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Oct. 28, 2022 |
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On the Road with Ag Bankers We’ve had a great time this week with GBA’s Agriculture Committee members and other guests on our 2022 GBA Ag Farm Tour. We’ve visited a Statesboro-area citrus farmer, a major cold-storage facility for a Georgia-based import-export company and the Georgia Ports Authority's Garden City Terminal near Savannah. We also heard from the Honey Ridge Agricenter director who put agriculture education in every school in their district. Check back next week for a full de-brief.
Compliance Conference Hits all the Highs Georgia bank compliance pros gathered last week for their annual conference. The content, planned by the GBA Compliance Committee, covered all the major areas members need to keep their programs fresh and effective. The conference began with an overview of the major national regulatory focal points from Keith Barnett and Carlin McCrory of the Troutman Pepper law firm. That was followed by a deep dive into deposit hot topics from Emily Dent of Mauldin and Jenkins, and day-one finished with a crypto and cannabis issues update from Brad Rustin of Nelson Mullins. The Thursday program began with a helpful review of issues on which banks should focus based on recent independent reviews of their client banks by Dent and James Moore of Steve H. Powell & Co. Julia Gutierrez of Compliance Alliance shared updates to flood-zone compliance Q&As published by regulators, and the FDIC’s Gary Clayton did a two-hour session on key fair lending updates. The Thursday program concluded with Brad Washburn of Steve H. Powell & Co. sharing HMDA best practices. The conference concluded Friday with a highly interactive peer roundtable session led by BankSouth’s Jim Bedsole and United Bank’s Thomas Williams. And, Heritage Southeast Bank’s Pam Perdue outlined an in-depth overdraft study her bank did with helpful take-home ideas for members. Compliance Committee Chair Kirk Cavanah of Morris Bank led the conference, and Vice Chair Tabitha White of First State Bank of Blakely hosted the final day’s activities. See photos from the conference here. Special thanks to our exhibitors: Ncontracts, Sean Finney; CrossCheck Compliance, Molly Sudhoff; and Thomson Reuters, Brian Overson. Sponsors were Carr, Riggs & Ingram CPAs and Advisors, Mauldin & Jenkins, Warren Averett CPAs & Advisors, Wipfli, Ncontracts and Steve H. Powell & Co.
The number of households in the U.S. and Georgia without bank or credit union accounts continued to shrink from 2019-2021. This is encouraging news, as it reflects the increase in participation in the nation’s banking system through the pandemic. According to the FDIC’s biennial National Survey of Unbanked and Underbanked Households released this week, nationally, only 4.5% of households were unbanked in 2021, and in Georgia 6.7% of households were unbanked. Both are the lowest numbers since the FDIC began its survey in 2009. In Georgia, the Atlanta MSA showed a very low rate of unbanked households at almost 2.4%. The safety, security and convenience of bank accounts were important through the COVID-19 Pandemic. “During the pandemic, consumers opened bank accounts to access relief funds and other benefits quickly and securely,” said FDIC Acting Chairman Martin J. Gruenberg. “Safe and affordable bank accounts provide a way to bring more Americans into the banking system and will continue to play an important role in advancing economic inclusion for all Americans. And, the survey shows usage of nonbank money orders, check cashing, money transfer, rent-to-own, pawn shop, payday loan, auto title loan and other nonbank services declined from 2017-2019." See all the details from the FDIC here.
GBA’s BankPAC campaigns have continued to bear fruit this week, and the BankPAC Board of Directors wants to remind you that your participation is key to all our success. We are happy to provide you with guidelines for contributions to the StatePAC (contribution may be from your state-chartered bank or holding company if a national bank) and the FedPAC (must come from eligible individuals – directors, officers and salaried employees.) Using a payroll deduction method for individual contributions is also a good option to consider. With questions, please call Elizabeth Chandler at 404.372.7893.
Contributing to the GBA StatePAC in the last week include the following banks:
And, contributing to the GBA FedPAC are those eligible employees, officers, and directors from the following banks and companies:
Time to Buy the Georgia Banking Compensation Survey Our annual survey of Georgia Banking Compensation levels is available. The results can help your bank develop a comprehensive and competitive compensation package to address today’s tight labor market. This year's survey report represents:
The survey prices are $595 for participants and $1,275 for non-participants. Please contact Rhonda Snyder at rhonda.snyder@pearlmeyer.com for details and to order a report.
