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The official magazine of the Virginia Bankers Association.
Citation preview
In ThIs Issue HEALTH AND WELLNESS | FLOOD INSURANCE | INTERCHANGE FEES
success building a digital dialogue with customers
your way to marketing
BankingirginiaV January/February 2011
Virginia Bankers association — serVing Virginia’s Financial community For more than 100 years
2 Virginia Banking | January/February 2011 www.vabankers.org
January/February 20112010-2011 OFFICERS AND DIRECTORS OF THEVIRGINIA 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 BankRandy K. Ferrell,
The Fauquier BankPete Jones,
Wachovia/Wells FargoMonte L. Layman,
The Page Valley BankGail Letts, SunTrust BankSamuel L. Neese,
Highlands Union BankSusan Ralston, Bank @LantecDavid P. Summers,
Virginia Heritage BankJeffrey M. Szyperski,
Chesapeake BankDaniel G. Waetjen, BB&TRichard T. Wheeler, Jr., Franklin
Federal Savings Bank
Statements of fact and opinion are made on the responsibility of the authors alone and do not implyan opinion or endorsement on the part of the officers or members of VBA.
AT-LARGE MEMBERSBenefits Corporation Chair
Richard M. Liles, McKenneyManagement Services Inc. Chair
Frank Bell, III, MidlothianGovernment Relations
Committee ChairChristopher W. Bergstrom, McLean
VBA Education Foundation ChairJ. Peter Clements, Carson
EDITORIAL & EXECUTIVE OFFICES4490 Cox Road Glen Allen, VA 23060804-643-7469 Fax 804-643-6308www.vabankers.org
Bruce T. WhitehurstPresident and CEOVirginia Bankers Association
Chandler DeweyCommunications & Marketing ManagerVirginia Bankers Association
SUBSCRIPTIONSIf you would like to subscribe to Virginia Banking, contact Chandler Dewey at [email protected]. Virginia Banking is published bi-monthly. Subscription price is $25 per year and $45 for two years for nonmembers. Copyright 2011.
social mediaOvercoming the Fear
of the Two-Way Conversation
featuresWhat is the Health of Your Retail Network? Transforming the branch experience from a simple routine to one of discovery, resourcefulness and community.
4 Calendar of Events 5 Insights 6 Worth Noting16 Washington Update17 Legal Line
18 Legislative Update19 Welcome New Associate Members20 Compliance Corner 22 Bankers on the Move
Send us your thoughts or ideas on Virginia Banking!
Please e-mail Chandler Dewey at [email protected]. Has your information changed?
Please e-mail Kellee Edelin at [email protected] with your new contact information.
12
8
BankingirginiaVVirginia Bankers association — serVing Virginia’s Financial community For more than 100 years
10
cover story
in every issue
New Year, New Leaf for Corporate WellnessThe shift away from industry has produced an unhealthy workforce: what you can do to help your workers’ health.
DIRECTORSTimothy M. Warren, Chairman Timothy M. Warren Jr., CEO & Publisher David B. Lovins, President Vincent M. Valvo, Group Publisher & Editor in Chief
FINANCE & ADMINISTRATIONJeffrey E. Lewis, Controller / Director of Operations
EDITORIAL Christina P. O’Neill, Custom Publications Editor Cassidy Norton Murphy, Associate Editor
ADVERTISINGGeorge Chateauneuf, Publishing Division Sales Manager Sarah Cunningham, Events ManagerRichard Ofsthun, Advertising Sales ManagerCara Inocencio, Advertising Sales ManagerEmily Torres, Advertising, Marketing & Events Coordinator
DESIGN & PRODUCTIONJohn Bottini, Creative Director Scott Ellison, Senior Graphic DesignerEllie 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.
