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July 13, 2018

Member Input Informs Loudermilk Questions of Mnuchin on BSA and AML Reform
GBA member compliance officers this week helped us provide U.S. Rep. Barry Loudermilk with important background about the need for reforms of BSA and AML rules. Members provided real-life examples of gray areas within the rules where more clarity was needed. Loudermilk used the examples as he questioned Treasury Secretary Steven Mnuchin on his stance toward reform and encouraged him to take action based on bipartisan support during a hearing of the House Financial Services Committee Wednesday. We appreciate Rep. Loudermilk for seeking our members’ input. Secretary Mnuchin was responsive to Rep. Loudermilk and our members' concerns. See video of the session here. Rep. Loudermilk’s questions start at the 3:16:15 mark.
Georgia Attorney General Signs on to Brief Challenging CFPB’s Constitutionality
Georgia is among a coalition of 14 states asking a court to disagree with a D.C. Circuit court’s decision earlier this year that upheld the constitutionality of the CFPB. Georgia attorney General Chris Carr signed on to a friend-of-the-court brief filed by his Texas counterpart, Ken Paxton, and also signed by the attorneys general of Arkansas, Indiana, Kansas, Louisiana, Michigan, Nebraska, Oklahoma, South Carolina, Tennessee, Utah, and West Virginia along with Maine Governor Paul R. LePage. "The CFPB was designed to be a rogue agency and its structure violates the Constitution’s separation of powers," Paxton said. "The CFPB operates like a branch of government unto itself, insulated from Congressional appropriations and presidential authority. Its unlawful structure allows for an unelected and unaccountable director to wield more power than anyone else in the U.S. government, except the president." Read the brief here.
Supreme Court Nominee Kavanaugh no Fan of CFPB Structure
The judicial record of Brett Kavanaugh, President Trump’s nominee to the Supreme Court, is being parsed six ways from Sunday by just about everyone following the rare opportunity a president has to nominate someone to the country’s highest court. Of interest to GBA members is that he’s been a critic of how the Dodd-Frank Act set up the structure of the CFPB. In 2016, Kavanaugh wrote an opinion that declared the bureau’s structure to be unconstitutional. In his opinion, the Dodd-Frank Act had inappropriately placed too much power in the hands of its single director. The CFPB’s structure was ultimately upheld in the ruling being challenged noted above, but Kavanaugh’s opinion gives insight into how he may approach cases related to the bureau and other regulatory matters. Politico has a pretty through overview of Kavanaugh’s history on a variety of issues.
GBA Member Profile
How the Banking Bug Bit Wofford from the Get Go

Pinnacle Bank’s Jenny Wofford started her banking career before she hit the age of 20 and the die was cast for her to be a career banker. "I became a teller at 19 and knew that this is what I wanted to do forever. It’s my passion to serve others and help them be the best that they can be," says Wofford, who is an At Large member of the Leadership GBA Executive Committee. She’s got some interesting thoughts about the future of the industry, the importance of loyalty and traits she admires in others. Read more about Wofford in this week’s GBA member profile…
Easterlin and Thompson
Banks in the News
Queensborough National Bank Featured in Augusta Paper

