Pub. 10 2020-2021 Issue 4

O V E R A C E N T U R Y : B U I L D I N G B E T T E R B A N K S — H E L P I N G C O L O R A D A N S R E A L I Z E D R E A M S November • December 2020 1 2 A Word From CBA: A Different Way to Win 3 Chairman’s Message: 2020-2021 CBA Chairman 4 FEATURE ARTICLE: Banking on Success 8 2020 — The Year of Increased Risk and Inefficiencies A Possible Solution for Both? 10 FEATURE ARTICLE: Changes to Eligible Retained Income 12 FEATURE ARTICLE: Cherrywood Enterprises Presents Debt Selling 101 13 How Customer Journey Mapping for Banks Leads to New Accounts 14 Are You Ready for Workout Season? 15 Beyond PPP: SBA Lending Can Help Banks, Credit Unions Grow, Mitigate Risk 17 Protecting Your Bank in a Time of Uncertainty 20 The Importance of Diversity in Financial Services 22 Home Equity Line of Credit (HELOC) Scams 23 CECL: Building the Right Treehouse 24 8 Ways to Enhance Security for Your Remote Workforce ©2020 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 magazine 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: www.coloradobankers.org www.smallbizlending.org www.financialinfo.org https://colorado-banker.thenewslinkgroup.org/ 8 10 17 November/December 2020 OVERACENTURY:BUILDINGBETTERBANKS—HELPINGCOLORADANSREALIZEDREAMS A Different Way to Win 2 PAGE