BankLine July 2015: An ABS E-newsletter

Letter From the CEO | Acknowledgement | Spotlight | The Vault

Industry Insights| BankNote | Upcoming In-House Seminars

Colleagues, Fellow Professionals and Friends,

"It is the service that ultimately sold us."

Those are words we recently heard from a banker when she chose our BankManager® system over other options for her document management solution. Words like these affirm the pride we take in our customer care. When you choose American Bank Systems as a solution provider, you're not choosing a "vendor" (I dislike that word in our industry because it describes a mere seller of wares and that falls so far short of what we do). Rather, you are choosing a "partner" - not in the legal sense, but in the truest expression of partnership through shared goals and support. With all of our banking systems and solutions, our goal is to see you excel in your sphere of work and influence within the bank, whether it is focusing on compliance, managing risk, opening new accounts, documenting loans or managing the entire loan supervision process.

A wise friend of mine said, "We cannot handle the complex world alone." And to that I say, "Who would want to?" Every day brings its own complexities and problems, but I get to work with a group of incredible partners and problem-solvers here at ABS. We collaborate with each other; we encourage each other; we challenge each other. We learn from our set-backs and celebrate our successes. I think of ABS not as a place to work, but a place to serve. The world tends to think of servants as holding a lowly position. On the contrary, bringing a servant's heart to your vocation gives a sense of nobility to your work. So, whatever may be your place of work today, see it as a place to serve.

I hope this edition of BankLine has many items of interest for you.

Sincerely,

James W. Bruce, III

CEO and General Counsel, American Bank Systems

Joining the banking business immediately following college, Benjy Cook is approaching his 38th year at ABS, serving as company president over the past 27 years. In his role, Benjy enjoys leveraging his expertise in ABS' array of advanced systems and services to assist fellow bankers with their day-to-day efforts.

An industry veteran, Benjy has made a significant contributions to ABS' milestones, previously contributing to the design of an easy-to-use document imaging system created to keep track of loan documentation.

A native of Shawnee, Oklahoma, Benjy holds a Bachelor of Science degree in finance from Oklahoma State University. A husband of 37 years, Benjy is a father to two daughters and a grandfather to three grandsons.

When away from the office, Benjy lives out his three G philosophy, spending his time gardening, golfing and with his grandsons. In addition, Benjy serves as a trustee for Mt. Zion United Methodist Church and an HOA treasurer.

Why Choose BankManager® Elite?

Want to eliminate the need for your filing cabinets? Save time? Obtain more detailed easy-to-understand reporting? Upgrade your current system? Then BankManager Elite is for you!

Still a comprehensive workstation for lenders and customer service representatives as with BankManager® Pro, BankManager Elite features a new and improved reporting engine, faster deployment across multiple desktops and an easy-to-use favorites button for custom customer lists along with other premium features.

With BankManager Elite, documents, loans, accounts and collateral are self-sufficient, with the ability to stand on their own or be indexed to any customer. Collateral is completely user-defined but will come pre-set based on each bank's policy.

With an improved report design for information organization, BankManager Elite features more detail reporting for user logging and the ability to customize and save report filters for any report per user. Dashboard reports can quickly and efficiently yield instant information pertaining to user history, account details and exception management.

Featuring unlimited custom user permission groups, permissions can be set to show, hide or block any clickable item on any screen. The new imaging engine introduces more features for editing documents, including the ability to drag and drop documents.

Want to see for yourself? Request a BankManager Elite demo today by signing up here: https://www.americanbanksystems.com/request-a-demo/.

Check out these recent posts to our Compliance Blog by our very own team of compliance specialists.

5 Tips for Avoiding Flood Insurance Civil Money Penalties

By: Gina Ellis

Posted July 30, 2015

When the Biggert-Waters Flood Insurance Reform Act of 2012 was enacted on July 6, 2012, Civil money penalties for flood violations increased from $385 per violation to $2,000 with no aggregate limit. Penalties can be assessed for failure to:

Purchase adequate flood insurance

Properly force place flood insurance

Provide notification on the availability of flood insurance

Properly escrow for premiums. [Read More]

Happy 4th Birthday, CFPB!

By: Mikel Dunnagan

Posted July 21, 2015

Wow! It's hard to believe the CFPB is already 4 years old. This little bureaucracy has grown like a weed into a well-funded, mission-focused, result-getting consumer protector. Originally created by the Dodd-Frank Wall Street Reform and Consumer Protection Act as a direct result of the 2008 financial crisis, the Bureau works tirelessly to make sure everyone is treated fairly while rooting out those poor actors and practices that cause harm or stand between consumers and their financial goals. [Read More]

The Top 5 Items that Made Compliance Officers' Jobs Easier

By: Cody Roberts

Posted July 17, 2015

As a former compliance officer in the mid-1990s, I remember an older banker telling me it used to be "fun" to be a banker. However, "fun" came to an end when a wave of new laws and regulations prompted the creation of my position.

Now, the pace of change is even greater. New guidance, interpretations and rulings come out every day. Senior management and board members are increasingly frustrated. Loan officers still don't follow basic compliance (some things never change). However, some things have actually made compliance officers' jobs easier. Below are the top five I've seen over the last 20 years. [Read More]

Upcoming Changes to Flood Insurance Escrow Requirements

By: Elva Coffey-Sears

Posted July 9, 2015

The amendments to the flood insurance rules published in June include significant changes to the escrow requirement for flood insurance premiums and fees. Currently, lenders are required to escrow flood insurance premiums and fees only if the lender is requiring an escrow of taxes, insurance, fees or other charges for a loan secured by residential improved real estate or a mobile home. Effective January 1, 2016, lenders will be required to establish an escrow account for all flood insurance premiums and fees for any designated loan secured by residential improved real estate or a mobile home that is made, increased, extended or renewed, unless the loan or lender qualifies for a statutory exception or the lender is exempt. [Read More]

ABS recently exhibited at the premier event for compliance professionals, the ABA Regulatory Compliance Conference. The Washington D.C. event united industry professionals from across the nation to shed light on critical consumer compliance issues. Over four days, experts shared best practices, lessons learned and valuable takeaways on strengthening bank programs.

Dave Walls visiting with one of ABS' CompliancePro customers

ABS' Executive Vice President Tom Ryan and Assistant Vice President Dave Walls enjoyed running the company's exhibit booth showcasing ABS' advanced systems and services to conference attendees.

Check out our schedule of upcoming in-house seminars. We hope to see you there! For more information, please contact Mary Cope at [email protected].

Basics of Loan Documentation, 9/10
Basics of Deposit Documentation, 9/17
Basic RE Loan Documentation, 10/1

Crockpot Chili

Provided By: Mary Cope, ABS Administrative Assistant

INGREDIENTS:

2-3 pounds beef stew meat
2 large cans diced tomatoes (28 oz. size) undrained
1 package chili seasoning mix (choose your own heat - mild, medium or hot)
Chopped onions to taste

STEPS:

Mix tomatoes and seasoning mix together in crockpot
Add meat, stir to coat meat
Cook on low about 8-10 hours or on high 5-6 hours
Serve in a bowl (can be served over rice) with your favorite salad on the side. Top with cheese, sour cream, sliced avocados or your favorite chili topping

TIP:

Make it your own! Try using four small cans of tomatoes instead (14 ½ oz. size) and mix and match flavors. Some diced tomato flavors that work well are: fire roasted, green pepper, celery and onion, green chili, etc.