Beige Book Report on Economic Activity

In its latest Beige Book Report, the Fed provided an update on economic activity across the various Federal Reserve districts. For the Federal Reserve Bank of Richmond, the report notes that the regional economy continued to grow moderately and consumer spending remained solid amid continued tradeoffs due to higher gas prices. 

‘Sound Practices’ for AI Adoption 

The Financial Stability Board has finalized a list of 12 sound practices to guide the adoption of artificial intelligence by banks and other financial institutions. The FSB strongly encourages the board and senior management of financial institutions to reference the sound practices when developing and refining their institution’s AI governance, risk management and control frameworks.

Fidelity Bank Grand Opening and Ribbon Cutting Ceremony in Hendersonville

Fidelity Bank celebrated the grand opening and ribbon-cutting of its newly relocated Hendersonville branch on October 6. Located at 203 Greenville Highway, the new facility provides an enhanced banking experience for customers while strengthening the bank's presence in the community.

Led by Branch Manager Kimberly Triana and Market Executive Vince McMahan, the Hendersonville team serves individuals, families, and businesses throughout the surrounding area.

NCBA's Peter Gwaltney Featured in Invest: Raleigh-Durham

NCBA President and CEO Peter Gwaltney is featured in the newly released fourth edition of Invest: Raleigh-Durham, a regional economic report from Capital Analytics Associates.

In the interview, Gwaltney discusses the strength of North Carolina's banking industry, NCBA's advocacy and workforce development initiatives, and how banks are navigating emerging technologies, including artificial intelligence and digital assets.

GENIUS Act Implementation

The OCC has announced a final rule to implement the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. The final rule establishes requirements for permitted payment stablecoin issuers and foreign payment stablecoin issuers under the OCC’s jurisdiction, as well as certain custody activities conducted by OCC-supervised entities.

In its announcement, the OCC said the final rule addresses all of the regulations the OCC is required to promulgate under the GENIUS Act other than those related to the Bank Secrecy Act, anti-money laundering, and Office of Foreign Asset Control sanctions, which will be addressed in a separate rulemaking in coordination with the Department of Treasury.

The agency will announce in a separate news release when it will begin accepting and processing applications and waiver requests from prospective permitted payment stablecoin issuers. The final rule and the GENIUS Act take effect on January 18, 2027.

Report on Alleged ‘Debanking’ 

In accordance with Executive Order 14331, Guaranteeing Fair Access to Banking for All Americans, the OCC conducted a supervisory review of debanking activities at the nine largest banks by asset size under its supervision to determine whether these banks’ policies or practices may have required, encouraged, or otherwise influenced banks to deny or limit access to financial services to Americans because of their political or religious beliefs or lawful business activities.

The OCC placed much of the blame on “inexact” reputational risk policies, saying “This practice infused the value judgments of stakeholders into banks’ business decisions." 

FinCEN Alerts 

FinCEN has issued an alert to help financial institutions identify and report what the agency says is potential Iranian abuse of religious charity networks. The U.S. Department of State also issued new sanctions against Cuba-based Banco Internacional de Comercio for allegedly supplying services to Iran.

FinCEN Report on Alleged Student Aid Fraud

FinCEN has identified more than $270 million in suspicious financial activity potentially linked to fraud against federal student aid programs, the Treasury Department said in a new release. 

Fraud Prevention: Know Your Advertiser

Starting early next year, Google will expand its Financial Services Verification program to the U.S. and Canadian markets, according to a company blog post. To reduce instances of fraud, financial services companies wanting to advertise on Google will need to seek verification through the program, which is currently in place in 42 countries.

Last Chance to Apply for the 2027 NCEL Mentorship Program

Applications for the 2027 NC Emerging Leaders Mentorship Program close Friday, October 30!

Bankers interested in participating as either mentors or mentees are encouraged to apply before the deadline.

The six-month program connects emerging banking professionals with experienced industry leaders for meaningful conversations, career guidance and professional growth. Running from January through June 2027, the program offers a flexible format that allows each mentor-mentee pair to build a relationship around their goals and schedules.

Whether you're an emerging leader looking for guidance or an experienced banker eager to share your knowledge, the NCEL Mentorship Program offers an opportunity to connect, develop and lead.

Need Credits? Earn CRCM, CPE, SHRM and More!

Looking to skill up? North Carolina Bankers Association is making it easier than ever to invest in your professional growth. Sign up for one of the upcoming webinars from our partnered providers:

Atlantic Union Bank Expands North Carolina Presence

Atlantic Union Bank is moving ahead with plans to add seven branches in the Raleigh area and three in Wilmington. CEO John Asbury recently identified North Carolina as one of the nation's most attractive banking markets, emphasizing continued demand for in-person banking services.

Peoples Bancorp Reports Strong Third-Quarter Earnings

Newton-based Peoples Bancorp of North Carolina reported third-quarter net earnings of $5.7 million, up from $3.7 million a year earlier. The bank's net interest margin increased to 3.85%, compared with 3.58% in the third quarter of 2025.

"There is nothing new under the sun, 
but there are new suns."

- Octavia Butler