It’s always nice to see member banks highlighted in a positive way in their local newspapers. The Augusta Chronicle last week did a nice story about Queensborough National Bank’s 20 years of serving the city and surrounding areas. Bill Easterlin, president and CEO, talks in the article about the bank’s unique name and how it sets the bank apart from others and addresses the bank’s approach to working to earn business, but also is complimentary of his local competitors. And Bill Thompson, EVP/Chief Lending Officer, discusses the market’s strengths and provides insight into why the area wasn’t as hard hit with the economic downturn. Thompson is Chair of the GBA Credit Committee this year. Read the story here…
Last Call for Comp & Benefits Survey
We’re closing out the 2018 GBA Compensation and Benefits Survey July 16, so please participate if you have not done so. Important: It’s perfectly ok to focus only on those relevant to your particular institution. The more data input into the survey, the better the final report is. Participants save money on the results reports, which are only $150 for banks that provide data for the Salary and Non-Salary components. Access information and passwords have been emailed to CEOs and human resources contacts. Access the survey website here. Please contact Rhonda Snyder of Mathews Young if you need assistance.
Business Lending on the Upswing
Second-quarter data from the Federal Reserve shows the year-over-year growth rate for business loans in the U.S. was 5.5 percent in late June, according to a report in the Wall Street Journal. That’s up from less than 1 percent at year end. And, the trend is that loan growth is faster at small and mid-sized banks than at large banks. "Businesses no longer have an excuse not to borrow. Whether it was the election, deregulation or taxes—now we have the answer to all three," said Chris Marinac, director of research at FIG Partners LLC, a GBA Associate Member. "They have every reason in the world to take on debt and expand." Here’s a link to the story (subscription may be required.)
Farmers & Merchants Bank in Statesboro Warns of Fraudulent Cashier’s Checks
Banks are encouraged to be on the lookout for fraudulent cashier’s checks bearing the Farmers and Merchants Bank name and the 201 North Main Street, Statesboro, GA, 30458 address. If you have a question about a cashier’s check from the bank, please contact Stephanie Moody with Farmers and Merchants Bank at 912.486.2147 or
Reg. Reform’s HMDA Exemption Implementation Announced
Late last week regulatory agencies issued statements outlining the partial HMDA exemptions granted by the regulatory relief bill that became law this year. The law exempts banks that don’t do a high volume of mortgage lending from having to submit some of the required data. The banks that don’t have to submit the exempt data – those originating fewer than 500 closed-end mortgages or open-end lines of credit – may use an exemption code on the specified fields of the loan/application registers on 2018 HMDA forms. Here’s the CFPB statement and related information.
Impromptu Speaking - GBA Women in Banking Conference Aug. 22-24
Trudy Kremer, a member of GBA Associate Member Jackson Spalding’s executive team and a GBA Women in Banking Conference favorite, returns to the conference this year to address one of America’s top fears – public speaking. In Kremer’s highly interactive speaking skills session, "Impromptu Speaking – Stand and Deliver," you’ll learn the mechanics of how to speak effortlessly with little or no preparation in the event you’re put on the spot to stand up and speak. We invite you to join us Wednesday, Aug. 22, through Friday, Aug. 24, at The Legacy Lodge on Lake Lanier Island for GBA’s 2018 Women in Banking Conference where you will hear from Kremer and many other inspiring women. More details here...
2018 BankPAC Campaign Underway
The GBA BankPAC Board of Directors is pleased to announce that this year’s campaign is underway and already making headway! "All CEOs have been mailed the campaign materials and we appreciate the response so far," said Tom Wiley, CEO of State Bank & Trust Company and Chair of the BankPAC Board of Directors. "The Board members are reaching out to each CEO throughout Georgia to encourage their participation in this most important effort," he continued. Check out the goal for your GBA group and the contribution forms for use in making contributions to the GBA StatePAC and FedPAC. Here are those contributing to the GBA StatePAC and FedPAC this year...
Consumer Real Estate Lending by Small Banks - Aug. 28
Are you a compliance officer or in senior management of a community bank? Then, we have a seminar that will interest you. On Tuesday, Aug. 28, at Idle Hour Country Club in Macon, Steve Moore of Bank Compliance Services will discuss various financial and operational considerations of consumer real estate lending by small banks. The presentation will be primarily from the banker's perspective, and will cover the pros and cons of certain regulatory rules and the various business challenges faced when offering consumer real estate loans. To register, click here. Registration is $250 per person ($275 per person after Aug. 20). With questions, please contact GBA's Jenna Lynn Warner, 404.420.2035.
Time for an Insurance Program Review?
ABA Insurance Services is a Long-Term, Reliable Source of Insurance for Banks

If your bank is undergoing or considering a review of its comprehensive insurance programs, please keep in mind that GBA Strategic Partner ABA Insurance Services (ABAIS) is committed to serving and supporting banks by providing quality insurance and excellent customer service. We know you may have a local agent or broker you prefer to use, so the ABA Insurance program will work with your local agent to develop quotes for you. Just ask your agent or broker to check in with Pat Williams at ABA Insurance Services for details. This unique bank-owned, banker-directed program has been supporting the banking industry for over 30 years. Highlights of the program include…
2018 President/CEO Conference to Feature Favorite Economist Roger Tutterow
Bank Presidents and CEOs, be sure your calendar is marked for the 2018 President/CEO Conference, Sept. 30-Oct. 2, at The Ritz-Carlton Reynolds, Lake Oconee. The conference is planned and hosted by the GBA Community Bankers Committee, led by Chris Edwards, United Bank, and Rhodes McLanahan, First American Bank & Trust Company, Athens. The committee is putting the finishing touches on the program slate and is excited to announce that Dr. Roger Tutterow, professor of Economics at Kennesaw State University and director of the Econometric Center, a research center housed in KSU’s Coles College of Business, will be the featured economist. Get all the details here...
Online Classes - July & August
CTFA and CRCM Exam Online Prep
ABA facilitated online courses feature an online learning community with fellow students, instructor guidance and feedback. For more information, contact Alison Moreau, 404.420.2034. Click here for a list of all ABA offerings. There are seven more courses scheduled to begin in July and August...

CRCM - Differentiate Yourself from the Competition
The CRCM certification demonstrates your expertise in the regulatory compliance field. Discover what sets the CRCM apart and the benefits of certification. To earn the certification, candidates must have six years experience in the compliance field or three years of experience and two of these training programs...
Fill a Job, Find a Job with the GBA Job Bank
The GBA Job Bank is among the most popular and valuable benefits we provide to member banks and bankers. The Positions Available and Bankers Available sections on our website consistently are among the most visited pages. Best of all, the service costs nothing for member banks and bankers. To make the process of posting a job or resume easier and to answer any questions you may have, we've developed this Q & A document as a resource. It outlines how to submit open positions and resumes, our deadlines and timelines for posting, and other helpful details. If you have any questions, please contact GBA's Bo Brannen at 404.420.2014.
Click the image to learn more about CDARS/ICS from Associate Member Promontory Interfinancial Network
GBA Community Connections
We want to share all the good work GBA member banks, bankers, Associate Members and Bank Counsel Section members do to support their communities. Read all about the Community Connections our banks and members have below. Share your Community Connections by sending a brief paragraph and any photos of activities you have to us and we'll publish them at our earliest opportunity. Send information to Katina Prokos and David Oliver, or if your company would like to sponsor this content, let us know. Here's our latest installment...
First American Bank & Trust Company
Read All About It: Send Us Your News
Please remember to include the Georgia Bankers Association on the list of recipients for announcements about promotions, new employees and special recognition your bank has received. We want to share your news with your colleagues across the state. Please forward your announcements and photos to GBA's David Oliver and Katina Prokos.