| 2025 Carolinas Bank Directors and Executives Summit | March 3-4 |
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| Bank executives, directors and regulators from across both North Carolina and South Carolina will gather on March 3-4, 2025, in Charlotte. Jointly hosted by the North Carolina Bankers Association, the North Carolina Office of the Commissioner of Banks, the South Carolina Bankers Association, and the South Carolina Office of the Commissioner of Banks, the upcoming 2025 Carolinas Bank Directors and Executives Summit is an essential training opportunity for bank leadership teams and their directors throughout the Carolinas and an excellent chance to connect with key decision-makers shaping the future of our region's banking industry. | Continuing education credits are available for this event. If there is a type of certification or licensure you need to maintain annually, ask our member engagement team, Arianna Alvarez (aalvarez@ncbankers.org) or Teresa Satchell (teresa@ncbankers.org), and they can help with the approvals and submissions. |
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Upcoming Professional Development Events: |
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| | | Upcoming Annual Conferences: |
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| | 23rd Annual Economic Forecast Forum |
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| The annual Economic Forecast Forum, hosted jointly by the NCBA and the NC Chamber, took place on Tuesday in the Research Triangle Park. We were thrilled by the incredible turnout by NCBA members and business leaders from across our State. |
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| | | | | | The forum provided a roadmap for NC’s economy in the year ahead, including both the bright spots and important challenges. Our speakers, who included prominent economists, warned that the fight against inflation will continue. They urged NC leaders to strive to increase the supply of both affordable housing and affordable childcare, as these are critical needs and help support growth in our economy and workforce. |
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| | | | | | Closing out the panel, speakers expressed a strong sense of optimism for the future, while acknowledging that North Carolina is tackling massive projects in the months and years ahead, including ongoing recovery and reconstruction needs in western North Carolina following the devastating flooding brought by Hurricane Helene. |
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| | State Legislative & Regulatory Update |
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| | The State Banking Commission held a regularly scheduled meeting on Wednesday. State Treasurer Brad Briner presided as chairman. The Commission received a report on the Office of the Commissioner of Bank’s financial position, an update from Deputy Commissioner Gene St. Andrews on banking supervision, a legislative update, and comments from Commissioner of Banks Katherine M.R. Bosken who shared a forecast and perspective on the year ahead. |
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| The next scheduled meeting will take place on March 26, 2025. |
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| | Federal Legislative & Regulatory Update |
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| Letter Asks President-Elect Trump to Pause Regulatory Actions |
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| The NCBA, ABA and state bankers associations nationwide have sent a letter to President-Elect Donald Trump asking him to pause all open regulatory actions during his first day in office and begin a comprehensive review of regulations created in the past four years. The letter also urges him to consider extending the effective dates for finalized regulations until his administration has time to review and assess the policies, as well as review agency guidance and pending agency litigation. |
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| Banking Regulators Outline Their 2025 Priorities |
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| FDIC Vice Chairman Travis Hill has outlined his policy priorities for the FDIC in the coming months. Hill’s comments have added weight given the upcoming departure of FDIC Chairman Martin Gruenberg on January 19. Hill is calling for a return to fundamentals for bank supervision, a more open-minded approach to technology and bank-fintech partnerships, and a re-evaluation of how regulators implement the Bank Secrecy Act. |
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| “[Supervisor] criticisms often have little bearing on a bank’s actual health or solvency, are a major distraction for examiners and banks, and are contributing to crushing compliance costs, particularly for community and regional banks,” Hill said. He called for bank supervision to focus less on process and more on core financial risks. Hill is highly regarded in banking circles, but there has been no word yet on who President-Elect Donald Trump will nominate to lead the FDIC. | Similar comments were made this week by Federal Reserve Governor Michelle Bowman. Acknowledging the impact of the incoming Trump administration on leadership and regulatory focus areas, Bowman outlined a restrained approach to bank regulation based on three principles: (1) prioritization of safety and soundness, (2) a re-commitment to regulatory tailoring, and (3) increased transparency. | “When the agencies pursue reforms, it is critical that the problem is clearly identified and that an explanation is given for how each proposal would address the problem,” Bowman said. “We should not characterize all reforms as ‘crisis response’ actions, as doing so does not relieve us of the responsibility to analyze and justify the tradeoffs and alternatives of any particular measure.” As noted in last week’s Bulletin, either Bowman or fellow Governor Christopher Waller are expected to be nominated as Vice Chair for Supervision following the resignation of current Vice Chairman for Supervision Michael Barr. |
