V irginia Banking January/February 2011
Virginia Bankers Association — Serving Virginia’s Financial Community For More Than 100 Years
your way to marketing
success building a digital dialogue with customers
In This Issue
HEALTH AND WELLNESS | FLOOD INSURANCE | INTERCHANGE FEES
2 Virginia Banking | January/February 2011
www.vabankers.org
irginia V Banking Virginia Bankers Association — Serving Virginia’s Financial Community For More Than 100 Years
2010-2011 OFFICERS AND DIRECTORS OF THE VIRGINIA BANKERS ASSOCIATION Charles H. Majors, Chairman, Danville William Couper, Chairman-Elect, Washington, D.C. H. Watts Steger, III, Immediate Past Chairman, Buchanan O.R. Barham, Jr., StellarOne Corporation Katherine E. Busser, Capital One Financial Corporation Charles K. Collum, Jr., Burke & Herbert Bank & Trust Co. Larry G. Dillon, C&F Bank Randy K. Ferrell, The Fauquier Bank Pete Jones, Wachovia/Wells Fargo Monte L. Layman, The Page Valley Bank Gail Letts, SunTrust Bank Samuel L. Neese, Highlands Union Bank Susan Ralston, Bank @Lantec David P. Summers, Virginia Heritage Bank Jeffrey M. Szyperski, Chesapeake Bank Daniel G. Waetjen, BB&T Richard T. Wheeler, Jr., Franklin Federal Savings Bank Statements of fact and opinion are made on the responsibility of the authors alone and do not imply an opinion or endorsement on the part of the officers or members of VBA.
PUBLISHED BY
280 Summer Street, Boston, MA 02210 Phone: 617-428-5100 Fax: 617-428-5118 www.thewarrengroup.com
AT-LARGE MEMBERS Benefits Corporation Chair Richard M. Liles, McKenney Management Services Inc. Chair Frank Bell, III, Midlothian Government Relations Committee Chair Christopher W. Bergstrom, McLean VBA Education Foundation Chair J. Peter Clements, Carson EDITORIAL & EXECUTIVE OFFICES 4490 Cox Road Glen Allen, VA 23060 804-643-7469 Fax 804-643-6308 www.vabankers.org
January/February 2011
cover story
12 social media Overcoming the Fear of the Two-Way Conversation
Bruce T. Whitehurst President and CEO Virginia Bankers Association Chandler Dewey Communications & Marketing Manager Virginia Bankers Association
features
SUBSCRIPTIONS If you would like to subscribe to Virginia Banking, contact Chandler Dewey at cdewey@vabankers.org.
8
What is the Health of Your Retail Network? Transforming the branch experience from a simple routine to one of discovery, resourcefulness and community.
10
New Year, New Leaf for Corporate Wellness The shift away from industry has produced an unhealthy workforce: what you can do to help your workers’ health.
Virginia Banking is published bi-monthly. Subscription price is $25 per year and $45 for two years for nonmembers. Copyright 2011.
DIRECTORS Timothy M. Warren, Chairman Timothy M. Warren Jr., CEO & Publisher David B. Lovins, President Vincent M. Valvo, Group Publisher & Editor in Chief FINANCE & ADMINISTRATION Jeffrey E. Lewis, Controller / Director of Operations EDITORIAL Christina P. O’Neill, Custom Publications Editor Cassidy Norton Murphy, Associate Editor ADVERTISING George Chateauneuf, Publishing Division Sales Manager Sarah Cunningham, Events Manager Richard Ofsthun, Advertising Sales Manager Cara Inocencio, Advertising Sales Manager Emily Torres, Advertising, Marketing & Events Coordinator DESIGN & PRODUCTION John Bottini, Creative Director Scott Ellison, Senior Graphic Designer Ellie 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.
in every issue 4 Calendar of Events 5 Insights 6 Worth Noting 16 Washington Update 17 Legal Line
18 Legislative Update 19 Welcome New Associate Members 20 Compliance Corner 22 Bankers on the Move
Send us your thoughts or ideas on Virginia Banking! Please e-mail Chandler Dewey at cdewey@vabankers.org. Has your information changed? Please e-mail Kellee Edelin at kedelin@vabankers.org with your new contact information.
January/February 2011 | Virginia Banking 3
Calendar of
Events
INSTRUCTOR-LED SEMINARS
Live Event
Online Seminar
RETAIL BANKING CONFERENCE, CHARLOTTESVILLE March 7
Principles of Banking March 21
COMPLIANCE UPDATE SEMINAR, ROANOKE March 22
Principles of Banking April 4
COMPLIANCE UPDATE SEMINAR, CHARLOTTESVILLE March 23 COMPLIANCE UPDATE SEMINAR, SANDSTON March 24 COMPLIANCE UPDATE SEMINAR, VIENNA March 25 BANK DIRECTORS SYMPOSIUM, RICHMOND March 29 BANK DIRECTORS SYMPOSIUM, BLACKSBURG March 30 COMPLIANCE SCHOOL, CHARLOTTESVILLE April 4 SECURITY WORKSHOP, CHARLOTTESVILLE April 12
INSTRUCTOR-LED COURSES general Accounting February 22
Webinar
Principles of Banking April 18 General Accounting April 18 Consumer Lending April 18
WEBINARS ALCO Foundations February 15 Loan Inputs and Analytics February 16 Surviving 2011 – Tactics That Work in the Real World February 17 Commercial Real Estate Appraisals: Reviewing and Interpreting – Part I February 22
Principles of Accounting February 22
IT Audit for Community Banks February 23
Consumer Lending February 28
Strategic Planning for a New Environment February 23
Principles of Banking March 7
Mergers and Acquisitions in the Current Environment February 24
Economics for Bankers March 21
The Next Generation of Customers February 24 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________________________________________________________________ Phone___________________________
Fax_________________________
State/Zip______________________________
E-mail___________________________________
For more information go to www.vabankers.org. 4 Virginia Banking | January/February 2011
www.vabankers.org
Insights
Communicating with the Digital Natives
M
Bruce Whitehurst President and CEO, Virginia Bankers Association
y kids enjoy asking me what it was
users, please find the Virginia Bankers Associa-
like when I was growing up and
tion and click “like” to follow our page. Bankers,
how in the world we managed to get
please send us items we can add to our page. We
by without computers, the Internet, cell phones
have also established a Twitter account and will
and iPods (to name just a few). Realizing that I
tweet breaking news to bankers who choose to
was out of college before we really entered the
follow us. Our newest offering is the VBA’s Bank-
era of modern communications technology – and
er Banter, a blog for members only that will pro-
that I am only 46 years old – makes it clear that
vide a wealth of information and resources.
an awful lot has changed in not so many years.