PUBLISHED BY
280 Summer Street, Boston, MA 02210Phone: 617-428-5100 Fax: 617-428-5118 www.thewarrengroup.com
January/February 2011 | Virginia Banking 3
instructor-leD seminars
RETAIL BANKING CONFERENCE, CHARLOTTESVILLE March 7
COMPLIANCE UPDATE SEMINAR, ROANOKEMarch 22
COMPLIANCE UPDATE SEMINAR, CHARLOTTESVILLE March 23
COMPLIANCE UPDATE SEMINAR, SANDSTONMarch 24
COMPLIANCE UPDATE SEMINAR, VIENNAMarch 25
BANK DIRECTORS SYMPOSIUM, RICHMONDMarch 29
BANK DIRECTORS SYMPOSIUM, BLACKSBURGMarch 30
COMPLIANCE SCHOOL, CHARLOTTESVILLEApril 4
SECURITY WORKSHOP, CHARLOTTESVILLEApril 12
instructor-leD courses
GENERAL ACCOUNTINGFebruary 22
PRINCIPLES OF ACCOUNTINGFebruary 22
CONSUMER LENDINGFebruary 28
PRINCIPLES OF BANKINGMarch 7
ECONOMICS FOR BANKERSMarch 21
PRINCIPLES OF BANKINGMarch 21
PRINCIPLES OF BANKINGApril 4
PRINCIPLES OF BANKINGApril 18
GENERAL ACCOUNTINGApril 18
CONSUMER LENDINGApril 18
WeBinars
ALCO FOUNDATIONSFebruary 15
LOAN INPUTS AND ANALYTICSFebruary 16
SURVIVING 2011 – TACTICS THAT WORK IN THE REAL WORLDFebruary 17
COMMERCIAL REAL ESTATE APPRAISALS: REVIEWING AND INTERPRETING – PART IFebruary 22
IT AUDIT FOR COMMUNITY BANKSFebruary 23
STRATEGIC PLANNING FOR A NEW ENVIRONMENTFebruary 23
MERGERS AND ACqUISITIONS IN THE CURRENT ENVIRONMENTFebruary 24
THE NExT GENERATION OF CUSTOMERSFebruary 24
Live Event Online Seminar Webinar
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________________________________________________________________ State/Zip______________________________
Phone___________________________ Fax_________________________ E-mail___________________________________
For more information go to www.vabankers.org.
Calendar of Events
4 Virginia Banking | January/February 2011 www.vabankers.org
M y kids enjoy asking me what it was
like when I was growing up and
how in the world we managed to get
by without computers, the Internet, cell phones
and iPods (to name just a few). Realizing that I
was out of college before we really entered the
era of modern communications technology – and
that I am only 46 years old – makes it clear that
an awful lot has changed in not so many years.
We now have an entire generation of what some
have called the “Digital Natives.” It is the genera-
tion that includes my kids, who were born into a
world of e-communication that many of us could
not have even imagined 20 years ago.
Digital Natives are rapidly redefining our soci-
ety, including the workplace, with their absolute
comfort with newer forms of communication.
In recent years, I have watched my numerous
phone calls and voicemail messages decline sub-
stantially as e-mail volume has exploded. I have
entered the world of text messaging, Blackberry
Messenger, Twitter and Facebook. I am playing
catch-up to much younger colleagues who con-
sider all these things to be second nature.
That is why the VBA is expanding its commu-
nications into the world of social networking. We
now have a Facebook page that highlights the
many positive ways our member banks serve
communities all over Virginia. All you Facebook
users, please find the Virginia Bankers Associa-
tion and click “like” to follow our page. Bankers,
please send us items we can add to our page. We
have also established a Twitter account and will
tweet breaking news to bankers who choose to
follow us. Our newest offering is the VBA’s Bank-
er Banter, a blog for members only that will pro-
vide a wealth of information and resources.
We are fortunate to have several members of
Generation Y on the VBA staff; these are energet-
ic twenty-somethings who bring great ideas for
new ways we can reach, serve and interact with
bankers, associates and other key constituents.
They also speak the language of the Digital Na-
tive and they are patiently teaching the rest of us
that language. Their energy and ideas blend in a
most positive manner with the experience those
of us who are older bring to the table.
We continue to be in challenging times, both in
our industry and in the broader economy. Fortu-
nately, we do see signs of progress and an outlook
that shows gradual improvement. As we stay
focused on how
to make sure the
banking industry
is best equipped
to drive economic
recovery, continu-
ing to evolve in
our communica-
tion with – and on
behalf of – Virginia bankers is an important and
exciting priority.
Please connect with us through any or all of
these new forums and also give us feedback on
how we are doing and how we can make our
communications even better. Together with you,
we will join the world of the Digital Natives.
Bruce Whitehurst
President and CEO,
Virginia Bankers Association
Bruce Whitehurst can be reached by e-mail at [email protected].
”“ Digital Natives are rapidly redefiningour society, including the workplace,
with their absolute comfor t with newer forms of communication.
Communicating with the Digital Natives
Insights
January/February 2011 | Virginia Banking 5 www.vabankers.org
6 Virginia Banking | January/February 2011 www.vabankers.org
FeDeral home loan Bank oF atlanta announces W. Wesley mcmullan as neW PresiDent anD ceo
The board of directors of the Federal Home Loan Bank of Atlanta (FHL-
Bank Atlanta) announced in December that it has selected W. Wesley
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 Char-
tered Financial Analyst.
henry logue PromoteD to ceo
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-
dent at Cardinal. Logue joined Cardinal in April and previously served
as president and CEO of a bank in Madison, Miss.
rann Paynter Joins VBa
The VBA is pleased to announce that Rann Payn-
ter joined our staff in December as executive vice
president. He comes to the VBA with a back-
ground in association management stemming
from 14 years with the NC Bankers Association.
