ISSUE 2 2017

O F F I C I A L P U B L I C A T I O N O F T H E U T A H B A N K E R S A S S O C I A T I O N

2017 WOMEN IN BANKING CONFERENCE

Hello challenge, meet insight.

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© 2017 PwC. All rights reserved. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details. This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.

276036-2017-Utah Banker FY2017 Ad.indd 1 12/20/2016 10:00:24 AM

Issue 2. 2017 3

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©2017 Utah Bankers Association | The newsLINK Group, LLC. All rights reserved. Utah Banker is published quarterly each year by The newsLINK Group, LLC for the Utah Bankers Association and is the official publication for this association. The information contained in this publication is intended to provide general information for review and consideration. The contents do not constitute legal advice and such not be relied on as such. If you need legal advice or assistance, it is strongly recommended that you contact an attorney as to your specific circumstances. The statements and opinions expressed in this publication are those of the individual authors and do not necessarily represent the views of the Utah Bankers Association, its board of directors, or the publisher. Likewise, the appearance of advertisements within this publication does not constitute an endorsement or recommendation of any product or service advertised. Utah Banker is a collective work and as such some articles are submitted by authors that are independent of the Utah Bankers Association. While the Utah Bankers Association encourages a first print policy, in cases where this is not possible, every effort has been made to comply with any known reprint guidelines or restrictions. Content may not be reproduced or reprinted without prior permission. For further information, please contact the publisher at: 855.747.4003.

UBA Board of Directors2016/2017

ChairmanCraig A. WhitePresident & CEOUtah Independent BankBeaver

Vice ChairmanRon OstlerChairmanComenity Capital BankSalt Lake City

2nd Vice ChairmanDee O’DonnellUtah Regional PresidentWells FargoSalt Lake City

Immediate Past ChairmanJill M. TaylorRegional President, Consumer and Small BusinessKeyBankSalt Lake City

Community Bank Advisory ChairK. John JonesPresident & CEOFirst National BankLayton

Regional Bank Advisory ChairJill M. TaylorRegional President, Consumer and Small BusinessKeyBankSalt Lake City

Industrial Bank Advisory ChairDonald PoultonPresident/CEOMedallion BankSalt Lake City

PresidentHoward M. HeadleePresidentUtah Bankers AssociationSalt Lake City

Board MembersRichard T. BeardPresident and CEOPeople’s Utah BancorpCEO, Bank of American ForkAmerican Fork

Raymond DardanoPresident & CEOMarlin Business BankSalt Lake City

Kristin DittmerChief Financial OfficerEnerBank USASalt Lake City

Michael A. FosmarkPresident, Leasing and Equipment FinanceCeltic BankSalt Lake City

Kay B. HallEVP, CFOZions BankSalt Lake City

Kent LandvatterCEOFinWise BankSandy

Damon G. MillerUtah Market PresidentU.S. BankSalt Lake City

Carla NguyenDistrict ManagerU.S. BankSalt Lake City

Curt QueyrouzePresident & CEOTAB BankOgden

Erich SontagPresident, Intermountain BankingBanner BankSouth Jordan

Frank K. StepanExecutive DirectorMorgan Stanley BankSalt Lake City

John TaylorPresidentFirst Electronic BankSalt Lake City

Mike WatsonPresident and CEOCapital Community BankProvo

M. Craig ZollingerUtah President & CEOJPMorgan ChaseSalt Lake City

4 The Bottom Line: Don’t Underestimate the Impact of Tax Policy on Utah’s Economic Success

By Howard Headlee, President

5 A Do-Something WashingtonBy Rob Nichols, President and CEO, American Bankers Association

6 The Growing Burden Of Underfunded Public PensionsTo understand why such a drastic measure was proposed, we must first understand the difficulty of funding defined-benefit pension plans.By Dana Sparkman

8 Compliance Corner: CFPB Complaints: Spotlight On Credit Reporting

10 2017 Women in Banking Conference

12 Personal Property and the UCC: Secured Parties’ Rights and Remedies in Troubled TimesIn uncertain times, cash may be king for investors, but collateral—security pledged for the payment of an obligation—is king for all types of asset-based lenders. By James H. Jones and Jonathan Kotter, Snell & Wilmer

15 Customer Experience: Beyond the Net Promoter Score®Consumers no longer use just one source to inform their purchasing decisions. So why use one metric to gauge your bank’s customer experience?Article courtesy of Harland Clarke

17 WannaCry: Stop What You’re Doing and Patch Your Computers!WannaCry (also known as WannaCrypt, WanaCrypt0r, wCry, etc.) is the biggest malware event the Internet has ever seen, hands-down. And it was launched just last Friday! This version of ransomware is the prophetic fulfillment of all those fire-and-brimstone IT folks that have been saying there will be a global malware epidemic. WannaCry is being called a “weapon of mass destruction,” and while that may be a bit extreme, all the “patch or perish” warnings being issued are 100% accurate.By Jon Waldman Partner, EVP of IS Consulting - SBS CyberSecurity, LLC

20 Bank Kudos

23 Bankers on the Move

24 UBA Associate Members

26 Education Calendar

www.uba.org4

The Bottom LineBy Howard Headlee, President, Utah Bankers Association

Don’t Underestimate the Impact of Tax Policy on Utah’s Economic Success

If Congress continues on its current path, state legisla-tures around the country

are going to get really busy. Those who believe states are best equipped to solve our most complicated problems should be very pleased, but now the hard work begins.

Of course this all depends on any of the significant pieces of legislation under consider-ation passing both the House and the Senate. But if the current overhaul of healthcare makes it to the President’s desk, many of the most diffi-cult issues, including high cost risk pools (pre-existing condi-tions) will have to be tackled at the state level.

The other major initiative that looks to have momentum this year is tax reform. And given the fact that our state income tax system piggy backs off the federal system, whatever changes are made in Washing-ton D.C. could have a signif-icant impact on state revenues.

If final action reflects the cur-rent rhetoric, the tax base will be broadened to capture in-

come currently excluded from federal income tax. This will allow Congress to lower the overall corporate and personal income tax rates. According to some reports, the reduction in rates could be significant. This could either mean an irresponsible expansion of the federal debt, or a significant expansion of the tax base, or perhaps both.

Any expansion of the base, will result in an increase in income tax revenues for the State of Utah unless the legis-lature acts to lower its rates in conjunction with the federal rates as the base expands.

In light of the “Our Schools Now” initiative, we can ex-pect a healthy debate between those committed to revenue neutrality and those looking to increase the State’s investment in education. Either way, there will be a fantastic opportunity to re-evaluate tax policy in the State of Utah.

Too many underestimate the impact of tax policy on Utah’s economic success. The foundation for that success

can be traced back to the last tax revolt in the late 80’s. The lessons learned during this pe-riod have served the state very well. The foundation of sound management led by Governor Bangerter, was continued by the “boom buffers” employed by Governor Leavitt along with meaningful tax reduc-tions that allowed Utah to exit the list of the highest-tax states (as a percent of personal income).

The election of Jon Hunstman Jr. and his effort to broaden Utah’s tax base and lower rates along with a continua-tion of the strong foundation of sound management he inherited, launched Utah into its current role of economic leadership in the country.

I remember Huntsman’s election well. His platform was very simple: If we create the best environment for economic expansion and jobs, we will have plenty of money for important programs like education. His opponent, Scott Matheson’s platform was equally simple: If we raise taxes and invest in education,

our skilled workforce will at-tract business investment and create economic expansion.