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| CFPB Adjusts Exemption Thresholds |
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| The CFPB has announced the annual threshold adjustments for asset-size exemptions from Regulation C, which implements the Home Mortgage Disclosure Act, and Regulation Z, which implements the Truth in Lending Act. The exemption threshold for HMDA data collection and reporting requirements has increased to $58 million from $56 million. For certain first-lien higher-priced mortgage loans, the exemption threshold is adjusted to increase to $2.717 billion from $2.640 billion. Creditors with assets of less than $2.717 billion (including assets of certain affiliates) are exempt, if other requirements of Regulation Z also are met, from establishing escrow accounts for higher-priced mortgage loans. |
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| | | The American Mortgage Conference brings together decision-makers, investors, top financial leaders, and mortgage practitioners of every kind each year. Join your mortgage community for the chance to dive deep into crucial industry issues and discuss the latest progress from Washington. | Don’t miss out on this annual tradition—join us with the American Bankers Association on May 13-14, 2025, in historic Charleston, S.C.! |
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| CFPB Drops Proposed Ban on Certain NSF Fees |
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| The CFPB has opted to withdraw a proposed rule to prevent financial institutions from charging nonsufficient funds fees for transactions that are instantaneously declined. However, the bureau will instead consider a “more comprehensive approach” that may involve restricting other NSF fees. |
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| House Financial Services Committee Membership |
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| The list of House Financial Services Committee members has been finalized. The committee is chaired by Rep. French Hill (R-AR), with Rep. Maxine Waters (D-CA). As anticipated, Rep. Tim Moore has been named to serve on the committee. Moore of Kings Mountain, NC, is the former Speaker of the North Carolina House and a licensed attorney. |
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| Prohibited Contract Terms |
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| The CFPB has published for comment a proposal to ban contract provisions in agreements for consumer financial products or services that waive “substantive” consumer protections. The CFPB also proposes to prohibit contract terms that limit free expression, including with threats of account closure, fines, or breach of contract claims. Comments must be received on or before April 1, 2025. |
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| Regulating the Personal Loan Market |
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| The CFPB will pursue rulemaking to allow it to regulate large nonbanks that provide personal loans. The proposed rulemaking is in response to a petition filed by the Consumer Bankers Association and the Durham, NC-based Center for Responsible Lending. The nonbank segment of the personal loan market consists of 85 million accounts and more than $125 billion in outstanding balances, according to the CFPB. |
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| Protecting Digital Payment Transactions |
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| The CFPB is requesting comment on a proposed interpretive rule outlining how the Electronic Fund Transfer Act, which provides consumers with protections against errors and fraud, applies to new types of digital payment mechanisms, such as those currently offered through large technology companies and video gaming platforms, as well as stablecoins and other digital currencies. The CFPB is also requesting public comment to better understand how companies that offer or provide consumer financial products or services collect, use, share, and protect consumers’ personal financial data, including data harvested from consumer payments. |
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| | Proud to Serve North Carolina Bankers |
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| It has been 10 years since Peter Gwaltney joined the NCBA as President & CEO and 20 years since Nathan Batts joined the NCBA, first as associate counsel and later as SVP, counsel and director of government relations. They, along with your entire team at the NCBA, are grateful every day for the support and confidence you place in us. Thank you! |
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| | Professional Development Training with our Partnered Providers |
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| | | Be an NCBA Star Student – Get Good Grades, Get Involved, Give Back |
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| | | Since 1984, the NC Bankers Association Foundation has awarded nearly $1.5 million in college scholarship funds to more than 120 high school seniors with a parent employed by an NCBA member bank. Last year’s recipients were Anna Holt Basinger of New Hanover High School in Wilmington, now in her freshman year at the University of Virginia; and Jefferson’s Lane Miller, an Ashe County High School graduate in his first year at Duke University. This year’s application window opens soon, so continue to watch this space for details! | As we ramp up for the 41st year of the scholarship program, we are highlighting the 2024 finalists in our Star Student Spotlight. This week, John Sullivan, Senior Director of the NCBA’s Future Bank Leaders Program, spoke with Payton Gunter from Cape Fear High School in Fayetteville. Now a freshman at UNC-Chapel Hill, she is the daughter of Van Gunter III with First Bank. |