His duties as executive vice president will in-
clude various responsibilities for the Assocation,
VBA Management Services and VBA Benefits. He
is a graduate of Pfeiffer College, and he completed a masters of busi-
ness administration at the Kenan-Flagler School of Business at the Uni-
versity of North Carolina at Chapel Hill.
WorthNoting©
2011
PU
LSE
January/February 2011 | Virginia Banking 7 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 Corpo-
ration. 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 Coun-
ty Public School system, as well as other students from the greater
Washington area, will visit Junior Achievement Finance Park each
year. Prior to their visit, students participate in Junior Achieve-
ment’s unique six-week Finance Park classroom curriculum, culmi-
nating 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 philan-
thropy. The Junior Achievement Finance Park experience will en-
able students to act as adults for a day, making tough, realistic bud-
geting 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.
Photo courtesy of Mark Heayn
A Discover Financial Services Company
pulsenetwork.com/guidance
CollaborationCustomer Service
Our focus has been on debit and debit alone for 30 years. � rough our experience we’ve developed training, education and analytical services that can be tailored to empower your fi nancial institution. Our comprehensive professional development tools give you the strategic guidance to thrive in the face of adversity. Profi t from our passion.
Professional Development
Market research repeatedly
points to the fact that in-
branch transactions con-
tinue to be an integral part of consum-
ers’ everyday life experience. Many
Americans continue to visit their local
bank branch at least on a weekly basis,
much as they go to the grocery store,
pharmacy or other retail establish-
ment. So, in some ways, the bank con-
tinues to be a viable retail destination.
In an effort to out-perform the compe-
tition, successful institutions seize this
opportunity to address the wants and
needs of their customer market in a dif-
ferentiated, recognizable and visually
appealing manner.
This is a challenging, yet measurably
rewarding, opportunity to engage with
your customer. It requires the transfor-
mation of the branch experience from
one of simple routine (at best) to one of
discovery, resourcefulness and a sense
of community. Successful banks will go
the extra mile and offer their customers
a richer and more relevant experience,
which will reap the benefits of stronger
loyalties and ultimately higher levels of
business.
Throughout the past 20 years, finan-
cial institutions have grown both organi-
cally and via mergers and acquisitions,
which has been conducive to the eclectic
nature of most retail networks. Prior to
launching any transformation program,
it is imperative to identify and docu-
ment the current existing factors, compo-
nents, and objectives important to your
organization. This can be accomplished
through carefully choreographed and
documented business model review and
branch-level retail readiness audits.
The business model review will drive
and inform the type of information to
be acquired during any retail readiness
audit. The type of information to be ac-
quired and rated during branch audits
includes: general street presence and vis-
ibility, 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-deter-
mined 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
What is the Health of Your Retail Network? By James g. caliendo President and COO, PWCampbell
8 Virginia Banking | January/February 2011 www.vabankers.org
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For more information on performing a
retail readiness audit, please contact
PWCampbell’s vice president, Glenn W.
Grau, at [email protected]
or (800) 253-7430.
would spend whatever it takes in the
branches to satisfy the overall business
goals and objectives, and the intended
customer experience. In general, unfor-
tunately, this is not the case.
The information obtained from the au-
dits can drive how you spend your in-
vestment during a transformation exer-
cise. The rating system can be calibrated
against a planned ROI. Understanding
the rating system, and how it relates to
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/phys-
ical part of the matrix, simple improve-
ment to the mechanical room can be an
insignificant cost but have a major im-
pact on efficiency. Your audit will also as-
sist in determining if a branch should be
renovated, retouched, relocated or re-
leased.
January/February 2011 | Virginia Banking 9 www.vabankers.org
New Year, New Leaf for Corporate Wellness
In addition to the PWC report, the
World Health Organization predicts that
by 2020 mental illness will be the second
leading cause of disability worldwide,
after heart disease.
So what does this mean for employ-
ers? There are two major areas for em-
ployer concern – chronic disease and de-
pression. And here’s why these should
concern employers – chronic disease
drives healthcare costs, and the pro-
ductivity losses associated with chronic
disease and depression are even greater
than the medical costs themselves. Pay-
roll and benefits (the expense associated
with healthcare costs and productivity
or productivity losses) usually are the
two biggest employer expense items af-
ter paying for the cost of providing the
business goods or service. This is a bot-
tom-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 dis-
ability, absenteeism and presenteeism.
Several 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 sedentary, the global workforce is
becoming fatter, sicker and less productive.” Wow – this is
such a negative pronouncement on the state of our work-
force 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 associ-
ated with the industrial boom.