We are fortunate to have several members of
We now have an entire generation of what some
Generation Y on the VBA staff; these are energet-
have called the “Digital Natives.” It is the genera-
ic twenty-somethings who bring great ideas for
tion that includes my kids, who were born into a
new ways we can reach, serve and interact with
world of e-communication that many of us could
bankers, associates and other key constituents.
not have even imagined 20 years ago.
They also speak the language of the Digital Na-
Digital Natives are rapidly redefining our soci-
tive and they are patiently teaching the rest of us
ety, including the workplace, with their absolute
that language. Their energy and ideas blend in a
comfort with newer forms of communication.
most positive manner with the experience those
In recent years, I have watched my numerous
of us who are older bring to the table.
phone calls and voicemail messages decline sub-
We continue to be in challenging times, both in
stantially as e-mail volume has exploded. I have
our industry and in the broader economy. Fortu-
entered the world of text messaging, Blackberry
nately, we do see signs of progress and an outlook
Messenger, Twitter and Facebook. I am playing
that shows gradual improvement. As we stay focused on how
“
to make sure the
Digital Natives are rapidly redefining our society, including the workplace, with their absolute comfor t with newer forms of communication.
banking industry is best equipped
”
to drive economic recovery, continuing to evolve in our communication with – and on
catch-up to much younger colleagues who con-
behalf of – Virginia bankers is an important and
sider all these things to be second nature.
exciting priority.
That is why the VBA is expanding its commu-
Please connect with us through any or all of
nications into the world of social networking. We
these new forums and also give us feedback on
now have a Facebook page that highlights the
how we are doing and how we can make our
many positive ways our member banks serve
communications even better. Together with you,
communities all over Virginia. All you Facebook
we will join the world of the Digital Natives.
Bruce Whitehurst can be reached by e-mail at bwhitehurst@vabankers.org. www.vabankers.org
January/February 2011 | Virginia Banking 5
Noting
Worth
FEDERAL HOME LOAN BANK OF ATLANTA ANNOUNCES W. WESLEY MCMULLAN AS NEW PRESIDENT AND CEO
HENRY LOGUE PROMOTED TO CEO
The board of directors of the Federal Home Loan Bank of Atlanta (FHL-
dent at Cardinal. Logue joined Cardinal in April and previously served
Bank Atlanta) announced in December that it has selected W. Wesley
as president and CEO of a bank in Madison, Miss.
The Bank of Floyd’s board of directors has promoted Henry A. Logue to CEO of the bank, which is a subsidiary of Cardinal Bankshares. He will retain his titles of president of the bank and executive vice presi-
McMullan to become FHLBank Atlanta’s president and CEO, effective immediately. McMullan was most recently executive vice president and director of financial management for FHLBank Atlanta. McMullan joined the bank as a credit analyst in 1988, and earned promotions to assistant vice president in charge of financial modeling in 1993, vice president of mortgage-backed securities portfolio management in 1995, group vice president of member sales and trading in 1998, and senior vice president of sales and trading in 2001. Promoted to executive vice president in 2004, McMullan oversaw asset liability management, member sales and trading, and financial operations management. He earned a bachelor’s degree from Clemson University and is a Chartered Financial Analyst.
RANN PAYNTER JOINS VBA The VBA is pleased to announce that Rann Paynter joined our staff in December as executive vice president. He comes to the VBA with a background in association management stemming from 14 years with the NC Bankers Association. His duties as executive vice president will include various responsibilities for the Assocation, VBA Management Services and VBA Benefits. He is a graduate of Pfeiffer College, and he completed a masters of business administration at the Kenan-Flagler School of Business at the Uni-
©2011 PULSE
versity of North Carolina at Chapel Hill.
6 Virginia Banking | January/February 2011
www.vabankers.org
CAPITAL ONE AND JUNIOR ACHIEVEMENT OPEN FINANCIAL LITERACY CENTER Capital One Financial Corporation and Junior Achievement of the National Capital Area recently celebrated the grand opening of Junior Achievement Finance Park, a new 20,000-square foot financial literacy center that will bring in-depth, hands-on financial literacy education to more than 14,000 local middle school students each year. Located on the campus of Frost Middle School in Fairfax County, Finance Park is the result of a three-year collaboration among Junior Achievement, Fairfax County Public Schools and Capital One Financial Corporation. Capital One is the signature sponsor of the $4.375 million facility. Federal Reserve Chairman Ben Bernanke, Virginia Secretary of Education Gerard Robinson, Capital One Founder, Chairman and CEO Rich Fairbank, and a dozen members of the Virginia General Assembly joined more than 300 community leaders for the grand opening ceremony. Every eighth-grade student in the Fairfax County Public School system, as well as other students from the greater Washington area, will visit Junior Achievement Finance Park each
Photo courtesy of Mark Heayn
year. Prior to their visit, students participate in Junior Achievement’s unique six-week Finance Park classroom curriculum, culminating with a daylong, real-life personal budgeting simulation at the center. The students visit the mock city and its shops, which correlate to the students’ 18 personal budget lines, including items such as housing, transportation, healthcare, education and philanthropy. The Junior Achievement Finance Park experience will enable students to act as adults for a day, making tough, realistic budgeting decisions as they move from shop to shop. With guidance from adult volunteers, many of them Capital One associates, the simulation will help students see the relevance of what they are learning in the classroom to the real world awaiting them.