Governor Herbert has maintained this approach and the state’s position as the best economy in the country, but more importantly has made good on the promise of investing the windfall of this enormously successful policy into our education system in record amounts.

In short, taxes and Utah’s tax policy has made a big differ-ence in the opportunities and quality of life of every Utahn. Congress is now preparing to make significant changes to the nation’s tax policy that will drive tough decisions for every state. Utah will have to be nimble and smart in order to preserve the top economy in the nation and continue to generate healthy increases in education revenues over the long-run. The Legislature need only draw upon Utah’s legacy of sound management and pro-growth tax policy to remain #1. n

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E-mail Rob Nichols at nichols@aba.com.

A Do-Something WashingtonBy Rob Nichols, President and CEO, American Bankers Association

WASHINGTON UPDATE

Partisanship in Washington in recent years has led some to believe that Congress doesn’t “do” collaboration

anymore. One party’s gain is seen as the other’s loss, making deals hard to come by.

But many bankers who came to Wash-ington in March for ABA’s Government Relations Summit and other meetings got a slightly different vibe from the policymakers they met with. Yes, some members of Congress predictably held firm against significant changes to the Dodd-Frank Act. Yet others, informed – and perhaps worn down – by bankers’ true stories of how over-the-top rules were harming their customers were positive about the possibility of finally doing something for community banks.

There’s a similar realistic yet optimis-tic attitude behind an effort by the two leaders of the Senate Banking Commit-tee – Chairman Mike Crapo (R-Idaho) and Ranking Member Sherrod Brown (D-Ohio) – to identify legislative changes that could help spur economic growth. They won’t pursue changes they don’t believe in, of course, but both see an opportunity to find and pursue common ground.

These encouraging signs are made all the more hopeful by administration of-ficials who have proactively reached out to community banks to learn what rules are acting as roadblocks to growth. In

March, President Trump invited nine community bankers to the White House for a roundtable discussion of the indus-try’s regulatory challenges.

Though the bankers represented institutions with different business models, operated in different parts of the country and were affiliated with different national trade associations (six were part of ABA’s delegation; three

were with the Independent Community Bankers of America), there was remark-able alignment in our policy positions and priorities.

The same can be said for the follow-up meeting that Treasury Secretary Steven Mnuchin held with 16 community bank-ers in April. That’s where the secretary made clear how serious the administra-tion was about helping banks perform their critical role in promoting economic growth. And it’s where we dug into the specifics of issues related to mortgage, agricultural and commercial lending, as well as Consumer Financial Protection Bureau rules that are ill-tailored for community banks. There again, ABA and ICBA members were side-by-side, advocating practical solutions.

Such alignment is critical to success in Washington. I’ve said before that Wash-ington has enough challenges without trying to legislate issues on which an industry is divided. Policymakers up and down Pennsylvania Avenue are interest-ed in addressing our problems – so long as we can agree on the best solutions.

And I am confident that the solutions we have proposed – as detailed in white papers ABA shared with Secretary Mnuchin following the meeting – are what’s right for America’s banks and the communities they serve. The white pa-pers (which can be found at aba.com/ex-ecutive-orders) articulate how regulation in areas like capital, liquidity, fair lend-ing and stress testing can be improved. They were informed by the deliberations in recent years of bankers who serve on our many councils and working groups and who represent banks of different business models and asset sizes. Solu-tions born of such diverse perspectives are always stronger by ensuring that they make sense for all banks.

Given how intent this administration is about using banks to spur growth, and given the interest Congress has shown in providing some community bank regula-tory relief, having strong solutions with unified industry backing could just make something happen in Washington again. n

www.uba.org6

THE GROWING BURDEN OF UNDERFUNDED PUBLIC PENSIONS By Dana Sparkman

Connecticut’s governor recently proposed forcing local municipalities to assume part of the state’s pension lia-bilities for teachers, thereby reducing the state’s burden.

This raises questions of what caused the need for this extreme proposal and if similar actions could follow elsewhere. Better transparency of pension liabilities makes the need for reform of pension plans increasingly apparent. Many plans’ unfund-ed liabilities are growing, which creates the need to make tough decisions about how to best manage those liabilities going forward. To understand why such a drastic measure was proposed, we must first understand the difficulty of funding defined-benefit pension plans.

Growth of Net Pension Liabilities

Defined-benefit pension plans promise employees specific benefits during retirement, despite investment performance. Employers gradually fund pension liabilities with annual contributions and investment returns, and net pension lia-bilities should decline over time as employers work toward a fully funded plan. However, Exhibit 1 reveals that adjusted net pension liabilities (ANPL) aggregated for states have been increasing according to Moody’s. Moody’s also projects that the combined ANPL for states will grow from $1.25 trillion in 2015 to $1.75 trillion in 2017.

Exhibit 1

The state ANPL appears to decrease slightly in 2015 due to the transfer of some liabilities to local municipalities. The GASB standard that now requires municipalities to recognize their proportionate liability of shared plans also allows the plan spon-sor (usually the state) to remove that same amount from their books. The Baker Group’s internal database exposes a collective

increase in local net pension liabilities of over $73 billion for those municipalities that have reported their 2016 financials already. Less than 10% of the municipalities for which we have 2015 and 2016 financials experienced a decrease in their NPL in 2016, and over 20% had NPLs that more than doubled.

Causes of Net Pension Liability Growth

Low investment returns, insufficient contributions, and as-sumption revisions can cause pension liability growth. A recent study performed by Moody’s reveals that the median investment

return target for public pension funds is 7.5% while the median actual returns were just 3.2% and 0.52% in 2015 and 2016, re-spectively. Similarly, contributing less than the required amount leads to deficient assets available for liabilities. Employers will, ideally, contribute at least the amount needed to “tread water” or keep their NPL unchanged. The map produced by Moody’s shown in Exhibit 2 reveals which states contributed enough to tread water. Only half of the states met this benchmark. Another assumption change that causes rising NPLs is life expectancy. People are living longer now, so benefits will be paid for a longer period of time.

Exhibit 2

Coping with High Net Pension Liabilities

Underfunded pension plans are looking for new ways to manage rising liabilities. Some have reduced cost of living ad-justments and/or the dollar value of benefits, and some have increased the retirement age or required higher employee con-tributions. Most states legally protect pension benefits, mak-ing it nearly impossible to cut benefits for current employees/retirees, but all states allow benefit reductions for new hires. Researchers from the Center for Retirement Research at Boston College conducted a study revealing the changes plans

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have been making for current and new employees, as shown in Exhibits 3 and 4. About 74% of state plans and 57% of large local plans cut benefits and/or raised employee contributions, but only 25% of those that made cuts actually made cuts for current employees.

Exhibit 3 – Plans Making Benefit Changes to Current Employees 2009-2014

Exhibit 4 – Plans Making Benefit Changes to New Employees 2009-2014

Source: Center for State and Local Government Excellence (2016), State and Local Pension Reform Since the Financial Crisis

Pension liability redistribution is anoth-er option, but implementation might be difficult if significant hardship for mu-nicipalities would result. Transferring liabilities could be detrimental to strug-gling cities that would need to raise additional revenue and place further pressure on taxpayers. Connecticut’s proposal includes provisions to reduce this adversity where necessary. For example, some cities and towns might receive education grants partially offset-ting the cost of the shifted liabilities, and distressed cities and towns might have their portion of the transferred liability eliminated or subsidized.

