Pub. 12 2021 Issue 2

On March 29, 2021, Governor Jim Justice signed into law Senate Bill 5, which amended the West Virginia Consumer Credit and Protection Act (“WVCCPA”). The amendments were met with optimism by businesses in West Virginia as they provide enhanced procedures intended to deter frivolous lawsuits. Initially enacted in 1974, the stated purpose of the WVCCPA was to “protect the public and foster fair and honest competition.” However, since its enactment, the WVCCPA has been criticized for its notoriously consumer-friendly application. As amended, the WVCCPA provides

As the U.S. economy continues to work its way out of the recession brought on by the COVID-19 pandemic, many economists debate what the future will hold. With inflation, asset bubbles, rising rates, and the effect of fiscal spending being hot topics during board and ALCO discussions, the question becomes this: What should we do to prepare our balance sheet for what may come? However, for all these discussions about potential future challenges to earnings, seldom do boards and ALCOs discuss the revenues lost due to opportunity cost.

The Agencies (OCC, FRB, FDIC, FCA, and NCUA) have recently proposed revisions to the Interagency Questions and Answers Regarding Flood Insurance. The purpose of this proposal is to supplement the July 2020 proposed Q&As, which only contained two proposed questions on private flood insurance. These new proposed Q&As are formulated based on questions received by the Agencies regarding private flood insurance rules that went into effect July 1, 2019, and include 24 proposed Q&As on private flood insurance.

Most community bank boards aspire to maintain
long-term independence. Supporting that aspiration requires a commitment to five distinct pillars: Performance, Shareholders, Management, Leadership and Vision. A consistent focus on all five pillars can significantly increase the bank’s chances of remaining independent or supporting a high price for being acquired. Neglecting any one pillar will undermine the bank’s value and decrease the chances of staying independent.

Anew cash crop is finally coming to fruition in West Virginia: medical marijuana. This is not breaking news considering medical marijuana was legalized in West Virginia in 2017, the same year the Secure and Fair Engagement (SAFE) Banking Act was introduced in Congress.

2020 has challenged our industry in ways previously unknown. We began the year expecting our biggest challenge would be continued growth of deposits at reasonable rates. Today, we face three challenges: a prolonged low-rate environment with continued margin compression, the challenge of keeping branches open and serving our communities, and an increasing number of customer transactions moving to the digital arena.

With the pandemic ebbing and the economic situation still uncertain, banks are trying to figure out how to position their institutions for the future.

During the 2021 legislative session, the West Virginia Legislature once again amended the West Virginia Consumer Credit and Protection Act, one of the primary statutes under which consumers sue creditors, collectors and others.

Throughout the pandemic, households have accumulated significant savings. Banks, awash in deposits and with interest rates still at low levels, have increased lending while working through the many challenges of the past year, including maintaining services to existing customers.

Clear Mountain Bank At Clear Mountain Bank, each employee is given one paid day off per calendar year to volunteer for a cause of their choice through the Clear Mountain Cares program. Bo Burnside volunteered with Trout for Cheat and helped stock the Cheat River in Preston County. Audra Jones volunteered with the Coopers Rock