Treasury Management Advisor

Basel III and LCR Implications for Corporate Treasury—Navigating the New NormalMost of us do not need to be reminded about the implosion of Lehman Brothers and the ensuing reverberations of uncertainty experienced by the nation’s economy in 2008 and beyond. The tenuous economic climate that followed gave rise to reform measures in the form of Basel III. With these measures the Basel Committee on Banking Supervision established the framework for a comprehensive and more strictly defined set of capital standards designed to enhance the resiliency of bank balance sheets as well as prevent a bank funding crisis during periods of market instability. These standards come in the form of the Liquidity Coverage Ratio.

The Basel III rules were first applied to the largest U.S. banking institutions this year and will continue to be implemented through 2019. The rules present both challenges and opportunities for banks and corporate practitioners, which will be forced to reassess the alignment of customer needs with banking services. At the core of this assessment are potentially higher costs as a result of compliance with Basel III that will encourage corporate treasurers to evaluate banking relationships in order to maximize value. Intrinsic to this evaluation is the Liquidity Coverage Ratio, or LCR.

Liquidity Coverage Ratio basicsBanks’ access to stable and accessible sources of liquidity is at the heart of the LCR rule. By taking an extremely granular look at the composition of banks’

in this issue> Page 1

Basel III and LCR Implications for Corporate Treasury—Navigating the New Normal

> Page 3 Preventing Payment Channel Fraud: Common Tactics and Defense

> Page 6 Innovation Spotlight: New Solution for Electronic Bill Presentment and Payment

> Page 8 The Receivables Game: Stacking the Odds in Your Favor Before You Sell

> Page 9 Commercial Card Acceptance: Toward Transforming Accounts Payable into a Strategic Asset

> Page 12 See You in Denver at the AFP Annual Conference

Issue 107

continued

Treasury Management Advisor> Page 2

deposit and loan customers, LCR aims to ensure that financial institutions understand the sources of near term liquidity that will be available in adverse market conditions, while:

•strengtheningbanks’capitalandliquidity;

•assigninginflowandoutflowratestospecificproductsandcustomertypes;and

•mandatingthatbanksmaintainenoughreadilyavailableHighQualityLiquidAssets(HQLA)tomeetliquidityneedsinaneconomicstressscenario.

Tiered implementationThe U.S. version of LCR, implemented for the largest banks in 2015, has created multiple levels of compliance for financial institutions based on asset size that can be categorized as standard, modified or not subject to LCR.

Standard Approach•Institutionswithgreaterthan$250Binassets•SubjecttofullLCRprovisionswithnomodifications

Modified Approach•Institutionswithassetsbetween$50Band$250B•Outflowprovisionsarereducedby30percenttolessenthecomplianceburden

The financial crisis tested banks’ liquidity buffers and proved that some banks were unable to withstand the stress imposed by unstable market conditions. LCR increases the required liquidity buffer levels and in the same stroke challenges the historic relationship model between banks and corporates. Although LCR does not impose any regulation directly upon corporate institutions, the manner in which banks must comply with LCR will undoubtedly and directly affect client relationships.

Broad relationships are keyBanks will be able to offer clients better pricing for products and services when liquidity shortfalls can be offset by deeper relationships.

Loan structure impacts liquidityTheratesatwhichunfundedloancommitmentsareassumedtoflowoutoffinancial institutions are based on client type and product structure. Liquidity facilities will receive more punitive treatment compared to credit facilities under LCR.

Not all deposits are created equalBanks’ need for customer deposits will increase due to LCR, but the deposits that provide the most liquidity and receive the most favorable treatment will be

continued

putting cash mgmt systems in placeDeveloping a structured process for cash management is important to optimizing your business operations. Learn more by visiting regions.com/Insights/Commercial/Finance/Cash-Management-Systems

for more informationabout Basel III, or to find how Regions can help your business, call Clayton Hollinhead, CTP, Vice President, Commercial Deposits Manager, at (205) 264-4723 or email him at Clayton.Hollinhead@regions.com.

Visit www.bis.org for more about Basel III and the timeline for full implementation.

Treasury Management Advisor> Page 3

more highly valued. Deposits are valued based on qualities such as the purpose of funds, customer type and collateral requirements.