Lastly, moving toward a defined-contri-bution model rather than defined-benefit would significantly decrease the afflic-tion on employers and taxpayers. De-fined-contribution plans allow employees to manage their own investment risk, and the amount received during retirement depends on their own contributions and investment returns. Changing plan types is a long-term solution since most states can’t change plans for current employees.

Investors should always analyze local pension liabilities and consider any reform that may occur in the future. Although some states may have poor funding levels, many municipalities have their pension liabilities under control and may be able to assume more liabilities if states start to redistribute their pension liabilities to local municipalities. n

Dana Sparkman, CFA, is a municipal analyst in The Baker Group’s Financial Strategies Group. She manages a munici-pal credit database that covers more than 100,000 municipal bonds, providing clients with specific credit metrics essential in assessing municipal credit.

Dana earned a bachelor’s degree in finance from the University of Central Oklahoma as well as the Chartered Financial Analyst designation. Contact: 405-415-7223, dana@gobaker.com

Investors should always analyze local pension liabilities and consider any reform that may occur in the future.

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CFPB COMPLAINTS: SPOTLIGHT ON CREDIT REPORTING

If you’re looking to see what regulators are going to look for next, complaints are a good place to start. The February complaint report from the CFPB spotlights credit reporting

complaints, so it may be a good time to review your FCRA policies and procedures.

The three big credit reporting agencies - Equifax, TransUnion, and Experian - have consistently topped the charts for com-plaints received from consumers at the CFPB. Only one financial institution, Wells Fargo, beat the credit bureaus out in the number of complaints received, likely due to a number of recent scandals at the company. To be fair, the credit bureaus are used by just about every financial institution in the country. The CRAs, by far, handle more consumer information than any other financial institution.

Incorrect information on credit reports was the number one complaint levied on the reporting agencies. Complaints relat-ed to incorrect information account for 76% of the total credit reporting complaints. Complaints related to credit reporting company investigation came in a distant second at 9%, followed by an inability to obtain a report or score, improper use of a credit report, and credit monitoring or ID protection.

Some of the more specific complaints include:

• Difficult process for disputing information.• Consumer reporting agencies attempting to refer consumers

to the data furnisher first (i.e. the creditor) instead of trying to address the complaint directly.

• Process for removing information due to ID theft was too complicated.

• Incorrect information such as false addresses and unrec-ognized names appearing on the consumers credit report – reports often include information from people with similar names or other family members.

• Complaints of unauthorized requests for credit information, • Transparency of “factors” in credit reporting.• Reporting accounts in bankruptcy.

As these complaints on CRAs continue to pour in, it is expected that regulators will continue putting pressure on the CRAs to fix their problems. This will inevitably roll downhill with the CRAs putting more pressure on furnishers, including financial institutions, to improve on the accuracy of the information pro-vided. Now is a good time to go back and review how your bank handles credit information.

What can you do to get ahead of the ball?

Go over your current policies and procedures. Your bank may have grown in size, complexity, and the services you offer over the last few years. If your policies, procedures and controls hav-en’t kept up, then it is time to review and revamp them.

Next, look at how you bank verifies and furnishes information. Review any complaints, either direct or through a CRA, about the accuracy of information provided to the bureaus. Com-plaints are the best way to identify which areas need attention, and also one of the first areas where examiners will probe.

Additionally, you should also go back and check when your bank pulls credit reports, and who pulls them. The FCRA pro-vides specific permissible purposes of when a creditor can pull a consumer repot, the most common for financial institutions being: written consent, in connection with a credit transaction (i.e an application for credit), employment purposes, in connec-tion with buying or selling a loan to or from an investor, or to “review” a current account.

As noted above, many of the complaints received by the CFPB were in regards to creditors pulling credit without authoriza-tion. Transparency is a best practice here. Even if you have a legitimate reason to pull credit without consent, such as a credit application, best practice would dictate that you be upfront with the customer and let them know that you are pulling credit on them to avoid surprises.

On a positive note, the CFPB did mention that Equifax, TransUnion and Experian all provided timely responses to complaints and inquiries. Your bank should endeavor to do the same, though many banks are finding certain consumers are abusing the complaint process, often utilizing an attorney or “debt relief” service that send out robo-complaints like clock-work. Unfortunately there isn’t much a bank can do with these sorts of complaints other than to respond to each and every duplicative and frivolous claim.

The FCRA has now been around for decades and all of the requirements and complaints should be familiar. The difference now is that consumers have a direct line to the CFPB to launch complaints. Unfortunately it isn’t clear how or if the CFPB actually vets these complaints. Many of the complaints are no doubt legitimate, however it is difficult to determine how many complaints are actually true. The CFPB does little to investigate the veracity of such claims. Indeed, a consumer who’s denied a loan is more likely to take their frustration out on creditors than a happy customer. Perhaps the CFPB should solicit remarks from satisfied customers as well, that way the industry would at least know what it was doing well. n

COMPLIANCE CORNER

Now is a good time to go back and review how your bank handles credit information.

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On April 27, more than 200 bankers gathered at the South Towne Expo for the 11th Annual Women in Banking Conference, a Development Conference for Banking Professionals. This year’s theme, “Women Elevated” celebrated achievement and underscored the important role successful women play in the banking industry.

The packed agenda included discussions on elevating talents and getting involved in the community, leadership and leading teams, how to succeed in banking, emotional intelligence, and how to destress the workplace. During lunch attendees were motivated and entertained by four of their peers during some brilliant, fast-paced “Utah Bankers Ignite” sessions.

The rich history of this conference continues to provide a unique opportunity for those in the early stages of their career to the seasoned banker, to be inspired and invigorated with new ideas and strategies to achieve and succeed in this great industry of banking. n

2017 WOMEN IN BANKING CONFERENCE

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www.uba.org12

In uncertain times, cash may be king for investors, but collat-eral—security pledged for the payment of an obligation—is king for all types of asset-based lenders. Prudent lenders

routinely obtain personal guarantees from the principals of their borrowers, but more often than not, when a loan becomes troubled, both borrower and guarantor are unable to easily repay it. Accordingly, few asset-based lenders are willing to make loans without assured access to collateral to satisfy the underlying obligations.

Personal property almost always constitutes an important, if not crucial, aspect of the collateral given to secure a loan. Whether the collateral is accounts receivable, inventory, equipment, the right to make capital calls for a subscription line of credit, mez-zanine equity interests, or the FF&E and contractual rights of a construction borrower, personal property can be the key to a successful loan recovery–whether independently or by unlock-ing the value of real property collateral.

Unless a secured lender can realize the value of the collateral after a borrower default, the security of collateral is largely illu-sory. Secured lenders must fully understand the value of their personal property collateral, the process of properly securing the collateral, potential strategies for liquidating the collateral upon a default and the legal requirements and timelines involved in collecting and foreclosing on the collateral.

Fortunately for secured lenders, the Uniform Commercial Code (which has been adopted by Utah with some amendments and is referred to herein as the “UCC”), provides a number of self-help and judicial remedies that can streamline and simplify the personal property foreclosure process for secured lenders. Consequently, it is important that secured lenders carefully con-sider their rights and options under the UCC as secured parties. The process is two-fold and intuitive in concept, even if more complex in practice.

Secured lenders need to be mindful of the fact that some person-al property is outside of the scope of the UCC. Typically collat-eral that it outside the scope of the UCC includes life insurance

policies, some intellectual property which must be pledged in accordance with federal law, deposit accounts in consumer transactions and some other limited types of personal property.

