions under-stand that the AML risk assessment should be a con-tinuing process, not a one-time exercise. When the bank’s risk profile changes, its AML risk assessment should be updated to reflect the changes.

Examples of changes to relevant risks include new products and services; changes to existing products and services; and expansion through merger or ac-quisition, the opening of branches in different geo-graphic location, or the addition or deletion of ac-counts for higher risk customers.

Even without these changes, keep in mind that the analysis to support assigned risk ratings should use current data. The AML risk assessment should be up-dated every 12 to 18 months, regardless of whether there are changes to risk factors.

CIP NON-COMPLIANCE CITATIONSAnother area attracting attention is the Custom-

er Identification Program (CIP). CIP requirements (mandated by Section 326 of the USA PATRIOT Act) became effective with a compliance date of Oct. 1, 2003. Examiners expect that, by now, your institution

By Donna Rakes and Jim Dray Thomas

Compliance Associates, Inc.

CornerCompliance

SA Examinations Hit Risk AssessmentsLack of Documentation Leads to Citations


is getting CIP right.Consequently, there is an increased

focus during this exam cycle on compli-ance with CIP requirements. Examiners are commonly citing institutions for non-compliance in CIP exceptions, which are red-flags for examiners. The CIP rule is somewhat flexible in how it allows you to reach the standard of “reasonable belief” that you have verified the identity of a person opening an account.

Based on your CIP risk assessment, you established standards for identification and verification of information provided. Expectations are that you follow the pro-cedures you have established. Otherwise, you are not meeting your own standards for “reasonable belief” you have verified the customer’s identity.• Process for secondary review. Examin-

ers review the end result, but they also focus on processes designed to ensure you remain compliant. Expectations are that your CIP efforts include a “quality control” process to ensure the require-ments of your CIP are being followed.

• Documentation of the resolution of dis-crepancies discovered when verifying identity or identifying information. It is a CIP requirement to document the resolution of any substantive discrep-ancies uncovered when verifying iden-tity. This issue is critical in this round of examinations.

Ever since the ID Theft Prevention re-quirements under FACTA defined an ad-dress discrepancy as a potential indicator of identity theft, address mismatches un-der CIP have become an even bigger fo-cus. Address mismatches are a common-place occurrence. Whatever method you rely upon to resolve address discrepan-cies, be certain that your process includes documenting the resolution.

VBA members seeking information or as-sistance on fair lending issues should call TCA’s Donna Rakes or Jim Dray. The toll-free number is 800-934-7347. Rakes is manager of TCA’s East Coast regional of-fice in Rustburg. Dray is president of TCA. TCA is the VBA’s endorsed provider of compliance services.

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Get Smart About Credit Day 2011

G et Smart About Credit Day is an annual event put on by the American Bankers Association and one in which Virginia

banks participate. This event allows bankers to enter the classroom to teach the fundamentals of money management, the meaning of good credit and credit scores, and the importance of saving. On Oct. 20, 132 Virginia bankers from 24 banks reached 5,816 students through 125 Get Smart About Credit Day presentations. Kudos to these bankers, who understand that working with students is a worth-while endeavor.

Event highlights include:Oak View National Bank’s Senior Vice Presi-

dent of Administration Colin Borgstrom partnered with Marshall Middle School and the Fauquier County Public Library to provide several classes for over 100 teens in sixth to ninth grades. Class discussions focused on different types of available credit, budgeting now and for the future, and the

role that banks play in our economy.First Bank, Strasburg conducted three Get Smart

About Credit sessions at Strasburg High School and taught 76 students. Bankers visit the senior government classes at Strasburg High School twice a year to make sure that all seniors hear their mes-sage prior to graduation.

SunTrust Bank had a successful event in their Hampton Roads region, in which about 250 high school students participated.

Pendleton Community Bank’s Dayne Davis made presentations to the “Life Skills” class at Turner Ashby High School in Bridgewater.

American National Bank & Trust Company’s Brandon Atkins and Mario Huffman spoke at Woodberry Hills Elementary School’s Career Day, giving a lesson on borrowing money.

To see more pictures of Get Smart About Credit Day 2011, please visit us on Facebook at www.facebook.com/virginiabankersassociation.

Virginia Bankers Teach Children about the Basics of Credit

Joe Biddlecomb and Ward Currin presented at Northumberland High School for Bank of Lancaster.

