September 10, 2020

Introduction. COVID-19 has significantly impacted all industries and the everyday lives of people throughout the world. The financial institution’s industry is no exception, especially in the area of information security. There has been a substantial increase in cyberattacks — successful and unsuccessful — over the past several months.

As COVID-19 continues to spread, employers continue to grapple with navigating employment law issues related to the virus. In addition to administrating the new leave requirements imposed by the Families First Coronavirus Response Act, many employers are faced with tackling challenging employment issues under existing laws, including the Americans with Disabilities Act (ADA) and related state laws like the West Virginia Human Rights Act — both of which impose affirmative obligations on employers when it comes to the needs of employees with disabilities.

On June 3, 2020, the Ninth Circuit Court of Appeals dealt a blow to callers governed by the Telephone Consumer Protection Act (“TCPA”), which exempts callers from liability for automatic telephone dialing system-generated (“ATDS”) calls if the calls are made with “prior express consent of the called party.”

The rise in FinTech has significantly impacted the traditional banking model in recent years. Despite the banking industry’s initial resistance in embracing these companies, national, regional, and local banks alike have recognized the utility in providing customers with the innovative products and services these FinTech companies can provide.

The COVID-19 crisis has impacted the commercial real estate (“CRE”) market and the greater economy like no other crisis in recent memory. While the West Virginia CRE market has felt the effects, as with many other crises, the West Virginia CRE market has not seen the same level of downturn that has been felt on the national level.

Just a couple months ago, the prevailing wisdom was that banks would enter the next downturn from a position of relative strength, manifest in strong pre-provision earnings, pristine credit quality, and an abundance of capital relative to pre-Great Recession levels. Then a black swan named COVID-19 showed up on our doorstep. We are now bracing for a deep recession.

With all the distractions and distracting challenges faced this year by the nation’s community bankers, it’s easy to understand how some may have lost track of an approaching deadline that could have significant consequences for their institutions and their customers.

How did you become a banker?
I worked for about five years for the Farmers Home Administration, with my last position being the community development manager in Parkersburg. I was responsible for a five-county area. In 1996, after the birth of our son, we decided to move closer to my wife’s family in Petersburg, so I applied with various banks in the area, as my primary responsibilities with FmHA were in lending. I ended up going to work for Grant County Bank in October that year as a collector.

After almost three years of steady and persistent work, WVBankers is pleased to announce the offering of a comprehensive retirement plan solution to our member banks who are currently providing (or for those who wish to provide) a 401(k) plan arrangement for their employees.