After a borrower defaults, a secured lender must carefully ana-lyze its loan collateral. A secured party’s rights to intangible col-lateral such as accounts receivable, intellectual property rights and goodwill often follow specialized rules, and it is important that lenders carefully analyze their rights and remedies with the help of experienced counsel. In addition, if a lender’s collateral package includes real estate in addition to personal property, enforcement of rights and remedies simultaneously against per-sonal property and real property and the role of Utah’s so called One Action Rule and related laws must be carefully considered.

With respect to tangible personal property, a secured lender must first either take possession or obtain control of the collater-al and then realize value from it.

Taking Possession of Tangible Personal Property Collateral

There are three ways a secured lender may take possession of tangible personal property collateral under the UCC:

• Cooperative Borrower. In a perfect world, a defaulting borrower would simply deliver the collateral to the lender upon request. While defaults, by their very nature, occur in an imperfect world with imperfect borrowers, being fair, reasonable and transparent with a defaulting borrower encourages that borrower to respond in kind and can avoid the hassle, expense and uncertainty of forcible seizure.

• Peaceful Seizure. A secured lender may also seize the col-lateral if it can do so without a breach of the peace. Unfor-tunately, the UCC does not define the term “breach of the peace,” and Utah case law on the issue is relatively sparse. However, many courts across the country have found that almost any resistance from the borrower—potentially even

PERSONAL PROPERTY AND THE UCC: SECURED PARTIES’ RIGHTS AND REMEDIES IN TROUBLED TIMESBy James H. Jones and Jonathan Kotter, Snell & Wilmer

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James H. Jones is a partner at the Salt Lake City office of Snell & Wilmer where he focuses his practice in commercial and real estate finance, workouts and distressed debt. James may be reached at jjones@swlaw.com or 801-257-1921.

Jonathan Kotter is an attorney in the Salt Lake City office of Snell & Wilmer where he focuses his practice in commercial finance. Jonathan may be reached at jkotter@swlaw.com or 801-257-1903.

the borrower merely insisting that the secured lender, or its agent (secured lenders will typically be responsible for the actions of their third-party collections agencies) stop, is all it takes for a secured lender to breach the peace if the collec-tion efforts are not abandoned. Furthermore, the no-breach-of-the-peace requirement may not be waived. Notably, failure to comply with this requirement is not without con-sequence: seizing the collateral despite a breach of the peace and without a court order may render the secured lender liable for damages to the borrower and provide a basis for a court order prohibiting (at least on a temporary basis) the collection, enforcement or disposition of the collateral. The bottom line is that secured lenders should always proceed with caution when exercising this right.

• Court Order. A secured lender may also resort to the judicial process and seek a court order, whether a writ of re-plevin or other order, compelling the borrower to turn over the collateral. This approach typically starts with the filing of a complaint alleging a borrower default and damages to the secured lender.

Realizing Value from the Collateral

Once the tangible personal property collateral is obtained, secured lenders have two options under the UCC relative to realizing the value of that collateral (subject, of course, to some exceptions and conditions): (i) retaining the collateral in partial or full satisfaction of the underlying obligation, or (ii) a private or public sale of the collateral.

Keeping the Collateral

While retention is not a permissible remedy in all scenarios (e.g., in a consumer transaction, a secured lender may not accept collateral in partial satisfaction of the obligation it secures), and there are some inherent ownership risks, it can be an attractive remedy vis-à-vis sale of the collateral to reduce enforcement costs and permit more latitude in the timing and method of an eventual sale of the collateral. Note that there are a number of procedural requirements relative to retention, though retention is generally permissible if (i) the borrower executes a written agreement to the proposed retention (secured lender beware–this agreement must be entered into after the default), (ii) the se-cured lender has timely sent out all notices required by the UCC (this includes notice to the borrower and can include additional secured parties), and (iii) the secured lender doesn’t receive a timely notice of objection from a person required to receive no-tice of the retention or another party with a subordinate interest in the collateral. Once the requirements of retention are met, the collateral belongs to the lender and may be transferred without regard to the rules that govern the sale of collateral under the UCC, which are discussed below. Additionally, the borrower would of course remain liable for any deficiency if the collateral is kept in only partial satisfaction of the obligation.

Selling the Collateral

Secured lenders have two options under the UCC when selling the collateral: (i) a court-supervised sale or (ii) a secured lender sale of the collateral. However, despite the dual options, many

secured lenders prefer to sell the collateral themselves since it is typically less costly and time consuming. Secured lender sales may be either public or private, though a secured lender’s right to credit bid and purchase the collateral at a private sale is qualified. While there are a number of detailed requirements relative to the form and timing of the notice of the sale, fortu-nately for secured lenders, there are relatively few specific re-quirements as to how the sale must be carried out. Rather, the touchstone is commercial reasonableness, as the UCC requires that “[e]very aspect of a disposition of collateral, including the method, manner, time, place, and other terms, must be com-mercially reasonable.”

Commercial reasonableness is not fully defined under the UCC, and unsurprisingly, it is often litigated. There are, how-ever, some guidelines and safe harbors. For example, the UCC clarifies that “[t]he fact that a greater amount could have been obtained by a collection, enforcement, disposition, or accep-tance at a different time or in a different method from that selected by the secured party is not of itself sufficient to pre-clude the secured party from establishing that the collection, enforcement, disposition, or acceptance was made in a com-mercially reasonable manner”—a very helpful secured-lender protection. In short, if the manner in which the secured lender carries out the sale and the price it obtains are consistent with the typical practices and prices for the sale of similar assets in the open market, the sale is more likely to be considered com-mercially reasonable.

Once the collateral is ultimately sold, the UCC has a hierarchy of how the proceeds are generally required to be applied: first, to reasonable expenses of the sale (including attorney’s fees if provided for by agreement and not otherwise prohibited by law); second, to the secured obligations; and third, to the obligations secured by the subordinate security interests. Subject to a few exceptions, the borrower will, of course, typically remain liable for any deficiency and have the right to any surplus. However, special calculation requirements apply if the property was sold to certain interested parties, such as the secured lender or a person related to the secured lender.

Understanding the broad—if nuanced—secured party person-al property rights and remedies under the UCC is critical to underwriting loans and understanding available asset recovery remedies. However, when they are understood and applied, personal property can be significant security in increasingly uncertain times. n

www.uba.org14

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TM

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Consumers no longer use just one source to inform their purchasing decisions. So why use one metric to

gauge your bank’s customer experience?

Customer Experience: What’s the Big Deal?

Improving the customer experience is the number one priority of business and technology leaders.1 And it’s no wonder. Consider the following:

• Customer experience has been found to be the most critical driver in in-creasing customer loyalty2

• 41 percent of customers who opened a new account in 2014 did so because of a positive customer experience3

• A one percent change in customer satisfaction is associated with a 4.6 percent change in market value4

Customer experience can have a signif-icant effect on a financial institution’s bottom line. After a positive experience, more than 85 percent of customers increased their value to their financial institution by purchasing more products, while more than 70 percent reduced their commitment after a negative experience.5 Clearly, customer experience is a big deal for financial institutions.

The 2015 Forrester US Customer Expe-rience Index shows that customer experi-ence in the digital era correlates strongly with brand loyalty.6 Increased customer satisfaction generates brand loyalty and a greater likelihood of customers recom-mending your bank.

Naturally, customer service plays an important role in maintaining a positive customer experience. A single negative ep-isode can be shared in a matter of seconds via social media, causing a ripple effect that is disproportionate to the severity of the episode itself.

