323 Compliance: April 2011

Tuesday, April 5, 2011

Former Chief Credit Officer of a Failed Bank Banned From Working in the Banking Industry

- Atlanta Business Chronicle

The former chief credit officer of a failed north Georgia community bank who faces criminal charges has been banned by federal regulators from working in the banking industry.

Robert R. “Randy” Jones, a former executive vice president of Community Bank & Trust of Cornelia, agreed to the Federal Deposit Insurance Corp.’s prohibition order on Feb. 24, and the agency released the order on March 25.

Jones faces federal criminal fraud charges for his involvement in making real estate loans.

Community Bank & Trust also made loans, under Jones’ watch, to an outdoors-retail store that was developed by the daughter and son-in-law of Ga. Gov. Nathan Deal.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

The Purpose of the Appraisal Review

Best summarized by former Appraisal Institute President, Joseph R. Stanfield, Jr., MAI, SRA, in his book Appraising the Appraiser: The Art of Appraisal Review; Mr. Stanfield states that virtually all professions must critique and cross-check work within their own profession. Appraisal review is for the purposes of reinforcing the client's confidence in reliability of an appraisal. Such work includes both Administrative Reviews to check for compliance as well as Technical Reviews, which require a trained and experienced appraiser with knowledge of USPAP and regulations, as well as the ability to make a judgment on the appraisal under review.