PUB. 11 2021-2022 Issue 2

July • August 2021 1 ©2021 The Colorado Bankers Association is proud to present Colorado Banker as a benefit of membership in the association. No member dues were used in the publishing of this news magazine. All publishing costs were borne by advertising sales. Purchase of any products or services from paid advertisements within this mag- azine are the sole responsibility of the consumer. The statements and opinions expressed herein are those of the individual authors and do not necessarily represent the views of Colorado Banker or its publisher, The newsLINK Group, LLC. Any legal advice should be regarded as general information. It is strongly recommended that one contact an attorney for counsel regarding specific circumstances. Likewise, the appearance of advertisers does not constitute an endorsement of the products or services featured by The newsLINK Group, LLC. Don Childears CEO Jenifer Waller President Amanda Averch Director of Communications Brandon Knudtson Director of Membership Lindsay Muniz Director of Education Margie Mellenbruch Bookkeeper* Craig A. Umbaugh Counsel* Jim Cole Lobbyist* Melanie Layton Lobbyist* Garin Vorthmann Lobbyist* * Outsourced Amanda Averch CBA Director of Communications Averch@coloradobankers.org 140 East 19th Avenue, Suite 400 Denver, Colorado 80203 voice: 303.825.1575 — fax: 303.825.1585 Websites: coloradobankers.org smallbizlending.org financialinfo.org colorado-banker.thenewslinkgroup.org Contents Over a Century 2 A Word From CBA: Industry Advocacy Starts with ‘People-People’ 4 Chairman’s Message: Banks and Trust 6 Feature: The Pandemic and the Contining Supervisory Guidelines 10 Washington Update: Times Up: Congress Must Stop Credit Union Purchases of Taxpaying Banks 14 M ortgage Borrowers Amid the COVID-19 Pandemic 2021 and Onward 16 New CFPB Rule Offeres Flexibility with Foreclosures 18 A void Negative HSA Balances and their Negative Tax Consequences 20 Replacing LIBOR: Pros and Cons of Alternative Rates 22 Cyber Resilience: Adapting to a Changing Cyberattack Environment 26 Rates Don’t Matter Much if You Have a Plan 28 E mbracing Digital Statements to Enhance Customer Engagement BUILDING BETTER BANKS— Helping Coloradans Realize Dreams 2