A recent study revealed that 90 percent of consumers admitted to having a “deal breaker” interaction with certain brands.7 Deal breakers included lost baggage at an airport, excessively long wait times during a service call, or intermittent internet ser-vice by a cable provider.

Losing a single customer or account hold-er due to poor service is bad enough. But with so many channels available to voice displeasure (social media, email, websites, blogs), a single lost customer can exponen-tially cause a brand to lose future custom-ers or even other existing customers.

Thus, it’s vital that financial institutions focus on measuring — and improving — customer experience and customer satisfaction.

Measuring Customer Satisfaction: Net Promoter Score

Net Promoter Score (NPS) has long been the standard by which companies gauge customer satisfaction.8 Based on one sim-ple question, “How likely are you to rec-ommend this business to a friend or family member?” the NPS separates customers into three categories:

A company with a high NPS (which runs on a scale from -100 to 100) would have more Promoters than Passives or Detrac-tors and, presumably, have a larger market share and better business performance than competitors with lower NPSes.

A company with a low NPS would rank its improvement as both a good and a key performance indicator (KPI), while a company with a high NPS would work to maintain it . Both would focus on their customer experience programs to impact NPS.9

What NPS Won’t Tell You

NPS is indeed an effective way for finan-cial institutions to benchmark growth, customer satisfaction and marketing efforts. But while NPS has a host of positive attributes — it’s easy to use and implement, helps draw actionable insight from the data and can be leveraged for fast growth — there are drawbacks.

The biggest drawback is that while NPS will tell you if account holders are satisfied or unsatisfied with your financial institu-tion, it doesn’t tell you why they feel this way. The one-dimensional view provided by NPS doesn’t provide the complete story of account holders’ experiences and inter-actions with your financial institution.10

The Digital Experience and the Evolution of Consumer Information

Social media has drastically changed the way consumers interact with financial institutions. Account holders now have more options at their fingertips and can quickly investigate a new product or ser-vice with the tap of a screen.

Customer Experience: Beyond the Net Promoter Score® Article courtesy of Harland Clarke

n Customer Experience: Beyond the Net Promoter Score® — continued on page 16

1.Detractors

2. Passivesthose who are ambivalent about your services and offerings

3. Promotersthose who will happily recommend you to others

Boo!

Meh...

Wow!

www.uba.org16

n Customer Experience: Beyond the Net Promoter Score® — continued from page 15

Even consumers who prefer to go into a brick-and-mortar store often go online first to vet products or services. They rely heavily on research and reviews when making purchasing decisions. In fact, more than 46 percent read reviews and blogs before buying, and 84 percent peruse at least one social site before making a purchase.11 As a result, digital interactions influence 36 cents for every dollar spent in stores.12

Today’s digital-savvy consumer demands information faster than ever before. If a financial institution doesn’t respond fast enough, the potential account holder can quickly search an alternative. Research has shown that companies that attempt to respond within an hour of an inquiry are seven times more likely to earn a purchase.13 This is of particular concern to financial institutions — 24 percent of which take more than 24 hours to respond to online leads.14

The proliferation of social media has given enormous power to the average consumer. Consumers can quickly and easily voice their pleasure or displeasure publicly. As a result, the question to ask in today’s market isn’t simply, “Would you recommend our product to your friends or family,” but rather “Would you recom-mend this product to your social networks?”

Better Ways to Measure Customer Satisfaction

While the Net Promoter Score is still a key metric, there are other effective methods of measuring customer satisfaction. Examples include the Customer Satisfaction Score, the Customer Effort Score and Forrester’s Customer Experience Index.15

• The Customer Satisfaction Score (CSAT), while similar to NPS, measures how satisfied a customer is with a specific transaction and if they felt excited enough to tell someone.

• The Customer Effort Score measures how much effort cus-tomers felt they expended in purchasing a product or service, or in resolving an issue.

• The Customer Experience Index (CX Index) measures if and how a customer’s needs were met, how they felt about it and if they enjoyed the overall experience.

While each of these metrics offers unique insight, on their own they won’t tell the whole story of an account holder’s experi-ence. That’s why financial institutions should build KPIs and measurements using all three of these metrics — and others. The combination should be customized to the goals of your financial institution and measure all key aspects of the account holder experience.

Financial institutions that want to broaden their customer expe-rience measurement beyond the Promoter Score should be sure to aggregate, measure and interpret feedback from a variety of sources: frontline sales, service and call center, online and mobile channels. This is the best way to gain comprehensive insight into your account holders’ experiences with your institution. The

information will help you understand not only if your account holders are satisfied, but also how satisfied they are and why.

Key Drivers of Customer Satisfaction

Key drivers of customer satisfaction are defined by what account holders consider important. They are specific to each financial institution and possibly to segments within it. Improving key drivers will improve the customer experience and customer satis-faction, leading to stronger brand loyalty and, ultimately, better financial performance. Thus, it’s vital for banks to identify the key drivers of their specific account holder base and align them with CSAT, the Customer Effort Score and CX Index in order to evaluate how well they’re performing in these areas.

For financial institutions that fall short of their customer experi-ence standards, the breadth of data provided above will inform an actionable plan for improvement. For institutions that are performing well, they can use this data to drive growth and new business. It’s vital to have the right information for developing a comprehensive plan that addresses every opportunity for im-provement.

Building your own measurement model can be overwhelming, particularly for financial institutions that don’t have customer ex-perience professionals on staff. There are companies that can help conduct customer experience research on behalf of your institu-tion, but be sure to select one that engages each of your financial institution’s customer-facing touchpoints, not just the “major” or most visible one(s). The provider should also deliver statistically significant data and comprehensive, actionable insight.

With 70 percent of purchases being based on how customers feel they are being treated,16 financial institutions can no longer afford to eschew legitimate research into consumer emotions when interacting with their brand. If account holders are not satisfied with the experiences you provide, they can easily share their sentiments with others and find other options.

The good news is that financial institutions that deliver a custom-er experience that meets or exceeds account holder expectations reap the benefits of increased loyalty and vocal brand ambassa-dors in the marketplace.

To learn how Harland Clarke can help your bank gather direct account holder feedback and create a customer-centric culture, contact Oregon’s Harland Clarke Senior Account Executive Mike Kelly at (801) 608-2038 or michael.kelly@harlandclarke.com.

1“Business Technographics® Global Priorities And Journey Survey, 2015,” Forrester, March 2015. 2“Global Consumer Banking Survey 2014: Winning Through Customer Experience,” Ernst & Young, 2014. 3Ibid. 4Fornell et al, “The American Customer Satisfaction Index,” Journal of Marketing, Vol. 60, No. 4, 1996. 5Beaujean M, Davidson J, Madge S, “The ‘Moment of Truth’ in Customer Service,” McKinsey Quarterly, McKinsey & Company, February 2006. 6De Wit R, “Customer Experience Metrics and Measurement — Beyond CSAT and NPS,” i-scoop.eu, May 6, 2015. 7Borowski C, “What a Great Digital Customer Experience Actually Looks Like,” Harvard Business Review, Novem-ber 9, 2015. 8 “Net Promoter® Score Calculation,” Survey Monkey, 2016. 9Ibid. 10“Measuring Customer Experience: Why Net Promoter Score Is Not Enough,” Beyond the Arc, 2014. 11“40 Amazing Online Shopping and Ecommerce Statis-tics,” selz.com, April 2014. 12“15 Mind Blowing Stats About Online Shopping,” CMO.com, May 7, 2014. 13 “The Short Life of Online Sales Leads,” Harvard Business Review, March 2011. 14Ibid. 15Lanoue, Spencer, “Customer Experience Metrics: A Brief Guide On How To Measure CX,” User Testing Inc., May 19, 2016. 16Borowski C, “What a Great Digital Customer Experience Actually Looks Like,” Harvard Business Review, November 9, 2015. 17De Wit R, “Customer Ex-perience Metrics and Measurement — Beyond CSAT and NPS,” holder feedback and create a customer-centric culture: i-scoop.eu, May 6, 2015.

