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May/June 2013

OVER A CENTURY: BUILDING BETTER BANKS - HELPING COLORADANS REALIZE DREAMS

Protect Your Bank Against Potential

Regulatory Pitfalls

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May • June 2013

3

The Colorado Bankers Associat ion is proud to presentCOLORADO 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 advertise-ments 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 Media Communications Group. Any legal advice should be regarded as general information. It is strongly recommended that one con-tact an attorney for counsel regarding specific circumstances. Likewise, the appearance of advertisers does not constitute an endorsement of the products or services featured by Media Communications Group.

5 Chairman’s Message

6 A Word From CBA...

8 FEATURE: IRA Marketing Focused on the Individual

12 FEATURE: Virtual Life: Automatic Enrollment

14 FEATURE: Protect Your Bank Against Potential Regulatory Pitfalls

Don Childears President/CEO

Jenifer WallerSenior Vice President

Amanda RogowskiDirector of Marketing

Amanda AverchDirector of Communications

Fritz MackeyExecutive Assistant

Margie MellenbruchBookkeeper*

Craig A. UmbaughCounsel*

Jim ColeLobbyist*

Melanie LaytonLobbyist*

Garin BrayLobbyist*

Mitch LaycockBancInsure

* outsourced

Amanda Rogowski, CBA Director of Marketing, [email protected]

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May • June 2013

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Thank You for Your SupportDear CBA Members,

As my year as Chairman of the Board of the Colorado Bankers Association comes to a close, I want to, once again, highlight how important our association is to banks across Colorado and to the health of the Colorado economy in general. We have accomplished many things this past year.

Access to CapitalWe have worked hard to dispel the notion that, because

of the fi nancial crisis, banks were not making loans. We met with legislators at the State and Federal level to help them understand how and to whom banks make loans. We built alliances with many community development fi nancial institutions, the Federal Reserve, the SBA, and the Colorado and Denver economic development offi ces to ensure that we all worked together to help provide capi-tal to small business. We created a website called www.smallbusinesslending.org to help this effort, and received kudos in the media for doing so.

Defend Banks Against Inappropriate Regulation

The crush of regulation coming out of the Dodd Frank Act and the Consumer Financial Protection Bureau will have a signifi cant impact on our industry. While some regulatory changes were necessary due to the fi nancial crisis, the pendulum has swung too far. In concert with the American Bankers Association, we met with every major regulatory body, including the Federal Reserve, the FDIC and the CFPB to express our concern over the nega-tive, unintended consequences of some of these new rules. We assertively expressed how the new Basel III Capital Guidelines would only make it tougher for banks to make loans and stay viable and serve customers. After meeting with those agencies, we also visited with every member of the U.S. Congressional Delegation from Colorado to educate them about the issues. They supported our posi-tion by unanimously sending a letter to regulators (about 18 states later followed our lead) and eventually called for public hearings in both the House and Senate (which later were held) to make direct inquiry of the regulators on the Basel III issues we presented.

We also launched a major letter writing campaign to the regulators expressing our concern over Basel III and CBA provided its own 15-page comment.

Building RelationshipsWe also focused this past year on continuing to build

relationships with all our key constituents. As I have noted; we have good relationships with our legislators and have also worked closely with the Governor and his staff. We have met regularly with the State Bank Commissioner and other regulators. Good relationships go a long way to helping others understand and support our agenda.

We also focused on our most important constituents, our member banks. We provided regular educational forums on topics critical to our industry. We increased our communication efforts regarding our legislative and regulatory efforts. We reached out to current members and potential members with a series of luncheons to dia-logue about what was most important to them. We also created a new Leadership Program to ensure that the next generation of bank leaders is well prepared to advocate for their institutions and industry. We helped banks prepare for new regulations by creating an important partnership with Compliance Alliance and many of our members are fi nding their services helpful.

These are only a few of the many items on which our Association focused this past year. I am very proud of our accomplishments and what we have done to defend and promote our industry and our State. It is critical that we remain active, involved, and credible and con-tinue to lead with high ethical standards and a commit-ment to excellence.

