Welcome to the first issue of Currency — CBW’s re‑branded quarterly magazine. Our purpose is to highlight the wealth of knowledge, resources and opportunities provided by and for Community Bankers of Washington’s members. CBW’s raison d’etre is to advocate for Washington’s community banks and only for community banks. You cannot find this singular mission for community banks from any other organization in our state. We partner with ICBA to advocate for community banks on the federal level in addition to our state efforts. In this interesting year for banking, we have been busy. CBW worked closely with other stakeholders on several critical issues, most notably legislation to protect prior liens and legislation to redefine digital asset services (DAS) subject to taxation. HB 1240, protecting the rights of first lien holders, was signed into law in May. Prior to the next session, we will review the case for also protecting junior lien holders. We’re already discussing the DAS issue with the WA Department of Revenue and will decide on further legislative action pending the outcome of those meetings. The cover photo of this issue of Currency features the CBW delegates who visited with nine of our twelve congressional delegates in Washington, D.C., as part of ICBA’s Capital Summit. Just like community banks do with their customers, establishing a relationship with your state and federal elected officials fosters a better understanding of your business and your community. CBW worked in coordination with ICBA and community banking associations from other states to curtail and correct misinformation about community banks after the failures of large regional banks this spring. In the last six months, we’ve joined with the same group to send letters to Congress and various agencies to: • Oppose the credit card competition act • Support Access to Credit for our Rural Economy act (ACRE) • Exempt community banks from FDIC special assessment • Support RES. 50 to nullify section 1071 of the CFPB’s data collection rule • Support TRID Sandbox proposal • Support funding for new farm bill • Support Congressional committee hearings on NCUA oversight I encourage you to develop a relationship with your state and federal elected officials to add your voice as a voter, employer and community business, supporting these and other important legislative issues. A phone call or a short meeting can establish you as their go-to expert on banking matters. In the words of Edmund Burke, “Nobody made a greater mistake than he who did nothing because he could only do a little.” CURRENCY | 5
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