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| John Sullivan: Of all your accomplishments – academically, athletically, in the community – what are you most proud of? Payton Gunter: Becoming a Certified Nursing Assistant and working with the elderly at a nursing home. It wasn’t always pleasant, but it was a very valuable and rewarding experience. | JS: Where did the desire to be a nurse come from? PG: I’ve always known that I wanted to do something in the medical profession because I’ve always been driven to help people. | JS: That’s a noble aspiration. Where do you see yourself in 20 years? PG: I hope to have completed my undergraduate and graduate degrees and be using my work experience to achieve accomplishments that I’m proud of. |
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| | DataVerify Flood Services |
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| A Community Bank Services endorsed vendor for over two decades and also a National Flood Association (NFA) certified company, DataVerify Flood Services provides flood zone determinations nationwide with Life-of-Loan tracking. |
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| Lenders have an increased focus on the need to be fully compliant with flood act regulations. DataVerify Flood Services is dedicated to providing reliable flood zone determinations using powerful technology and experienced mappers to provide them in a timely and convenient manner. | DataVerify Flood Services also offers efficient data retrieval via interfaces within many loan origination software (LOS) systems, online, or through email notification. Borrower Notices and Census Tract/HMDA data are available with flood zone determinations, as well as a map copy product with aerial imagery to show flood zones on or near the property. | North Carolina Bankers can have access to efficient results through DataVerify Flood Services while also meeting The National Flood Insurance Program (NFIP) compliance requirements. Lenders can remain compliant today and throughout the life of the loan, even as flood zones change. | Contact Teri Sizemore at (419) 660-8589, teri.sizemore@dataverifyflood.com to discuss your specific flood zone determination needs. |
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| | United Bankshares, Inc. Completes Acquisition of Piedmont Bancorp, Inc. |
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| United Bankshares, Inc. (NASDAQ: UBSI), parent company of United Bank, announced the completion of its acquisition of Atlanta-based Piedmont Bancorp, Inc., parent company of The Piedmont Bank. | “We are thrilled to have Piedmont join the United family,” said Richard M. Adams, Jr., CEO of United Bankshares, Inc. “This transaction allows us to grow our presence in one of the most desirable banking markets in the nation. We look forward to serving the employees, customers, and communities in our new footprint.” |
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| The acquisition is United’s 34th, and the combined organization has more than $32 billion in assets and a network of over 240 locations across Georgia, South Carolina, North Carolina, Virginia, Maryland, Washington, D.C., West Virginia, Ohio, and Pennsylvania. The former Piedmont offices will operate under the DBA United Bankshares. |
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| Peoples Bank Welcomes Three New Board Members |
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| Peoples Bank is recently announced the appointment of three esteemed professionals to its Board of Directors. Ashton Abernethy, Robert C. Abernethy Jr. and Dan R. Timmerman Jr. join the board with a wealth of experience and a shared commitment to furthering the bank’s vision of serving communities – employees, customers, and shareholders – with excellence. |
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| The announcement was made by Peoples Bank Board Chairman Robert C. Abernethy Sr. who stated, “The addition of Ashton Abernethy, Robert Abernethy Jr. and Dan Timmerman Jr. to our Board of Directors underscores our dedication to building a leadership team that reflects the spirit and values of the communities we serve. Their expertise and strong leadership will help guide the continued growth and success of Peoples Bank.” |
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| F&M Bank Hires Crystal Wright as Talent Development Officer, VP |
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| F&M Bank recently announced the addition of Crystal Wright as Talent Development Officer, Vice President. In this critical role, Crystal will be responsible for designing, implementing and managing both internal and external learning programs that align with F&M Bank’s professional development goals and F&M University’s strategic objectives. |
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| As the Talent Development Officer, Crystal will report directly to F&M Bank Chairman and CEO, Steve Fisher. In her new role, Crystal will actively support all areas of the bank, helping to create a pathway for career growth and professional development at F&M Bank. |
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| | | Life is like riding a bicycle. To keep your balance, you must keep moving. |
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| | NC Bankers Association | 3601 Haworth Drive | Raleigh | NC | 27609 | US |
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