Thank you for your support.

Bruce Alexander, CBA ChairmanPresident & CEO, Vectra Bank Colorado

6


A Word From CBA...

How to be a Better Advocate for Yourself, Your Bank and Industry

Given the current state of how the public and public offi cials view our industry, we have more than our share of government relations and PR issues. Many people think of banks similarly to the perceptions of Congress: I hate Congress, but I like my Congressman. Bankers can’t take comfort in the I hate banks, but I like my bank view. That’s because the public and public offi cials still want and demand broad policies that police the banks they dislike, and those policies impact your bank by direct applications or subsequent trickle down regulation. So the CBA Board last fall created an exciting new program to help bankers become stronger proponents for themselves, their banks and the industry. It is the Center for Bank Advo-cacy – A Training Practicum.

CBA’s goal is to make participants better equipped to advo-cate successfully, using relationships just as you use “relation-ship banking.” Participants are learning that public offi cials and media rely more on people they know and trust just as you do. They’re learning to build relationships early; you don’t know when you need them.

They have fi nished three sessions of 2-3 hours each. The fi rst outlined the program and broad principles for engagement. CBA offi cers gave participants a perspective on specifi c issues confronting our industry now, and the importance of bankers being actively engaged.

In the second session two former Speakers of the Colorado House of Representatives (former Speaker Terrance Carroll (D) and former Speaker Frank McNulty (R)) visited with the par-ticipants about how the system really works, the pressures pro and con on a bill (legislators on both sides of the issue, lobbying groups representing interests impacted by it, “innocent bystand-ers” and constituent individuals and businesses, media…), and how to impact the outcome.

The third session featured three premier and diverse lobby-ists who had a dialogue with the associates about how to impact the issues, position the issues, frame your arguments, organize interest groups, anticipate opposition, plan your arguments against the opposition… The dynamic conversation explored many facets of state and federal advocacy.

Participants will attend the hearing in the Colorado Capitol on the ugly foreclosure bill CBA is opposing. Some of them later in April will go to Washington, DC and meet with members of Colorado’s Congressional delegation in CBA organized sessions. The remainder of the Advocacy participants will go on CBA’s Washington Visit in the fall with more Congressional meetings and sessions with senior regulators.

This yearlong, hands-on course in increasing banks’ in-fl uence on public policy includes nine concentrated sessions, several other events and a brief project relevant to the bank. This is “learn by doing” with expert guidance along the way. The curriculum covers election analysis, state and federal banking legislation, regulation, litigation and image issues; and broader issues impacting banking, government processes and requirements – elections, campaigns, legislation, regula-tion, community/media/customer relations, roles, risks and rewards of community and political involvement, volunteer community involvement and bank/industry image, and infl u-ence activities – customer communications, community/public communications, lobbying, public offi cial relationships, regu-latory infl uence and more. Emphasis is on active participation.

CBA currently is active on dozens of federal issues and is lobbying about 150 bills in the Colorado Legislature. These advocacy skills are needed as our industry struggles with these issues which will defi ne a bank’s profi tability, ability to serve customers, and for some even the survival of the bank. The viability of the bank directly impacts your career and probably your investment in the bank. Each banker has a lot at stake.

These federal and state issues are why your CBA Board of Directors focused on enhancing our industry’s advocacy skills. We’ve received a number of inquiries from around the U.S. about replicating this apparently fi rst-of-its-kind program. We look forward to more participants next year. Plan on it. For your sake and your bank’s.

Don ChildearsCBA President/CEO

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8


FEATUREARTICLE

“IRA marketing efforts

focused on the

individual—based

on their generational

demographic—will

benefit both your

clients and your

financial organization.”

IRA Marketing Focused on the

Individual

Much of the marketing focus this year when it comes to IRAs is on the higher IRA contribution limits. For 2013, the IRA contribution limit

is $5,500, up from the previous $5,000 limit. This is good news for baby boomers socking away money for retirement, but for young mil-lennials just starting out, making a $5,500 IRA contribution may be out of reach and such a marketing campaign may appear out of touch. Targeting the right message to the right audi-ence is key. Remember, the “I” in IRA stands for individual. IRA marketing efforts focused on the individual—based on their generational demographic—will benefi t both your clients and your fi nancial organization.

