Pub. 2 2011 Issue 2

summer 2011 3 18 12 4 Banking Still Traditional in West Virginia It is critical that we let the public, the media, and government officials understand the difference between traditional banks and other entities. By Joe L. Ellison, President & CEO 6 Debt Collection Claims Typically Asserted by Plaintiffs Under the WVCCPA We are highlighting sections and aspects of the WVCCPA relating to communications made to customers after notice of attorney representation, Caller ID, and mailing of monthly statements. By Angela L. Beblo, Esq. and Patrick R. Barry, Esq. 9 Be Aware of Potential Liability When Using Social Media There are many ways banks can use this new phenomenon as an effective business tool. By Otto E. Elkins, Jr., Senior Attorney, ABA Insurance Services 11 The West Virginia Legislature Enacts the Uniform Trust Code Banking institutions across West Virginia will be facing a brave new world on July 1, 2011 when it comes to acting as a trust fiduciary. By Robert S. Kiss and Emily Lambright, Bowles Rice McDavid Graff & Love LLP 16 Holistic Wealth Management Structural changes in the banking industry initiated by consumer demand and convergence of financial services have forever changed the face of community banking. By Barry L. Dayley, CFP®, RFC® 18 Desperate Times May Lead to Desperate Acts Are You Protected? The theft of loan funds by an attorney, commonly known as a defalcation, is one, if not the most expensive type of claim that a title insurance company can face. By Michael W. Aiken, Senior Vice President, Compliance Officer & Senior Counsel Investors Title Insurance Company 20 SAS 70 Replaced by SOC 1: Similarities and Changes to the SAS 70 Report There is no such thing as being SAS 70 certified and there will be no such certification under SSAE 16 either. By Chris Joseph, CPA, CISA 22 Cultivating A Culture Of Fiduciary Responsibilty The essence of your company’s retirement plan, whether it is a 401(k) plan, profit sharing plan or defined benefit pension plan, is the plan trust—designed to ensure future income for employees participating in the plan and their beneficiaries. By Mark Hogan, Regional Marketing Director, Pentegra Retirement Services 25 Calendar of Events 26 Member Notes