Pub. 12 2023 Issue 4

As a first-time attendee to an ICBA event, it was even more exciting to have won a scholarship through the Virginia Association of Community Banks to attend this year’s Lead FWD Summit in Kansas City.

Despite current economic conditions, innovative banks are avoiding cuts to their tech budgets. Investing in technology can help community banks improve efficiency, reduce operating costs and reach more customers with an improved customer experience.

In recent months, regulators have issued multiple documents in the form of supervisory guidance and observations, raising concerns for community banks. Notably, the October 2023 Supervisory Highlights from the Consumer Financial Protection Bureau (CFPB) addressed “unlawful junk fees” discovered in their supervision of financial institutions that are $10B and above. The areas of attention in deposit accounts include Multiple Fees on Re-Presented Items and Authorize Positive, Settle Negative (APSN), among other things.

BCC Advisers $100 Amazon Gift CardNeil Burke, Benchmark Community Bank Banc Card Bourbon Leigh Minix, Benchmark Community BankBourbonTaylor Quicke, Citizens Bank & Trust Co.MassagerMark Reed, Pioneer Bank Brown Edwards CPAs Branded Brown Edwards Solo StoveMatt Steilberg, C&F Bank ePay Resources $50 Amazon Gift CardLisa Kilgour, MainStreet Bank ICBA $150 Visa Gift CardBlake Edwards, Skyline National

VACB members gathered at Hotel Roanoke in early October for its annual meeting and trade show with our Associate Members.

Open APIs: A Breakdown
In today’s rapidly evolving fintech market, Open APIs serve as a transformative force for community banks. Offering new opportunities for expanded digital capabilities, Open APIs lead to enhanced services for consumers (like remote account opening or the management of mobile transactions) and increased profitability for financial institutions. So, what exactly is this magical piece of banking technology?

It was great to see everyone at the VACB Annual Convention in Roanoke last October. Being in the presence of many dedicated Virginia Community Bankers was humbling as I heard many stories about the great things each of you are doing for our communities every day.

It has been most heartening to see our leadership bankers leaning into the coming year. Not only did we elect a great leadership team and re-elect a great group of directors, we also expanded the board and elected five new bankers to join. The headwinds remain on several fronts, but our resolve and enthusiasm are rising to prevail.