Young millennials, members of genera-tion X, and baby boomers are all at different stages in their lives, and just as their lending needs are different, so are their retirement savings needs. And while they share the same generational demographic and retirement sav-ings characteristics, their retirement savings needs are as individual as they are.

For young millennials, many of whom have recently graduated from college and are just getting started in the workforce, saving money

DENNIS ZUEHLKECompliance ManagerAscensus


May • June 2013

9

for retirement may be the last thing on their minds. Many are saddled with student loan debt and face the prospect of a tough job market. But by starting to save in your 20s and 30s means that, even if you save less each year, you can still end up with more money at retirement than someone who starts to save later in life.

Incidence of IRA ownership lags among young millennials. Only 13.9 percent of households headed by young millennials have an IRA, according to the Employee Benefi ts Research Institute’s analysis of the 2010 Survey of Consumer Finance. So for this group of clients you may want to focus your mar-keting efforts on helping them to start saving for retirement. Offer IRA share savings accounts with no minimum balance requirements, and to ensure that they keep saving, offer IRA funding through payroll deduction and automatic transfers. Consistently saving, even if only small dollar amounts, will put your younger clients on the path to a more secure retirement.

Generation X, those born between 1965 and 1979, are well-established in the workforce, but they too have retirement savings challenges. In addition to mortgage and consumer debt, members of generation X will soon face college expenses for their children at the same time that they are saving for their own retirement. Many are participating in a retirement plan at work, but it is likely a 401(k) rather than a defined benefit plan, and they may not be saving enough to ensure a secure retirement. The good news is that these individuals have a long retirement time horizon and will benefit from many years of tax-deferred IRA growth.

According to data from the Investment Company Institute, Roth IRA ownership is greater among generation X than among any other age group. When it comes to marketing for these individuals, you may want to promote Roth IRAs and

IRA Marketing continued on page 10

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This year, consider centering your marketing efforts around the needs of your individual client, and both your organization and

your clients will reap the benefi ts.

10


the benefits of tax-free withdrawals that Roth IRAs offer. With higher average IRA balances than young millennials, members of generation X are ideal candidates for alterna-tive investments, such as stocks, bonds, and mutual funds. If you are not offering alternative IRA investments, consider expanding your investment offerings, or your clients may look elsewhere.

Baby boomers, those born between 1946 and 1964, are starting to retire. Nationwide, more than 10,000 retire every day, and those not already retired will retire in the next 10 to 15 years. Many have missed saving for retirement. And those who have saved have seen their retirement savings decimated by the 2008 financial downturn. Many baby boomers are still making mortgage payments, and with a short retirement sav-ings time horizon, the focus here is on maximizing savings during peak pre-retirement earnings years.

These clients will benefit from the new higher contribu-tion limit, as many have the financial resources to make the maximum IRA contribution. Plus, those baby boomers who are age 50 or older have an additional option to maximize their savings: they can make an extra $1,000 IRA catch-up contribution.

The Employee Benefits Research Institute found that IRA ownership is greater among baby boomers than among any other generational demographic. With the baby boomer audi-ence, you may want to steer your marketing efforts toward helping these individuals maximize their retirement savings through IRAs and workplace retirement plans. If you offer financial planning services, make sure to offer pre- and post-retirement planning services, as effectively managing your savings in retirement is equally as important as accumulating the dollars needed to ensure a secure retirement.

Financial organizations focus on meeting their clients’ needs each and every day. This year, consider centering your marketing efforts around the needs of your individual cli-ent, and both your organization and your clients will reap the benefits.

