Pub. 9 2019-2020 Issue 1

July • August 2019 T a b l e o f 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 2 A Word From CBA... 4 Chairman’s Message 5 Fraudulent Instructions: Claims Are Increasing One increasing claim trend we’ve seen at Travelers among financial institutions is a form of social engineering referred to as fraudulent instructions. 6 FEATURE: How This De Novo Bank Does IT Right From 2000 to 2008, nearly 1,100 de novo banks were newly chartered in the U.S. 8 FEATURE: Marijuana Banking in 2019 The issue with Marijuana Banking is that there are no set definitions and conflict between state and federal laws. 10 Managing Your Credit Risk The current economic expansion cycle looks like it will be the longest recovery cycle in the U.S. ever, and we are undoubtedly past the peak. 12 CBA IN 5... A Report to Our Directors and Members 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 President/CEO Jenifer Waller COO Amanda Averch Director of Communications Lindsay Muniz Executive Assistant Mike Bintner Director of Education Margie Mellenbruch Bookkeeper* Craig A. Umbaugh Counsel* Jim Cole Lobbyist* Zoey DeWolf Lobbyist* Melanie Layton Lobbyist* Garin Vorthmann Lobbyist* Brandon Knudtson Director of Membership * 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 May/June 2019 OVERACENTURY:BUILDINGBETTERBANKS -HELPINGCOLORADANSREALIZEDREAMS ARE WE ANY CLOSER TO A SOLUTION TO THE “CANNABIS CONUNDRUM?” 2 10