Desirable deposits under LCR:•Depositsusedforacorporate’soperatingneeds

•Fullyinsureddeposits

•Escrowdeposits

•Depositsfromsmallbusinessandretailcustomers

Less-desirable deposits under LCR:•Depositsprovidedbyanon-regulatedfund

•Non-operational(orexcess)depositsfromanyfinancialentity,e.g., insurance firms

•Collateralizeddeposits

•Deposit-onlyrelationships

The takeaways for corporate treasurers•ThenewLCRrulespresentanopportunitytoreevaluatecashmanagement

practices and banking relationships

•Anticipateoff-balancesheetandalternativecashmanagementsolutionsfornon-operationaldeposits

•Haveongoingdialoguewithyourrelationshipmanagementteamtostayupdated on LCR implications

Preventing Payment Channel Fraud: Common Tactics and Defense Ensuring that internal controls and strategies are in place helps protect financial assetsTheFederalBureauofInvestigationandU.S.SecretServicehaverecentlyissuednewwarningsinregardtothethreatknownasBusinessEmailCompromise.Corporations and small business alike continue to face growing concerns as the fraudulent use of payment channels has increased. Understanding the changing tactics and channels fraudsters employ to perpetuate fraud is the first step towardprevention.Ensuringthatinternalcontrolsandstrategiesareinplacealsowill help protect financial assets.

continued

did you know? Small businesses are facing unprecedented levels of fraud. According to the Association of Certified Fraud Examiners (ACFE), the typical business loses five percent of revenues each year to fraud. The latest ACFE study* found that nearly one in three small businesses experienced fraud in 2014, with a median loss of $154,000.*Association of Certified Fraud Examiners, “Report to the Nations on Occupational Fraud and Abuse,” 2014, pg. 4, http://www.acfe.com/rttn/docs/2014-report-to-nations.pdf

Treasury Management Advisor> Page 4

Forthosewhohavenotalreadyconsideredthesolutionsavailabletohelpneutralize the threat, electronic payments could be at high risk. Wire payments continue to be an attractive vehicle for criminals due to the speed and finality of settlement, coupled with the fact that wire originators and volume continue to grow, making the collective target even larger.

TacticsCommon schemes for payment channel fraud include fake vendor invoices sent via email and social engineering, as well as fraudsters demanding requests that require immediate action and confidentiality from the initiator. Compromised login information and forged email messages are two of the most common ways fraudsters commit financial crimes. As such, be cautious when acting upon any type of payment instructions received via email, even if the email appears to originate internally within your own company or from a known trading partner, as this could be an attempt at impostor fraud.

In the case of social engineering, a criminal persuades the victim to take a particular action, such as sharing private information or even wiring money. This is often done via email, a technique known as phishing. Matthew Speare, executive vice president at Regions Bank, explains that an increasing number of business owners are falling for this type of scam, in part because fraudsters have gotten more sophisticated and targeted in their approach. “They have done their research on your business,” he warns. “They are going to be convincing, so you have to be on guard. We have seen examples of incredibly well-donephishingemails,andwehaveseencustomerslosemillions.Itcanbedevastating.”

InFebruary2015,acontrollerofanOmaha-basedcompanylost$17.2milliondue to an allegedly fraudulent email designed to look like it came from the CEO.Thatcompanyisnotalone.McAfeefoundthatonlyfourpercentofexecutives worldwide could tell the difference between a real email and a phishing email 100 percent of the time.

Impostor fraud growing in popularityImpostor fraud involves a fraudster masquerading as a person whom you know and trust, such as a company executive, a vendor or, in some instances, even the

continued

learn more Resources for defending against payment channel fraud:

> Visit regions.com/stopfraud for fraud prevention resources, including best practices and bulletins from the FBI & U.S. Secret Service

> Visit regions.com/onlinesecurity for simple and effective online security hints and more information about dual control approval for ACH and wire transactions

continued

IRS. The impostor makes contact via phone, email, fax, or mail and submits an invoice or requests a payment or a change to vendor payment instructions. If you follow the request based upon the perceived trusted relationship, any payments sent go to the fraudster instead of the intended party.

Imposter fraud differs greatly from a fraudster stealing online banking credentials and using them to make fraudulent payments. With impostor fraud, the organization’s authorized users make the payments, so they appear as normal payments to the bank. This typically means the fraud is not quickly identified, which makes it harder to recover the funds, particularly if sent by wire. It is very important to us, as a trusted financial advisor, to help caution against such schemes.

Avoid risky business, avoid business email compromise•Avoidusingopensourceemail.TheInternetCrimeComplaintCenter

(IC3)citesopensourceemailasthemostcommonemailtypetargetedbycybercriminals for business email compromise.