Dennis Zuehlke is Compliance Manager for Ascensus in Middleton, Wisconsin. Mr. Zuehlke provides clients with technical support on tax-advantaged accounts (including individual retirement accounts, health savings accounts, simplifi ed employee pension plans, and Coverdell education savings accounts), and information reporting and tax withholding issues. He is a frequent national speaker on compliance-related issues and retirement savings trends within the fi nancial services industry.

IRA MARKETING – continued

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FEATUREARTICLE

“With inevitability in

mind, it’s important

to perform a risk

assessment and

establish controls

for social media,

regardless of your level

of involvement.”

Virtual Life: Automatic Enrollment

The Federal Financial Institutions Examination Council (FFIEC) recently released proposed guidance on social media. The proposed guidance, titled Social Media: Consumer

Compliance Risk Management Guidance, identifi es risk management expectations that could surprise bank personnel who are not very familiar with the scope of social media. Generally, you perform a risk assessment for services you offer. But social media is a com-pletely different monster of its own. I would categorize it more with tornados and fl oods. In other words, risk from social media is in-evitable even if your bank specifi cally chooses not to use it. With inevitability in mind, it’s important to perform a risk assessment and establish controls for social media, regardless of your level of involvement.

We would like to think that we are in control of what happens to our bank at all times. The truth is: we can’t control everything, which is why we do things such as perform risk as-sessments, assign policies, and accept some risk. We can’t control the world around us, so we do our best to put up suffi cient defenses, which we like to call controls. What defenses do we have in place for the virtual world? Just as a person can freely start up a conversation about anything they want, they can also start a virtual dialog about any topic. But a virtual dialog has the potential to go viral, and there is no erasing or going back from that. Anyone

LETICIA SAIIDSoftware Support Specialist CoNetrix


May • June 2013

13

out there can bring your bank into the social media forefront without asking permission.

Banks choosing to engage in social media should have constant monitoring, yes, including weekends. Beneficially, constant monitoring affords prompt responses to comments, questions, and connection requests. But what if you are not using social media? You still have to monitor, but monitor what? Well, the entire internet of course. It sounds like an absurd concept, but it’s actually quite possible, even manage-able. Specifically you’ll want to keep an eye on who’s talking about the bank. A customer could write about your service in their blog or in a forum. It could be positive feedback or negative, either way, you need to know about it because there are potential customers out there reading it. An employee could display their poor ethical choices on the Internet, while boldly being labeled as an employee of the bank. Unflattering moments await you.

Luckily, there are free tools available for monitoring your bank’s online reputation, one of which is Google Alerts. With the Google Alert system, you can choose specifi c words or phrases for which you would like to receive alerts. You can even specify how often you want to receive updates. Include the bank’s name, product names, slogans, and any personnel names in your list of items. Sniffi ng the internet for activities related to you will help you gauge your online image and respond to issues you would have otherwise missed. And if you respond through the Internet, I think it’s safe to say you have now offi cially engaged in social media.

For more information on the proposed guidance, visit http://www.ffi ec.gov/press/pr012213.htm.

Leticia Saiid is a tandem Software Support Specialist for CoNetrix. CoNetrix is a provider of information security consulting, IT/GLBA audits and security testing, and tandem – a security and compliance software suite designed to help fi nancial institutions. Visit our website at www.conetrix.com.

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otherwise missed.

14


Protect Your Bank Against Potential

Regulatory PitfallsFull disclosure and consumer focus lead to

compliance peace of mind

While the Consumer Financial Pro-tection Bureau (CFPB) has spent the last year reviewing informa-tion it has received from financial

institutions and individuals regarding the impact of overdraft programs on consumers, there is still a great deal of speculation regard-ing where the Bureau stands on its fi nal ruling on overdraft practices.

