Mr. Yeakel Goes to Washington - Our President's Advocacy Update
Our primary GR focus over the past several weeks has been engaging Senator Warner, Congressman Denver Riggleman (R-VA5) and their top-notch financial services aides regarding their plans to resolve the sticky wicket of Beneficial Ownership. The House has developed a solution that has been approved by its Financial Services committee and the Senate is about to introduce theirs. There are elements of each proposal that we like, and we are hopeful that a workable compromise can be found to remove this improperly directed burden from bank employees. Senator Warner's tax counsel held a briefing call for the VACB Executive Committee last Friday. We'll be sure to keep you informed as legislation progresses.
Immediately following our very successful Capital Summit, where teams formed from over 20 VACB bankers visited in every office of the Virginia Congressional delegation, I returned to Washington to spend a little additional time visiting with Congresswoman Jennifer Wexton (D-VA10), who is both new to the Congress and new to the House Financial Services Committee. The Committee has done some good, bipartisan work to date.
And you'd think that a Democrat-controlled Congress might be even less open to our growing concerns about the increasing hubris of the credit union juggernaut/cheerleader known as the National Credit Union Administration. Thing is, the NCUA keeps providing regular ammunition to their critics. Adding to the steady drip-drip-drip of credit unions buying banks (read taxable assets becoming non-taxable) and several other examples of loose governance, the "pass" that they have given to the largest credit unions from implementing more stringent capital rules has now gained the attention of the ranking Democrat on the Senate Banking Committee, who has asked them to defend their actions.
Add to that a Congressional push to lower the CBLR, marijuana banking, CECL "stop and study" legislation, GSE reform, and several other issues, you can see why there is always plenty to do with our delegation. If you haven't been as engaged as you would like to be, let me know! We can always use another voice.
Immediately following our very successful Capital Summit, where teams formed from over 20 VACB bankers visited in every office of the Virginia Congressional delegation, I returned to Washington to spend a little additional time visiting with Congresswoman Jennifer Wexton (D-VA10), who is both new to the Congress and new to the House Financial Services Committee. The Committee has done some good, bipartisan work to date.
And you'd think that a Democrat-controlled Congress might be even less open to our growing concerns about the increasing hubris of the credit union juggernaut/cheerleader known as the National Credit Union Administration. Thing is, the NCUA keeps providing regular ammunition to their critics. Adding to the steady drip-drip-drip of credit unions buying banks (read taxable assets becoming non-taxable) and several other examples of loose governance, the "pass" that they have given to the largest credit unions from implementing more stringent capital rules has now gained the attention of the ranking Democrat on the Senate Banking Committee, who has asked them to defend their actions.
Add to that a Congressional push to lower the CBLR, marijuana banking, CECL "stop and study" legislation, GSE reform, and several other issues, you can see why there is always plenty to do with our delegation. If you haven't been as engaged as you would like to be, let me know! We can always use another voice.
Key Senators See Bipartisan ‘Beneficial Owner’ Reform
BANK SECRECY ACT
The heads of the Senate Banking Committee said there is growing bipartisan support for reforming how companies disclose their “beneficial owners.” At a committee hearing, Chairman Mike Crapo (R-Idaho) and Ranking Member Sherrod Brown (D-Ohio) cited recently introduced legislation to establish a federal database for beneficial ownership information.
In a written statement for the hearing, ICBA continued its call for Congress to pass legislation that would require companies to disclose their beneficial owners when they are formed.
ICBA cited last week’s House Financial Services Committee passage of Rep. Carolyn Maloney's (D-N.Y.) Corporate Transparency Act (H.R. 2513). That bill would require certain small businesses to disclose their beneficial owners to the Financial Crimes Enforcement Network when they are formed, relieving community banks of the burden of collecting this information from customers.
Access ICBA’s Statement
View the Hearing
The heads of the Senate Banking Committee said there is growing bipartisan support for reforming how companies disclose their “beneficial owners.” At a committee hearing, Chairman Mike Crapo (R-Idaho) and Ranking Member Sherrod Brown (D-Ohio) cited recently introduced legislation to establish a federal database for beneficial ownership information.
In a written statement for the hearing, ICBA continued its call for Congress to pass legislation that would require companies to disclose their beneficial owners when they are formed.
ICBA cited last week’s House Financial Services Committee passage of Rep. Carolyn Maloney's (D-N.Y.) Corporate Transparency Act (H.R. 2513). That bill would require certain small businesses to disclose their beneficial owners to the Financial Crimes Enforcement Network when they are formed, relieving community banks of the burden of collecting this information from customers.
Access ICBA’s Statement
View the Hearing
Urge Congress to Investigate Credit Union Acquisitions |
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ICBA is calling on community bankers to urge their members of Congress to investigate the troubling trend of large credit unions buying up community banks. Community bankers can use ICBA's Be Heard grassroots action center to send in custom messages asking lawmakers to use their oversight authority to rein in credit union abuses.
Meanwhile, ICBA continues encouraging community bankers to send in examples of credit unions' egregious actions to exposingcreditunions@icba.org. Community bankers can also access ICBA's customizable op-ed and talking points to raise awareness of the acquisition trend and its cost to taxpayers in local news media.
Tell Congress to Investigate
Access Additional ICBA Resources
Meanwhile, ICBA continues encouraging community bankers to send in examples of credit unions' egregious actions to exposingcreditunions@icba.org. Community bankers can also access ICBA's customizable op-ed and talking points to raise awareness of the acquisition trend and its cost to taxpayers in local news media.
Tell Congress to Investigate
Access Additional ICBA Resources
2019 VACB Security Officer Workshop Offered October 17
Security Management: Robbery & Active Threat Preparedness
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The Virginia Association of Community Banks (VACB) is pleased to present our Fall Security Officer Workshop. We are partnering with Jim Rechel, president of The Rechel Group, Inc. to deliver this timely and relevant program. This workshop has been developed to provide you with information that enables you to address current threats, while also preparing you for future threats and potential solutions to active threats and robbery. To learn more about the program and to register, click the photo on the left. |
Congratulations to our 2018 Community Banking Award Winners
John Perry from SHAZAM with our Community Banker of the Year, Dean Withers, Farmers & Merchants Bank, Timberville
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Dean joined F&M Bank as Vice President of Loans in 1993 and worked his way through the ranks to become F&M Bank’s President and CEO in 2004. During his tenure, he has led F&M through tremendous growth and success. At Dean’s helm, F&M Bank has more than doubled its asset size, from approximately $350 million to a current value of $770 million.
Dean takes pride in seeing the potential in his staff and positioning them for success. Dean is well known at F&M Bank for being approachable, a good listener, and a champion of encouragement for personal and professional growth, as well as the impetus for active community involvement for which F&M Bank employees have come to be known. |
Community Bank Rising Star 2018 - Carolyn KlineCarolyn Kline is Vice President and Chief of Retail Operations of Virginia Partners Bank in Fredericksburg, VA. Ms. Kline received her undergraduate degree in Business Administration from the University of Mary Washington and continued at her alma mater to obtain her Master of Business Administration (MBA) with a concentration in Human Resources earlier this year. She is a graduate of William Monroe High School in Stanardsville, VA. She is considered a Key Volunteer for the Marine Corps Marathon and has volunteered over 500 hours with them since 2013 throughout various races in Virginia and DC. Prior to beginning her career in banking, Ms. Kline worked as a Manager of Chick-fil-A for 5 years.
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John Perry with our Rising Star of the Year, Carolyn Kline, Virginia Partners Bank, Fredericksburg
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