First National Bank held a Get Smart About Credit class at Amherst High School. They participated across seven periods, which totaled 16 government classes and a total of 318 students.

Johanna Northstein, Chesapeake Bank, visited Gloucester High School. She met with multiple classes, teaching students the “Four C’s of Credit” and showing them how credit scores can affect their lives in various ways.

Thank you to the following banks that participated!

American National Bank & Trust CompanyBank of BotetourtBank of LancasterBank of the JamesBB&TBenchmark Community BankC&F BankChesapeake Bank

Community BankCommunity Capital Bank of Virginia (VCC)First Bank & Trust CompanyFirst Bank, StrasburgFirst Community Bank, N.A.First National BankHomeTown BankNational Bank

Oak View National BankPendleton Community BankPeoples Community BankStellarOne BankSunTrust BankThe Bank of MarionTruPoint BankUnion First Market Bank

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Our primary competitive advantage is the service we deliver and we work hard every day to exceed every client’s service-related expectations. Our support staff serves as the single point of contact, support, and accountability … is held to the highest of standards … and is empowered with the technology and resources it needs to be the best in the business.

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WelcomeNew Associate Members

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

25 in 10: VBA Tour of

Virginia

12 Virginia Banking | November/December 2011

October 6Abingdon

October 6Danville-Leadership Division

October 5Roanoke

October 7Danville

In just 10 days, the VBA Government Relations and

Communications departments and the VBA Benefits

Corporation held 25 meetings across the Commonwealth,

reaching 523 bankers, media representatives and legislators.

September 30Virginia Beach

October 4Charlottesville

September 29Newport News

October 5Lynchburg

September 27Fairfax

September 27Northern Virginia-Leadership Division

September 27Leesburg

October 4Lynchburg-Leadership Division

September 20Richmond

October 3Staunton

September 28Fredericksburg & Manassas

The initial tour of the Commonwealth was planned in order to hold a series of legislative meetings. The VBA completed a series of meetings with Virginia state legislators, making stops in 13 cities: Abingdon, Charlottesville, Danville, Fairfax, Fredericksburg, Leesburg, Lynchburg, Manassas, Newport News, Richmond, Roanoke, Staunton and Virginia Beach. The meetings were well attended and the legislators heard our messages of federal regulatory pressures; the ability and desire banks have to make loans, but the lack of qualified borrowers; the many ways banks continue to be the foundation of the communities they serve; and our industry’s active role in financial literacy.

While on the road, the VBA media relations staff met with the editorial boards from four Virginia publications to talk about the banking industry and the current economic environment. A combination of publishers, editorial staff and reporters from the Norfolk-based Virginian-Pilot, the Lynchburg News & Advance, the Danville Register & Bee and the Bristol Herald Courier interacted with us as we reviewed the foreclosure environment in Virginia, the tremendous work banks do in the community, the current supply vs. demand issue

in lending, and the burden of the overregulation coming from the federal government.

Finally, three Leadership Division meetings were held over this time span as well. On Sept. 27, the Northern Virginia region of the division had its first event – a happy hour and networking meeting at American Taphouse in Reston. On Oct. 4, Lynchburg area Leadership Division members met up at Waterstone Pizza for happy hour and dinner. On Oct. 5, Leadership Division members attended Catfish and Crawdads in Danville, which was organized in part by Leadership Division Steering Committee member, Brandon Atkins, American First National Bank & Trust Company.

Additionally, The VBA Benefits Corporation had five meetings in Abingdon, Lynchburg, Richmond, Manassas and Newport News. VBA Benefits Corp.’s Annual Fall Meetings are specifically intended to cover any updates, plan design changes, carrier changes, rate actions, RFP results, etc. that will be occurring in the health insurance plans for the upcoming year. This included changes and updates to medical, dental, life, limited and vision plans.

Thanks to everyone who participated in these important meetings!


Hearing Directly from Our Bankers

F all at the VBA has been a busy time for our ongoing grassroots advocacy efforts across the Commonwealth. Over the

course of three weeks, the VBA hosted 13 meet-ings between bankers and state legislators in all regions of Virginia. In total, 248 bankers attended these events, along with 90 legislators. Thanks to all those who took time out of their busy schedules to participate.

