April 10, 2018

The Virginia Banking eNewsletter is a monthly supplement to Virginia Banking magazine, intended to help you stay on top of industry knowledge via current trends data and insights.

From the VBA
In 2000, the Jump$tart Coalition for Personal Financial Literacy began promoting April as Financial Literacy Month. In 2003, April was declared as Financial Literacy Month for the first time by the U.S. Senate and Financial Literacy Day on the Hill was founded. The goal of Financial Literacy Month is to highlight the importance of financial literacy as an essential life skill.
Virginia business executives hope the recently enacted federal tax reforms will spark a surge in economic activity and higher profits. Called the nation’s biggest reform in the U.S. federal tax code since 1986, the Tax Cuts and Jobs Act passed by the Congress and signed by President Trump in December will change the way American companies and individuals are taxed on this year’s income. Here, VBA President & CEO Bruce Whitehurst discusses how the reform will affect the banking business. (Virginia Business)
PWCampbell, serving banks for 108 years!
Since 1910 PWCampbell has been widely known and respected in the financial services industry as a fourth generation, family-owned retail services and design/build firm. We offer a full range of quality facility planning, demographic research, creative retail branding, merchandising, digital marketing, interior design, furniture coordination, architectural and construction services. PWCampbell’s turnkey process provides the expertise to develop and implement engaging, impactful and scalable solutions for every sized project, on time and within budget.
Read more here
Computer Services Inc
FHLBank Atlanta
Advisors vs. Brokers
Webster’s dictionary notes the distinction…Advisors (aka: consultants) are subject matter experts who provide professional services. Brokers sell property for others. We do both. At Denton Realty Company we understand the myriad of financial, property management, regulatory, relationship and creditors’ rights complexities and we advise accordingly. The strategies we develop protect collateral value and solve complicated problems.
Click here to learn more
Industry News & Trends
In the latest American Bankers Association Washington Update, "Stepping Up Our Political Engagement," ABA’s new Chief Political Strategist Rob Engstrom discusses how ABA is recognizing and elevating the importance of banker political engagement, from launching a new voter education effort to establishing criteria for candidate support.
Financial literacy is one of those K-12 topics that's hot right now and April is Financial Literacy Month. Under pressure from activists and policymakers, more states are requiring financial training for students. But does that training pay dividends for young people later on in their lives? (Education Week)
Sales of new homes slipped 0.6 percent in February, a third straight monthly decline. But year-to-date, sales are up 2.2 percent compared with 2017, in a sign that buyer demand remains solid. (ABC News)
Generation Z — with their lack of debit and credit cards, their absence of bank accounts and their preference for in-person shopping — poses a challenge to Amazon. But sources say Amazon is in early discussions with banks to create a product similar to checking accounts for youngsters and those who eschew credit cards. (Bloomberg)
The Federal Reserve raised interest rates by a quarter of a percentage point late last month and signaled that the central bank is on track to raise rates twice more in 2018. Fed Chair Jerome H. Powell expressed optimism about the current economic picture and said officials were trying to strike a balance on raising rates. (New York Times)
Social media should be an important component of any financial services organization's communications plan. A key element of this strategy is to have leadership involved on social channels, being approachable to customers, shareholders and partners. (The Financial Brand)
The latest edition of "Richmond Fed at a Glance" includes an economic education feature for national financial literacy month, which began April 1, along with information on apprenticeships and a profile of Federal Reserve Chairman Jerome "Jay" Powell.
The recently passed bipartisan legislation known as the Economic Growth, Regulatory Relief, and Consumer Protection Act (S.2155) will help make sure small lenders can provide mortgages and other credit to hardworking Americans and small businesses. The bill also creates significant new consumer protections.
From VBA Partners
VBA Endorsed Provider PWCampbell President/COO James Caliendo discusses the importance of creating a workplace environment that will help recruit and retain the best employees for your bank.