By roxanne sheppard, coo VBa Benefits corporation
10 Virginia Banking | January/February 2011 www.vabankers.org
Put another way, these problems affect
roughly 5 percent of employees, result-
ing in $880,152 in lost productivity per
1,000 employees per year. In a group of
8,200 employees – such as those enrolled
in the VBA group medical plan – this can
be a lot of money to the collective em-
ployers. The irony here is that prevent-
able risk factors such as poor diet, lack
of physical activity, stress and smoking
are the biggest contributors to chronic
disease.
Because of the business impact, CEOs
everywhere need to consider making
wellness central to their corporate busi-
ness strategy. Here’s where you can turn
over a new leaf for the new year – by
adopting short-term and long-term strat-
egies for wellness and health promotion.
The short-term strategy should fo-
cus on creating awareness among your
employees about chronic disease. Cor-
porate wellness should be an extension
of individual wellness and the first step
is to make employees aware of the ad-
verse impact to their own health of their
sedentary lifestyle. This can be done by
providing your employees with the op-
portunity to participate in a health risk
assessment, or health risk screenings for
blood pressure, body mass index, glu-
cose and cholesterol levels.
The long-term strategy should focus
on keeping employees healthy for a long
time. This includes offering the risk as-
sessments and health screenings at regu-
lar 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 dis-
eases such as asthma, diabetes, coronary
artery disease, and chronic obstructive
pulmonary disease. This type of condi-
tion management can result in a substan-
tial decrease in visits to the emergency
room, and a reduction in the number of
missed days of work due to the condi-
tion. Both have a positive impact on the
employer and on the employee’s life.
The call to action for CEOs, then, is to
turn over new leaf in 2011 and get be-
hind a corporate wellness and health
promotion program at your bank. Your
employees will appreciate it, and there
are compelling business reasons for do-
ing it. The impact to your bank can be
extremely positive and foster increased
productivity and morale, reduced ab-
senteeism, improved employee health,
focus and energy on the job, better con-
tained health costs, a healthier work en-
vironment, and greater loyalty and re-
tention. A lot of bang for the buck – and
well worth turning over a new leaf. Con-
sider making it a company-wide priority
for 2011.
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 150Chicago, Illinois 606571-800-934-7347
www.tcaregs.com
Roxanne Sheppard is COO of VBA
Benefits Corporation.
January/February 2011 | Virginia Banking 11 www.vabankers.org
“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.”
By christina P. o’neill
social media
– Cluetrain
12 Virginia Banking | January/February 2011 www.vabankers.org
overcoming the fear of the two-way conversation
There’s a reason that so-
cial media seminars at bank
trade organizations are of-
ten the best-attended these days –
bankers know that social media can work
to banks’ benefit, but they have also seen
it work to banks’ detriment. They tend to
see the “virus” in “viral.” The typical an-
ecdote presented by social media experts
is the Google search that brings up web-
sites or postings detrimental to a bank,
causing headaches for the bank’s custom-
er service and compliance departments.
The Cluetrain manifesto quoted to the
left (www.cluetrain.com) was created in
1999 to herald the emergence of an online
customer community independent of
mass marketing efforts. It sounded stri-
dent and extreme at the time, but 11 years
later, hundreds of thousands of customer
communities have not only emerged, but
matured – and they are changing the face
of business-to-customer relations in ev-
ery industry across the globe.
Financial institutions, circumscribed
by privacy and disclosure rules, are un-
derstandably wary about how they’re
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 be-
hind the times,” says Jeff Szyperski, CEO
and president of Chesapeake Bank. “To
me, it’s funny that we all love the idea of
‘word of mouth’ advertising, but when it
comes to social media, we view it differ-
ently. If you’re doing a good job for your
customers, you want to encourage use of
these channels.”
Village Bank, with 15 branches
throughout the metropolitan Richmond
area, uses social media not to generate
direct sales, to but to keep customers and
potential customers aware of all of the
things the bank is doing in the commu-
nity. “We are a very community-oriented
bank and Village Bank Neighborhood
News on Facebook is an easy way to
keep everyone informed about the many
projects in which we are involved,” said
Marketing Specialist Milly Hudgins.
“We’ve had positive feedback from our
Facebook fans as well as our employees.
It’s the perfect forum to promote upcom-
ing events, as well as alert people about
charities with which we are involved and
even includes dog tips from our mas-
cot, Banks,” she added. “It truly helps
followers get a sense of who we are.”
THE POWER OF THE TWEETFrank Eliason, formerly the brains,
face and voice behind Comcast’s Com-
castcares.com, brought about significant
change in Comcast’s customer service
through the use of Twitter to respond to
customer-service problems in real time.