Our focus has been on debit and debit alone for 30 years. Through our experience we’ve developed training, education and analytical services that can be tailored to empower your financial institution. Our comprehensive professional development tools give you the strategic guidance to thrive in the face of adversity. Profit from our passion. Professional Development
Customer Service
Collaboration
A Discover Financial Services Company
pulsenetwork.com/guidance
www.vabankers.org
January/February 2011 | Virginia Banking 7
What is the Health of Your Retail Network? By James G. Caliendo President and COO, PWCampbell
M
arket research repeatedly
This is a challenging, yet measurably
points to the fact that in-
rewarding, opportunity to engage with
branch
con-
your customer. It requires the transfor-
tinue to be an integral part of consum-
mation of the branch experience from
ers’ everyday life experience. Many
one of simple routine (at best) to one of
launching any transformation program,
Americans continue to visit their local
discovery, resourcefulness and a sense
it is imperative to identify and docu-
bank branch at least on a weekly basis,
of community. Successful banks will go
ment the current existing factors, compo-
much as they go to the grocery store,
the extra mile and offer their customers
nents, and objectives important to your
pharmacy or other retail establish-
a richer and more relevant experience,
organization. This can be accomplished
ment. So, in some ways, the bank con-
which will reap the benefits of stronger
through carefully choreographed and
tinues to be a viable retail destination.
loyalties and ultimately higher levels of
documented business model review and
business.
branch-level retail readiness audits.
transactions
In an effort to out-perform the compe-
Throughout the past 20 years, finan-
The business model review will drive
opportunity to address the wants and
cial institutions have grown both organi-
and inform the type of information to
needs of their customer market in a dif-
cally and via mergers and acquisitions,
be acquired during any retail readiness
ferentiated, recognizable and visually
which has been conducive to the eclectic
audit. The type of information to be ac-
appealing manner.
nature of most retail networks. Prior to
quired and rated during branch audits
tition, successful institutions seize this
includes: general street presence and visibility, ingress, egress, building signage, drive-up areas, general facility fitness, millwork, merchandising, marketing, compliance and staff engagement. Each of the aforementioned audited items can be rated using a pre-determined scale (e.g. one to five, five being excellent). By effectively rating each item, one can then build a comparative matrix, or index of the performance factors in your retail network and how they relate, or impact your intended business model and customer experience. Individual branches can be compared based on an individual, demographic or profitability basis. If we had a cash surplus then we
8 Virginia Banking | January/February 2011
www.vabankers.org
Assessment • Consulting • Management • Disposition
We Can Help
would spend whatever it takes in the branches to satisfy the overall business
Lenders choose Afton because of our success with national brands, strong hotel lending background and bankable reputation. Afton is one of the most active managers of hotel REO/receivership properties in Virginia.
goals and objectives, and the intended customer experience. In general, unfortunately, this is not the case. The information obtained from the audits can drive how you spend your in-
A lender-focused, Virginia based hotel management and consulting company
vestment during a transformation exercise. The rating system can be calibrated against a planned ROI. Understanding the rating system, and how it relates to
Call Us For Hotel Solutions aftonhospitality.com • (757) 333-7176
the branch environment, the business goals and objectives, and the customer experience, can dictate how you spend your investment and thereby maximize your ROI. When determining where to spend your dollars, keep in mind that not all upgrades are investments, and improvements can and should be done in a cost-effective manner. For example, when evaluating the architectural/physical part of the matrix, simple improvement to the mechanical room can be an insignificant cost but have a major impact on efficiency. Your audit will also as-
Resourceful. Responsive. Reliable.
sist in determining if a branch should be renovated, retouched, relocated or released. For more information on performing a
Do business with someone who thinks like you.
retail readiness audit, please contact PWCampbell’s vice president, Glenn W. Grau, at glenn.grau@pwcampbell.com or (800) 253-7430.
www.vabankers.org
www.CBBonline.com
804.239.0452 January/February 2011 | Virginia Banking 9
New Year, New Leaf for Corporate Wellness By Roxanne Sheppard, COO VBA Benefits Corporation
S
everal years ago PriceWaterhouseCoopers released a repor t prepared by their Health Research Institute, in
conjunction with the World Economic Forum, indicating that “as work becomes more sedentar y, the global workforce is becoming fatter, sicker and less productive.” Wow – this is such a negative pronouncement on the state of our workforce that it bears reexamination. The fact of the matter is that we have shifted from being an industrial economy to a knowledge economy – our workforce sits mostly in one place and uses their brainpower to contribute to business instead of performing physical tasks that were once associated with the industrial boom. In addition to the PWC report, the
than the medical costs themselves. Pay-
World Health Organization predicts that
roll and benefits (the expense associated
by 2020 mental illness will be the second
with healthcare costs and productivity
leading cause of disability worldwide,
or productivity losses) usually are the
after heart disease. So what does this mean for employers? There are two major areas for employer concern – chronic disease and depression. And here’s why these should concern employers – chronic disease drives healthcare costs, and the productivity losses associated with chronic disease and depression are even greater
10 Virginia Banking | January/February 2011
two biggest employer expense items after paying for the cost of providing the business goods or service. This is a bottom-line issue for employers. Studies quantifying the cost of chronic disease and depression indicate that approximately 2 percent of company capital spent on workforce is lost to disability, absenteeism and presenteeism.
www.vabankers.org
Put another way, these problems affect
room, and a reduction in the number of
productivity and morale, reduced ab-
roughly 5 percent of employees, result-
missed days of work due to the condi-
senteeism, improved employee health,
ing in $880,152 in lost productivity per
tion. Both have a positive impact on the
focus and energy on the job, better con-
1,000 employees per year. In a group of
employer and on the employee’s life.
tained health costs, a healthier work en-
8,200 employees – such as those enrolled
The call to action for CEOs, then, is to
vironment, and greater loyalty and re-
in the VBA group medical plan – this can
turn over new leaf in 2011 and get be-
tention. A lot of bang for the buck – and
be a lot of money to the collective em-
hind a corporate wellness and health
well worth turning over a new leaf. Con-
ployers. The irony here is that prevent-
promotion program at your bank. Your
sider making it a company-wide priority
able risk factors such as poor diet, lack
employees will appreciate it, and there
for 2011.
of physical activity, stress and smoking
are compelling business reasons for do-
are the biggest contributors to chronic
ing it. The impact to your bank can be
disease.
extremely positive and foster increased
Roxanne Sheppard is COO of VBA Benefits Corporation.
Because of the business impact, CEOs everywhere need to consider making wellness central to their corporate business strategy. Here’s where you can turn over a new leaf for the new year – by adopting short-term and long-term strategies for wellness and health promotion. The short-term strategy should focus on creating awareness among your employees about chronic disease. Corporate wellness should be an extension of individual wellness and the first step is to make employees aware of the adverse impact to their own health of their sedentary lifestyle. This can be done by providing your employees with the opportunity to participate in a health risk assessment, or health risk screenings for blood pressure, body mass index, glucose and cholesterol levels. The long-term strategy should focus on keeping employees healthy for a long time. This includes offering the risk assessments and health screenings at regular intervals over time, and promoting the benefits of annual preventive care checkups. Another component of the long-term strategy is to partner with a health plan that has programs in place to monitor prescribed courses of treatment and coach employees on appropriate behaviors while living with chronic diseases such as asthma, diabetes, coronary artery disease, and chronic obstructive pulmonary disease. This type of condition management can result in a substantial decrease in visits to the emergency
www.vabankers.org
It’s only a sampling, but look what’s in the compliance services package TCA provides VBA member banks: • • • • •
Hands-on help, with scheduled on-site audits. Timely, accurate information about compliance issues and trends. Advice about how to meet federal compliance requirements. An e-newsletter heads-up when the rules change. Access to the TCA compliance professionals, the people who make TCA the most respected source of compliance information and assistance in banking.
