Pub. 8 2017 Issue 1

www.wvbankers.org 4 West Virginia Banker 6 President’s Message By Sally Cline, WVBA President & CEO 8 Understanding the Tax Treatment of Discount Municipal Bonds By Dana Sparkman, The Baker Group 10 New Rules for Prepaid Financial Products By Patrick A. McGraw, CPA, Arnett Carbis Toothman LLP 12 New Look, New Name, Same Meaningful Mission By CRA Partners 14 Lobbyists Set Their Sights on the Volcker Rule and Look to Senator Manchin to Help By Nicholas P. Mooney II, Spilman Thomas & Battle 19 The Rising Risk of Ransomware By Craig M. Collins, OneBeacon Financial Services & Joe Budzyn, OneBeacon Technology Insurance 21 A Digital Legacy: What to Expect, How to Prepare By Susan Morgan, The newsLINK Group 23 Bank Notes 26 Calendar of Events 21 8 © 2017 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 Association 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 appearance 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. CONTENTS