Is Your Printer Environment a Security Risk? MBA Endorsed Product Vendor Spotlight: Ncontracts Total Vendor Management Solution MBA Cuts Life and Disability Rates 2017 Minnesota Bankers Community Impact Week Recap Equifax Lessons Learned GSB 2018 BUDGET NOW FOR GSB — WHERE BANKING AND LEADERSHIP COME TOGETHER. Programs through the Graduate School of Graduate School of Banking July 29 - August 10, 2018 Banking at the University of Wisconsin - Madison are the best place to hone both banking and Bank Technology Management School leadership skills. GSB programs explore critical April 8 - 13, 2018 banking topics in the real world—with hands-on Human Resource Management School learning and the chance to network, collaborate April 15 - 20, 2018 and learn among some of the brightest Financial Managers School leaders in the industry. Take advantage of the September 9 - 14, 2018 industry’s most powerful banking and leadership Sales and Marketing School – NEW! development programs and take your career, October 14 - 19, 2018 your team—and your bank—further. Bank Technology Security School October 21 - 26, 2018 GSB.ORG table of CONTENTS MBA News The Chair’s Message Published six times a year, MBA News is the official publication of the MBA. Articles focus exclusively on the 4 The Strength of Our Association commercial banking community in Minnesota. Eric Hauth, Managing Editor Cover Focus: Hot Topics 952-857-2605 • [email protected] Questions or comments about MBA News should be directed 8 Community Impact Week to the Managing Editor, Eric Hauth. 13 MBA Endorsed Product Vendor Spotlight: Ncontracts Total Vendor Management Solution MBA Staff 14 MBA Cuts Life and Disability Rates Executive • Joe Witt, President/CEO 15 Is Your Printer Environment a Security Risk? • Roy Terwilliger, Director of Member Relations 16 Equifax Lessons Learned • Kim Philipson, Executive/Education Coordinator Education & Communications Features • Eric Hauth, Director, Communications and Education • Chris Harrison, Education Coordinator 7 2018 Graduate School of Banking Madison Scholarships • Mary Henriksen, Registrar • Nicole Hanger, Education & Associate Membership 14 LIBOR Set for Elimination in 2021 Coordinator • Jean Hendrickson, Website Coordinator & Desktop 18 Disasters are Prime Time for Cybercriminals. How to Think Ahead. Publisher 19 2018 Community Champion Recognition Finance & Group Insurance 20 Republican Tax Reform Bill Lacks Details on Issues Affecting Community Banks • Dan Melcher, Finance Director/CFO • Brent Stokesbary, Accounting Manager 22 Commercial PACE Financing Brings New Equity to Projects • Stacy Meyer, Group Insurance Manager • Connie Mack, Senior Plan Administrator/Insurance Agent 28 2018 Holiday Survey Results • Barbara Markus, Senior Plan Administrator 29 Graduates of the 2017 MBA Commercial Lending School Human Resources • Diane Brower, Director of Human Resources 30 MBA and Graduate School of Banking at Colorado Seek Applicants for Future • Cindy Meyer, Database Administrator Leaders Scholarship • Kathie Babcock, Receptionist/Graphic Designer • Martha Kooiman, Receptionist 31 2018-2019 Leadership Development Academy Legal/Compliance/Government Relations 32 Save the Date! MBA Annual Summit - June 10-12, 2018 • Tess Rice, General Counsel/Director of Government 33 Jill Amundson Appointed to Employee Benefits rustT Board Relations • Michael Thro, Associate Counsel 2017 Graduate School of Banking Graduates from Minnesota • Terry Tiller, Legal Products & Services Coordinator • Therese Kuvaas, Government Relations Manager Departments 6 Calendar of Events 27 Compliance Query 7 Education and Communications News 27 Ask the Agent 24 Bankers On the Move 28 Welcome New Associate Members MBA Consulting Group 26 Counsel’s Corner 34 Index of Advertisements • Tom Boswell-Healey, Associate Counsel/ Senior Compliance Consultant • Jay Tambornino, IT Consultant Minnesota Bankers Association 8050 Washington Avenue South, Suite 150, Eden Prairie, MN 55344 952-835-3900 MN Toll Free 866-835-3900 Fax 952-896-1100 [email protected] www.minnbankers.com Midwest Bankers Insurance Services • Dan Melcher, Chief Financial Manager • Jeff Otteson, Vice President - Sales • Adam Dawson, Regional Sales Manager MBA News is published six times per year by the Minnesota Bankers Association, • Yvonne Anderson, Account Manager 8050 Washington Avenue South, Suite 150, Eden Prairie, MN 55344. is printed on 30% recycled content paper. • Jennifer Bockhop, Account Manager © 2017, Minnesota Bankers Association. All rights reserved. No part of this newsletter may be reproduced in any form or incorporated into any information retrieval system without the written permission of the copyright owner. www.minnbankers.com MBA News The official publication of the Minnesota Bankers