These meetings serve as a great opportunity for bankers and elected officials to discuss the issues important to our industry. Throughout the course of our trip, it was insightful to hear many of the same refrains echoed despite the diversity of geography. Not surprisingly, the overall economic environment was front and center on everyone’s minds. While it was reassuring to hear the reminders that Virginia has weathered this recession far better than other locations, the uncertainty prevalent in all sectors of our economy, including financial services, remains the overriding concern.

Our bankers did an outstanding job of commu-nicating the difficulty in the lending environment to the legislators. Bankers continually emphasized their desire and capacity to lend. However, as long as businesses and families are worried about forth-coming regulations, potential changes in tax policies and their overall fiscal future, the lack of demand for the loans necessary for our business model will linger. Acknowledging that the vast majority of that uncertainty has root in Washington, our state legislators were responsive to our requests to not further burden our industry or the customers we serve. Equally important as discussing our many challenges, our bankers reiterated the tremendous positive impact they have on their communities, both through their businesses as well as their com-munity involvement and efforts in financial literacy.

Like our successful meetings with our state lead-ers, several bankers participated in meetings with members of the Virginia congressional delegation. Rep. Robert Hurt (VA-5) heard from bankers about

the cost and time devoted to the overburden of regulations coming from Washington. As a member of the House Financial Services Committee, Hurt is keenly aware of the negative impact of “the suffo-cating government regulatory environment.” Our bankers were appreciative of the his comments, as well as his decision to co-sponsor HR 1965, modern-izing the SEC registration threshold requirements.

Similarly, we were pleased to have Rep. Rob Wit-tman (VA-1) join us at our Fredericksburg state leg-islative breakfast. Including the congressman in our discussion with state legislators and our bankers proved beneficial to all in attendance. Contrasting the stark difference in approaches and outcomes between our General Assembly in Richmond and Congress in Washington reinforced not only how fortunate we are at the state level in Virginia, but also the frustrating environment at the federal level. Wittman clearly understands our issues and, thanks to opportunities for continued conversations like this, is willing to listen to our bankers.

As we near the end of 2011, we can pride our-selves on the active engagement from our bank-ers over the past several months. Whether it was responding to calls to action on debit interchange votes in Congress or participating in one of our state legislative meetings, bankers throughout Virginia unquestionably recognize the importance of their involvement in the legislative and political process.

While we could be content to rest on our laurels, succumb to the tryptophan-included Thanksgiv-ing slumber or be distracted by the hectic holiday schedule, it is imperative that we keep our momen-tum going in our aggressive advocacy outreach.

There are two clear upcoming opportunities for you to be involved in those efforts. The first is Thursday, Jan. 12, as part of Banker Day in Rich-mond. We are hoping to grow our record number of participants from the last gathering as bank-ers from all over meet with their state legislators during the new General Assembly session. As we

Matt Bruning Director of

Government Relations,

Virginia BankersAssociation

Matt Bruning can be reached by email at [email protected].

UpdateLegislative

Continued on page 19

Promontory-ICS_BestCustomers-VA-Banker.pdf 1 10/21/2011 9:53:42 AM


L ike many conservative industries, many banks are still playing a dangerous wait-and-see game with social media. Mean-

while, the public they serve have already begun amalgamating social media into their daily lives. In fact, many don’t see social media as definitive “thing” but rather simply a baked-in experience for every in-teraction with the Internet. Consider the last time you made a purchase online: did you encounter a review or a star rating? Moreover, the entire Internet expe-rience is becoming defined bilaterally as the place where a company talks about itself (the traditional website) and the rest of the web – where you find out

how people really feel.

VIRGINIA’S SOCIAL

BANK CUSTOMERS

This plainly carries over to financial services. In a 2011 study for the Virginia Bank-ers Association (VBA), re-sults revealed that Virginians were far more verbose and curious about banking ser-vices online than the banks were at responding. With many of the discussions be-ing decidedly geographic, discussing a particular ser-vice in a distinct region, questions about everything from checking accounts for teens to debit cards working

overseas were asked and answered by the average consumer – and not always correctly – with recom-mendations for specific banks. Interestingly, many of these questions and answers were several years old – meaning they have been left out in the sun of the Internet, informing all who read them and going un-challenged for a long time. Consumers discuss their positive and negative experiences freely and in open,

public channels. These customers do not see the in-ternal separation between marketing and customer service. To them, the experience is singular, a part of their everyday connection with their financial insti-tution. This means a significant opportunity for Vir-ginia banks to engage, listen and react to an audience of willing participants. But it also means there is a lot to learn about their targets – as well as what those targets already think of and say about these financial institutions themselves.