Whether your need is BSA/AML, IT vulnerability scans and web site security reviews, or training that keeps your staff — and directors — up-to-date, TCA is your Compliance Advantage. Call us . . . today . . . to learn more. 1-800-934-7347.
Thomas Compliance Associates, Inc. 2846 N. Mildred Avenue, Suite 150 Chicago, Illinois 60657 1-800-934-7347
www.tcaregs.com
January/February 2011 | Virginia Banking 11
“THERE ARE NO SECRETS.
The networked market knows more than companies do about their own products. And whether the news is good or bad, they tell everyone.”
– Cluetrain
BY CHRISTINA P. O’NEILL
social media 12 Virginia Banking | January/February 2011
www.vabankers.org
T
here’s
so-
and president of Chesapeake Bank. “To
cial media seminars at bank
a
reason
that
me, it’s funny that we all love the idea of
trade
of-
‘word of mouth’ advertising, but when it
face and voice behind Comcast’s Com-
ten the best-attended these days –
comes to social media, we view it differ-
castcares.com, brought about significant
bankers know that social media can work
ently. If you’re doing a good job for your
change in Comcast’s customer service
to banks’ benefit, but they have also seen
customers, you want to encourage use of
through the use of Twitter to respond to
it work to banks’ detriment. They tend to
these channels.”
customer-service problems in real time.
organizations
are
see the “virus” in “viral.” The typical an-
Village
Bank,
with
15
The power of the tweet Frank Eliason, formerly the brains,
branches
Using an outside service to facilitate
ecdote presented by social media experts
throughout the metropolitan Richmond
internal communication efforts was a
is the Google search that brings up web-
area, uses social media not to generate
groundbreaking concept when Eliason
sites or postings detrimental to a bank,
direct sales, to but to keep customers and
first introduced it (without legal per-
causing headaches for the bank’s custom-
potential customers aware of all of the
mission, as he told social-media expert
er service and compliance departments.
things the bank is doing in the commu-
and author Brian Solis in an interview
The Cluetrain manifesto quoted to the
nity. “We are a very community-oriented
earlier this year). Creating a customer
left (www.cluetrain.com) was created in
bank and Village Bank Neighborhood
communications channel on Twitter
1999 to herald the emergence of an online
News on Facebook is an easy way to
was only part of the solution. The other
customer community independent of
keep everyone informed about the many
part was setting the stage for managers
mass marketing efforts. It sounded stri-
projects in which we are involved,” said
to empower their technicians to make
dent and extreme at the time, but 11 years
Marketing Specialist Milly Hudgins.
the needed changes. Eliason left Com-
later, hundreds of thousands of customer
“We’ve had positive feedback from our
cast in mid-July – “They didn’t need me
communities have not only emerged, but
Facebook fans as well as our employees.
anymore,” he told Solis; he left behind a
matured – and they are changing the face
It’s the perfect forum to promote upcom-
team of people who could keep the ini-
of business-to-customer relations in ev-
ing events, as well as alert people about
tiative growing, he said. Eliason is now
ery industry across the globe.
charities with which we are involved and
senior vice president of social media at
Financial institutions, circumscribed
even includes dog tips from our mas-
Citibank, overseeing the bank’s internet
by privacy and disclosure rules, are un-
cot, Banks,” she added. “It truly helps
and mobile marketing team.
derstandably wary about how they’re
followers get a sense of who we are.”
Banks can’t resolve customer-service
going to hold up their end of the social media two-way conversation. But they know they must be in the game. “There is a certain growing segment of our customer base that expects us to communicate via social media. If you don’t, then you are viewed as being behind the times,” says Jeff Szyperski, CEO
overcoming the fear of the
two-way conversation
www.vabankers.org
January/February 2011 | Virginia Banking 13
issues as publicly as cable service pro-
By participating in an open conversa-
ment and lays out the story as the cus-
viders. The rule of thumb for fielding
tion about everything from local events,
tomer presented it. Management knows
customer calls on Twitter – which most
to new businesses launching, people
the story is factually wrong – maybe the
banks advise their customers to do by
can learn about who we really are and
situation arose from customer error or
now – is to request that the customer
how our commitment to providing ex-
misfeasance, not a bank error. But pri-
call a private number, rather than dis-
ceptional service and fostering a vibrant
vacy regulations prohibit it even from
close account information in a public
community is sincere.”
confirming that the source is a cus-
tweet.
“On the few occasions we’ve seen
tomer. Lubetkin advises that the proper
Union First Market Bank is on Twit-
negative comments about our bank,
guidance is not “no comment” but rath-
ter, ranking in the top 10 of all commu-
we’ve used it as an opportunity to im-
er, this: “You can report that, but you
nity banks on Twitter, the top 15 of U.S.
prove, and [we have] also witnessed
would not be accurate when you do.”
banks on Twitter and the top 25 banks
customers defend our practices and our
If a company doesn’t respond when
on Twitter worldwide according to Dor-
principles on our behalf,” says Henry.
the media calls during a crisis or in re-
othea Henry, social media experience
“It’s both heartwarming and motivat-
sponse to a customer-service dispute,
manager at the bank. Union first estab-
ing. I’ve never felt so connected to a
“they’ll fill the void either with misin-
lished a presence on Twitter in May 2009.
community before and my next goal is
formation or input from other parties
“We learned very quickly after our very
to make those connections even stron-
that don’t know what you know. If you
first tweet, ‘It’s time to feel good about
ger through more social channels.”
have nothing about your brand to com-
banking again’ that there are benefits for everyone involved,” says Henry. “Our customers have a way to reach us that is fast and effective. In return, we have gained fabulous insights and ideas from real-time customer suggestions.
