Pub. 4 2013 Issue 4

www.wvbankers.org 4 West Virginia Banker 20 8 8 Final Regs Governing Tangible Assets Capitalization and Repairs On Sept. 19, 2013, the IRS published final and proposed regulations governing the tax treatment of (1) materials and supplies, (2) costs incurred to acquire or produce tangible property, (3) repairs versus improvements to tangible property and (4) dispositions of Modified Accelerated Cost Recovery System (MACRS) property. By Harry “Skip” Harless and Kevin Highlander 10 Classification of Mortgage Officers and Lenders: Is Your Bank at Risk? Whether or not jobs in the financial services industry are exempt from the requirements of the Fair Labor Standards Act (FLSA) has been the subject of much debate over the past three years or so.  By Jill E. Hall 12 The TCPA: Take Care, Pitfalls Ahead For more than twenty years, the federal government has attempted to limit the number of unsolicited phone calls consumers receive through the Telephone Consumer Protection Act, 47 U.S.C. § 227 (“TCPA”), which is perhaps best known for governing the famous “Do Not Call” list. By Angela Beblo, Brienne Marco, and Sarah Smith 16 Vendor Management Growing Risk for Financial Institutions Vendor management controls have been discussed extensively over the past few years. By Chris Joseph, CPA, CISA, CRISC, CITP 18 Managing Sensitivity to Market Risk Bank regulators have again made clear their intention to highlight interest rate risk management as a point of focus. By Jeffrey F. Caughron, Associate Partner 20 Community Banks–Potential Targets for DDoS Attacks Masking Fraudulent Wire Transfers Recently, there have been a number of bulletins and articles regarding cyber-attacks on financial institution websites and systems. Online attacks are increasing both in frequency and severity, growing from annoying disruptions to more sophisticated and destructive events as cyber criminals hone their skills. By PatriciaWilliams 22 Calendar of Events 24 Amplify Your Voice One of the things I most enjoy about meeting with bankers in West Virginia and across the nation is learning more about what you’re doing to build your communities and help your customers succeed. By Frank Keating