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MAKING THINGS HAPPEN Hello Challenge, Meet Insight ISSUE 4 2017 OFFICIAL PUBLICATION OF THE UTAH BANKERS ASSOCIATION MAKING THINGS HAPPEN Hello challenge, meet insight. Whatever your challenge is, and wherever it is, you’ll find PwC providing insight, perspective and solutions. PwC assists financial institutions like yours, throughout the state of Utah and globally, with their most challenging issues, from regulatory reform, stringent capital requirements, and risk management, to disruptive technologies and others. For more information, contact: Ryan Dent, Utah Banking and Capital Markets Partner, at [email protected] / (801) 534 3883 or visit www.pwc.com/banking. © 2017 PwC. All rights reserved. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details. This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors. 276036-2017-Utah Banker FY2017 Ad.indd 1 12/20/2016 10:00:24 AM UBA Board of Directors 2017/2018 CHAIRMAN Ron Ostler Chairman Comenity Capital Bank Salt Lake City VICE CHAIRMAN Doug DeFries President & CEO Bank of Utah Ogden 2ND VICE CHAIRMAN Kay Hall 8 13 Executive Vice President and CFO Zions Bank IMMEDIATE PAST CHAIRMAN Craig White President & CEO Utah Independent Bank Beaver COMMUNITY BANK ADVISORY CHAIR Rick Beard President & CEO People’s Utah Bancorp American Fork REGIONAL BANK ADVISORY CHAIR Mark Herman Market President U.S. Bank Salt Lake City INDUSTRIAL BANK ADVISORY CHAIR Kristin Dittmer Chief Financial Officer 4 The Donovan Mitchell Approach 17 2017 Bank Executive Conference EnerBank USA Salt Lake City By Howard Headlee, President Emerging Bank Leaders Jan Bergeson 18 CRA Officer/Utah Market Leader 6 Making Things Happen Conference Ally Bank Midvale By Rob Nichols, President and CEO, American Bankers Association Compliance Corner: Do We Finally Rob Carpenter 20 Executive Director Have a Better TRID? Region Manager If You’re Worried About JPMorgan Chase 8 By Sarah Sauceda, Associate General Counsel Salt Lake City Cybersecurity. Call an Attorney George Daines By Tomu Johnson and Tammy Georgelas 22 UBA Commercial Lending President & CEO Cache Valley Bank Development Program Logan 10 Best Practices for Enhancing the Ray Dardano Debit Chip-Card Experience President & CEO 23 Deeds In Lieu Of Foreclosure: Marlin Business Bank Salt Lake City Advantages Considerations For Are Your IRR Assumptions Going Secured Lenders Gary Harding 12 President & CEO up in Smoke? By Todd M. Labrum, Snell & Wilmer Prime Alliance Bank Woods Cross A primary concern for the lender is its ease Stand Pat or Pay Up and ability to enforce remedies against the Kent Landvatter 13 real property collateral in the event that the CEO FinWise Bank Quarterly Bank Executive Outlook loan becomes troubled. Sandy 15 Survey Highlights Carla Nguyen District Manager By Glenn Martin, Regional Director, Bank Kudos U.S. Bank 24 Promontory Interfinancial Network Salt Lake City The U.S. unemployment rate dropped to Curt Queyrouze a sixteen-year low of 4.3 percent in July Bankers on the Move President & CEO 27 TAB Bank (although it has ticked slightly back up to a Ogden still impressive 4.4 percent). Erich Sontag UBA Associate Members Senior Vice President UBA Education Committee 29 Bank Of American Fork 16 Salt Lake City Volunteers At Fisher House Frank Stepan Managing Director Morgan Stanley Bank, N.A. Salt Lake City Kirk Weiler President & CEO WEX Bank Midvale The Utah Bankers Association represents fifty regional, community and industrial banks throughout Utah and is the voice for Utah’s banking industry and its employees. ©2017 Utah Bankers Association | The newsLINK Group, LLC. All rights reserved. Utah Banker is published quarterly each year by The newsLINK Group, LLC for the Utah Bankers Association and is the official publication for this association. The information contained in this publication is intended to provide general information for review and consideration. The contents do not constitute legal advice and such not be relied on as such. If you need legal advice or assistance, it is strongly recommended that you contact an attorney as to your specific circumstances. The statements and opinions expressed in this publication are those of the individual authors and do not necessarily represent the views of the Utah Bankers Association, its board of directors, or the publisher. Likewise, the appearance of advertisements within this publication does not constitute an endorsement or recommendation of any product or service advertised. Utah Banker is a collective work and as such some articles are submitted by authors that are independent of the Utah Bankers Association. While the Utah Bankers Association encourages a first print policy, in cases where this is not possible, every effort has been made to comply with any known reprint guidelines or restrictions. Content may not be reproduced or reprinted without prior permission. For further information, please contact the publisher at: 855.747.4003. Issue 4. 