14 Virginia Banking | January/February 2011
pare what you are with what people
It’s the media calling But let’s say the customer is complaining to the media, rather than to the bank. The reporter calls bank manage-
are saying about you, third parties are going to be speaking for you and misrepresenting your brand to the public,” he says.
www.vabankers.org
Breaking down walls The Facebook litmus test of whether a financial institution is willing to have a genuine two-way conversation is whether it allows negative postings to remain on its wall – or whether it allows wall postings at all. “I go to so many corporate Facebook pages where you can’t post to their wall,” says Lubetkin. “You’ll never find out their concerns if you don’t let them post stuff.” The ultimate message a financial institution should seek to deliver is
tion probably thinks there is good rea-
As one media specialist puts it, these
son to do so. “There has to be a level of
services are somewhat like the old
trust with employees,” Lubetkin says,
clipping services – but on steroids.
and it should have been established in
Establishing a meaningful presence
the hiring process. That’s a manage-
in social media is not as easy as one
ment issue, not an Internet issue.
would initially believe. Social media
The impact of many bloggers, says
consumers are constantly looking for
Lubetkin, “is out of proportion to their
information that is useful and helpful.
importance in the real world.” Addi-
Social media is not about being hip-
tionally, much of the discourse in the
per than your competition. It’s about
blogosphere is aimed at generating
being confident enough to graciously
attention, that generates more clicks
host an online party where you don’t
and links, in order to get to the top of a
know all the guests. It’s about seeing
search-engine page.
“viral” not as a threat but as a conduit for more-efficient customer service.
this, he says: We are so confident that we will ultimately satisfy you that we
And it’s the market wisdom to sepa-
Something of value
want you to tell us when we fail. Com-
So, how does a financial institution
panies that want to improve service
determine what’s valuable? That de-
invite customers to tell them what it
pends on what data a bank wants to
is like.
mine. Monitoring tools such as Radian6
Then, there are employees. If your
and GeeYee listen for the conversation
bank blocks employee access to certain
topics and alert users, much like Google
websites, someone in your organiza-
Alerts, and notify the subscribing bank.
rate the meaningful from the echochamber rhetoric. In other words, not a crisis, but an opportunity. Christina P. O’Neill is the custom publications editor of The Warren Group, publisher of Virginia Banking.
Your Underwriting Partner... Innovative · Dynamic · Effective
CRM Credit Leader v2.0 Customized Credit Underwriting Software Developed by Bankers for Bankers · Capture critical data points for portfolio management · Integrate underwriting with your credit policy
· Track and report underwriting exceptions
· Chronicle loan approvals in a database · Preserve judgment-based lending
Contact Credit Risk Management today for an online demonstration
Blending Credit Talent & Technology to Serve Over 200 Community Banks Since 1989 GlenLake One · 4140 ParkLake Ave, Suite 530 · Raleigh, NC 27612 · 919-846-1601 · www.CreditRiskMgt.com www.vabankers.org
January/February 2011 | Virginia Banking 15
Washington
Update
A League of Extraordinary People
I
Edward L.Yingling President and CEO, ABA
n my 25 years of service to you, one thing has
Second, we always come through because
always stood out, and it’s one thing that I
bankers are good people. There is no group of peo-
will happily take away with me in my retire-
ple I would have rather worked for. You are caring,
ment as ABA’s president and CEO and in my new
dedicated, hard-working and very capable people.
life as a humble bank attorney. It’s the people.
You do more in your communities than almost any-
It’s been a privilege to work with volunteer
one. This financial crisis has really hurt our indus-
banker leaders from across the country, and side
try: Hurt its financial strength and its reputation
by side with a staff of extremely talented ABA pro-
– in most cases unfairly – and it has left us with reg-
fessionals who have always put your interests first
ulatory overkill and fundamental questions about
and foremost in the nation’s capital.
our business model. But we will come through it.
Together we have been through many battles,
Many of you have devoted tremendous effort to
including the latest really big one – Dodd-Frank.
working for our industry through your state asso-
This battle required a huge effort by ABA, the
ciation and the ABA. I especially want to thank the
state associations and grassroots bankers across
ABA officers I have worked with over the years.
the country. A recent poll of bankers showed that
They always gave me great advice and provided
94 percent oppose the law, and they have every
our industry great leadership.
reason to oppose it. Now, the conversation – a case in point was
more needs to be done. We need more participa-
the discussion during our recent ABA America’s
tion and more resources to do it. Every bank should
Community Bankers Council meeting here in
belong to its state association and to ABA. Every
Washington – is about how banks can move for-
banker should be participating in our grassroots ef-
ward and get our economy going again. There’s a
forts. Don’t let your friends sit on the sidelines as
reason to be optimistic because, despite all of the
the future of the industry and the banking business
tough fights and tough times, our industry has al-
model is under the political microscope.
ways emerged from the darkness and prospered. We will do so again.
“
There is much that remains at stake and much
Remember that the ABA is you. We bring together tremendous resources to serve you, and we are your champion in Washington, but as an industry we can, and should,
Don’t let your friends
be doing even more. Everyone
sit on the sidelines as the future of the industr y and the banking business model is under the political microscope.
”
should be involved. I can’t tell you what a great honor it has been for me to work for all of you, and to work with the state associations and the volunteer bankers who have led the ABA. As I also said at the ABA conven-
We always come through for two reasons. First,
tion, this old soldier is not going to fade away just
banking is critical to our economy and indeed to
yet. I am, however, taking off my officer’s uniform
our way of life. What you do is very, very impor-
and becoming an enlisted man, and will continue
tant, and you should never forget it.
to fight alongside you for our great industry.
Ed Yingling recently retired from the American Bankers Association. 16 Virginia Banking | January/February 2011
www.vabankers.org
Line
Legal
Federal Reserve Board Proposes Debit Card Interchange Rules
O
n Dec. 16, 2010, the Federal Reserve Board proposed rules to implement the debit card interchange restric-
tions in the Dodd-Frank Wall Street Reform and Consumer Protection Act. The proposal would establish standards for determining whether an interchange fee received or charged by an issuer with respect to an electronic debit transaction is “reasonable and proportional to the cost incurred
Joseph E. Spruill General Counsel, Virginia Bankers Association
by the issuer,� and prohibit issuers and networks from restricting the number of networks over which an electronic debit transaction may be processed and from inhibiting the ability of a merchant to direct the routing of an electronic debit transaction to any network that may process such transactions. Because of the difficult issues raised by this proposal, the board emphasized that it will be particularly open to comments on the proposal before finalizing any interchange rules. With respect to the fee restrictions, the proposal sets forth two alternatives for comment. Under the first alternative, an issuer could comply in one of two ways. First, an issuer could calculate its
proposal on fee limits was more aggressive than
costs attributable to its role in the authorization,
many had anticipated.
clearance and settlement of a debit card transac-
While the Dodd-Frank Act requires the board
tion and receive or charge interchange fees based
to take into account the fraud prevention costs of
on those costs, but subject to a cap of 12 cents
issuers in setting interchange fee limits, the board
per transaction. Second, the issuer could simply
chose not to include a specific adjustment in this
charge a safe harbor amount of 7 cents per trans-
proposal. Rather, the proposal includes two gen-
action regardless of costs.
eral approaches and seeks comment on each.