Key drivers of customer satisfaction are defined by what account holders

consider important.

Issue 2. 2017 17

WannaCry: Stop What You’re Doing and Patch Your Computers!By: Jon Waldman Partner, EVP of IS Consulting - SBS CyberSecurity, LLC

WannaCry (also known as WannaCrypt, WanaCrypt0r, wCry, etc.) is the biggest malware event the Internet has ever seen, hands-down. And it was launched just last

Friday! This version of ransomware is the prophetic fulfillment of all those fire-and-brimstone IT folks that have been saying there will be a global malware epidemic. WannaCry is being called a “weapon of mass destruction,” and while that may be a bit extreme, all the “patch or perish” warnings being issued are 100% accurate.

What is WannaCry and how does it work?The second version of WannaCry ransomware (the initial version first appeared in March of 2017) was released on Fri-day, May 12th. Before the end-of-business on that day, Wan-naCry was known to infect over 125,000 computers connected to the Internet. This particularly nasty strain of ransomware exploits a pair of zero-day vulnerabilities (ETERNALBLUE and DOUBLEPULSAR) that were first identified by the NSA and leakedby a hacking group known as “the Shadow Brokers.” The vulnerabilities take advantage of SMB weaknesses (DOU-BLEPULSAR) and also utilize worm-like properties (ETER-NALBLUE), meaning the ransomware spreads itself automati-cally to any victim contacts it can find.

WannaCry, as with most ransomware, works by encrypting your files and demanding a ransom payment in exchange for the decryption key to your files. The ransom starts at $300 for the first 6 hours, granting the victim up to 3 days to pay the ran-som before it doubles to $600. If you don’t pay within a week, then the ransomware threatens to delete the files altogether. WannaCry even allows a victim to decrypt a few files to show you that you will, indeed, get your files back.

Pictured: Screenshot of WannaCry’s Ransom Message

n WannaCry: Stop What You’re Doing and Patch Your Computers! — continued on page 18

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How is WannaCry delivered?The initial distribution of WannaCry was spread through – you guessed it – phishing emails. WannaCry was disguised in a password-protected .zip file (the password is included in the email and “feels” like added security), which runs the ransom-ware upon execution of the .zip file.

Using the ETERNALBLUE zero-day exploit, the ransomware displays worm-like properties by scanning for open instances on port 445 to gain access to Server Message Block (SMB) protocol. It initiates an encryption routine toinfectnotonlyotherhostson-theLANbutalsohostsontheInternet.While ransomware and worms are not new news, the market has not seen a ransomware attack that combined those two components on this type of scale todate.

Who has WannaCry affected?As of Monday, May 15th, WannaCry has affected over 200,000 “customers” (mostly businesses; not just hosts, but organizations or individuals) in over 150 countries, leaving many organiza-tions unable to perform business operations. Organizations in Russia and China were among the most-severely-affected, but as of Friday, May 12th, over 3,300 US businesses were affected as well. Notable businesses affected include FedEx, Nissan, Renault, Deutsche Bahn, Russian Railways, MegaFon, Bank of China, Brazil’s Social Security system, and many more.

Perhaps most concerning is the National Health Service system, the public health services provider of England, Scotland, Wales, and Northern Ireland, as upwards of forty (40) NHS healthcare institutions were affected by WannaCry. 90% of NHS institu-tions were primarily running Windows XP on workstations and servers, leading to surgical delays, transfers of patients, and even potentially worse outcomes.

The “Killswitch”On Friday evening, a security researcher at MalwareTech discovered that WannaCry was attempting to avert discovery and capture. To prevent containment and capture of its code, the ransomware payload queried a certain domain name that was known to be unregistered. WannaCry was built to operate so that if a ping to this unregistered domain returned anything BUT a DNS error (signaling traffic manipulation), it would scuttle itself to avoid analysis. The security analyst that discov-

ered this call-out in the ransomware code registered the unreg-istered domain to which WannaCry was calling, thus shutting down the attack inadvertently. The “killswitch” stopped the spread of the ransomware across the Internet, but shutting down the spread of the ransomware does not stop the infection if a local user opens the .zip file locally.

WannaCry Version 3

Just as soon as the WannaCry “killswitch” was discovered, a new variant appeared; this time without the killswitch. Security analysts have confirmed that the newest version of WannaCry, minus the killswitch, is propagating the Internet as you read this article. Interestingly enough, this latest version of Wanna-Cry was not created by the same malware authors, but rather appears to be a copy-cat attack.

How to Defeat WannaCry1. If you have not yet done so, be sure to install Micro-

soft’sMS17-010 Security Update, which prevents WannaCry from affecting your Windows OS in the first place. Applica-ble to all currently-supported Microsoft Operating Systems, including Windows 10, Windows 8.1, Windows 7, Server 2008, Server 2012,etc.)

2. If you are running an older workstation or server past End-of-Life (Windows XP, Windows 8, and Server 2003), find the applicable Emergency Fix in the Microsoft Update Catalogue here:http://www.catalog.update.microsoft.com/Search.aspx?q=KB4012598

3. If your organization utilizes Windows Defender, you can download updated threat definitions that allow you to detect WannaCry on a host here:https://www.microsoft.com/security/portal/threat/encyclopedia/Entry.aspx-?Name=Ransom:Win32/W annaCrypt

4. If your files are already encrypted, a list of recovery and malware removal options can be found here:http://www.besttechtips.org/remove-wannacry-ransomware-de-crypt-wncry-files/

5. If you attempted to restore from backupandfailed (or you do not have backups in the first place), trya program likeShad-ow Explorerto see if the ransomware did not properly delete your Shadow Volume Copies. If a user did not click Yes at the UAC prompt, then there is a chance those are still available to start the recovery. Here isHow to recover files and folders using Shadow VolumeCopies.

6. As a last resort and all backups have failed, you could de-cide to pay and get the files decrypted. It appears towork.

7. Wipe any affected device and re-image from bare-metal (start fromscratch).

Detect the Presence of WannaCry and SMBv1 Servers on Your NetworkThis section is taken directly from the KnowBe4 blogcited below but contains valuable resources. Warning: this section is technical.

One of the easiest ways to monitor what is happening on your network is to set up a SPAN\Mirror port or use a network TAP. This will give you access to flows and packet payloads so you can see who is connecting to what and if there is anything suspi-cious moving around. Check out this blog postif you use Cisco

Pictured: Wall Street Journal/Malware Tech – WannaCry infections as of end-of-day on Friday

n WannaCry: Stop What You’re Doing and Patch Your Computers! — continued from page 17

Issue 2. 2017 19

switches, it explains how you can monitor multiple network seg-ments without the need to remember what is connected to what switch port. If you don’t use Cisco switches, there is an excellent resource on the Wireshark wiki sitewhich looks at how to setup monitoring on other switches.

