Pub. 11 2021-2022 Issue 3

September • October 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 voice: 303.825.1575 — fax: 303.825.1585 Websites: coloradobankers.org smallbizlending.org financialinfo.org colorado-banker.thenewslinkgroup.org Contents Over a Century BUILDING BETTER BANKS— Helping Coloradans Realize Dreams 2 2 A Word From CBA: Compliance and Consumer Privacy Nightmare 4 Chairman’s Message: Financial Literacy and Banks: A Job or a Duty? 6 Feature: Digital Personalization: 33% Say It’s Not Worth the Risk. 8 Washington Update: Congressman Blaine Luetkemeyer House Financial Services Committee Update 10 What a Small Town Taught Me About Artificial Intelligence 12 A TM Technology Growth 13 I t’s Not Hip To Be Square 14 B e in the Know – SBA 504 Refinance 16 Strengthening Your Bank’s Defenses Against Ransomware 18 The Path to Service Quality and Managing Costs for the Future 20 Fed’s Durbin Proposal Creates More Confusion Than Clarity 22 The OCC Reconsiders Going It Alone on CRA 24 Transfers Are Nonreportable; No Such Thing as Prior-Year Conversion; 12-Month Limit Only for IRA-to-IRA Rollovers 26 Colorado Banks and Financial Institutions – State Privacy Law Compliance Obligations 29 Automated Clearing House Debit Entry Fraud