Under Alternative 2, an issuer could receive
Under the first approach, the board would iden-
or charge an interchange fee up to a cap, which
tify innovative technologies that would reduce
would initially be set at 12 cents per transaction.
debit card fraud, and determine those costs for
The board stated that if either of these stan-
purposes of the interchange fee adjustment. The
dards is adopted, the maximum allowable inter-
second approach would establish more general
change fees received by covered issuers for debit
standards that an issuer must meet to be eligible
card transactions would be more than 70 percent
for the adjustment. Any specific adjustment will
lower than the national average. The board’s
Continued on page 21
Joseph E. Spruill can be reached by e-mail at jspruill@vabankers.org. www.vabankers.org
January/February 2011 | Virginia Banking 17
Legislative
Update
Communication is Key
O
ne of the many pieces of advice I re-
orities and let them know about our concerns. This
ceived last year leading up to my wed-
show of force will undoubtedly yield dividends as
ding from those with a long history of
we advance our policy agenda and oppose bills to
matrimonial bliss was that communication is key
create unnecessary burdens to your business prac-
to a successful marriage. I have tried that guidance
tices. Without a doubt, these two are directly linked –
– with varying levels of achievement – to remind
your active engagement in the legislative process
myself of over the past year and a half. And I’ve
and the positive outcomes we hope to achieve.
found it to have sound application beyond keeping domestic harmony.
Matt Bruning Director of Government Relations, Virginia Bankers Association
On the federal level, the November elections welcomed in three new House of Representatives mem-
Indeed, communication is key to successful gov-
bers to the Virginia delegation. It was welcome news
ernment relations. Over the past several months,
to learn that newly elected Rep. Robert Hurt from
the Virginia Bankers Association has utilized time-
the 5th District will be the first Virginian to serve on
tested approaches, along with some new and cre-
the House Financial Services Committee in almost a
ative means, to bolster our communications in our
decade. Already, the VBA and several bank execu-
advocacy and outreach efforts with and to our elect-
tives have met with these new members of Congress
ed officials. The results we have seen underscore
to educate them on Virginia’s banking industry and
the importance of maintaining strong and effective
the vast harm and uncertainty caused by recent
lines of communications in order to accomplish our
federal regulations. We will be continuing with our
government relations objectives.
outreach to the Virginia Congressional delegation
Starting in the fall and continuing into the win-
through the VBA/ABA Government Relations Sum-
ter, our legislative meetings brought together bank-
mit this spring and hope you can join us on Capitol
ers and state legislators throughout the Common-
Hill, March 14-16.
wealth in 14 separate venues. These gatherings
Understanding that good communications is a
were a great forum for individual bankers and the
two-way street, the VBA is using new methods to
VBA to provide insight into issues important to the
communicate with our member banks. This session
financial services field to 97 lawmakers before the
we have expanded into the social media realm and
General Assembly session convened. The tremen-
began using Twitter as a means to update our mem-
dous turnout of local bankers for these interactions
bers on important events and key legislative actions.
with our state policy decision makers on their home
We encourage you to log on to your Twitter account,
turf is a valuable form of direct communication.
search for @vabankers and request to follow us to
Thanks to the 355 bankers who participated in these
receive tweets on session updates, the latest on the
meetings!
Dodd-Frank act, regulatory deadlines and more.
Likewise, our annual Banker Day at the Capitol on
All of these and our many other proactive efforts
Jan. 13 was once again a resounding success. With
to foster greater communication between the VBA,
over 350 bankers in Richmond on the second day
our member banks and our elected officials – includ-
of the 2011 General Assembly session, our indus-
ing VBA BankPAC support – are critical to our over-
try was well represented with a unified voice for a
all government advocacy. While we work to improve
strong banking environment in Virginia. Sending the
upon our existing approaches and offer new and
positive message that you are proud to be bankers,
creative methods, our sustained success can be cred-
participants in Banker Day met with legislators and
ited to the overwhelming commitment of bankers
their staff to remind them of the VBA’s policy pri-
like you.
Matt Bruning can be reached by e-mail at mbruning@vabankers.org. 18 Virginia Banking | January/February 2011
www.vabankers.org
Welcome
New Associate Members
ACCOUNTING
THE SCHINLEVER GROUP, INC. 4320 Reservoir Lane Richmond, VA 23234 Phone: (804) 399-8562 Fax: (804) 275-3436 Website: www.schinlevergroup.com Contact: Darlene Schinlever, President E-mail: dschinlever@schinlevergroup.com The Schinlever Group provides internal audit services to community banks. Their work is performed in accordance with the Institute of Internal Auditor standards including issuing an opinion on the system of control and compliance with that system. They are your solution and partner for an effective outsourced internal audit function that surpasses regulatory scrutiny.
Consulting & Training, Credit & Lending ResourcesS FAIRFAX FINANCIAL GROUP, INC. 7307 Scarlet Oak Ct. Fairfax Station, VA 22039 Phone: (703) 338-4226 Contact: Bob Morriss, President E-Mail: bob@morriss.net They provide risk management advisory services along with acquisition due diligence and Sarbanes/Oxley testing. Their staff has a minimum of 20 years of experience as credit officers, loan review or bank examiners.
IT CONSULTING & SERVICES, SECURITY SERVICES PC CONNECTION, INC.
COMPLIANCE, IT CONSULTING & SERVICES ADI CONSULTING 3919 Old Lee Highway, 81A Fairfax, VA 22030 Phone: (703) 836-1517 Fax: (703) 836-1895 Website: www.adiconsulting.com Contact: Michael L. Mitchell, President E-mail: mmitchell@adiconsulting.com For 10 years, ADI has provided compliance and risk management services to banks, other financial institutions in Virginia and beyond. They specialize in BSA/AML/OFAC and fair lending, and work in all areas of bank compliance. Clients range from community banks to multi-billion dollar holding companies.
730 Milford Road Merrimack, NH 03054 Phone: (603) 683-2018 Website: www.pcconnection.com Contact: Sharon Palermo, SMB Marketing Manager E-Mail: spalermo@pcconnection.com PC Connection, Inc., a Fortune 1000 company headquartered in Merrimack, New Hamphsire, is a rapid-response provider of IT products and services. Backed by years of experience, extensive vendor partnerships, and teams of certified technical experts, PC Connection is ready to design, build, and support end-to-end IT systems for customers of every size.
