House banking chair says state's banking system in good shape - Beckley, Bluefield & Lewisburg News, Weather, Sports

House banking chair says state's banking system in good shape

Posted: Updated:
  • Local NewsLocal NewsMore>>

  • Tazewell County Man Busted for Growing Marijuana

    Tazewell County Man Busted for Growing Marijuana

    Monday, September 1 2014 8:04 PM EDT2014-09-02 00:04:51 GMT
    Roger Lee Sparks, Jr.Roger Lee Sparks, Jr.
    A Richlands man is in custody after Tazewell County Deputies find $350,000 worth of pot, including 115 plants and more than a pound of harvested marijuana, and guns in his home.
    A Richlands man is in custody after Tazewell County Deputies find $350,000 worth of pot, including 115 plants and more than a pound of harvested marijuana, and guns in his home.
  • Officers In Tazewell County Work To Keep Your Holiday Travel Safe

    Officers In Tazewell County Work To Keep Your Holiday Travel Safe

    Monday, September 1 2014 6:50 PM EDT2014-09-01 22:50:12 GMT
    Police patrolling the roads this Labor DayPolice patrolling the roads this Labor Day
    According to AAA, 34.7 million people are expected to hit the road this Labor Day. Many police officers are out in force to keep you safe.
    According to AAA, 34.7 million people are expected to hit the road this Labor Day. Many police officers are out in force to keep you safe.
  • After fatal McDowell County crash, Troopers caution against drinking and driving over Holiday Weekend

    After fatal McDowell County crash, Troopers caution against drinking and driving over Holiday Weekend

    Monday, September 1 2014 6:00 PM EDT2014-09-01 22:00:38 GMT
    While many are safely celebrating Labor Day, State Troopers want to caution everyone about the dangers of drinking and driving.The West Virginia Department of Transportation says over the last 5 years in the Mountain State, almost 800 people have been killed in a drink driving crash just during Labor Day Weekend. Troopers released these pictures from Sunday morning's fatal crash to show the consequences drinking and driving can have.Read full story on Sunday morning's fatal crash in McDowell ...
    While many are safely celebrating Labor Day, State Troopers want to caution everyone about the dangers of drinking and driving.The West Virginia Department of Transportation says over the last 5 years in the Mountain State, almost 800 people have been killed in a drink driving crash just during Labor Day Weekend. Troopers released these pictures from Sunday morning's fatal crash to show the consequences drinking and driving can have.Read full story on Sunday morning's fatal crash in McDowell ...
  • BusinessBusinessMore>>

  • Union workers at Frontier OK 3-year contract

    Union workers at Frontier OK 3-year contract

    Monday, September 1 2014 12:17 PM EDT2014-09-01 16:17:18 GMT
    The new contract will expire in August 2017. It covers about 1,500 employees in 42 West Virginia counties.
    The new contract will expire in August 2017. It covers about 1,500 employees in 42 West Virginia counties.
  • Shale activity spurs WesBanco growth

    Shale activity spurs WesBanco growth

    Monday, September 1 2014 10:00 AM EDT2014-09-01 14:00:29 GMT
    Managing growth has been a problem for some companies in the shale gas region of West Virginia, leading WesBanco to provide services to help them.
    Managing growth has been a problem for some companies in the shale gas region of West Virginia, leading WesBanco to provide services to help them.
  • WV workforce lacks oil and gas expertise — for now

    WV workforce lacks oil and gas expertise — for now

    Sunday, August 31 2014 5:00 PM EDT2014-08-31 21:00:19 GMT
    Despite the relatively high amount of natural gas production in West Virginia, less than 3 percent of employees in some of the major occupations that make up the sector's workforce live in the Mountain State.
    Despite the relatively high amount of natural gas production in West Virginia, less than 3 percent of employees in some of the major occupations that make up the sector's workforce live in the Mountain State.

Consumer outreach, few housing foreclosures and educational programs are just some of the things about the state's banking system that make Delegate Clif Moore, D-McDowell, think banking is doing well in West Virginia.

"I think the outlook for state-charted banks and banks in general doing business in West Virginia is really, really good," said Moore, who is the chairman of the House Banking Committee.

As someone who watches the banking industry closely, Moore said he's satisfied with what he sees. In his opinion, the state's banking industry doesn't need added legislative regulations — the industry is doing just fine on its own.

"Unless there's some very serious or pressing federal legislation, I don't predict any earth-shattering legislation coming out of the committee this term," Moore said. "I think our banks have done a wonderful job … I think we're in good shape."

Moore is scheduled to meet with the Division of Financial Institutions before the 2013 legislative session begins in February to get an idea of what officials there think the Legislature needs to address. But, he said, there's nothing in particular on his radar. That's partly because West Virginia's banks have been ahead of the curve when it comes to federal legislation.

"Most of our banks in West Virginia have been beyond and before the curve before anything hit that forced them to do something," he said. "We've been out front in terms of regulatory requirements, good practices and good policies. I think we'll maintain that throughout 2013 and 2014."

Moore pointed out that most banks in West Virginia are small, community banks, not national conglomerates. That means the state's banks are more likely to be customer-friendly and participate in educational programs for students and seniors.

"I want to make it a point to consumers that banking industry in West Virginia is very stable," Moore said. "I think our history reflects that. I think we'll maintain the course."

On the Senate side, the banking committee is undergoing some change.

Senate Banking and Insurance Committee chairman Sen. Joe Minard, D-Harrison, resigned from the Senate to become Senate Clerk. Sen. Mark Willis, D-Mercer, served as vice-chairman, but he lost his re-election bid in November.

According to the West Virginia Senate, the Democratic committee from Minard's district will select candidates to replace him in the Senate. Gov. Earl Ray Tomblin then will choose a replacement from those three candidates. 

Senate President Jeff Kessler, D-Marshall, will decide who to appoint as chairman of the Banking and Insurance Committee. 

The 2013 legislative session begins Feb. 13.