Using an outside service to facilitate
internal communication efforts was a
groundbreaking concept when Eliason
first introduced it (without legal per-
mission, as he told social-media expert
and author Brian Solis in an interview
earlier this year). Creating a customer
communications channel on Twitter
was only part of the solution. The other
part was setting the stage for managers
to empower their technicians to make
the needed changes. Eliason left Com-
cast in mid-July – “They didn’t need me
anymore,” he told Solis; he left behind a
team of people who could keep the ini-
tiative growing, he said. Eliason is now
senior vice president of social media at
Citibank, overseeing the bank’s internet
and mobile marketing team.
Banks can’t resolve customer-service
January/February 2011 | Virginia Banking 13 www.vabankers.org
issues as publicly as cable service pro-
viders. The rule of thumb for fielding
customer calls on Twitter – which most
banks advise their customers to do by
now – is to request that the customer
call a private number, rather than dis-
close account information in a public
tweet.
Union First Market Bank is on Twit-
ter, ranking in the top 10 of all commu-
nity banks on Twitter, the top 15 of U.S.
banks on Twitter and the top 25 banks
on Twitter worldwide according to Dor-
othea Henry, social media experience
manager at the bank. Union first estab-
lished a presence on Twitter in May 2009.
“We learned very quickly after our very
first tweet, ‘It’s time to feel good about
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.
By participating in an open conversa-
tion about everything from local events,
to new businesses launching, people
can learn about who we really are and
how our commitment to providing ex-
ceptional service and fostering a vibrant
community is sincere.”
“On the few occasions we’ve seen
negative comments about our bank,
we’ve used it as an opportunity to im-
prove, and [we have] also witnessed
customers defend our practices and our
principles on our behalf,” says Henry.
“It’s both heartwarming and motivat-
ing. I’ve never felt so connected to a
community before and my next goal is
to make those connections even stron-
ger through more social channels.”
IT’S THE MEDIA CALLINGBut let’s say the customer is com-
plaining to the media, rather than to the
bank. The reporter calls bank manage-
ment and lays out the story as the cus-
tomer presented it. Management knows
the story is factually wrong – maybe the
situation arose from customer error or
misfeasance, not a bank error. But pri-
vacy regulations prohibit it even from
confirming that the source is a cus-
tomer. Lubetkin advises that the proper
guidance is not “no comment” but rath-
er, this: “You can report that, but you
would not be accurate when you do.”
If a company doesn’t respond when
the media calls during a crisis or in re-
sponse to a customer-service dispute,
“they’ll fill the void either with misin-
formation or input from other parties
that don’t know what you know. If you
have nothing about your brand to com-
pare what you are with what people
are saying about you, third parties are
going to be speaking for you and mis-
representing your brand to the public,”
he says.
14 Virginia Banking | January/February 2011 www.vabankers.org
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BREAKING DOWN WALLSThe Facebook litmus test of wheth-
er 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
this, he says: We are so confident that
we will ultimately satisfy you that we
want you to tell us when we fail. Com-
panies that want to improve service
invite customers to tell them what it
is like.
Then, there are employees. If your
bank blocks employee access to certain
websites, someone in your organiza-
tion probably thinks there is good rea-
son to do so. “There has to be a level of
trust with employees,” Lubetkin says,
and it should have been established in
the hiring process. That’s a manage-
ment issue, not an Internet issue.
The impact of many bloggers, says
Lubetkin, “is out of proportion to their
importance in the real world.” Addi-
tionally, much of the discourse in the
blogosphere is aimed at generating
attention, that generates more clicks
and links, in order to get to the top of a
search-engine page.
SOMETHING OF VALUESo, how does a financial institution
determine what’s valuable? That de-
pends on what data a bank wants to
mine. Monitoring tools such as Radian6
and GeeYee listen for the conversation
topics and alert users, much like Google
Alerts, and notify the subscribing bank.
As one media specialist puts it, these
services are somewhat like the old
clipping services – but on steroids.
Establishing a meaningful presence
in social media is not as easy as one
would initially believe. Social media
consumers are constantly looking for
information that is useful and helpful.
Social media is not about being hip-
per than your competition. It’s about
being confident enough to graciously
host an online party where you don’t
know all the guests. It’s about seeing
“viral” not as a threat but as a conduit
for more-efficient customer service.
And it’s the market wisdom to sepa-
rate the meaningful from the echo-
chamber 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.
January/February 2011 | Virginia Banking 15 www.vabankers.org
edward l. yingling President and CEO,
ABA
A League of Extraordinary People
I n my 25 years of service to you, one thing has
always stood out, and it’s one thing that I
will happily take away with me in my retire-
ment as ABA’s president and CEO and in my new
life as a humble bank attorney. It’s the people.
It’s been a privilege to work with volunteer
banker leaders from across the country, and side
by side with a staff of extremely talented ABA pro-
fessionals who have always put your interests first
and foremost in the nation’s capital.
Together we have been through many battles,
including the latest really big one – Dodd-Frank.
