Pub. 12 2021 Issue 4

wvbankers.org 4 West Virginia Banker 8 CONTENTS ©2021 The West Virginia Bankers Association | The newsLINK Group, LLC. All rights reserved. West Virginia Banker is published four times each year by The newsLINK Group, LLC for the West Virginia Bankers Association and is the official publication for this association. The information contained in this publication is intended to provide general information for review, consideration and education. The contents do not constitute legal advice and should not be relied on as such. If you need legal advice or assistance, it is strongly recommended that you contact an attorney as to your circumstances. The statements and opinions expressed in this publication are those of the individual authors and do not necessarily represent the views of the West Virginia Bankers Association, its board of directors, or the publisher. Likewise, the appearance of advertisements within this publication does not constitute an endorsement or recommendation of any product or service advertised. West Virginia Banker is a collective work, and as such, some articles are submitted by authors who are independent of the West Virginia Bankers Association. While West Virginia Banker encourages a first-print policy, in cases where this is not possible, every effort has been made to comply with any known reprint guidelines or restrictions. Content may not be reproduced or reprinted without prior written permission. For further information, please contact the publisher at 855.747.4003. 5 West Virginia Young Banker of the Year Award By Sally Cline 6 Community Corner 8 To Pay or Not to Pay: Ransomware Attacks Offer an Unsavory Choice By Rob Nichols, American Bankers Association 12 Cryptocurrency and the Future of Banking By Patrick McGraw, Baker Tilly 14 Corporate Transparency Act By Matthew Kingery, Lewis Glasser, PLLC 18 What are Consumers’ Top Cybersecurity Concerns? By Sean Martin, CSI 22 Regulators Move Closer to Incorporating Climate-Related Risks into Oversight of Banks and Other Institutions By Nicholas P. Mooney II, Spilman Thomas & Battle, PLLC 24 Federal Agencies Focus on Community Bank-Fintech Partnerships By Elizabeth M. Frame and Drew A. Proudfoot, Bowles Rice, LLP 26 OFAC Issues New Guidance Directed at Virtual Currency Industry: What You Need to Know By Roger Morris, Compliance Alliance 28 Checking In on the Banking Industry By Dale Sheller, The Baker Group 32 2022 Calendar of Events 14