BECOME A MEMBER
OF THE VIRGINIA BANKers ASSOCIATION
Visit our website at: www.vabankers.org
www.vabankers.org
Advertising Directory Afton Hospitality Management (757) 333-7176 www.aftonhospitality.com
9
Community Bankers Bank (804) 239-0452 www.CBBonline.com
9
Credit Risk Management (919) 846-1601 www.CreditRiskMgt.com
15
Dominion Consulting and Management 14 (703) 753-8072 www.dominion-consulting.com FHLB of Atlanta (404) 225-5910 www.fhlbatl.com
24
ICS Compliance (888) 250-4400 www.icscompliance.com
2
PULSE (800) 420-2122 www.pulsenetwork.com
6-7
Sheshunoff (800) 477-1772 http://compliance.smslp.com
23
Thomas Compliance Associates 11 (800) 934-7347 www.tcaregs.com VBA Benefits Corporation (800) 643-5599 www.vabankers.org
22
January/February 2011 | Virginia Banking 19
Compliance
Corner
Flood Insurance Concerns Continue after Loans are Closed Flood Map Changes, Life of Loan Coverage Must be Monitored By Donna Rakes and Jim Dray Thomas Compliance Associates, Inc.
T
he good news is that the type of massive flooding that brings reporters in waders
and starts the servicing process: •
and TV satellite trucks to record the devas-
assure that proper insurance requirements are
tation is pretty rare in Virginia. The bad news is that the Commonwealth’s 112 miles
Changes in flood maps must be monitored to maintained.
•
Loan servicers must be aware of flood map
of coastline, 3,300 miles of tidal shoreline and 948
changes – including, for example, whether
square miles of land that is less than five feet above
property that was originally not in a flood zone
sea level do make us susceptible to floods brought
now is in a mandatory insurance zone based
on by hurricanes and other tropics-related storms,
on map amendments.
rain systems that occasionally park over a soon-to-
For convenience, most lenders order flood deter-
be-soaked geography, and even winter rains and spo-
minations with life of loan coverage that requires
radic ice dams.
the flood determination vendor to monitor the flood
For lenders, that makes flood insurance coverage – and, in particular, changes to flood maps and cover-
maps and notify the servicer (usually the bank) of any map changes until the loan is paid off.
ages – a task to be monitored on a regular basis. As
Flood vendors can provide all types of reports
a practical matter, that means banks’ flood insurance
– for example, a report listing all loans in Zones
concerns don’t end once the institution closes a loan
A and V, which require mandatory insurance, or a monthly report of all determinations obtained regardless of zone. Such reporting provides an important audit process to ensure that all loans requiring mandatory insurance are being monitored and that a report can be generated to compare with monthly closing reports to ensure that flood determinations have been obtained as required. Vendor reports are used for these purposes during on-site compliance reviews. The flood determination companies are contacted to request a report listing all the determinations obtained in a flood zone that requires insurance. The report allows the reviewer to compare the client lender’s internal tracking system with a control list to ensure that there is appropriate tracking all the required loans. The process also provides a report to pick loans for testing. In some cases, it is discovered that lenders obtain life of loan coverage but do not follow the notification requirements included in their agreements.
20 Virginia Banking | January/February 2011
www.vabankers.org
In most contracts, flood vendor report-
first lien loan.
Continued from page 17
ing includes paid off loans, withdrawn
It is important that loan servicing
be proposed by the board after consid-
and denied loans, and loans that have
departments understand the monitor-
eration of comments on these general
been transferred to another lender. If the
ing procedures and requirements. Loan
approaches.
bank fails to contact the flood vendor
servicing departments should have pro-
In response to a question from Gov.
when a loan status changes, the vendor
cedures to notify the vendor when the
Betsy Duke about the exemptions from
will track the loan indefinitely. That’s
status of the loan file has changed. The
interchange fee restrictions in the Dodd-
unnecessary and costly.
flood vendor also should have a desig-
Frank Act, particularly the exemption for
Still, when flood reviews are con-
nated point of contact at the bank to no-
institutions with assets of less than $10
ducted, it is often found that the-loan-
tify when map amendments occur that
billion, Federal Reserve staff acknowl-
has-been-transferred notification is not
will change the status of the flood insur-
edged that market forces may cause such
completed.
ance requirements.
exemptions to have little practical ben-
It is typical to recommend that bank-
There’s another potential administra-
efit to smaller issuers. Specifically, staff
ers include life of loan termination in
tive catch as well: when lenders sell the
indicated that the networks may be re-
their payoff procedures. However, this
servicing of a loan, the life of loan moni-
luctant to have a two-tiered interchange
can cause a secondary problem if one
toring too often is not transferred to the
fee structure – one for large issuers and
determination is used for multiple loans.
new servicer. The monitoring should be
another for small issuers – and that there
In such cases, the payoff staff must re-
transferred with the servicing, so chang-
would be pressure from merchants to
search all of a borrower’s properties to
es to the flood maps are provided to the
push debit card usage to large issuers
determine whether additional loans are
current servicer.
because of the benefits of lower costs.
tied to the life of loan coverage. If they
Most flood determination companies
Surprisingly, the board requested
are not, then the life of loan coverage
have online services that will allow the
comment on whether ATM transactions
should be terminated.
loan servicing department to pay off the
and ATM networks should be included within the scope of the rule.
The need to constantly track each loan
determination or transfer the servicing
payoff for related flood coverage is one
through the Internet. Loan departments
With respect to network exclusivity
reason to suggest that banks obtain sep-
should contact their life of loan vendors
and routing, the proposal sets forth two
arate life of loan coverage on each loan.
to determine the correct procedures to
alternatives. Under Alternative A, an is-
If Fred Flintstone has a first lien loan and
ensure that termination and transfers are
suer or payment card network may not
a HELOC, for example, the report will
completed.
restrict the number of payment card net-
list two determinations and two life of
works over which debit transaction may
loan tracking numbers. The vendor re-
VBA members seeking assistance or
be carried to fewer than two unaffili-
port will balance with the internal track-
additional insights on Fair Lending
ated networks. Under Alternative B, an
ing report listing two loans that require
compliance and reporting issues should
issuer on a payment card network may
insurance. When borrower Flintstone’s
call TCA’s Donna Rakes or Jim Dray.
not restrict the number of payment card
HELOC is paid off, the bank can ter-
The toll-free number is 800-934-7347.
networks over which a debit transaction
minate life of loan flood coverage for
Rakes is manager of TCA’s East Coast
may be carried to less than two unaf-
the HELOC without running the risk of
Regional office in Rustburg. Dray is
filiated networks for each method of au-
causing a change with coverage on the
president of TCA.
thorization – PIN or signature – that the card holder may select.