This battle required a huge effort by ABA, the
state associations and grassroots bankers across
the country. A recent poll of bankers showed that
94 percent oppose the law, and they have every
reason to oppose it.
Now, the conversation – a case in point was
the discussion during our recent ABA America’s
Community Bankers Council meeting here in
Washington – is about how banks can move for-
ward and get our economy going again. There’s a
reason to be optimistic because, despite all of the
tough fights and tough times, our industry has al-
ways emerged from the darkness and prospered.
We will do so again.
We always come through for two reasons. First,
banking is critical to our economy and indeed to
our way of life. What you do is very, very impor-
tant, and you should never forget it.
Second, we always come through because
bankers are good people. There is no group of peo-
ple I would have rather worked for. You are caring,
dedicated, hard-working and very capable people.
You do more in your communities than almost any-
one. This financial crisis has really hurt our indus-
try: Hurt its financial strength and its reputation
– in most cases unfairly – and it has left us with reg-
ulatory overkill and fundamental questions about
our business model. But we will come through it.
Many of you have devoted tremendous effort to
working for our industry through your state asso-
ciation and the ABA. I especially want to thank the
ABA officers I have worked with over the years.
They always gave me great advice and provided
our industry great leadership.
There is much that remains at stake and much
more needs to be done. We need more participa-
tion and more resources to do it. Every bank should
belong to its state association and to ABA. Every
banker should be participating in our grassroots ef-
forts. Don’t let your friends sit on the sidelines as
the future of the industry and the banking business
model is under the political microscope.
Remember that the ABA is you. We bring togeth-
er tremendous resources to serve you, and we are
your champion in Washington, but
as an industry we can, and should,
be doing even more. Everyone
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 as-
sociations and the volunteer bank-
ers who have led the ABA.
As I also said at the ABA conven-
tion, this old soldier is not going to fade away just
yet. I am, however, taking off my officer’s uniform
and becoming an enlisted man, and will continue
to fight alongside you for our great industry.
Ed Yingling recently retired from the American Bankers Association.
UpdateWashington
“ Don’t let your fr iends sit on the sidelines as the future of the industr y and the banking business model
is under the political microscope. ”
16 Virginia Banking | January/February 2011 www.vabankers.org
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
by the issuer,” and prohibit issuers and networks
from restricting the number of networks over
which an electronic debit transaction may be pro-
cessed and from inhibiting the ability of a mer-
chant 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
costs attributable to its role in the authorization,
clearance and settlement of a debit card transac-
tion and receive or charge interchange fees based
on those costs, but subject to a cap of 12 cents
per transaction. Second, the issuer could simply
charge a safe harbor amount of 7 cents per trans-
action regardless of costs.
Under Alternative 2, an issuer could receive
or charge an interchange fee up to a cap, which
would initially be set at 12 cents per transaction.
The board stated that if either of these stan-
dards is adopted, the maximum allowable inter-
change fees received by covered issuers for debit
card transactions would be more than 70 percent
lower than the national average. The board’s
proposal on fee limits was more aggressive than
many had anticipated.
While the Dodd-Frank Act requires the board
to take into account the fraud prevention costs of
issuers in setting interchange fee limits, the board
chose not to include a specific adjustment in this
proposal. Rather, the proposal includes two gen-
eral approaches and seeks comment on each.
Under the first approach, the board would iden-
tify innovative technologies that would reduce
debit card fraud, and determine those costs for
purposes of the interchange fee adjustment. The
second approach would establish more general
standards that an issuer must meet to be eligible
for the adjustment. Any specific adjustment will
Joseph e. spruill
General Counsel,Virginia Bankers
Association
Joseph E. Spruill can be reached by e-mail at [email protected].
LineLegal
Continued on page 21
January/February 2011 | Virginia Banking 17 www.vabankers.org
Communication is Key
O ne of the many pieces of advice I re-
ceived last year leading up to my wed-
ding from those with a long history of
matrimonial bliss was that communication is key
to a successful marriage. I have tried that guidance
– with varying levels of achievement – to remind
myself of over the past year and a half. And I’ve
found it to have sound application beyond keeping
domestic harmony.
Indeed, communication is key to successful gov-
ernment relations. Over the past several months,
the Virginia Bankers Association has utilized time-
tested approaches, along with some new and cre-
ative means, to bolster our communications in our
advocacy and outreach efforts with and to our elect-
ed officials. The results we have seen underscore
the importance of maintaining strong and effective
lines of communications in order to accomplish our
government relations objectives.
Starting in the fall and continuing into the win-
ter, our legislative meetings brought together bank-
ers and state legislators throughout the Common-
wealth in 14 separate venues. These gatherings
were a great forum for individual bankers and the
VBA to provide insight into issues important to the
financial services field to 97 lawmakers before the
General Assembly session convened. The tremen-
dous turnout of local bankers for these interactions
with our state policy decision makers on their home
turf is a valuable form of direct communication.