2017 3 The Bottom Line By Howard Headlee, President, Utah Bankers Association The Donovan Mitchell Approach love watching Donovan Mitchell play sweeping and others are more subtle. insatiable appetite for retaining profits basketball. I think it’s because I love Some changes are anticipated, and many and growth. I seeing people do things that no one will be unintended. There will be those thought possible. It gives me hope who will analyze and predict the future Most people are stunned to find out that that things can turn out better than impact of tax reform based on histori- the largest credit union in Utah, Ameri- we ever expected. cal assumptions founded on what has ca First, has retained over $500 million been experienced in the past. This can in profits over the last five years. Any Most people base their expectations for be thoughtful and in some ways help- other business would have contributed the future on assumptions they have ful, but those that limit their decisions more than $100 million in taxes, with developed from historical performance. to these historical boundaries will be over $25 million going directly into But every once in a while someone quickly left behind. Utah’s Uniform School Fund. At some comes along whose performance changes point, when this profit taking behavior all the underlying assumptions. Things I am particularly interested to see the spreads throughout more and more once thought to be impossible become impact of a somewhat more level playing states, there will be enough votes in possible, changing the trajectory of fu- field in the financial services industry. Congress to put an end to this corporate ture expectations. For far too long, a handful of fake credit loophole once and for all. unions have been operating like banks This holds true in every aspect of life, and with all the benefits of the tax exemption In the meantime, bankers will take it’s the reason we should all be far more provided to real credit unions. Instead the Donovan Mitchell approach and hopeful and optimistic about the future of passing the benefits of the exemption find ways to compete that no one ever than we often are! There are lessons here on to their members, they have charged thought possible. The future industry for each one of us, in any field of work, rates just below the taxable banks and re- leaders will optimize any improve- industry or profession. The future is tained the excess profits to fuel massive ments in taxes or regulation and shaped by those who reject the limitations promotions and growth. change the trajectory of future expec- of historical assumptions and boldly ex- tations. And I will be rooting for them pand the boundaries of what’s possible. When banks begin to enjoy lower tax because every time a customer leaves a rates and pass those savings on through bank and moves their business to one History tells us that broad based tax lower prices, these fake credit unions of these fake credit unions, the tax base reform, always results in significant will have to begin to pass more of their for our schools is eroded and that’s the change. Some changes are embraced tax advantage on to their members. last thing our teachers and Utah taxpay- as positive, some as negative. Some are This will curb what has become an ers can afford. n 4 www.uba.org Because no two clients are ever the same.TM Understanding what makes you unique.® www.swlaw.com BRIAN CUNNINGHAM | 801.257.1954 | [email protected] GATEWAY TOWER WEST | 15 WEST SOUTH TEMPLE | SUITE 1200 | SALT LAKE CITY, UT 84101 DENVER | LAS VEGAS | LOS ANGELES | LOS CABOS | ORANGE COUNTY | PHOENIX | RENO | SALT LAKE CITY | TUCSON Issue 4. 2017 5 WASHINGTON UPDATE And of course, bankers’ engagement on the CFPB’s arbitration rulemaking not only helped shape ABA’s policy posi- tion on the issue, it ultimately helped persuade Congress to overturn the rule, securing a critical win for bank cus- tomers who would have lost access to a resolution option that was faster, more economical and more beneficial to con- sumers than class action litigation. The truth is, we rely on bankers to inform and guide everything we do, from our comment letters on regulatory proposals and advocacy communica- tions, to conference content and online Making Things Happen training. That is the only way associa- By Rob Nichols, President and CEO, American Bankers Association tions can succeed. So my appeal to you is this: Help us ou’ve heard the saying that there are that showcases how bankers lead their help you. We are fortunate to have three kinds of people in the world: communities in difficult times.
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