In an effort to provide the CFPB with a more realistic look at how disclosed overdraft pro-grams benefi t consumers, JMFA partnered with Washington D.C.-based Morrison Foerster LLP, to gather feedback from a group of 50 fi nancial

“As financial institutions

anticipate the CFPB’s

final overdraft program

ruling, there are steps

that can be taken now

to ensure that your

overdraft processes

and procedures are

compliant. ”

FEATUREARTICLE

MARK KENNEYJMFA regional directorJohn M. Floyd & Associates (JMFA)


May • June 2013

15

institution leaders representing banks and credit unions from across the country. Their responses, gathered through a series of forums and surveys, focused on the following areas the CFPB has identifi ed as concerning:• patterns of overdraft program use;• posting order that increases consumer costs;• opt-in rates based on misleading statements and excessive

pressure; and• disproportionate impact on low-income and young

consumers.

Who uses overdraft services?According to the study results, there appear to be two

distinct patterns of overdraft use: consumers who use the program occasionally – and in many cases inadvertently – and those who regularly rely on overdrafts to meet their near-term liquidity needs.

Because they do not incur frequent overdrafts, occasional users are less likely to understand their fi nancial institution’s overdraft practices. This includes individuals who have incurred signifi cant overdraft fees for debit card and ATM transactions because they were relying on their fi nancial institution to reject these transactions if they would lead to an overdraft. Providing these account holders with easy-to-understand information about how your overdraft program works is essential to main-taining compliance.

On the other hand, it is important to counsel customers who regularly overdraw their accounts about the risks of ex-cessive overdraft usage. While these account holders might have a clear understanding of your overdraft services and the associated costs, make sure you have the policies and proce-

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Protect Your Bank continued on page 16

When implemented and managed correctly, a fully compliant overdraft program will provide peace of mind for your customers

and your institution.

16


dures in place to educate them about the importance of returning their account to a positive balance and to advise them on alternative strategies that might be better suited for their needs. This demonstrates your efforts to promote r esponsible program use.

Transaction posting orderPosting transactions in a high-to-low

sequence is one of the biggest consumer complaints regarding overdraft pro-grams. Contrary to reports by consumer groups and the media, the study did

not fi nd that participating institutions intentionally manipulated the transac-tion posting order to increase revenue. That being said, this remains an area of interest to regulators. Banks can avoid customer complaints, negative regulatory action and possible fi nes by maintaining transaction posting procedures that do not increase account holder costs.

Program opt-in rates While the study found that opt-in

rates for ATM and POS debit card trans-actions vary greatly from institution to institution, particular focus on the word-ing of account holder materials revealed

that participants followed regulatory guidelines that require clear, easy-to-understand explanations regarding opt-in and opt-out procedures. Make sure you are providing your customers with the choice to opt in to overdraft services for ATM and debit card transactions and to opt out of the service for check and ACH transactions.

Addressing the impact on low-income and young consumers

Due to the economic reality that many Americans live from paycheck to pay-check, a majority of the institutions we spoke to agree with the FDIC’s position that most regular overdraft users were disproportionately low and moderate in-come and more likely to be young adults. However, they noted that some middle- and high-income account holders are also regular overdraft users.

Regardless of the income level, it is essential to maintain on-going commu-nications with all account holders car-rying negative balances to inform them of the situation and encourage them to make a deposit. It is also important to provide counseling on issues like how to balance a checkbook and establish a budget.

As consumers continue to experience diffi cult economic situations, many rely on their fi nancial institution’s overdraft program to help them pay their bills and avoid the embarrassment of having a check returned or ATM/debit purchase denied. Absent that service, many rely on more costly alternatives – such as pay day loans or increased credit card debt to make ends meet.

A roadmap to full complianceAs financial institutions anticipate

the CFPB’s final overdraft program ruling, there are steps that can be taken now to ensure that your overdraft pro-cesses and procedures are compliant. The key is to provide your customers with a clearly defined overdraft pro-gram that includes:

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May • June 2013

17

• complete transparency regarding fees and information about how the program works;

• reasonable, communicated overdraft fees;• clearly established overdraft limits;• transaction clearing policies that avoid maximizing

overdrafts and related fees created by the clearing order; • the ability to easily monitor excessive usage; and• communications materials that outline alternative fi nancial products that more appropriately fi t the needs of excessive overdraft users.

When implemented and managed correctly, a fully compliant overdraft program will provide peace of mind for your customers and your institution.

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