Thanks to the 355 bankers who participated in these
meetings!
Likewise, our annual Banker Day at the Capitol on
Jan. 13 was once again a resounding success. With
over 350 bankers in Richmond on the second day
of the 2011 General Assembly session, our indus-
try was well represented with a unified voice for a
strong banking environment in Virginia. Sending the
positive message that you are proud to be bankers,
participants in Banker Day met with legislators and
their staff to remind them of the VBA’s policy pri-
orities and let them know about our concerns. This
show of force will undoubtedly yield dividends as
we advance our policy agenda and oppose bills to
create unnecessary burdens to your business prac-
tices. Without a doubt, these two are directly linked –
your active engagement in the legislative process
and the positive outcomes we hope to achieve.
On the federal level, the November elections wel-
comed in three new House of Representatives mem-
bers to the Virginia delegation. It was welcome news
to learn that newly elected Rep. Robert Hurt from
the 5th District will be the first Virginian to serve on
the House Financial Services Committee in almost a
decade. Already, the VBA and several bank execu-
tives have met with these new members of Congress
to educate them on Virginia’s banking industry and
the vast harm and uncertainty caused by recent
federal regulations. We will be continuing with our
outreach to the Virginia Congressional delegation
through the VBA/ABA Government Relations Sum-
mit this spring and hope you can join us on Capitol
Hill, March 14-16.
Understanding that good communications is a
two-way street, the VBA is using new methods to
communicate with our member banks. This session
we have expanded into the social media realm and
began using Twitter as a means to update our mem-
bers on important events and key legislative actions.
We encourage you to log on to your Twitter account,
search for @vabankers and request to follow us to
receive tweets on session updates, the latest on the
Dodd-Frank act, regulatory deadlines and more.
All of these and our many other proactive efforts
to foster greater communication between the VBA,
our member banks and our elected officials – includ-
ing VBA BankPAC support – are critical to our over-
all government advocacy. While we work to improve
upon our existing approaches and offer new and
creative methods, our sustained success can be cred-
ited to the overwhelming commitment of bankers
like you.
matt Bruning Director of
Government Relations,
Virginia BankersAssociation
Matt Bruning can be reached by e-mail at [email protected].
UpdateLegislative
18 Virginia Banking | January/February 2011 www.vabankers.org
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January/February 2011 | Virginia Banking 19 www.vabankers.org
T he good news is that the type of massive
flooding that brings reporters in waders
and TV satellite trucks to record the devas-
tation is pretty rare in Virginia.
The bad news is that the Commonwealth’s 112 miles
of coastline, 3,300 miles of tidal shoreline and 948
square miles of land that is less than five feet above
sea level do make us susceptible to floods brought
on by hurricanes and other tropics-related storms,
rain systems that occasionally park over a soon-to-
be-soaked geography, and even winter rains and spo-
radic ice dams.
For lenders, that makes flood insurance coverage –
and, in particular, changes to flood maps and cover-
ages – a task to be monitored on a regular basis. As
a practical matter, that means banks’ flood insurance
concerns don’t end once the institution closes a loan
and starts the servicing process:
Changes in flood maps must be monitored to •
assure that proper insurance requirements are
maintained.
Loan servicers must be aware of flood map •
changes – including, for example, whether
property that was originally not in a flood zone
now is in a mandatory insurance zone based
on map amendments.
For convenience, most lenders order flood deter-
minations with life of loan coverage that requires
the flood determination vendor to monitor the flood
maps and notify the servicer (usually the bank) of
any map changes until the loan is paid off.
Flood vendors can provide all types of reports
– for example, a report listing all loans in Zones
A and V, which require mandatory insurance, or a
monthly report of all determinations obtained re-
gardless of zone.
Such reporting provides an important audit pro-
cess 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 dur-
ing on-site compliance reviews. The flood determi-
nation 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 notifica-
tion requirements included in their agreements.
Flood Insurance Concerns Continue after Loans are ClosedFlood Map Changes, Life of Loan Coverage Must be Monitored
By Donna rakes and Jim Dray Thomas
Compliance Associates, Inc.
CornerCompliance
20 Virginia Banking | January/February 2011 www.vabankers.org
In most contracts, flood vendor report-
ing includes paid off loans, withdrawn
and denied loans, and loans that have
been transferred to another lender. If the
bank fails to contact the flood vendor
when a loan status changes, the vendor
will track the loan indefinitely. That’s
unnecessary and costly.
Still, when flood reviews are con-
ducted, it is often found that the-loan-
has-been-transferred notification is not
completed.
It is typical to recommend that bank-
ers include life of loan termination in
their payoff procedures. However, this
can cause a secondary problem if one
determination is used for multiple loans.