Association 3 THE CHAIR’S MESSAGE Another important part of our association is the MBA’s Legal and Compliance Department. Not all state associations across the country offer legal and compliance support to their members. Minnesota is home to many community banks, which are especially impacted by regulatory burden. Therefore, the benefit The Strength of Our Association of having an association that can provide legal and compliance support is significant. The legal manuals covering both state and Mark White federal law and the Legal/Compliance President First National Bank, Coleraine bulletins on changing laws and regulations are helpful. And the ability to contact the legal department with questions is a tremendous service. hank you once again for the day, and they know the issues that need This year the MBA legal team also opportunity to serve as the Chair of attention. Once the Committee identifies T provided a rather unique service to help the the MBA. I continue to be honored and the topics, the MBA education staff, banking industry. They researched, wrote humbled by this experience, as I have supported by the MBA legal team, identify and filed amicus curiae briefs supporting a tremendous amount of respect for the good speakers to address the topics. The two Minnesota banks in lawsuits brought people who have held this position before result is an extremely timely program, with by the federal government. Both cases had me and pride for the many ways our nationally-known compliance instructors, major implications for the banks involved, association supports the Minnesota banks. offered right here in Minnesota. This but they also raised serious concerns for all year’s Advanced Compliance Workshop The MBA is in great shape right now. the rest of us. We owe a debt of gratitude to was held in early October, and once again Our membership is strong; we enjoy the the banks involved in these over-reaching this important program was well-attended active support of our member banks; our lawsuits because they chose to fight the and received high ratings. Board of Directors is providing strong lawsuits rather than just settle, and we are leadership and direction; and our staff is Also consider a new education offering, fortunate that the MBA has the expertise effectively executing our programs. It takes the MBA’s Leadership Academy. The and the resources to provide this important a lot of different factors coming together MBA Board members were discussing type of legal service. for an association to work. Right now the the challenge of identifying the next A third major association strength is our MBA is hitting on all cylinders, providing generation of leaders within our banks. employee benefits program. The MBA products and services that equate to real The Graduate Schools of Banking do Employee Benefits Trust was established value for our member banks. Let me give a fantastic job of providing technical over two decades ago with the simple goal you a few recent examples from the various banking information. The Board thought of providing affordable group insurance to MBA departments. that a program designed to teach Minnesota’s community banks. The old fundamental leadership skills would be a First, the fall is a busy time for MBA saying, “there is strength in numbers,” great complement to the training provided education programs. One of the strengths of perfectly sums up this situation. Because by the Graduate Schools. We challenged the MBA is that our education programs are a majority of Minnesota banks utilize our the staff to design and roll out a leadership locally-developed by Minnesota bankers, plans, we have assembled a group of over program, which they did. In its first year, the for Minnesota bankers. For example, the 5,000 employees. That large employee MBA Leadership Academy is getting rave MBA’s Advanced Compliance Workshop group, plus the fact that our plans are well- reviews from its participants. One of my is offered annually. Each year, the MBA reserved, allows us to negotiate favorable bank’s employees is part of the Academy’s Compliance Committee plans this two-day rates from our insurance carriers on a first class, and she is very happy with the event by analyzing the most significant, variety of high quality plans. The upcoming program and is learning a lot about what it hot compliance topics. These experts live 2018 plan year brings more good news for takes to be an effective leader. and breathe compliance matters every 2017/18 BOARD OF DIRECTORS Chair Immediate Past Chair District 1 Mark White, President Gail Mikolich, COO Rich Hoban, CEO First National Bank, Coleraine Northeast Bank, Minneapolis Frandsen Financial Corporation Vice Chair/Treasurer President/CEO District 2 Mark Miedtke, President