Strong Credit Conference Agenda Set Register now for the GBA Credit Conference coming up Dec. 1-2. With higher interest rates in play, now’s the time to gather with peers to discuss best practices and get the latest market intelligence. Kennesaw State University’s Roger Tutterow will give an economic update and John Hunt of MarketNsight will give a housing update. We’ll have a regulator panel with representatives from the Georgia Department of Banking and Finance, the FDIC, OCC and Federal Reserve. The second day will feature an ag update from state senator, seventh-generation farmer and candidate for Agriculture Commissioner Tyler Harper as well as an all-star economic development panel and a peer roundtable. Sponsors are Steve H. Powell & Company, Carr, Riggs & Ingram, CPAs and Advisors, CSRA Business Lending, Mauldin & Jenkins, LLC, Point to Point Environmental, Inc., Qualtik, ServisFirst Bank and Wipfli LLP. Get details and register here. With questions, contact Alison Moreau, 404.420.2034.
The IRS recently announced the Cost of Living Adjustments for 2023, including retirement plan limit updates. The maximum annual participant deferral limit for a 401(k) plan will increase from $20,500 to $22,500. The catch-up contribution limit for participants over age 50 will increase from $6,500 to $7,500. Please click here to see other retirement plan limits for 2023. We want to help you and your team members prepare for a financially stable retirement. GBA Retirement Services, Inc., an affiliate of the Georgia Bankers Association, is available to help you review your existing retirement plan. Benefits of the 401(k) plans offered through GBA Retirement Services include: competitive fees due to size of Master Trust, customized service from GBA staff, managed investment account solution for participants, flexibility and performance of investments, and added oversight by having American Trust Company as a Discretionary Trustee of each Plan in the Trust. Having a Discretionary Trustee in your plan helps to reduce the fiduciary liability your Plan Committee may currently be responsible for. Let us help you review your current plan and compare to what GBA Retirement Services can do for you! Please contact Mandy Richards at 404.420.2025 with questions or for assistance in doing a periodic review and comparison of your retirement plan.
Two Lending Seminars with Fan-Favorite Speaker Coming Up Cadence Bank EVP, Area Credit Executive for the Georgia and Florida Regions Mike Allen, a high-demand speaker, will present two popular lending seminars this fall at Middle Georgia State University in Macon. Click the links below for more information and to register.
Questions? Contact GBA's Aimee Corcoran, 404.420.2035.
Compliance School – Year 1: Building the Base
Compliance
School – Year 1: Building the Base registration is open. The
school will take place in Athens, from April 30 -
Registration now open! 2023 Operations and Technology Conference - Feb. 8-10, Savannah GBA’s Operations and Technology Conference, Georgia’s flagship multi-day conference for bank operations and technology professionals planned by the GBA Operations & Technology Committee, covers the full spectrum of tech trends and operational issues including payments, vendor management, cybersecurity, innovation, fintech partnerships and more. The event provides participants the opportunity to network, share best practices and learn from nationally known experts in an away-from-the-bank environment to foster creativity and connections. Speakers/sessions confirmed so far include:
IT officers, operations officers and anyone working in IT, technology and/or operations at the bank will benefit from attending. Get all the details and register here. With questions, contact GBA’s Alison Moreau.
by Simon Fisher, Digital Lending Manager, CSI The pandemic created a unique confluence of events that affected the lending market. Bank deposit growth soared, with total deposits increasing more than double the pre-pandemic growth rate. In addition, many banks took a more conservative approach to lending, concerned about the potentially negative impact of the pandemic on employment and businesses. And consumers’ declining credit quality, paired with the still approaching CECL transition, forced institutions to provision for greater losses. As lending remains a primary revenue driver, many institutions are revising their lending strategy to generate yield for investors. Such strategies include looking to loan marketplaces for participations across the country. How does a loan marketplace work, you say? Click here to read more of Fisher’s summary. And be sure to check out the GBA-endorsed loan marketplace IntraFi Assetpoint below.
IntraFi® Assetpoint® is a single point that connects buyers and sellers of bank assets locally, regionally, and nationally. IntraFi Assetpoint can help you build valuable connections by providing personal introductions to banks that have identified themselves as having complementary loan interests. Learn more about loan purchase programs below that can help you meet your balance sheet and profitability goals. IntraFi Assetpoint is brought to you by IntraFi® Network. Please contact Danny Capitel, 703.292.3476, to learn more.
Internal Audit Seminar - Dec. 9, Macon On Dec. 9 at Middle Georgia State University in Macon, Crowe LLP Senior Manager Darren Shuster and Internal Audit, Fraud Prevention Consultant Mike Thomas will host GBA’s Internal Audit seminar. This seminar will be a practical, "hands-on" discussion of effective practices in auditing that will cover the following topics: auditing the lending function, auditing mortgage banking functions and recent trends in financial institution fraud. Register here to secure your spot. With questions, contact GBA’s Aimee Corcoran, 404.420.2035.
