Salvatore Zerilli, CPA from the Mercadien Group was the featured dinner speaker. Members relaxed at a lavish cocktail hour before sitting down to enjoy a well prepared full course dinner.

Mr. Zerilli presented a timely and informative session that centered on the key regulatory changes that will challenge financial executives with particular attention to those affecting community banks. Salvatore discussed the significant revisions to Regulation E that will require additional disclosure regarding electronic funds transfers initiated by bank customers.

He stressed that the new requirements become effective October 28, 2013 and presented the key elements that financial executives should consider to maintain compliance. Salvatore also discussed other changes in several other significant regulatory areas regarding loan impairment, qualified mortgage lending, and “good faith” repayment guidelines to protect an institution from potential loan loss allowances.

Salvatore concluded by recommending the roles and responsibilities that institutions should establish for successful regulatory compliance. He then provided several strategic answers to questions from the Members in attendance.