Pub. 11 2021-2022 Issue 3-1

November • December 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 Brandon Knudtson Director of Membership Lindsay Muniz Director of Education Alison Morgan Director of State Government Relations Rita Fish Executive Assistant Margie Mellenbruch Bookkeeper* Craig A. Umbaugh Counsel* Jim Cole Lobbyist* Melanie Layton Lobbyist* Garin Vorthmann Lobbyist* Andrew Wood Lobbyist* * Outsourced 140 East 19th Avenue, Suite 400 Denver, Colorado 80203 Office: 303.825.1575 Websites: coloradobankers.org smallbizlending.org financialinfo.org colorado-banker.thenewslinkgroup.org Contents Over a Century BUILDING BETTER BANKS— Helping Coloradans Realize Dreams 26 10 8 2 A Word From CBA: My 47-year Career – A Metamorphosis of Banking 8 Washington Update: Direct Lending 10 Amending IRA Documents: Why, When and How 12 Y ear-of-Death RMDs and Unresponsive Beneficiaries: A Case Study in Bad Options 16 Should Institutions Build or Bu y a CECL Solution? 18 W hat are Consumers’ Top Cybersecurity Concerns? 20 Bank Board of Directors Pay, Policies, and Practices 22 Who Weighed in on the Fed’s Proposed Changes to Durbin? What Did they Say? 24 “Help Wanted”: Why ATM Management Might Be Stealing Valuable Time From Staff 25 Why Your Bank Should Consider Selling Their Charged-Off Debt Files 26 Navigating Cyber Insurance in 2021 and Beyond 28 Uncovering Fee-Income and Yield Opportunities in a Challenging Market