Pub. 15 2024 Issue 1

For more information on WVBankers Professional Development opportunities or to register for an event, visit us at www.wvbankers.org. For questions, please contact Amanda Cunningham at acunningham@wvbankers.org.

Community banks, often at the heart of local economies, find themselves at a crucial juncture where their approach to risk management, particularly in cybersecurity and operational resilience, could determine their future success or vulnerability.

On Dec. 20, 2023, the IRS released Notice 2024‑02, “Grab Bag” guidance on certain provisions of SECURE 2.0. Let’s begin with Roth employer contributions.

Financial institutions are facing headwinds on account of burgeoning non‑performing assets, corporate malfeasance, a slowdown in the economy and a mismatch between the maturity profile of assets and liabilities. Severe liquidity strains caused the failure of Silicon Valley Bank, Signature Bank and First Republic Bank. Yet despite weaker economic conditions, sharply higher interest rates, high inflation, financial market stress and concerns over a potential recession, the banking industry demonstrated resilience. How?

Foreclosure is an inherently expensive process, and the West Virginia Consumer Credit Protection Act (WVCCPA) limits the default charges that may be charged to consumer borrowers following the reinstatement of their loans. Nevertheless, West Virginia Code § 46A-2-115 provides an avenue through which holders of consumer loans may recover various foreclosure-related expenses.

Introduction In the world of commercial lending, the prime lending rate has traditionally been reserved for borrowers deemed to have the best credit quality and lowest probability of default. Credits of lesser quality are normally charged a higher rate, representing a spread over the prime rate. The prime rate is typically 300 basis points (bps)

We live in the most successful country in mankind’s history. That success is inextricably entwined with our democratic system of government. As citizens, we get to choose our leaders through elections. Elections are messy and rarely produce results with which any individual is completely pleased. However, the messy nature is what creates the environment for individuals and businesses to thrive. We live in a time when elections matter more than ever.