Some banks may not offer dual-signature checking accounts because their automated check processing systems are incapable of verifying multiple signatures.  This may frustrate some customers (such as small businesses, non-profit charities, partnerships, co-executors and co-trustees) that sometimes use dual-signature checking accounts as an internal accounting control procedure. To understand the issues involved requires a basic...Read More

Owning an insurance agency is a great vocation. You get to work with people in your community everyday who seek you out for your knowledge, advice and counsel. You experience the pride and satisfaction of protecting lives and livelihoods from risks small, large and catastrophic. It’s a financially rewarding, entrepreneurial venture that performs well in...Read More

A records retention policy is an important component an organization’s broader information and records management policy.  Related matters that may be addressed in the broader policy include how documents are organized and indexed for efficient retrieval when needed, and how to protect and secure documents from unauthorized access or destruction.Read More

Over the past several years, we have seen a good number of bank mergers in Virginia.  The deals come in all shapes and sizes, and for a variety of reasons.  Banks have combined to gain not only size but operating efficiencies in terms of back office operations, vendor expense and regulatory compliance (speaking of the...Read More

With the timing of Congressional action on bank deregulation uncertain, it is important to recognize the recent deregulation actions by federal administrative agencies that will have a positive impact on the banking industry.  Here are just a few examples:     Operation Choke Point – Terminated.  The Department of Justice recently announced the termination of Operation Choke...Read More

The Virginia General Assembly session has concluded for 2017, and a variety of new and amended Virginia statutes will take effect July 1, 2017.  Here is a summary of a few that will be of interest to bankers. Statute of limitations for non-negotiable CDs.  Sections 8.3A-118 and 8.3A-118.1 of the Code of Virginia were amended...Read More

To drive efficiency and customer satisfaction, banks and other lenders are pushing to fully-automate the lending process – from application through loan signing.  A significant roadblock to full automation is the traditional requirement that loan and real estate documents be signed in-person before a notary public.  In 2011, Virginia became the first state to pass...Read More

By any account, marketplace lending has experienced explosive growth over the past five years, from approximately $1 billion in originations in 2010 to $12 billion in 2014 and $36 billion in 2015, according to some estimates.  While the industry has experienced a bit of turmoil in 2016, it increasingly has attracted the attention of traditional...Read More

You may have heard that the U.S. Supreme Court recently determined that mortgage loan originators are not exempt from federal overtime requirements.  This is not exactly true.  While the Supreme Court’s decision means that mortgage loan officers are not eligible for the “administrative exemption” to the overtime requirements, other exemptions exist that may apply to...Read More