Pub. 9 2019-2020 Issue 2

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 www.coloradobankers.org BY JOANNE SHERWOOD, 2019-20 CBA CHAIRMAN, PRESIDENT AND CEO, CITYWIDE BANKS Advocacy: CBA’s Got An Offer You Shouldn’t Refuse CHAIRMAN’S MESSAGE I n July, I received an invitation I couldn’t pass up: The Senate Banking Committee scheduled a hearing to discuss the “cannabis conundrum” (the conflict of state and federal laws regarding marijuana). I was asked to provide a firsthand perspective for the banking industry. Speaking on behalf of the American Bankers Association, I testified to the committee that the SAFE Act, sponsored by U.S. Rep. Ed Perlmutter and supported by Colorado Senator Cory Gardner –would create a carve-out from federal law so that banks are able to serve the cannabis industry in states where it has been legalized. Even that is not enough to give banks a full green light to serve the industry, unless regulators provide clear guidance and expectations on how banks can stay compliant. A recurring comment throughout the hearing was that regardless of one’s view about cannabis, the voters in 33 states have spoken and have approved cannabis use. There are also as many as seven additional states with cannabis related issues on the 2020 ballot. There is an urgent need for the proceeds from this industry to have legal access to banking services. Passing the SAFE Banking act will provide financial and regulatory transparency for these businesses as well as ensure safety and security that the banking industry provides. Just seven years ago, I could not have foreseen this once-in- a-lifetime opportunity allowing me to advocate so directly to our nation’s lawmakers for my industry. Back then, I was one of a dozen bankers who signed on to take part in CBA’s fledgling Center for Bank Advocacy Training Practicum, a new program aimed at educating new ranks of bankers about the value of, and how-tos, of industry and policy advocacy. The skills I learned in that yearlong program – now in its seventh year – have assisted me not only in growing my impact as a banker but enhancing my career. This year, I have the honor of serving as chairman of the Colorado Bankers Association, while simultaneously working through my first year as President and CEO of Citywide Banks. The most exciting part, though, is that my story isn’t particularly unique. Our incoming chairman, Nathan Ewert,