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Virginia Banking June eNewsletter
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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
This Saturday, June 15, is World Elder Abuse Awareness Day. Each year, older bank customers lose approximately $2.9 billion to fraud, but it is suspected that number is drastically underestimated because only 1 in 44 seniors report financial abuse. “Scammers are always developing new ways to rip people off, and sadly, they often target our seniors for numerous reasons,” said Bruce Whitehurst, VBA president and CEO. “Sadly, almost 90% of the financial abuse committed against older Americans is at the hands of someone they know and trust.” Bankers across Virginia participate in Safe Banking for Seniors, a program sponsored by the American Bankers Association, that works to combat this growing problem. This program provides free resources and tools for bankers to use with their senior customers and their caregivers. DeMarion Johnston, VBA General Counsel, recently wrote an article for Richmond Family Magazine that shares strategies to help seniors stay secure. The article includes tips for seniors and their caregivers as well as ways to identify the signs of elder financial abuse. You can read her article here. VBA Endorsed Provider CRA Partners recently published an article, "Engaging Your Elderly Customers," that focuses on ways your bank can engage with your elderly customers and why this engagement should be a priority. Due to the success of the VBA’s February Elder Financial Exploitation Seminar, we will be holding this event again on September 9, from 10:00 am - 2:00 pm. This event is designed to help you and your financial institution meet the provisions outlined in the Senior Safe Act and will include:
Learn more and register for this seminar here. If you suspect elder financial abuse is happening to a family member or loved one, please make a report to the Adult Protective Services (APS) unit of one of the 119 local departments of social services or call the toll-free, 24-hour APS hotline at (888) 832-3858. Reports can be made anonymously. Bankers On The Move & Recent Promotions
American National Bank & Trust Co. C&F Bank Powell Valley National Bank Taylor Bank Industry News & Trends
Perspectives from core providers on where the financial customer experience is heading. (ABA Banking Journal)
Baby Boomers know their banks well. These older consumers could be your biggest boosters as younger generations increasingly look to family and friends for advice when choosing a new financial institution. Though Boomers and Millennials may be at different lifecycle points, good service spans the generations. (The Financial Brand)
In the April/May American Bankers Association Washington Update, ABA President and CEO Rob Nichols discusses the growing consensus that something must be done to address the cannabis conundrum affecting banks as the debate continues on whether cannabis should be legalized at the federal level.
Being a board member is a hard job — ask anyone who has ever been one. Company directors have to understand the nature of the business, review documents, engage in meaningful conversation with CEOs, and give feedback while still maintaining positive relationships with management. This is about to change, thanks to machine learning and artificial intelligence. (Harvard Business Review)
From VBA Partners
Wire fraud involving bank customers is exploding, with a recent report finding that bank deposit accounts are the targets of over $1 billion in wire fraud attacks annually. Here, VBA Endorsed Provider ABA Insurance Services explains how frontline personnel are in the best position to both spot and prevent wire fraud.
There’s an old saying, "You don’t know what you don’t know," and that is certainly true when it comes to marketing initiatives meshing with the world of fair lending. Margaret Dolinger, of VBA Endorsed Provider TCA, explains how marketing has been elevated in prominence in the Interagency Fair Lending Exam Procedures as a high-risk form of fair lending risk.
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