Compliance Management The emergence of regulations that begin to implement Dodd-Frank Act provisions, the fleshing out of the legislation’s new Consumer Financial Protection Bureau and an increasing focus on BSA means that compliance stakes have never been higher. Fortunately, VBA members who also are TCA client banks have a valuable resource – TCA – to connect with at any time to talk about the new compliance environment and about how to rebuild their Compliance Management System to mitigate increasing regulatory risk.
www.vabankers.org
The VBA is very concerned about this proposal. We believe it would have a significant negative impact on all banks, both large and small. Rules must be finalized by April 21, 2011, with an effective date for most of these provisions of July 21, 2011. The comment deadline is Feb. 22, 2011. Bankers are strongly encouraged to comment on this important proposal. January/February 2011 | Virginia Banking 21
Move
Bankers on the
Bodkin
Morales
Black
Benchmark Community Bank, Kenbridge Robert E. Bates, Assistant Vice President/ Branch Manager Cardinal Bank, Tysons Corner William C. O’Connor, Senior Vice President, Senior Credit Officer Essex Bank, Tappahannock Frank L. Besosa, Vice President and Commercial Lender Will Martin, Business Development Officer Hampton Roads Bankshares Inc., Norfolk Stephen P. Theobald, Chief Financial Officer
Popp
Leitch
Register
M&T Bank, Richmond Sean Bodkin, Relationship Manager Philip B. Hager, Vice President and Senior Relationship Manager Ed Kivior, Vice President for Business Banking Eric Morales, Middle Market Relationship Manager
StellarOne, Richmond Robert E. Leitch Jr., Senior Vice President and Regional Commercial Banking Manager
Old Point National Bank, Hampton Cindy L. Black, Vice President of Corporate Lending Shari Popp, Branch Officer Jennifer Register, Branch Officer
Village Bank, Midlothian Hal Dalton, Senior Vice President
Union First Market Bank, Richmond Kristin H. Dobbins, Branch Manager
Are your bankers on the move? Email submissions to cdewey@vabankers.org.
VBA BENEFITS CORPORATION Providing competitive benefits for your employees has never been so easy. Our all-inclusive, cost-effective plans are developed by bankers for bankers and include: • Full-time partnership with a professional consulting firm, legal counsel, and audit firm • State-of-the-art on-line enrollment and billing systems • Representation and program management through a Board of Directors, comprised of peer banks • Toll-free member services number to address benefit needs and inquiries • Consolidated monthly billing for all benefit programs
TION
• Preparation of plan documents and IRS filings, as well as assistance with filings required of individual banks • Training services, staff meetings, regional seminars and users conference • Administration of Flexible Spending Accounts and COBRA continuation
VBA Benefits Corporation
4490 Cox Road Glen Allen,VA 23060 (800) 643.5599 Visit our website at www.vabankers.org
22 Virginia Banking | January/February 2011
www.vabankers.org
Online Compliance Compliance Consulting Consulting Online Identify Deadlines Deadlines Understand Requirements Track Progress Deadlines... Understand UnderstandRequirements Requirements. .. Track TrackProgress Progress. .. Identify
Your for Compliance Support Your Source Source for for Compliance Compliance Support Support With Compliance Consulting, you gain access Compliance Dashboard that has everything you need With Online Online Compliance Compliance Consulting, Consulting,you yougain gainaccess accesstoto toaaaCompliance ComplianceDashboard Dashboardthat thathas haseverything everythingyou youneed needtoto to upcoming compliance requirements: prepare for upcoming compliance requirements: prepare for upcoming compliance requirements: compliance questions your personal compliance consultant • • Unlimited Unlimited compliance compliance questions questionstoto toyour yourpersonal personalcompliance complianceconsultant consultant by your personal consultant the policies and disclosures new and existing requirements • • AA review review by by your your personal personal consultant consultantofof ofthe thepolicies policiesand anddisclosures disclosuresforfor fornew newand andexisting existingrequirements requirements Semi-annual training for your Board Directors your personal compliance consultant • • Semi-annual Semi-annual training training for for your yourBoard Boardofof ofDirectors Directorsbyby byyour yourpersonal personalcompliance complianceconsultant consultant Compliance Alerts on new requirements with step-by-step compliance directions • • Monthly Monthly Compliance Compliance Alerts Alertson onnew newrequirements requirementswith withstep-by-step step-by-stepcompliance compliancedirections directions quarterly webinar that will help you organize, prepare, and implement new requirements • • AA quarterly quarterly webinar webinar that that will willhelp helpyou youorganize, organize,prepare, prepare,and andimplement implementnew newrequirements requirements • calendar of upcoming regulatory deadlines • AA calendar calendar of of upcoming upcoming regulatory regulatorydeadlines deadlines • progress tool that helps you manage your upcoming requirements and track your progress you • AA progress progress tool tool that that helps helps you youmanage manageyour yourupcoming upcomingrequirements requirementsand andtrack trackyour yourprogress progressasas asyou yougogo go • our database common compliance questions and answers from official regulatory sources • Access Access to to our our database database ofof of common commoncompliance compliancequestions questionsand andanswers answersfrom fromofficial officialregulatory regulatorysources sources • As an additional service, unlimited compliance reviews of your advertisements and website. • As an additional additional service, service, unlimited unlimited compliance compliance reviews reviews of of your your advertisements advertisements and and website. website.
Call Today to Meet Your Personal Call Today Today to to Meet Meet Your YourPersonal Personal Compliance Compliance Consultant. Compliance Consultant. Consultant.
(800) (800)477-1772 477-1772| http://compliance.smslp.com | http://compliance.smslp.com (800) 477-1772 | http://compliance.smslp.com
The Right Tool for All Business Cycles For FHLBank Atlanta, challenging business environments are nothing new. For nearly 80 years, we have been helping our members manage liquidity needs, fund loans and investments, improve asset and liability management, and meet community credit needs profitably. We have the tools to help you manage your business. For more information about how the Federal Home Loan Bank of Atlanta can help, call 800.536.9650.
www.fhlbatl.com • 1475 Peachtree Street NE, Atlanta GA 30309