In such cases, the payoff staff must re-
search all of a borrower’s properties to
determine whether additional loans are
tied to the life of loan coverage. If they
are not, then the life of loan coverage
should be terminated.
The need to constantly track each loan
payoff for related flood coverage is one
reason to suggest that banks obtain sep-
arate life of loan coverage on each loan.
If Fred Flintstone has a first lien loan and
a HELOC, for example, the report will
list two determinations and two life of
loan tracking numbers. The vendor re-
port will balance with the internal track-
ing report listing two loans that require
insurance. When borrower Flintstone’s
HELOC is paid off, the bank can ter-
minate life of loan flood coverage for
the HELOC without running the risk of
causing a change with coverage on the
first lien loan.
It is important that loan servicing
departments understand the monitor-
ing procedures and requirements. Loan
servicing departments should have pro-
cedures to notify the vendor when the
status of the loan file has changed. The
flood vendor also should have a desig-
nated point of contact at the bank to no-
tify when map amendments occur that
will change the status of the flood insur-
ance requirements.
There’s another potential administra-
tive catch as well: when lenders sell the
servicing of a loan, the life of loan moni-
toring too often is not transferred to the
new servicer. The monitoring should be
transferred with the servicing, so chang-
es to the flood maps are provided to the
current servicer.
Most flood determination companies
have online services that will allow the
loan servicing department to pay off the
determination or transfer the servicing
through the Internet. Loan departments
should contact their life of loan vendors
to determine the correct procedures to
ensure that termination and transfers are
completed.
VBA members seeking assistance or
additional insights on Fair Lending
compliance and reporting issues should
call TCA’s Donna Rakes or Jim Dray.
The toll-free number is 800-934-7347.
Rakes is manager of TCA’s East Coast
Regional office in Rustburg. Dray is
president of TCA.
Compliance ManagementThe emergence of regulations that begin to implement Dodd-Frank Act provi-
sions, the fleshing out of the legislation’s new Consumer Financial Protection Bu-
reau 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 re-
source – 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.
be proposed by the board after consid-
eration of comments on these general
approaches.
In response to a question from Gov.
Betsy Duke about the exemptions from
interchange fee restrictions in the Dodd-
Frank Act, particularly the exemption for
institutions with assets of less than $10
billion, Federal Reserve staff acknowl-
edged that market forces may cause such
exemptions to have little practical ben-
efit to smaller issuers. Specifically, staff
indicated that the networks may be re-
luctant to have a two-tiered interchange
fee structure – one for large issuers and
another for small issuers – and that there
would be pressure from merchants to
push debit card usage to large issuers
because of the benefits of lower costs.
Surprisingly, the board requested
comment on whether ATM transactions
and ATM networks should be included
within the scope of the rule.
With respect to network exclusivity
and routing, the proposal sets forth two
alternatives. Under Alternative A, an is-
suer or payment card network may not
restrict the number of payment card net-
works over which debit transaction may
be carried to fewer than two unaffili-
ated networks. Under Alternative B, an
issuer on a payment card network may
not restrict the number of payment card
networks over which a debit transaction
may be carried to less than two unaf-
filiated networks for each method of au-
thorization – PIN or signature – that the
card holder may select.
The VBA is very concerned about this
proposal. We believe it would have a sig-
nificant negative impact on all banks,
both large and small. Rules must be fi-
nalized by April 21, 2011, with an effec-
tive date for most of these provisions of
July 21, 2011. The comment deadline is
Feb. 22, 2011. Bankers are strongly en-
couraged to comment on this important
proposal.
Continued from page 17
January/February 2011 | Virginia Banking 21 www.vabankers.org
Benchmark community Bank, kenbridge
robert e. Bates, Assistant Vice President/Branch Manager
cardinal Bank, tysons cornerWilliam c. o’connor, Senior Vice
President, Senior Credit Officer
essex Bank, tappahannockFrank l. Besosa, Vice President and
Commercial LenderWill martin, Business Development Officer
hampton roads Bankshares inc., norfolk
stephen P. theobald, Chief Financial Officer
m&t Bank, richmondsean Bodkin, Relationship ManagerPhilip B. hager, Vice President and
Senior Relationship Managered kivior, Vice President for
Business Banking eric morales, Middle Market
Relationship Manager old Point national Bank, hampton
cindy l. Black, Vice President of Corporate Lending
shari Popp, Branch Officer Jennifer register, Branch Officer
stellarone, richmondrobert e. leitch Jr., Senior Vice President
and Regional Commercial Banking Manager
union First market Bank, richmond
kristin h. Dobbins, Branch Manager
Village Bank, midlothianhal Dalton, Senior Vice President
Bodkin morales Black Popp leitch register
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