THE EARLY ADOPTERS MUST BEWARE THE

SHINY OBJECTS

For the banks already engaging, there’s more than just an overactive constituency to worry about – there’s the pace of the underlying technology itself. Technological trends, especially in social media, can be dizzying to keep up with. It seems like every day there’s an update, a new feature, a new app, a new channel and maybe even a whole new twist on an old idea you thought was long gone. Meanwhile, long-standing channels go from frivolous “maybes” to “must-haves” as your target audiences voraciously adopt and adapt to a social media landscape some in your organization openly warned was a fad. Be-tween Apple product debuts, Consumer Electronic Show (CES) announcements and South By Southwest (SXSW) app unveilings, it’s easy to become too ob-sessed with the latest and greatest technology – or to become so overwhelmed that you tune it out. The cacophony can rear its head in frustrating ways as your facility tries to keep up in message delivery and internal control of devices, channels, etc. The 2011 re-port exposes who in Virginia has successfully utilized what channels – and who likely should have listened before wading in.

YOUR BANK’S SOCIAL MEDIA POLICY

Take internal policy development, for example, where social media has often been drawn into focus at such a fine level that we find ourselves actually

Dean Browell, PhD, is the executive vice president of Feedback, a Richmond, Virginia-based social media consul-

tancy firm. He is also the chair of the Emerging Media Task Force. He can be reached at 804-484-4245 or dean@

feedbackagency.com. See Dean speak at the VBA Annual Convention, June 17-20, 2012.

By Dean Browell, PhD Executive Vice

President,Feedback

The Social BankHow to Approach the Social Footprint Your Bank Already Has (Whether You Like It Or Not)

naming devices in the policy itself. Rarely do other policies get the same scrutiny, and frequently we trade a heavily-crafted (and sometimes heavy-handed) social media policy in exchange for permission to pursue these channels, sometimes as a gift from the IT, lawyer and administrative groups. Get-ting as granular as actually naming devices or channels in your policy could be a dan-gerous route that causes you to frequently revisit – and likely re-fight – battles on a frequent basis. I recommend aiming at the task itself. Try to conceptualize the basis for one’s use of a particular social media chan-nel and begin your policing there.

WHERE YOUR AUDIENCE LIVES:

OFFLINE AND ON

The most important concept surround-ing trend watching is this: focus on your specific publics. Take note of what the sav-vy are doing, perhaps even dabble or pilot a program or two, but really pay attention to what your core audiences are actually us-ing. In the 2011 report for the VBA, the best (and worst) practices of the financial indus-try were outlined, from successful single channels to the complete package of social experiences. It pays to evaluate what your audiences are doing even in light of social media channels you have already started. Geography truly does play a part in what channels are preferred by your audiences – in rural areas we often see that mobile is in far stronger use because they have faster internet experiences on their phones than on their desktops, which can also lead to higher use of more mobile-friendly social channels such as Twitter. Always be careful to not generalize what your region is doing based on a national article.

But of equal danger is basing your per-ception on your audience’s use of various channels and trends on your own personal usage.

SMART MOVES: THREE RULES

In evaluating trends there are three clear rules that will help you save time and mon-ey while keeping your sanity:


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Connecting the Dots on Price-Fixing

With the national media’s recent fo-

cus on new bank service fees, the

ABA has been quick to see that

our industry’s side of the story gets told.

We also want to shape this discussion so con-

sumers and policymakers clearly understand that

the key driver of these new monthly fees is noth-

ing less than government price-fixing.

In an interview with ABC World News Tonight

about bank fees, for example, I explained that

regulatory changes, including government-

imposed interchange fee restrictions, have forced

some banks to re-price their services and eliminate

free checking.

This was also my message in a letter published

in the Wall Street Journal, which followed up on

an earlier letter by Sen. Richard Durbin (D-Ill.),

who was defending his debit interchange price-

control law. “The real question is: Will retailers

reward customers with lower prices from their

billion dollar windfall or will they simply pocket

the money?” I asked. “I think we already know

the answer.”