•Individualsresponsibleforhandlingwiretransferswithinaspecificbusinessare targeted by role, title or even name. Be alert.

•Spoofedemailsappearaslegitimateemailrequests.However,takeasecondlook. Is the email address itself a “knockoff” with one letter missing, for example, to appear legitimate at first glance?

•Fraudisbecomingmoresophisticateddaily.Forexample,fraudulentemailrequestsforwiretransfersareoftenerror-free,well-written,andbusiness-specific, and they do not raise suspicions to the legitimacy of the request.

•Victimsoffraudulentemailrequestsreportrequesttriggers,suchas“codetoadmin expenses” or “urgent wire transfer/request.”

•TheInternetCrimeComplaintCenterreportsthatmostfraudulentwiretransferrequestsarebusiness-specific,appearingasnormalbusinesstransactionamountstoavoidraisingredflags.

•Fraudulentemailscommonlyalignintimingwiththetraveldatesforbusiness executives whose emails are spoofed so that fraudsters increase their chance of success.

Mitigating the threat through easily implemented tactics•Educateemployeesandhaveamulti-facetedfraudpreventionplan.

Fraudeducationandawarenessiskey.Makeitapartofregularbusinesscommunication to keep daily vulnerabilities top of mind.

Treasury Management Advisor> Page 5

continued

did you know? > The window for recovering funds fraudulently procured through tactics like business email compromise can be hours, when recovery is even possible.

> A growing trend noted by the FBI is that cybercriminals are choosing to leverage publicly available information and vulnerabilities in corporate email systems to trick businesses into transferring large sums of money into fraudulent bank accounts, often internationally where recovery of funds is nearly as difficult as with cash payments. Over $1 billion was lost by companies worldwide from October 2013 through June 2015 as a result.

> More and more companies are choosing to put cyberinsurance policies in place. While a good idea for some, this is an emerging safeguard, and companies should first appropriately ascertain the true implications of a fraudulent occurrence as well as the measurable impacts.

Treasury Management Advisor> Page 6

•Haveafraudmitigationplanandpreparefortheworst-casescenario.

•Promptlyupdatebusinesssoftware.

•Alwaysuseacompanywebsitedomainandcompanyemailaccounts,notfree,web-basedemailaccounts.

•Takeheedwherebusiness-relatedinformationispostedonsocialmediaandcompany websites, including job duties, descriptions, reporting structure, andout-of-officeinformation.

•Monitornetworktrafficforanomalousactivity.

•Alwaysquestionurgentorpressuredmonetaryrequests.

•Use“OutofBand”communicationtactics.Forexample,alwaysuseasecondary means of authentication to verify the legitimacy of financial transactions,suchasconfirmingrequestsbytelephone.TheIC3suggestsarrangingsecond-factorauthenticationearlyinbusinessrelationshipssothat the communication occurs outside the email environment to help avoid interception by a hacker.

•Donotgivemalwareachance.Alwaysdeleteemailfromunknownoriginators. Do not open spam email, click on links within the email, or open attachments.

•Donotusethe“Reply”optiontorespondtobusinessemails.Makeitahabittousethe“Forward”optioninstead,andeithertypethecorrectemailaddress or select it from your address book.

Innovation Spotlight: New Solution for Electronic Bill Presentment and Payment RegionsTreasuryManagementProductsandServicesispleasedtooffertheRegions Biller XchangeSMweb-hostedelectronicbillpresentmentandpaymentsolution.Feature-richandscalable,RegionsBillerXchangeenablescompaniesandorganizationstopresentbillstotheircustomers(payers)electronicallyandcapture both the payment and remittance data via a web application that is linkedtoyourwebsiteandreflectsyourbrand.

Regions Biller Xchange is secure and simple to use. Benefits include faster paymentswithreducedDSO,improvedinternalbillingandpostingprocesses,andincreasedefficiencybyreplacingpaperprocesseswithEBPPandEIPP.The solution also enhances the payer’s experience by providing the convenience of online payment acceptance.

continued

reporting fraudImmediately report anything you feel is suspicious, including emails that appear to be from your financial institution, application pop-ups, unexpected error messages or any unfamiliar login screens.

If you are a Regions client and suspect fraud or have received a suspicious communication, call Regions Client Services immediately at 1-800-787-3905.

