Pub. 11 2021-2022 Issue 3-1

November • December 2021 7 FRIENDS AND POLITICAL BATTLES Public officials in both parties have been CBA friends and partners over my 47 years. There are countless stories, many of which can’t be repeated. No, I will not write a colorful book. I’ve had the pleasure of working with several wonderful people: five Colorado governors, 10 U.S. senators, 28 U.S. representatives from our state, six good friends who chaired the FDIC, numerous comrades at the Fed in Kansas City and Washington, D.C., several comptrollers, eight Colorado state bank commissioners, several dozen other statewide officials, approximately 65 bank- supportive Colorado senators, about 80 good out of perhaps 250 state representatives, and roughly 100 fellow lobbyists and political associates. Our state government relations successes started with the first bill I lobbied into law in 1976, permitting off-premises ATMs, considered branches and therefore illegal prior to that. I take pride in ending wine and dine lobbying, but admit I got my own unofficial desk and phone when other lobbyists in pre-cellphone days had to use phone booths in the Capitol halls. That demonstrates the value of relationships. I remember that one future governor said I saved his political life when I quietly, behind-the-scenes, facilitated crisis resolution involving illegal state funds in a failing bank. Close to $11 million in deposits were not collateralized, so the state would have lost the funds in an FDIC payoff; not good news for a state treasurer and future governor. But the FDIC was able to sell the bank to a buyer who assumed the deposits. State treasurer Roy Romer and I flew all over the entire state with Roy piloting his plane and me navigating (with zero experience). I’m proud that CBA often has been a ringleader at the national level in aggressive advocacy and has been recognized particularly for organizing and leading several issues: • After being told by practically everyone that we didn’t stand a chance, a successful 1999 Y2K U.S. Senate amendment was adopted. We met with Sen. McCain, the sponsor, who said no. The U.S. Chamber opposed it, but we prevailed. I’m told that was the first reverse preemption in U.S. law where state law preempts U.S. law. That was great fun. • For our work leading the 1992-93 bank regulatory burden relief campaign, the American Banker called CBA the catalyst and strategist of this successful nationwide effort. • I chaired the 2014 ABA/Alliance Regulatory Relief Task Force, which resulted in significant regulatory rollback for banks. • When the Farm Credit System sought expanded lending, CBA’s research and resulting brochure highlighted existing unauthorized FCS commercial lending. Also, it sparked a highly unusual, visible, and successful alliance on the U.S. House floor: Barney Frank from the left and Marilyn Musgrave from the right – both enemies on same-sex marriage – helped stop the expansion. That’s a good reason why you should never make enemies in politics. OBSERVATIONS • Colorado banking’s consolidation was painful from failures, needed when it consumed S&Ls, and pragmatic from branching, interstate, and M&A. • One-party control has led to enormous spending, major political clashes, and a divided country. • Ballot initiatives are a plague. • Being proactively defensive is a CBA hallmark; that requires anticipating the future. • I foresee continued banking challenges: Expanded regulation, reporting to government, technology and data, DE&I, environmental risk management, and pandemic and workplace. • Colorado doesn’t need two banking associations. Banks are better served by one unified association . Persevere, never give up; out-think and out-work opponents. It’s been great fun. I owe a lot to many of you. Best wishes in all you do.