We also issued a press statement explaining

how the landscape for debit cards is changing,

and how the Durbin amendment and its conse-

quences are symptomatic of a broader problem.

Massive amounts of new regulation, govern-

ment constraints on earning revenue and a tough

economy are preventing banks from helping our

Frank Keating President and CEO,

American Bankers Association

UpdateWashington

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economy get back on track.

The Durbin amendment, which

capped debit card fees below industry

costs, provided big-box retailers with $7

billion in windfall profits while forcing

banks to lose money on every debit card

transaction. Many economists predicted

that this direct transfer of costs from re-

tailers to everyday Americans would

result in higher fees for basic banking

services and threaten our nation’s com-

munity banks. Unfortunately, we are

now seeing that result.

We’re urging policymakers to take a

hard look at the real cause of higher con-

sumer fees. And you can help expand

our communications outreach on this

issue.

When the Times-Dispatch, the

Virginian-Pilot or another local

newspaper publishes an article about

banking fees and falls short of the facts,

or doesn’t quite reflect our side of the

story, write a letter and respectfully

correct things.

A friendly phone call can also help

you tell our side of the story, as well

as cultivate valuable relationships as

a trusted source with reporters on the

banking beat.

As a banker, you’re a spokesperson for

the industry in your community. You can

help ensure that the public and policy-

makers better understand the issues that

affect your business, and how you serve

your customers and communities.

Gov. Frank Keating can be reached by

email at [email protected].

tweeted (twitter.com/vabankers) from one of our recent state legislative meetings, a state senator noted, “as citizen legislators it is so important to hear directly from our constituent bankers.”

Second, please save the date and plan on attending our Capitol Hill visits as part of

the VBA/ABA Government Relations Sum-mit on March 19-21 in Washington. This is another way to tell your representatives how banking works and how you make a difference in your community. For more in-formation on either of these events, please contact Bobbi Weimer at [email protected]. I look forward to seeing you.

Continued from page 14


Like most of us, I get a lot of unsolicited mail – except now it’s usually email in-stead of the old kind. Once you’ve been

identified in a particular field, or with a certain interest, the flood gates open. Somehow “they” know I’m in Employee Benefits, so the focused briefings multiply – the latest on health care re-form, minimum loss ratios, essential benefits, and the like. Lately, though, I’ve been noticing a trend – as in my headline – so I thought I would peel a few layers off the onion.

The issue, it seems, is that medical costs con-tinue to go up, despite all our efforts to reduce them. Some say the cost-saving effect of HMOs is not what it used to be, and consumer driven health care (high-deductible plans with a savings account) still doesn’t break the trend. Health care reform was supposed to save money, but the evi-dence is that costs are increasing for 2012 because of it.

So who is to blame? The evil insurance com-panies? Evil doctors and hospitals? Evil corpora-tions? Maybe, as we hear far too often lately, it’s evil banks! Personally, I put a lot of faith in the great philosopher, Pogo.

Before “Doonesbury,” before “Pluggers,” before “Pearls Before Swine,” there was Pogo – a possum who lived in the swamp, and was very wise for his

size. His most famous saying was “We have met the enemy and he is us!”

I see a lot of depth to that, and a lot of relevance as well. It is becoming evident that fully half of health care claims can be attributed to lifestyle choices – smoking, alcohol or drug abuse, seden-tary lifestyle and physical inactivity, seat belt use (or lack thereof) – but the greatest of these is obe-sity.

Obesity is often the underlying or contributing cause of diabetes, COPD, heart disease, stroke, breast and colon cancer, joint replacement – and increasingly, mental health issues. Experts are making dire predictions, like the recent ABC World News story reporting a study which found that “if trends continue, half of all American men will be obese by 2030.”

So how do we get at this ugly trend? More and more companies are offering Wellness Programs – including such features as health risk assessments, health screenings, walking programs, healthy lunch and vending programs, health advocates (coaches), and gym memberships. And while not without cost, these programs are starting to show how they can pay dividends early.

Recent news and email articles have talked of several success stories:• MWV observed disproportionate claims from

a small segment of their population, and initi-ated a five-step program to engage employees. By the second year, they achieved 56 percent enrollment, and 31 percent of participants im-proved their BMIs, while 23 percent lowered their blood pressure. Most encouragingly, they now expect a savings of $2 for every $1 invest-ed.