Four things to monitor in order to detect WannaCry:1. Check for SMBv1use2. Check for an increase in the rate of file renames on yournet-

work3. Check for any instances of the file @Please_Read_Me@.txt

on your fileshares4. Check for any instances of files with theseextensions

a. .wnryb. .wcryc. .wncryd. .wncryt

There is one caveat though, this infection moves out like light-ning from patient zero, and all vulnerable machines are locked in less than two minutes, so monitoring alone would not be enough to stop this monster. Here is a videoshowing a machine on the left infected with MS17-010 worm, spreading WCry ran-somware to the machine on the right in real time.

How Can You Stop Attacks Like These in the Future?Ransomware attacks like WannaCry are not going to become less frequent. This new global ransomware outbreak is going to spawn more copy-cats and inspire others to get more creative with their malware. We haven’t seen “the big one” yet, but this is close.

Here are a few things you can to do put your organization in the best position to defend against or respond to major attacks like WannaCry:1. Ensure you have a consistent, repeatable Patch Manage-

ment program. Failing to patch your workstations, servers, and devices in today’s world is akin to signing your busi-ness’ death warrant. Patch your devicesreligiously.

2. Employ the highest quality Data Backup Program you can implement technically or financially. Backups today are CHEAP, especially compared to the cost of being unable to recover. If you can, back up to multiple locations (having both an online and offline copy is recommended), and test your backups regularly.

3. Deploy new-school security awareness trainingusing a product likeKnowBe4, which includes simulated social engineering tests via multiple channels, not justemail.

4. Check your firewall configuration and monitor all out-bound traffic to make sure no criminal network traffic is leaving your network. If you do not know how to monitor your internal or outbound traffic, consider investing in a Security Information and Event Management system (man-aged orlocal).

5. Disable and/or block SMBv1 on all machines immediately. See this guide from Microsoft on how to disable SMBv1, and/or block SMBv1 ports on network devices, including UDP ports 137, 138 and TCP ports 139, 445.

6. If your organization does not implement a Secure Email Gateway (SEG), consider adding SEG as an additional se-curity layer. Make sure your SEG is able to perform URL filtering and that it’s tuned correctly to yourorganization.

7. Review your Vendor Management Program. If you utilize third parties to manage your network, host confidential customer information, or provide critical, hosted applica-tions in the cloud, check withyour vendor to discuss how WannaCry may affect their organization or the availability of your information or systems.

8. Update your Incident Response Plan. Make sure your Incident Response Plan has procedures for protecting, detecting, and responding to ransomware attacks. Test your IRP frequently using real-world scenarios and update your plan with new discoveries or gaps identified intesting.

How SBS Can HelpIf you are looking for some additional information around cybersecurity risk management, implementing cybersecurity controls, and Information Security Programs, SBS Information Security Consultants and IT Auditors have worked with over 1500 organizations across the United States to mitigate the risk of cyber attacks. If you are not sure what to do to prevent cyber attacks or to recover from one, SBS will work with you to make the best preventative or recovery decisions possible for your organization.

Three (3) ways you can test your organization right now for cy-ber threats include testing your People, your Processes, and your Technology. SBS CyberSecurity is one of the largest resellers of the KnowBe4 phishing email assessment software, which helps train users on how to identify and mitigate phishing email attacks, as well as to assess that training in a low-risk, real-world phishing scenario. Learn more here: https://sbscyber.com/prod-ucts/sbsknowbe4/

You can also test your network for known vulnerabilities, making sure that all patches have been implemented on your network, with a Network Security Assessment. Learn more about your options here: https://sbscyber.com/auditing/net-worksecuritytesting/.

Finally, you can test your processes (policy, procedure, and gov-ernance) with an External IT Audit. Learn more here: https://sbscyber.com/auditing/itaudit/

For additional information security updates or assistance with anything information security related, please visit us at www.sbscyber.com and let us know how we can help! . n

Sourceshttps://blog.knowbe4.com/ransomware-attack-uses-nsa-0-day-exploits-to-go-on-worldwide-rampagehttps://blogs.technet.microsoft.com/msrc/2017/05/12/customer-guid-ance-for-wannacrypt-attacks/https://www.engadget.com/2017/04/14/shadow-brokers-dump-windows-zero-day/https://www.nytimes.com/interactive/2017/05/12/world/europe/wannacry-ran-somware-map.htmlhttps://krebsonsecurity.com/2017/05/u-k-hospitals-hit-in-widespread-ransom-ware-attack/http://www.telegraph.co.uk/news/2017/05/12/nhs-hit-major-cyber-attack-hack-ers-demanding-ransom/http://thehackernews.com/2017/05/wannacry-ransomware-cyber-attack.html

We haven’t seen “the big one” yet, but this is close.

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Bank KudosALLY BANK

ALLY BANK LAUNCHES DEBIT CARD CONTROLS MOBILE APPLICATION

Ally Bank recently introduced the Ally Card ControlsSM app, which allows customers to establish where their debit card can be used and to set alerts for attempted use of the card outside of the pa-rameters they set. The app is available to both checking and money market account customers with active debit cards and Android® or Apple® devices.

“At Ally, we continuously innovate and strive for exceptional convenience for our customers,” said Diane Morais, president of Consumer & Commercial Banking Products at Ally Bank. “Giving Ally Bank customers the ability to proactively control, monitor, and manage card usage with the tap on the Ally Card Controls app provides cardholders peace of mind related to their debit card.”

The app allows customers to set preferences, such as:

• Having the instant ability to turn a debit card on and off when it is misplaced or stolen.

• The ability to set a per transaction spending limit.• Enabling or disabling specific categories of merchants such

as groceries, fuel, online shopping, entertainment or travel, to control card usage.

• The Location Awareness Controls setting allows cardholders to keep their debit card active around their phone, or only within a specified region on a map.

BANK OF AMERICAN FORK

BANK OF AMERICAN FORK PROVIDES TAX CREDIT FOR NEIGHBORWORKS PROVO PROJECT

In April 2017, Bank of American Fork was proud to provide the tax credit for the NeighborWorks Provo low-income housing proj-ect. Bill Swadley, CRA Officer at Bank of American Fork, serves as the president of NeighborWorks Provo. Recently, Provo has been

in the process of improving and revitalizing the downtown area. People like Bill Swadley recognize that improving living conditions for low-income individuals and families has a positive economic impact on the area, and helps strengthen the community.

Bank of American Fork has supported NeighborWorks Provo since it was founded over 20 years ago. It plays an important role in meeting the housing needs of low-to moderate-income individuals and families in Utah County. The foreclosure-counseling services that it funds are an especially important way of helping families to avoid delinquency and foreclosure.

Bank of American Fork’s support over the years has included annual financial support, participation in funding for the rehabil-itation of homes, service of a vice president and president on the board, and assistance in drafting founding documents. The services provided by NeighborWorks Provo closely align with the Bank’s commitment to strengthening individuals and communities.

BANK OF UTAH

BANK OF UTAH REPORTS DONATING NEARLY $150,000 IN COMMUNITY SUPPORT IN 2016

Bank of Utah recently announced donating a total of $148,669 to community organizations within its 18-location footprint in 2016. Bank employees also gave back to their communities by donating 822 services hours to 70 charitable organizations throughout the year.

Bank of Utah’s contributions included donating warm win-ter clothing or cash to organizations such as The Road Home, Community Action Services and Food Bank, The Family Support Center, The Family Place, Crossroads Urban Center, Joyce Hansen Hall Food Bank, Tremonton Community Pantry, Bountiful Com-munity Pantry and The Lantern House; and donating cash and layette items to organizations that support babies of low income families such as Catholic Community Services of Northern Utah and The Road Home Midvale Shelter for Families.

