Pub. 3 2013-2014 Issue 4

6 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 The CBA Board last fall unanimously directed CBA to do everything it can to meet the audacious goal of regulatory re- form at the federal level by yearend 2014 (otherwise banking waits until 2016, and the damage is done and permanent). We understand this is a huge challenge, and we know the limited likelihood of success, but we know failure is guaranteed if we don’t make an aggressive push for regulatory relief. We believe the entire effort must be predicated on bad customer impact of regulations; public officials care about that while regretfully they don’t care about the effect of rules on banks. CBA has shared this priority project with other associa- tions around the country, suggested an approach, convened a working group, and made significant progress. The goal is to minimize the regulatory burden on banks within the limits of what is politically achievable. We will focus efforts to identify and amend specific laws for change to delete/alter priority of - fending rules. We will build coalitions inside and outside of banking to promote passage of corrective legislation by yearend 2014. Early on, we decided to fast-track the delay of the mortgage rules that went into effect in January. While unsuccessful at getting the delay, we produced a large number of letters from bankers, associations and Members of Congress in support of the delay, and had discussions with CFPB director Richard Cordray. While it is still too close to the mortgage rules’ January effective date, we’re convinced we will see bad ramifications for customers from the myriad mortgage rules adopted. We are finalizing explanatory material for customers to help them understand the changes, who caused those rules, what they can do about it and who to contact to voice their opinion. Similar materials will educate Colorado and national groups who don’t yet understand these changes and who will be our allies when they do – such as realtors, home builders, small business own- ers... And other versions will be used for public officials and the media. A Word From CBA ...