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.
In response to a recent filing by the VBA and several member banks, the State Corporation Commission has granted a stay of the Bureau of Financial Institutions’ recent approval for Virginia Credit Union to add the 10,000 members of the Medical Society of Virginia to its field of membership. The next step will be for VBA and the banks to file a full petition appealing the VACU ruling and seek a hearing before the State Corporation Commission, asking the judges to overturn the Bureau’s approval. Our thanks to American National Bank & Trust, Blue Ridge Bank, Chesapeake Bank, Farmers Bank, Windsor, First Bank & Trust Company, First National Bank and The Bank of Charlotte County for joining VBA on the appeal.
Read more in Virginia Business, Credit Union Times and Richmond BizSense about the VBA's objection.
Bruce Whitehurst, VBA president and CEO said, “This is the first time in Virginia a credit union has applied for something like this since it became law 20 years ago,” Whitehurst said. “We obviously are going to object anytime a credit union wants to go even further than the very permissive statutes.”
A recent report found that credit unions are falling short of their mission to serve households of “small means.” In fact, according to the research by respected analyst Karen Shaw Petrou, credit union members are disproportionately from middle- and upper-income households, and credit unions’ lack of “mission compliance” deepens U.S. economic inequality.
See more examples of VBA in the news here.
Benchmark Community Bank
Blake Shaw – Compliance/BSA Coordinator
Community Bankers' Bank
Tommy Bourque – Chief Lending Officer
First Bank & Trust Co.
Susan Upshaw – Vice President, Agricultural and Commercial Lending
Old Point National Bank
John Beahm – Branch Officer
Amber Rice – Small Business Relationship Manager
Southern Bank and Trust Company
Darian Fisher – Assistant Vice President, Branch Manager
Yvonne Allmond – Executive Vice President, Community Financial Engagement Officer
Laura Morgan – Senior Vice President, Corporate Banking Group
Karen Priest – Executive Vice President, Corporate Banking Group
Mandy Sharp – Assistant Vice President, Branch Manager
Shane Stevens – Executive Vice President
Charity Volman – President, Corporate Banking Group
Brian Woodell – Senior Vice President, Corporate Banking Group
Valenda Campbell – Vice President, Director of Marketing
In his latest Chairman's Message, ABA Chairman Jeff Szyperski, former VBA chairman and Chesapeake Bank chairman, president and CEO, shares his thoughts on the latest technology that is helping bankers keep up and advance innovation in their own banks. (ABA Banking Journal)
The latest edition of "Richmond Fed at a Glance" includes Bank President Tom Barkin's thoughts on the decline in the U.S. women’s labor force participation and how to remove obstacles to boost women’s labor force participation. Additional topics include results from a small business survey on trends among minority-owned businesses.
One item that should be on every bank’s strategic horizon is how to adapt to the changing face of payments. This article highlights the newest data from the Fed and what it might mean for every community bank. (CenterState Correspondent Division)
In this recent column, C.H. "Chuck" Slemp III, Commonwealth's Attorney for Wise County & the City of Norton, shares his expertise in how to recognize signs of possible elder abuse. (The Roanoke Times)
More employees are voluntarily leaving their jobs now than at any other time in recent history. While employee departures may feel like a gut punch for employers, it's essential that organizations respond to resignations in constructive ways. (Harvard Business Review)
Technology, regulations, shifting demographics and emerging fintech competitors are quickly changing the banking landscape. (Banking Exchange)
COMPLIANCE SERVICES/MORTGAGE & REAL ESTATE SERVICES
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CONSULTING & TRAINING
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