By Michael Berman, founder & CEO, NContracts Banking and the world of risk and compliance management are chock full of jargon, concepts, terms, and acronyms—and it’s not easy to keep it all straight. Let’s quickly break down two of the most-commonly mistaken and misused concepts: enterprise risk management (ERM) and vendor management. So, what’s the difference between the two? ERM is not just about managing risk. It’s about applying the knowledge gained through good risk management to make better strategic decisions and more effectively reach goals and objectives. ERM recognizes the connections between different elements of risk management and how they overlap. One of those pieces is vendor management. Why do so many people confuse ERM and vendor management? Click here to find out and read more from Berman’s latest post. Visit www.ncontracts.com for more helpful risk management resources.
Online enrollment is open for the 2023 session of the Georgia Banking School, which will be April 30 - May 5 at the University of Georgia Center for Continuing Education and Hotel in Athens. For more than 60 years, the school has developed generations of Georgia bank leaders who shape the industry in our state. It offers everything you want and expect from an investment in banker education, specifically preparing the next generation of bank leaders, building the pool of management-level talent in your bank, and connecting students to the most knowledgeable industry experts and a community of fellow bankers. The Georgia Banking School Board, led by Darron Burnette of Synovus, has been hard at work reviewing the curriculum and planning next year’s session. So, with budget season approaching, here are some action items to consider:
Georgia Banking School details and enrollment access here.
Question: Is it a requirement to inform a customer that the draw period for HELOC is ending?
Answer: There is interagency guidance with respect to end-of-draw periods that indicates that end of draw notices should be given and we have a sample of this notice here. Examiners expect that you will have policies and procedures in place for managing HELOCs nearing their end-of-draw periods that are commensurate with the size and complexity of the portfolio. After the draw period ends, you will also need to continue to send periodic statements and you should review the loan agreement for additional notification requirements outside of regulatory requirements.
“Termination of draw privileges. When a consumer's ability to draw on an open-end account is terminated without being converted to closed-end credit under a written agreement, the creditor must continue to provide periodic statements to those consumers entitled to receive them under § 1026.5(b)(2)(i), for example, when the draw period of an open-end credit plan ends and consumers are paying off outstanding balances according to the account agreement or under the terms of a workout agreement that is not converted to a closed-end transaction. In addition, creditors must continue to follow all of the other open-end credit requirements and procedures in subpart B.” https://www.consumerfinance.gov/rules-policy/regulations/1026/interp-5/#5-b-2-i-Interp-2
Click to read more of the Compliance Alliance October Newsletter.
BSA Critical Issues, Preventing Elder Fraud, Lending Hot Topics and More Here’s a sampling of upcoming webinars.
See the full slate of upcoming webinars here.
GBA Strategic Partner BankTalentHQ The central feature of BankTalentHQ is its national bank-job board. Other key benefits include: resume search access, regional and national reach for your open positions, frequent special offers and custom sales/coaching programs. Visit BankTalentHQ to learn more. See the open positions in Georgia here, or search regionally or nationally here.
GBA Job Bank GBA will post open positions, free of charge, for GBA members. See the open positions in Georgia here. We will also post professional summaries for bank-job seekers on our Bankers Available page. To make the process easy and answer any questions, we've developed this Q&A. Please contact Katina Prokos, 404.420.2021.
Why Do People Choose Careers in Banking? Whatever their talents, interests and educational background, there is a career in banking for them. Here are few good reasons to share with folks you know.
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, kprokos@gabankers.com, and David Oliver, doliver@gabankers.com, or if your company would like to sponsor this content, let us know. Here's our latest installment:
Atlanta - Colony Bank Kristie McMahan has been promoted to director of commercial administration, senior vice president. Read more here.
Atlanta - United Community Bank Eric Dunlap has joined the bank’s mortgage services team in Atlanta.
Bainbridge - First Port City Bank Andy Ahn has joined the bank team as a teller.
Cordele - Planters First Bank Chris Howe has been promoted to senior lending officer. Read more here.
Fitzgerald - Colony Bank Colony Bankcorp, Inc., the bank holding company for Colony Bank, recently announced the appointment of Audrey Hollingsworth to the board of directors for both the company and Colony Bank, effective Dec. 1. Hollingsworth serves as vice president of People Services for Goodwill Industries of the Southern Rivers, a position she has held since 2018. Hollingsworth previously served as group executive and Chief People Officer at Synovus Financial Corporation. Read more here.
Sandy Springs - Signature Bank of Georgia Charlie Brown has been named CEO of the bank, effective Nov. 1. Freddie Deutsch, the founding president and CEO of the bank, will become vice chairman.
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 Katina Prokos. |
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Unbanked
Households Continue Decline
GBA
BankPAC 2022 Campaign Update
Order
Now!
IRS
Announces Cost of Living Adjustments for 2023
Enrollment
now open! 
Why
Banks are Embracing Loan Marketplaces as a Solution to
Liquidity
Intr
ERM
vs. Vendor Management: What’s the Difference?
Enroll Now in 2023 Georgia Banking School, April 30 - May 5
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