Treasury Management Advisor> Page 7

Benefits of Regions Biller Xchange:•Transformspaper-basedbillsandpaymentsintomoreefficientdigital

transactions

•Cost-effectivebillingandpaymentplatformthatdeliversarichsetoftoolsonce only available to large corporations

•Allowscompaniestodistributeelectronicbillsandacceptpaymentsonline,byphone(CSR/IVR),andbymobiledevice

•Convenient,easy-to-useplatformwithflexiblepaymentandpresentmentoptions

•Choiceofpaymentmethodsandchannelsincludingbankaccount(ACH),credit/debitcard,IVRandCSR

•HostedSaaSmodel,meaningthereislittletonoITexpenditurerequired

•Nosoftwaretoinstallormaintain

•MeetsstrictestregulatoryandcompliancerequirementsincludingHIPAA,SSAE16,PCILevel1andSOC2

“Making the move from paper to electronic receivables processing is beneficial for billers of all sizes, particularly those who send their customers recurring bills,” explained Kevin Morgan, senior vice president of Regions’ Treasury Management Receivables group. “Whether a client is looking to simply accept onlinepaymentsoracomprehensiveIVRsolution,RegionsBillerXchangeoffers both presentment and payment options that align with our clients’ needs, as well as their payers’ expectations of having multiple payment convenience options.”

To learn more about Regions Biller Xchange, contact your Treasury Management OfficerorRelationshipManager.

For which of the following reasons did you visit a biller’s site*?

*Biller from whom you receive and pay a monthly bill

Source: Fiserv 2013 Billing Household Survey

82%45%22%18%17%7%5%

pay a bill

access or view monthly invoice

shop for products and services

use online self-service options

contact customer service

take advantage of marketing offers

learn more about the services

Manufacturing

Retail

Utilities

Other

Property

Financial

Government

Heathcare

Healthcare & Insurance

Government & Education

Financial Services

Property Management

Other

Utilities

Retail & Wholesale

Manufacturing & Distribution

7%

7%

8%

9%

25%

18%

14%11%

Regions Biller Xchange: Key Industries Served

Treasury Management Advisor> Page 8 The Receivables Game: Stacking the

Odds in Your Favor Before You Sell Whenitcomestocashflowmanagement,thesinglemostimportantfactoristimelyreceivables.However,ensuringthatyoucollectcashontimerequiresa vetting process that begins well before you sell and continues throughout thelifeofthecustomerrelationship.Consideringthat43percentofsmallbusinesses have customers who are more than 90 days late on payment, the receivables game is something with which many business owners could use alittlehelp.Here’showtoimplementeffectivecreditpolicies,andtoensureyou’re utilizing your bank’s tools and services for getting that money into your account as quickly as possible.

Implement a clear credit policyEnsureyourcompanyhasawellthought-outcreditpolicythatreflectsyourbusinessgoals.Howmuchriskcanyoutake?Whoisresponsibleformakingsure customers pay on time? What happens if your biggest client pays late or not at all? Who steps in? Make sure your team understands your policies, and that they are formally presented to every new client.

Create credit profiles to help you set appropriate termsWhen beginning a relationship with a new client, do your due diligence. To help you assess risk and assign appropriate limits, consult industry credit groups and ask for financial statements and credit references from the new client. “Always take a credit report and check your potential customers’ payment history and trends.Putthemonregularmonitoringwithyourcreditreportingagencysoyoucan be alerted of any changes,” says David Knowles, group marketing director at Creditsafe, a leading commercial credit reporting company. If the client is part of a larger entity, look at that business’ financial health, too, he advises.

Read the writing on the wallIt’s easy for a credit problem to sneak up on you, especially when it involves a longstanding client. Businesses can consider many of the same factors that banks review when assessing a potential credit problem, such as the general economic climate and industry specific indicators. Banks also review account management.Isthebankerseeingbigchangesincustomerbehavior?Havethey started overdrawing or depositing half as much as they usually do? Are they reluctant to share financial data? These can be indicators that something could be amiss.

Whenyoususpectaproblem,staypersistentandunapologeticinyourfollow-up. Make sure you have a collections policy in place, and that you stick to it. You may need to involve your legal team and extend a payment plan. To further protect yourself, consider collecting a down payment or instituting a late payment fee.

continued

Treasury Management Advisor> Page 9

FacilitateaquickdepositForasmallbusinessstrappedforresources,thesimpleactofgettingtothebankcan seem daunting. Many financial providers offer tools and technology aimed at making it easier to deposit money quickly. Solutions include retail lockboxes for customers to mail their payments directly to the bank rather than your office, and remote deposit capture that enables business owners to scan checks directly from their desks. The file gets transmitted to your bank, and you don’t have to leave the comfort of your business to stand in the teller line.

Depending on your business, these solutions may also be important for safety reasons. You don’t want to worry about your store manager walking to the bank with a lot of cash every day.

Withoutcash,nocompany—small,mediumormega-sized—isgoingtostayinbusiness. By being up front about your policies, making smart credit decisions, implementingswiftandconsistentfollow-upandconsideringtechnologyoptionsto facilitate deposits, you can dramatically improve your receivables process.

Commercial Card Acceptance: Toward Transforming Accounts Payable into a Strategic Asset The role of accounts payable is quickly becoming more strategic, as awareness of previously unnoticed or unconsidered benefits is increasing. Considering accounts payable to be a business asset—an opportunity to reduce costs, increase working capital, and obtain discounts by paying electronically—is a paradigm shift being realized by organizations in growing numbers, since emphasis has historically been weighted instead toward receivables.

Acommercialcardprogram,orpurchasingcard/P-cardprogram,isaprimarypayment method that can help transform accounts payable into a strategic businessasset.Forexample,purchasingcardsnotonlyenablebusinessestoleverageautomationtoolsforexpensemanagementandA/Pbutcanalsoprovidethebenefitofextendedfloat.Withthemostprevalentorganizationalgoalbeingtheimprovementofworkingcapital,buyerscanextendDaysPayableOutstanding(DPO)dependingonthedateofpaymentandbillingcycle,withimproved working capital access as a result.

continued

did you know? > Regions is the 10th largest

commercial card provider in the United States

> Regions has offered a commercial card program for 18 years

> Regions offers the Visa® commercial card platform due to Visa’s acceptance, support and overall leadership in the industry

> Regions has partnered with thousands of clients to assist with domestic and international expense management needs

> Regions was among the first financial institutions in the U.S. market to introduce EMV/chip enhanced card technology

Treasury Management Advisor> Page 10

Insights into acceptanceTraditional purchase orders and paper invoicing are being replaced as companies of all sizes increasingly seek the advantages of electronic payments andA/Pautomationwithstraight-throughprocessing.However,somesellersremainreluctanttoacceptP-cardsandcorporatevirtualcardpayments,whichcan prove an impediment in the B2B exchange. It goes without saying that card acceptance in the consumer space is almost universal. Unfortunately, this level of acceptance is not always the case for companies wanting to pay their suppliers for goods and services using a card.

Forinsightsintocardacceptance,considerthepurchasingcardacceptancesurveyconductedin2013byFirstAnnapolisConsultingandtheNAPCP.*Thesurvey sought to explore market evolution to refresh perspectives on suppliers’ acceptanceofcardpaymentsfromtheend-userorganizationbuyer’spointof view. Two primary findings emerged: first, B2B buyers are experiencing an acceptancerateofapproximatelytwo-thirdsfromtheirsuppliers;second,whilethesurveyfoundthatP-cardacceptancevariesbycategoryofspend,supplierresistancetoacceptpaymentbyP-cardstendstoincreasewiththetransactionamount—thesurveycitedthisthresholdas$10,000to$15,000.Still,theaverage rate of acceptance by category in the U.S. has increased almost universally since previous survey findings in 2009.

Key factors for bridging the gapSo what factors contribute to a vendor’s hesitance to embrace commercial cardpayments?Thesurveyrevealedthatmostsellers—67percent—whowere reluctant to accept card payments identified fees as being too high to warrantacceptance.One-fourthofrespondentsfelttheinfrastructureforcardacceptance was too difficult to put into place, followed by an acknowledged lackofunderstandingofthebenefitsprovidedbycorporateP-cards.Therealimpediments to acceptance can be simply stated as a lack of education about (1)transactionfeesandinterchangerates;(2)cardsupportandinfrastructuresetup;and(3)thetangiblebenefitsofcardacceptance.Thependulumswingsto the buyer to bridge this education gap with their suppliers, but corporate treasurers are not alone and can rely upon their financial institutions for assistance.

The benefits of acceptanceVendorshaveatrueneedtounderstandhowP-cardswork,theavailabletechnology, and how these aspects integrate with existing infrastructures andbusinessprocessestojustifyP-cardacceptance.Therearealsolingeringmisconceptions to be dispelled about fees and interchange rates. Many vendors remainsimplyunawarethatissuerssuchasVisa® and MasterCard® both facilitateareducedcosttothesellerforP-cardtransactions.

continued

average cost per transactionacross all industriesPaperchecks $7.15

ACH $4.72

Wiretransfer $9.86

CommercialCard $3.96

Aberdeen Group Study, 2012

Ensuring our clients are armed with insights

and best practices on how to achieve supplier acceptance is a key goal of the Regions Commercial Card team.

Chris Zimmer Senior Vice President Regions Commercial Card Services

Treasury Management Advisor> Page 11

Also, technology qualifies vendors for lower interchange expense when B2B transactions are processed at the optimum interchange levels. These levels, or“datarates,”areofferedbyVisaandMasterCardtoprovidereducedinterchange fees for card acceptance, which can sometimes be 90 basis points or more below standard interchange rates. Not taking advantage of P-cardacceptanceoravailablereducedratescantranslatetomissedbusinessopportunitiesforcostsavings,streamlinedcashflow,andeventhelossofbusiness due to the reluctance to work with B2B procurement programs. Again, thisallarisesfromthelackofeducationaboutP-cardprogramsandtheirbenefits, which are not mutually exclusive for the buyer and seller.

BestpracticesforpromotingP-cardacceptanceBased upon the survey’s findings, several best practices can be employed to helppromoteP-cardacceptance:

1 Before you do business, ask your suppliers if they accept corporate commercial cards.WhetheratermofyourcontractorrequestedviaRFP,

verifying card acceptance when you have the most leverage as a buyer—at the time of solidifying the business relationship—is key.

2 Ensure card acceptance when selecting your suppliers for specific goods and services.

3 Request assistance from your commercial card provider to educate your vendors. Treasury professionals should request assistance from their card

providers to help secure acceptance from their suppliers. Card issuers like Regions integrate vendor enrollment campaigns as part of each commercial card program’s implementation. Take advantage of this assistance. Regions’ commercial card experts can also help clients discover which innovative card solution best aligns with their cash management strategies, processes and business goals.

The right commercial card solution will fulfill organizational buyer and supplier needs,helpingtobettermanagebothcashflowandtheconversioncycle.Thebottom line is that B2B commercial card acceptance will continue to improve as corporate buyers look for ways to realize savings, process improvements and A/Pautomation.Businesses,corporationsandorganizationsregardlessofsizewill come to expect card acceptance by the suppliers with whom they choose to conductbusiness.Likewise,supplierspreviouslyreluctanttoembraceP-cardswill increasingly recognize the direct benefits of accommodating card payments in the evolving card and electronic payment space.

*Information cited from 2013 First Annapolis Consulting, Inc. and NAPCP Survey

FACT: An additional benefit for both buyers and suppliers is that, due to inherent security features, commercial card payments have the least incidence of fraud compared to all other B2B or corporate payment types. For example, buyers can initiate payment using a virtual or “ghost” card, where a one-time card number is provided for payment, reducing the opportunity for compromise.

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ACTIONS

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REFERENCES

RELATIONSHIPS

INPUTS

TRAJECTORIES

ANALYSIS

SPREADSHEETS

INDIVIDUALS

Treasury Management Advisor> Page 12

Regions Treasury Management AdvisorRegions Treasury Management Advisor is published by Regions Bank and is provided to you as a Regions client.

We are committed to open communication and to providing you with the best service possible.Foradditionalinformationabouttopicsappearinginthisissue,pleasecallyourTreasuryManagementOfficerorRelationshipManager.Tosubmitcommentsorsuggestions, email us at TMAdvisor@regions.com.

All Regions products and services are subject to applicable customer agreements, terms, conditions, disclosures, and application requirements. Credit products and all loans and lines are subject to credit approval.

This information is general in nature and is provided for educational purposes only. Information provided and statements made by employees of Regions should not be relied on or interpreted as accounting, financial planning, investment, legal, or tax advice. Regions encourages you to consult a professional for advice applicable to your specific situation. Information provided and statements made by individuals who are not employees of Regions are the views, opinions, or positions of the individual who made the statementanddonotnecessarilyreflectthepolicies,views,opinions,andpositionsofRegions. Regions makes no representations as to the accuracy, completeness, timeliness, suitability, or validity of any information presented.

©2015 Regions Bank

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are you a Treasurer or C-suite executive?Visit regions.com/Insights/Commercial for more on finance, operations, risk management and business innovation.

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