Pub. 7 2016 Issue 2

www.wvbankers.org 4 West Virginia Banker 18 16 © 2016 West Virginia Bankers Association The newsLINK Group, LLC. All rights reserved. West Virginia Banker is published four times each year by The newsLINK Group, LLC for the West Virginia Bankers As- sociation and is the official publication for this association. The information contained in this publication is intended to provide general information for review and consideration. The contents do not constitute legal advice and should not be relied on as such. If you need legal advice or assistance, it is strongly recommended that you contact an attorney as to your specific circumstances. The statements and opinions expressed in this publication are those of the individual authors and do not necessarily represent the views of the West Virginia Bankers Association, its board of directors, or the publisher. Likewise, the appear- ance of advertisements within this publication does not constitute an endorsement or recommendation of any product or serviced advertised. West Virginia Banker is a collective work and as such some articles are submitted by authors that are independent of the West Virginia Bankers Association. While West Virginia Banker encourages a first print policy, in cases where this is not possible, every effort has been made to comply with any known reprint guidelines or restrictions. Content may not be reproduced or reprinted without prior written permission. For further information, please contact the publisher at: 855-747-4003. 6 Honoring the Past Embracing the Future By Joe Ellison, President & CEO 8 How the Cow Ate the Cabbage: Are Your Interest Rate Risk Reports Giving You the Unvarnished Truth? As instructive idioms go, “hope for the best but prepare for the worst” is a good one. By Lester F. Murray, The Baker Group LP 10 Defending Traditional Banking —Why Advocacy and Vigilance Matter In this year marking the 125th anniversary of the West Virginia Bankers Association (WVBA), events at the Legislature proved that having an association dedicated to advocacy for the banking industry is critical if traditional banking is to thrive in our state. By Sandra Murphy and Amy Tawney, Bowles Rice LLP 12 FAST Act Eases Requirements on Annual Privacy Notices Late last year, President Obama signed into law the Fixing America’s Surface Transportation Act (FAST Act). By Richard C. Donovan, CPA, CRCM, CTP, Arnett Carbis Toothman LLP 16 Arbitration Up for Debate: New Rules Propose Banning the Use of Class-Prohibitive Arbitration Provisions The Consumer Financial Protection Bureau (CFPB), the consumer financial oversight body created by the Dodd-Frank Wall Street Reform and Consumer Protection Act, proposed rules on May 5, 2016, that would restrict the use of arbitration clauses in consumer financial contracts. By David M. Thomas and Michael T. Dean, Dinsmore & Shohl LLP 18 Cyber Security Perspectives So much has changed in our conception of information security. A personal story: my family owned a small printing business in Saint Albans, West Virginia, that produced banking educational materials for school-age children. By Thomas S. Bailey, Spillman Thomas & Battle 19 Bank Notes 20 Creating Performance vs. Managing Risk Bankers tend to be overly defensive regarding interest rate risk. We work with about 400 banks each quarter regarding interest rate risk and portfolio decisions. By Chad McKeithen, Duncan-Williams, Inc. 23 Our Tax Dollars Hard at Work— SCRA in Congressional Limbo At midnight on December 31st, 2015, the current version of §533(b) of the Servicemembers’ Civil Relief Act (SCRA), which postponed foreclosure on military members to one year after military service, sunsetted. By James McGuire, Compliance Alliance 26 Calendar of Events