Pub. 13 2022 Issue 3

Financial institutions have long assessed customers a nonsufficient funds (NSF) fee when a check or Automated Clearinghouse (ACH) transaction is presented for payment on a customer’s account, and the customer has insufficient funds in the account to pay the check or ACH. There is little regulation related to NSF fees, and the regulatory review standards related to the NSF process have long been stable. However, the regulatory approach to NSF fees appears to be changing.

Core deposits, especially low-cost ones, have long been the key driver for franchise value in the financial services industry. That said, with the start of the pandemic and the ensuing influx of cash from stimulus checks and increased personal saving rates, financial institutions saw so much excess liquidity that bankers began to question the value of any deposits, including low-cost core deposits.

In the 2022 regular legislative session, the West Virginia legislature significantly revised the process and timeline for redemption of real estate sold at a tax sale. The new law, effective June 10, 2022, overhauls the process for payment of property taxes, tax sales and redemptions with the goal of streamlining the process. It also amends the current statute to allow for payment plans and payment by credit card.

This question is likely to garner different responses, depending on whom you ask, and a plethora of caveats. It is a tough call for the Fed because stifling housing-related inflation without punishing everyday homeowners is a tricky task. For investors, this question matters a lot because the Fed’s cessation from active Mortgage-Backed Securities (MBS) purchases eliminated demand from the largest buyer in the market and had a punitive impact on MBS valuations. If the Fed starts actively selling into the market, that could exacerbate things even further.

A recent survey by PricewaterhouseCoopers
(PwC) revealed that U.S. executives now consider cyberattacks the number one risk their companies face. Concerns about cybersecurity have moved beyond the Chief Information Security Officer (CISO) to the entire C-suite and corporate boards. Recent developments show executives are right to worry about those attacks because they can result in monetary loss, personal liability, and reputational risk.

Nearly 300 industry professionals gathered for the 2022 WVBankers Annual Convention held July 24–27 at The Greenbrier in White Sulphur Springs, WV. WVBankers is incredibly grateful for our attendees, sponsors, speakers, exhibitors and the remarkable staff at the Greenbrier for making this event possible. Attendees came together for three days to learn, make
new connections, and continue moving the banking industry forward. We hope to see you next year, to learn more please
visit www.wvbankers.org/convention.

The West Virginia Banker’s Association is happy to introduce its members to our Chairman, Mr. Jim King of The Bank of Monroe. His charm and candor, along with his vast banking experience, make him an excellent selection as chairman, and we believe you will enjoy this interesting interview he graciously provided for us.

At our recent 128th Annual Meeting and Convention, I was given an opportunity to speak, and I chose to highlight all we have accomplished together over the past six years. Because our organization is member-driven and member-inclusive, ALL should be aware of our successes. I have therefore decided to use this space to share an excerpt of my comments: