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2020 state legislative session begins - what's in store for banks?
The second regular session of the 72nd Colorado General Assembly kicked off on Wednesday, with 148 bills crossing the desk in the first hours of the 120-day lawmaking term.
During a CBA Government Affairs Committee later that day, CBA President Jenifer Waller noted that the session is expected to be fraught with challenges for the business community, including banks. CBA will continue representing the industry in opposing legislation regarding a state-owned bank, and working to protect the economy by making sure policy such as family medical leave insurance and data privacy is reasonable.
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Melanie Layton, CLS
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"After a tumultuous legislative session in 2019, we are optimistic that legislative leadership will guide members into more thoughtful stake-holding work to produce more bi-partisan solutions. Already members from both sides are working to find solutions for more transportation funding and ways to balance the state budget. The banking industry will be heavily involved with the myriad of legislation impacting businesses that we expect again in 2020 and continue to promote incentives rather than mandates and market-based solutions rather than government programs," said CBA's lead lobbyist Melanie Layton, of Colorado Legislative Solutions. "We've appreciated the legislature studying retirement savings options for employees in the private sector and expect an end product that will be a public-private partnership. In addition, the leg
islature is looking at increased financial literacy for high school students in Colorado. The banking community will work to protect the strong business climate in Colorado and looks forward to partnering with the business-minded legislative leaders in this state."
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Loren Furman, Colorado Chamber
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Colorado Chamber of Commerce leadership made similar notes. "The business community in Colorado is currently facing an overwhelming amount of new costs due to well-intended, but expensive, policies coming from state and local lawmakers. From increasing minimum wage and new overtime rules to growing health care costs and a potential paid family leave mandate - any one of these policies alone could shutter the doors of businesses across the state. Looking ahead at the 2020 legislative session, we're asking lawmakers to be mindful of all the new costs employers are incurring; to limit future burdens on business, and to help us sustain economic growth into the next decade," said Loren Furman, senior vice president of state and federal relations for the Colorado Chamber of Commerce.
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Banking board to hear proposal to allow credit union to purchase bank in CO
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Cache Bank &Trust
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The Colorado Banking Board next week will hear a first-of-its-kind proposal in Colorado: a credit union is seeking to acquire a bank.
Boulder-based Elevations Credit Union announced in September it was in the process of acquiring Greeley's Cache Bank & Trust - a move that would grow the institution to approximately $2.2 billion in assets and more than 141,000 members, if approved.
The effort stalled in the following weeks, as the Colorado Bankers Association cited existing statutes that appear to prohibit the acquisition as they hold that banks can only sell a substantial portion of their assets to other banks, with a similar prohibition in place for credit unions.
A published agenda for the January 16 banking board meeting shows that Elevations and Cache may be citing the "wild card" statute, which holds that the banking board may allow a state chartered bank to conduct any banking activity a national bank is permitted to, so long as that activity is not legally prohibited.
CBA will send a letter of objection to the acquisition ahead of the meeting next week. Those banks or individuals interested in doing so as well can submit comments in writing to Commissioner Ken Boldt or to banking board secretary Charles Siler or operations manager Kara Hunter no later than January 14.
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Analysts: Strength of banks, economy could hide risk
The banking industry remained strong in 2019, with high profitability and few bank failures. However, analysts say the apparent strength of the banking system and the economy could be masking risk that is gathering momentum beneath the surface.
OCC proposes new round of EGRPRA-recommended rule changes
As part of its ongoing actions to implement regulatory relief identified by the decennial Economic Growth and Regulatory Paperwork Reduction Act review, the OCC yesterday proposed rule changes and sought comments on prospective changes sought by ABA during the EGRPRA feedback process as well as other regulatory matters.
Bankers: Ask Senators to pass AML reform, Cannabis banking bills
With Congress back in session, ABA is urging the Senate to consider two important banking-related bills that have already passed the House with bipartisan majorities.
Banks protect big data as fintechs offer more financial services
Banks will likely face new disruptions in the near future as fintechs and big technology companies begin to offer more financial services.
Bank M&As increase in 2019 -- but most are small
Bank mergers and acquisitions were up 5% in 2019 and the BB&T-SunTrust deal was the largest. Most of the 271 mergers recorded last year were small and many were between banks of similar size.
Fed aims to quickly finish capital-buffer rule
The Federal Reserve hopes to complete a capital-buffer rule in time to incorporate it in the next stress test of banks, says Randal Quarles, vice chairman for supervision.
Banks could be a target in conflict with Iran
Tensions between the US and Iran continue to escalate and Iran may target banks with cyberattacks, analysts said. The hackers are more likely to use a ransomware strategy as opposed to a DDoS attack, according to Joe Krull, a senior analyst at Aite Group. In related news, regulators have been asked to guard against possible Iranian cyberattacks
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CBA legislative briefing and luncheon
March 4, 2020
 Join CBA, your Colorado State legislators and other public officials for CBA's 2020 Legislative Briefing and Luncheon. This is your opportunity to build relationships with bankers and legislators and to discuss the current economic environment. Make your voice heard when it comes to the numerous issues facing banks in this year's legislative session. This event is sponsored by Jones and Keller.
 Legislator/leadership meet and greet
9 a.m. -11 a.m. Colorado State Capitol (optional)
Please email Lindsay Muniz if you would like to do the optional meeting
Banker Briefing
11 a.m. - 11:45 a.m.
Colorado Sate Capitol 200 E. Colfax Ave. Denver, CO 80203
Luncheon
12 p.m. to 1 p.m.
The Brown Palace Hotel 321 17th St. Denver, CO 80202
Reserve your seat
 Registration now open for 2020 Center for Bank Advocacy program
Just as "relationship banking" is important to your bank's success, building solid and lasting interactions with public officials is critical. You have more comfort lending to someone you know; public officials and media also rely more on people they know and trust. We need to build these relationships now.Heading into its 8th year, the program has helped bankers grow their careers not only through direct advocacy but in serving on CBA's board of directors and Government Affairs Committee. Learn more and register.
 Banking hemp: A three-part webinar series
January 28, 2020, 9 a.m. to 10 a.m.
February 11, 2020, 9 a.m. to 10 a.m.
February 25, 2020, 9 a.m. to 10 a.m.
(Times may run longer by half an hour depending on the panel)
File a SAR or not? That is (just one) question.
2019 brought a change in regulations for hemp production and related financing. What do the changes mean for your bank and your hemp-producing customers? And what about your hemp businesses' customers? CBA will host a three-part webinar series aimed at educating bankers about the new regulations, concerns to consider and compliance requirements regarding hemp-related transactions. Put these dates on your calendar now! CBA will follow up with specifics in the new year.
Topics to include: * Hemp rules (federal and state), bank regulators' guidance and other regulatory concerns * Bank deposit and loan risk, consequences and options if a crop is "hot" (exceeds legal THC limits) * Legal and regulatory analysis and guidance (by bank legal counsel) Price: Member $275 Non-member $350.
CBA to host employee ownership network roundtable - a free event
Tuesday February 4, 2020 9 a.m. to 11 a.m.
Join CBA and a number of guests to learn more about Colorado's Employee Ownership Network, a group seeking to align state resources and bring together subject matter experts to promote employee ownership in Colorado.
Register
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 CoNetrix specializes in providing security, compliance and IT consulting for community banks. Our offerings include IT/GLBA Audits; external Penetration Tests; Information Security Programs; tandem Security & Compliance Software, an innovative suite of solutions used by over 1,000 financial institutions for Cybersecurity, Risk Assessment, Business Continuity Planning, Vendor Management, Information Security Policies, Social Media Management, Audit Management, Phishing and more; managed network services; and Aspire Cloud Hosting with options for disaster recovery, Exchange hosting and secure file sharing.
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Phone: 806.687.8600
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Contact: Keith Laughery, (CISA, CISSP)
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Compliance Alliance
Bank question: We have a loan application which will be secured by our borrowers' primary residence. It will additionally be secured by 40 acres of agricultural real estate that is owned by one of the borrowers' father. My question is, do I have to provide a copy of the Loan Estimate to the father who is only pledging security?
Compliance Alliance answer: There is not a requirement to give a copy of the Loan Estimate to the father in this case, under the TRID requirements. If the loan is subject to the right of rescission, the bank would need to give a Closing Disclosure to anyone with the right to rescind though, which may include the father. As always, be sure to check any internal policy requirements or investor guidelines, if applicable, since these often include additional disclosure requirements. ...When two consumers are joint obligors with primary liability on an obligation, the early disclosures required by § 1026.19(a), (e), or (g), as applicable, may be provided to any one of them. In rescindable transactions, the disclosures required by § 1026.19(f) must be given separately to each consumer who has the right to rescind under § 1026.23. In transactions that are not rescindable, the disclosures required by § 1026.19(f) may be provided to any consumer with primary liability on the obligation. ...
https://www.consumerfinance.gov/policy-compliance/rulemaking/regulations/1026/Interp-17/#17-d-Interp-2
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