Pub. 9 2019-2020 Issue 2

September • October 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 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 4 10 13 2 A Word From CBA... 4 Chairman’s Message 6 Fintech Innovations Transforming the Financial Industry Landscape 8 FEATURE: A SAFE Path Forward: Banking the Marijuana Industry As states continue to legalize medical and recreational marijuana, pressure is mounting on both marijuana-related businesses (MRBs) and financial institutions due to current federal restrictions. 10 FEATURE: Diamond in the Rough? CRA Credit Could Be the Buried Treasure Within Opportunity Zones Along with the Tax Cuts and Jobs Act of 2017 (TCJA) came some generous tax breaks to encourage investment in economically underserved markets. 12 Reframing the Credit Union Debate 13 Much to Do About Private Flood 16 Relief for Community Banks in the Competition for Deposits September/October 2019 OVERACENTURY:BUILDINGBETTERBANKS -HELPINGCOLORADANSREALIZEDREAMS DIAMOND IN THE ROUGH? CRACREDITCOULDBETHE BURIEDTREASUREWITHIN OPPORTUNITYZONES FINTECH INNOVATIONS TRANSFORMINGTHEFINANCIAL INDUSTRYLANDSCAPE 8 10 PAGE PAGE A SAFE PATH FORWARD: BANKING THE MARIJUANA INDUSTRY