• Robinson Engineering (Chicago) has long pro-moted health education, competitions, and health screenings, and claims a 10 to 1 return on investment.

• A Georgia company that focuses on incentives and health coaching reports that health cost increases average less than 2 percent annually over the last 10 years.

• Delta Dental reported that employees who re-ceive the suggested preventive visit in the first year of coverage average almost 45 percent less in claims costs in the second year.

VBA Benefits has been promoting wellness

By Roy Allison Vice President

of Marketing and Sales,

VBA Benefits Corp.

Wellness Doesn’t Cost … it Pays!

www.vabankers.org November/December 2011 | Virginia Banking 21

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.

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through its Banking on Wellness pro-gram for several years, and a number of banks and associate members have been enthusiastic participants. This year our focus is on three specific areas:• Increase overall awareness of health

issues• Motivate individuals to make healthy

lifestyle changes• Maintain healthy lifestyle initiatives

Members who embrace the goals of the program by enrolling at least 10 em-ployees and offer at least three programs in 2012 – health screenings, health risk assessments and future moms – will be eligible for incentive rewards in 2013, based on percentage participation:• At least 25 percent – monthly rates

lowered by 1 percent• 50 percent or higher – monthly rates

lowered by 2 percent

For an effective program, employees have to be engaged. A recent survey I saw indicated 73 percent of employees would be more likely to lose weight or quit smoking with company incentives. To reward employees, some suggestions are cash incentives, holding a raffle for participants, providing extra paid time off, or using promotional items like T-shirts, water bottles, etc.

The fact is, we’ve got to change behav-ior. Chronic claims are driving our medi-cal insurance costs, and there is great opportunity for prevention – if we take advantage of what we have available. In our VBA plan, most preventive screening is at no cost to an insured participant – no copay, no deductible, no cost sharing at all. Yet last year our utilization report revealed some troubling statistics: of those eligible for mammography, only 47 percent took advantage of the free, life-saving test. And that was not an isolated number – of those eligible for a Pap test, only 69 percent complied, and the per-centage for colorectal screening was too

low to chart.Getting all of us and all employees

thinking about wellness and preventive services is a long-term goal that will help control medical costs. An effective pro-gram must be consistent, insistent, have clear goals – and management buy-in. We’ve certainly heard the old adage, “It

all starts at the top and flows down,” and it has never been truer than with well-ness programs.

As always, VBA Benefits wants to help with all your employee benefit needs. Please call us at 800-643-5599.

Listen and observe: Using internal or external resources, see what your actual target audiences are doing; invest time and money into projects based on your regional trends, not nationwide trends. Your first move should be to study the 2011 report from the Virginia Bankers Association to give you a taste of what real social media research can provide.

Dabble, note and move on: Take note of the macro-concepts behind new apps, trends and more – but don’t be too distracted until you see your audiences using and adapting.

You can’t sit on the sidelines if you’re

not even in the stadium: You can certainly pretend things won’t move without you, but don’t be surprised when your once-lud-dite boss comes in with an iPhone 5 playing Angry Birds 2.

Ideally, you want your bank to be in-formed and just ahead of the curve – not buried under it or so far ahead that you end up some place your audiences would never go.


MoveBankers on the

Martin Slocum Angel ElliottClarence ReedFrank

Are your bankers on the move? Email submissions to [email protected].

Benchmark Community BankH. Nicole Martin, Vice President of

Customer Relations and Compliance Officer

Cardinal BankJanel M. Angel, Assistant Vice President of

Commercial LendingSushil K. Clarence, Executive Vice President

and Manager of the Government and Technology Group

Travis R. Slocum, Vice President and Senior Cash Management Officer

Highlands Union BankJeff Fritts, Tennessee Area Manager

StellarOnePaige Hodge Bryant, Production AssistantJune Elliott, Mortgage Loan ConsultantKaren Frank, Mortgage Sales Manager

Virginia Commerce BankHans Greser, Assistant Vice President of

Virginia Commerce Wealth Management Services and Financial Advisor for Infinex Investments, Inc.

Meredith Hartman, Assistant Vice President of Credit Administration

Village Bank Mortgage Corporation

Jamie T. Reed, Senior Loan Officer

CR

[M

A ]®

Continued from page 17

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