Massive Costs of Fraud

Every $1 of fraud now costs U.S. financial institutions $5.47, up from $4 in 2021, according to research by LexisNexis. A separate study by PYMNTS.com found that U.S. financial institutions now spend more than $2 to stop every $1 lost to fraud. 

Major Cyber Vulnerability Impacting up to 70% of Web

The Cybersecurity and Infrastructure Security Agency (CISA) is urging companies to patch two critical vulnerabilities found in PHP, a programming language used on up to 70% of the existing web.

Live Oak Bank Named Nation’s Top SBA 7(a) Lender

Wilmington-based Live Oak Bank has been recognized as the nation’s No. 1 Small Business Administration (SBA) 7(a) lender by dollar volume for fiscal year 2026, according to rankings released by the U.S. Small Business Administration.

During the fiscal year, Live Oak approved 2,411 SBA 7(a) loans totaling more than $2.58 billion, helping small businesses and entrepreneurs access financing to grow and succeed. The achievement marks the bank’s ninth consecutive year leading the nation in SBA 7(a) lending by dollar volume.

Live Oak celebrated the milestone at the New York Stock Exchange, recognizing the customers, partners, and employees who contributed to its success.

Congratulations to the entire Live Oak Bank team on this outstanding achievement!

Photo Credit: NYSE

Uwharrie Bank CEO Roger Dick Honored with Cardinal Award

Uwharrie Bank President and CEO Roger Dick was presented with the Cardinal Award by North Carolina State Auditor Dave Boliek during the 2026 Stanly Summit on October 23, recognizing his leadership, community service, and commitment to the economic development of Stanly County.

The Cardinal Award recognizes North Carolinians whose contributions help make the state a better place to live. Dick was honored for his leadership in fostering public-private partnerships and supporting economic growth throughout the region.

Hosted by the Stanly County Chamber of Commerce and Stanly County Economic Development Commission, the annual summit brought together business leaders, elected officials, and community partners to discuss the opportunities shaping Stanly County's future.

Congratulations to Roger Dick and the entire Uwharrie Bank team on this well-deserved recognition!

Updates from the State Banking Commission

The State Banking Commission held a regularly scheduled meeting on Wednesday, October 28. The Commission received an update on the agency’s trust supervision activities, followed by updates on a series of banking applications. These included applications for:

• Optus Financial Corporation, parent of Optus Bank, to acquire by merger M&F Bancorp, Inc., parent of Mechanics & Farmers Bank;
• First Bancorp, parent of First Bank, to acquire by merger First Carolina Bancshares Corporation, parent of Carolina Bank & Trust; 
• HomeTrust Bancshares, Inc., parent of HomeTrust Bank, to acquire by merger Blue Ridge Bankshares, Inc., parent of Blue Ridge Bank;
• Movement Bank to convert from a Virginia chartered non-member bank to a North Carolina chartered non-member bank. 

The State Banking Commission also called a special meeting for 9:00 a.m. on Wednesday, November 18, to adopt virtual currency rules.

While special meetings are rare, staff indicated that this meeting is necessary in order to meet deadlines set by the General Assembly in its passage of the Virtual Currency Kiosk Consumer Protection Act (House Bill 920) and those deadlines set by the state’s Rules Review Commission. 

Fannie Mae’s Updated AI and Cyber Requirements 

Fannie Mae has issued revised cybersecurity incident management requirements applicable to sellers, servicers, and licensees requiring initial notification of a cybersecurity incident no later than 36 hours after identification or the reasonable conclusion that an incident occurred.

The requirements become effective on January 18 and require companies to provide details about the incident, including the event date, details of actions taken and if the event caused suspension of business operations. 

‘Operation Economic Outcast’

As part of a broader announcement related to illicit Iranian shipping and other activities, FinCEN said that it is investigating a Greek bank for potential ties to Iran.

ABA Survey Finds Americans Trust Banks Most to Fight Fraud

According to new ABA research, Americans trust banks more than any other industry or institution to protect them from fraud. Eighty-three percent of bank customers say their bank takes proactive steps to protect them, while 95% of those who have received fraud alerts found them valuable.

Large Institutional Investment in Single-Family Homes

The Treasury Department has proposed a rulemaking to prevent large institutional investors from purchasing single-family homes, as required by the ROAD to Housing Act. A large institutional investor is defined as an investor that has direct or indirect control over at least 350 homes.

Penalties for violating the law can range from $1 million to three times the purchase price of the property involved. 

Lowering Housing Costs

The Trump Administration has issued an order directing the FHFA director to reduce homeowners’ refinancing costs by expanding FHFA’s existing title insurance waiver pilot into a permanent program. The director also is directed to consider waiving appraisals, income re-verification, and other documentation requirements for limited cash-out refinances as well as reducing or eliminating loan-level price adjustments.

Effective Date of FCC’s Revised ‘Revoke All’ Rule

The FCC’s revised “revoke all” rule and “provided number” condition will have an effective date of November 25, 2026. The revised rule allows callers to interpret a revocation request as applying only to the specific category of informational robocalls to which the revocation was directed.

It also allows callers to designate an exclusive means to revoke consent, and amends the exemption from the consent requirement for financial institutions to allow institutions to more easily alert customers to fraudulent activity on their account.

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First Citizens Announces $1.2 Billion Share Repurchase Plan

First Citizens BancShares reported third-quarter net income of $606 million and announced a new share repurchase authorization of up to $1.2 billion through 2027. The company also reported increased net interest income, accelerated loan and deposit growth, and continued integration of the 138 branches acquired from BMO Bank in September.

First Community Bankshares Reports Record Earnings and Declares Quarterly Dividend

First Community Bankshares, Inc., the parent company of First Community Bank, announced net income of $15.42 million for the third quarter of 2026, a 25.74% increase over the same period last year. Net income for the first nine months of 2026 reached a record $49.96 million, while total assets stood at $3.63 billion as of September 30. The company also declared a quarterly cash dividend of $0.33 per share, marking its 41st consecutive year of regular dividends to shareholders.

HomeTrust Bancshares Announces Third-Quarter Financial Results and Quarterly Cash Dividend

HomeTrust Bancshares reported third-quarter net income of $18 million, up from $15.6 million in the previous quarter, with earnings per diluted share increasing to $1.11. The company also reaffirmed its plans to acquire Virginia-based Blue Ridge Bankshares, a transaction expected to create a combined institution with more than $7 billion in assets and over 60 banking locations across the Southeast.

"When action grows unprofitable, gather information; when information grows unprofitable, sleep."

- Ursula K. Le Guin