Harrisburg, PA - Pennsylvania Acting Secretary of Banking and Securities Richard Vague today commended students from 10 Pennsylvania colleges and universities competing in the 2020 Conference of State Bank Supervisors (CSBS) Community Bank Case Study Competition.
The Community Bank Case Study Competition is open to undergraduate students in all fields of study as an opportunity to gain valuable first-hand knowledge of the banking industry. This year, each student team developed an original case study that evaluates how their local community bank is meeting the requirements of the Bank Secrecy Act (BSA) and identify potential regulatory reforms. The competition was modified by curtailing in-person interactions and eliminating the video submission requirement in an effort to encourage remote learning and support social distancing and other protective measures amid the COVID-19 emergency.
“These students exemplify resilience and determination in the face of considerable challenges during their spring semesters,” said Vague. “I applaud the teams for their diligence in working with their faculty advisors and community bank partners in tackling the complex issue of BSA compliance, one of paramount concern for local community banks.”
Eleven teams from ten Pennsylvania colleges and universities, working with local community bank partners, entered the competition:
• DeSales University (Center Valley, Lehigh County) working with Mauch Chunk Trust Company
• Grove City College (Grove City, Mercer County), working with Mars Bank
• Kutztown University (Kutztown, Berks County), working with New Tripoli Bank
• Mansfield University (Mansfield, Tioga County), working with Citizens & Northern Bank
• Muhlenberg College (Allentown, Lehigh County) working with QNB Bank
• Penn State University (State College, Centre County) working with Kish Bank
• Rosemont College (Bryn Mawr, Montgomery County), working with Bryn Mawr Trust Company and Asian Bank (two teams)
• University of Pittsburgh at Johnstown (Johnstown, Cambria County), working with 1st Summit Bank
• Ursinus College (Collegeville, Montgomery County), working with The Victory Bank
• York College of Pennsylvania (York, York County), working with York Traditions Bank
The student teams are competing for an academic scholarship, a chance for to get their work published in an academic journal and an opportunity to attend the eighth annual CSBS-Federal Reserve-FDIC Community Banking Research Conference, held in St Louis this October. The top three scoring teams will be announced in June.
Anyone can ask questions or file complaints online about financial transactions, companies or services or call 1-800-PA-BANKS (800-600-0007). Members of the public are also invited to connect to the department through Facebook and Twitter or subscribing to the department’s newsletter.
MEDIA CONTACT: Virginia Lucy, 717-214-6036, RA-BNDOBSCOMM@pa.gov