Pub. 11 2022 Issue 1

Even though open jobs are expected to increase 10% by 2026, 76% of accountancy and finance employers say their biggest challenge is not having enough qualified applicants. The need for employees with the right technical skills and managers who know how to deal effectively with change has never been higher.

On the first trading day of 2022, the U.S. 10-year Treasury Note yield jumped above 1.60%, then traded up another 10bps in the two subsequent sessions. That was a 35bps increase in two weeks and aligned with a similar move higher for market measures of inflation expectations. The bond market hadn’t seen a worse start to a year since 2009. It seems the market is entering the new year with the same concerns and uncertainty that plagued it for most of 2021, but with greater urgency. We’ve seen this movie before, though, and it’s clear that policymakers and investors alike need to carefully assess the strength and staying power of an inflation environment that’s unusual but not so transitory.

The Virginia House of Delegates paid tribute to former longtime VACB leader Pat Satterfield with a memorial resolution presented and adopted on the floor of the House in early February. HR 18 — Celebrating the life of Patricia Goode Satterfield — was drafted by VACB and carried by Del. Terry Austin, who represents the House district in which Pat’s family lived during much of her young life.

Steve Yeakel, CAE, VACB President & CEO, received the 2021 CEO Award of Excellence from the Virginia Society of Association Executives.

Hiring difficulties are a big problem for Accounts Payable (AP) departments. Higher wages, fat signing bonuses, staff training and other enticements only go so far with job seekers and employees. The key to attracting and retaining top talent is to digitally transform the AP function into a more rewarding and strategic role, where staff has the automated, personalized tools needed to be productive anywhere.

We knew it couldn’t continue, but we kept hoping. The NSF drug that propped up the profitability of so many retail franchises for decades is about to expire. For ages, the product itself has been in high demand by specific customer segments. It is, per se, a product that meets the needs of those customers. The problems arose not from the product itself but a combination of two factors:

After years of anticipating current expected credit losses (CECL), January 2023 is within sight. And the compliance deadline won’t be moving.

For many banks, the biggest challenge is simply adopting an unfamiliar process for calculating reserves. Fortunately, regulators have made strides toward minimizing possible disruptions. In fact, they’ve addressed many concerns head-on.

I’m daring to write one more column on the power of advocacy and hope you’ll consider using these ideas to further engage “your troops” in the battles that lay ahead for us.

We are truly excited about member engagement in 2022. Your Executive Committee and Board have devoted much of our time in recent meetings to the topic. In that regard, we are hosting regional member meetings beginning in March that will continue into the second quarter. Why host member meetings? We believe it is a great opportunity to ensure the strategic and operating priorities of your Association are aligned with your bank’s needs.