Pub. 9 2019-2020 Issue 3

2 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 Holiday Wishes – and What CBA Got You This Year BY DON CHILDEARS, PRESIDENT AND CEO, COLORADO BANKERS ASSOCIATION A word from CBA… T his is the list-making time of year: to-do lists, shopping lists, holiday card lists, Santa’s list (and the lists made for him) …. so, CBA thought we’d join in. We hope these lists will demonstrate the value of your con- tinued investment in the Colorado Bankers Association, as well as providing you some insight on what we are already working on for the coming year. What we got our members this year: Brought two of the top regulators to Colorado. During our Annual Summit in May, we were joined by FDIC Chairman Jelena McWilliams and Comptroller of the Currency Joseph Otting. Addressing bankers, McWillliams said, “We aren’t your enemy and we aren’t your friend, either. We are your regulator... and we owe you transparency.” Years ago, CBA helped U.S. Representative Ed Perlmutter craft the SAFE Act, which would create a carve out from federal law for banks to serve cannabis-related businesses in states where cannabis has been legalized. By a bipartisan vote of 321 to 103 in late September, the House passed the SAFE Banking Act; the most significant movement on the issue so far. CBAhosted a second national conference aimed at educating bankers on the “cannabis conundrum,” providing tips on how to proceed in banking the industry or keeping cannabis-related funds out of the bank. CBA joined forces with the larger business community in Denver to defeat a potentially dangerous ballot initiative. Known as Right to Survive, Initiative 300 sought to overturn Denver’s camping ban to grant new rights for unimpeded access to public outdoor space owned in part or wholly by Denver. The initiative failed, with 82 percent of voters casting their votes against it. The 2019 legislative session was not a good one for the busi - ness community; single party control and many newly elected officials pursuing an aggressive agenda made that impossible. CBA worked on more than 50 priority bills dealing with man - dating business practices, anti-oil and gas and bills increasing the ability for business to be sued. In the past, CBA and other business groups would have killed the badmeasures, but in the current political climate, that was seldoman option. Instead, we focused on getting the best deal we could on every single bill. This meant several amendments – and CBA secured numerous, shielding banks from bad business bills. What’s on our holiday wish list? We know it seldom occurs that anyone receives every item on his or her holiday wish list (think of that pony you’re still waiting for) we present you with our list. A solution to the “cannabis conundrum:” Senate Banking Committee ChairmanMike Crapo indicated that he hopes for a Senate vote on his version of the SAFE Act by the end of the year. “This is an issue in which I have seen strong support not only across the country fromvarious banking insti- tutions – even the small community banks in states that don’t have the issue-but also among colleagues on both sides of the aisle,” Crapo said. “I think there will be good support for it.” A level playing field for banks and credit unions. Credit unions across the country continue to pay no taxes on their income, amounting to an estimated $2 billion tax sub - sidy. Worse, they are doing so while moving further away from fulfilling their mission of serving people of modest means or who are employees of a particular business, industry sector, or income level – and are competing head-on against community banks that are much smaller. Florida Bankers Association President and CEO Alex Sanchez recently discussed credit unions during an interview with Fox Business. Sanchez cited concerns about mission creep and an unlevel playing field between taxpaying banks and tax-exempt credit unions. “Right now, our country, through our tax policy, is picking winners and losers by exempting one sector — credit unions — and not the other,” he said. And end, once and for all, to efforts to create a state- or municipal-owned bank. Activists and others looking to solve the ongoing conflict between state and federal laws regarding cannabis, have espoused the concept of creating a bank, backed either by municipal or state funds. CBA has defeated the concept nearly