November 2019

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 recognition of National Family Caregiver Month in November, Virginia bankers are helping financial caregivers better understand and execute their roles. The VBA sent this press release earlier this month that contains tips for individuals serving as financial caregivers, as well as explanations of the various roles and responsibilities of types of financial caregivers. The release was featured last week in the Augusta Free Press.

The Caregiver Action Network (the National Family Caregivers Association) began promoting national recognition of family caregivers in 1994. Nearly 44 million Americans are providing care to an individual suffering from illness, disability, limited mobility or age. A financial caregiver is a person who helps a senior manage his or her financial life. The relationship evolves as the needs change. Initially, a caregiver assists with everyday financial matters, but the role can involve greater responsibility if the senior becomes ill or injured or has trouble managing money.

Bankers On The Move & Recent Promotions

Bank of Botetourt
Susan Larkin – Assistant Vice President, Treasury Services

Benchmark Community Bank
Tabatha Allard – Loan Processing Administrator

National Capital Bank of Washington
Bob Donohoe, Jr. – Board of Directors
Donald Eckrod – Board of Directors

Oak View National Bank
Jason Brady – Vice President, Market Leader

Old Point National Bank
Elizabeth Beale – Senior Vice President, Chief Financial Officer

Virginia Commonwealth Bank
Roth Carroll – Vice President, Business Development and Relationship Officer

Delta Dental of Virginia
Computer Services Inc
Industry News & Trends
In this article, VBA President Bruce Whitehurst and Powell Valley National Bank President and CEO Leton Harding join colleagues to weigh in on the road ahead for banks in 2020. (The Business Journal of Tri-Cities Tennessee/Virginia)
In this article, John Asbury, president and CEO of Atlantic Union Bankshares Corp. and VBA chairman-elect, joins industry experts who share perspectives on successful strategies for bank rebranding. (ABA Bank Marketing)
The latest edition of "Richmond Fed at a Glance" takes a look at rural economic development, including a summary of the recent Investing in Rural America Conference. Additional topics include research on how preschool affects workforce development and a monetary policy update.
Integrity and authenticity are more important than product offerings or even innovation in driving consideration of financial institutions among younger consumers. Too much focus on fintech competition may be misguided. (The Financial Brand)
In this column, ABA President and CEO Rob Nichols discusses initiatives to further bolster the banking industry’s position in advance of the 2020 elections by supporting candidates who understand and appreciate the important role banks play in this country. He also describes ABA’s new grassroots platform, Secure American Opportunity.
Virginia Small Business Financing Authority
From VBA Partners
The Consumer Financial Protection Bureau and Federal Reserve Board issued a final rule regarding inflation-based adjustments to the dollar amounts required by the Expedited Funds Availability Act (EFA Act), which is implemented by Regulation CC. Here, VBA Endorsed Provider Compliance Alliance answers some of the many questions as to what actually went into effect on September 3, 2019.