Financial institutions, retailers, and consumers alike are monitoring multiple news sources to stay informed on the ripple effects of the far-reaching breach as they become apparent.
The Bankers’ Bank of the West Bank Card support team has been working behind the scenes—and will continue to do so—to support and communicate with community bankers using BBW bank card services. Customers with questions are invited to call 800-601-8630 for assistance from our Bank Card operations specialists.
Bankers’ Bank of the West is a registered agent for the FedPaymentsTM Reporter Service (formerly known as FedEDI Plus). The service eases your bank’s compliance and operations efforts by automatically generating reports for return item, notification of change, death notifications, SEC codes, and routing transit activity. You can also set up encrypted email messages to be sent to business customers (e.g. health care providers) to help match ACH payments to invoices, payroll records, or healthcare claims.
For more information on the capabilities of this service, contact any of the BBW operations specialists at 303-291-3700 (toll-free 800-873-4722) or email firstname.lastname@example.org.
The full renovation of Bankers’ Bank of the West offices in Denver was officially completed August 18, 2014, with the return of all Denver-based employees to the newly updated space BBW has occupied since 1988.
The project, which was begun in May of this year, brings the offices into conformance with current building standards. The contemporary layout features functional, flexible work stations, centralized storage, several conference rooms to accommodate small, medium and large groups, and some room for future expansion. The project positions BBW to adapt to the evolving needs of community banks and emerging technology.
Customers are invited to set up a visit to the new offices. Please contact your calling officer to arrange a tour of the Denver facility, or to reserve one of the available conference rooms for your next meeting.
The community bank director takes on significant responsibilities upon election to the community bank board. Given those responsibilities, the director would be exposed to various legal and personal liability should the director not fulfill these responsibilities with the duty and care expected of the position. In carrying out the significant responsibilities expected of the position, the directorate of a community bank must exercise sound and objective judgment and follow good governance practices given the special protection accorded the industry in the form of government insurance for bank deposits. Directors must be especially diligent to ensure they thoroughly review materials, request explanations to understand transactions for which they are unfamiliar or unclear, seek expertise or guidance as necessary for unusual transactions, and exercise their independent judgment. It is important that community banks orient new board members regarding the scope of their responsibilities and the extent of liability associated with their position by providing training. The community bank should also provide ongoing and periodic training for all directors to remind them of their responsibilities as well as keep them abreast of regulatory and industry changes. All regulatory agencies provide comprehensive director training programs, many of them online, which can be utilized for this purpose.
To evidence that actions and decisions of the board are considered with the duty and care of the position, a best practice is to prepare adequate documentation of the discussions and decisions of the directorate, both at the board level and in committee minutes, on all key matters facing the directorate. While the organization does not need to overly document all decisions, additional care should be taken to document any discussions regarding issues critical to bank operations and strategy. Those decisions and discussions warranting additional documentation should include, but not be limited to, those transactions associated with affiliates or insiders, actions which could raise potential questions regarding conflicts of interest, or those which could raise future concerns regarding if the transaction is in the best interest of the bank. Although directors and officers liability insurance provides protection under many circumstances, the coverage does not extend to acts of dishonesty and those that are criminal, conflicts of interest issues, or transactions that are undertaken for personal gain.
This is part of a series of articles providing suggestions for improving the performance and effectiveness of the directorates of community banks. It was posted by Bankers’ Bank of the West with the author’s permission.
About Bank Strategies LLC
Through a menu of strategic planning, profit improvement, corporate governance and other services, Bank Strategies, LLC has consistently demonstrated the ability to generate superior performance and profitability for its client banks while allowing them to continue to operate in a safe and sound manner. The firm’s professionals are well-known and respected in the community banking sphere of bank attorneys, bank certified public accountants, bank trade association executives, and the press due to their quality of service, expertise and knowledge, and bank reputation. More information about this bank consulting firm is available at www.bankstrategiesllc.com.