Issue 2. 2017 21

BANK OF UTAH EXPANDS TO BOUNTIFUL WITH A NEW FULL-SERVICE BRANCH

Bank of Utah is preparing to open a new full-service branch at 100 S. 500 West in Bountiful, Utah, near such retailers as At Home and Costco. The bank is currently making improvements on the site, and is scheduled to open its new branch in mid-May 2017.

“We’re very excited to open a brick and mortar location in Davis County that will be in addition to our Layton branch,” said Bank of Utah President, Douglas L. DeFries. “We look forward to con-tinuing our business and charitable endeavors in Bountiful, with the addition of a convenient new location.”

Bank of Utah has supported Davis County through its annual “Warm Bodies, Warm Souls” coat drive and “Shower Them With Love” drive to collect baby necessities for financially struggling families. Both efforts have benefited the Bountiful Food Pantry for the past several years.

Bank of Utah was founded in Ogden, Utah in 1952 by the Frank M. Browning family. The Brownings continue to own and operate the bank that has grown to over one billion in assets with more than 300 employees, and now 14 branches throughout the state. Bank of Utah is one of the top-performing banks in the country in earnings and strength of balance sheet, according to The Briden Report, an independent quarterly bank comparison. Bauer Finan-cial, Inc., also recently gave Bank of Utah its top, five-star rating for strength and capitalization.

ENERBANK USA

AMERICAN BANKER ARTICLE HIGHLIGHTS WHY EN-ERBANK BUILT A MOBILE LOAN APP TO ENHANCE THE LOAN APPLICATION PROCESS FOR BOTH HOMEOWN-ERS AND HOME IMPROVEMENT CONTRACTORS.

EnerBank recently launched a mobile loan app to provide more convenient and faster credit decisions for home improvement loans for both homeowners and home improvement contractors. The app is available for iOS and Android devices, and was built with a state-of-the-art credit engine—reducing credit decision times to less than a minute, while still providing access to EnerBank’s lending specialists for those who prefer to talk with a live representative.

Bryan Yurcan at American Banker recently profiled EnerBank’s decision to build its own app as opposed to licensing other tech-nology about the launch of EnerBank’s new mobile loan app for contractors. Yurcan wrote about how banks need to respond to customer demands for more mobile solutions, and detailed how EnerBank is providing another choice for homeowners apply for their loans, giving the greatest flexibility to contractors to offer not

only different payment methods to fund their home improvement projects, but also to apply for loans.

KEYBANK

ART WORKS FOR KIDS

KeyBank recently presented a $5,000 grant to Art Works for Kids in support of the organization’s Utah Senate Art Contest. Art Works for Kids provides support to educators and arts organiza-tions that provide innovative and sequential fine arts education for the children of Utah.

The theme of this year’s Senate Art Contest was “Landscape of Utah,” for which 200 students submitted artwork depicting every-thing from Arches to the Bear Lake Monster. Participants include students in 9th – 12th grade from high schools throughout the state. The top 27 pieces were selected by a panel of four judges and were on exhibit around the third floor of the Utah State Capitol from early February through mid-April for the entire legislature and pub-lic to enjoy. The artists who created the top 27 pieces all received scholarships to help offset the cost of future educational pursuits.

ELAINE SCHLEHUBER HERO AWARD

Elaine Schlehuber, Community Development Banking Loan Officer for KeyBank’s Utah market, was recently honored with an American Express “Heroes Among Us” award presented by Salt Lake City’s Major League Soccer Team, Real Salt Lake (RSL), and American Express.

Before kickoff at each game, RSL and American Express recog-nize a “Hero Among Us” on the field, giving fans the opportunity to recognize his or her service. The program is designed to honor everyday people who have made a positive impact to improve the lives of others.

Elaine was recognized for her active involvement in numerous community organizations over the past 30 years, and specifically

n Bank Kudos — continued on page 22

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for her work with Habitat for Humanity. For the past two decades, Elaine has worked closely with program participants who want to own homes through Habitat. She is a member of the Habitat for Humanity family selection committee and was part of the team that built Utah’s first Women Built Home.

In addition to her involvement in Habitat, Elaine volunteers each month with the Salt Lake City School District in honoring students in the middle schools who have made a positive impact. She has volunteered throughout the years feeding the homeless through the Salvation Army, annual Easter eggs hunts, making the scenery for the annual outdoor summer theater in her community, teaching homebuyers and financial literacy classes, working with young girls through the Jobs Daughters organization, and more. She is also Past President of the Salt Lake Kiwanis Club, Past President of the Salt Lake Chamber Ambassadors, and Past State President of the Utah Jaycees.

TOWN & COUNTRY BANK

TOWN & COUNTRY IS TOP SBA SMALL LENDER

Town and Country Bank was Utah’s “Most Active Small-Sized Small Business Administration (SBA) Lender” as measured by number of loans approved in the State of Utah for the SBA’s fiscal 2016 year. The small-sized category includes banks of $200 million or less in assets.

Town & Country has previously been recognized by the SBA for its loan production in the past. In 2015, the bank was named as Utah’s Most Active SBA 7(a) Lender-Small Bank Category”, and in 2012 as “Top Utah SBA 504 Third Party Lender/Small Bank Category”.

NEWSLETTER WINS INTERNATIONAL AWARD

For the second year in a row, Town & Country Bank’s offi-cial oracle, The Town Crier, has been named Web Marketing Association’s “Best Bank Online Newsletter”. The Association’s annual Internet Advertising Competition (IAC) Awards are the first and only industry-based advertising award competition dedicated to online advertising. The Town Crier appears on the bank’s homepage at tcbankutah.com.

The IAC honors excellence in advertising, and most awards are the result of national campaigns enabled by prestigious advertising firms around the globe. By contrast, Town & Country Bank’s news-letter is produced and edited in-house.

WELLS FARGO

SOARING TO NEW HEIGHTS OF VOLUNTEERING WITH THE WELLS FARGO AIRCRAFT FINANCING TEAM

In a normal day, the Wells Fargo Utah Corporate Trust team works with airlines and helps with their aircraft financing needs. Recently, they soared to new heights in a different way.

Team members from the Corporate Trust group in Salt Lake climbed a ladder and removed old shingles in preparation for a new roof. They also removed window shutters and dismantled an old playset. Many on the team were working on their first Team Member Volunteer Pro-gram project and were excited to help improve a neighborhood.

During the day, the volunteers also got to learn about the mission of the Community Development Corporation of Utah, a nonprofit that works with the National Community Land Trust to purchase and rehabilitate dilapidated foreclosed homes.

In one to two months, an open house will be held to showcase the great work of the Wells Fargo team and other volunteers and contractors. It will sell shortly thereafter and a low-income family will move in after receiving homeownership, financial, and other counseling to help them succeed financially.

WELLS FARGO UTAH REGIONAL SERVICES TEAM CHANGES THE LIVES OF WOMEN AND CHILDREN IN SALT LAKE CITY

The Wells Fargo Utah Regional Services team recently had the opportunity to volunteer at the YWCA in Salt Lake City sorting and organizing donated clothing for women and children. Team members first spent time filling shelves and racks with clothing. Then women and their children had the opportunity to shop for clothing and items to meet their needs.

The YWCA is an inspiring place of hope for women providing them and their children with safety, shelter, food and clothing. They offer support programs for women to help create a positive change and better life. Their enduring belief is that better lives for women—all women—will lead to stronger families and communities.

It was a privilege for the Wells Fargo Utah Regional Services team to volunteer at this amazing center!

HELPING UTAH SMALL BUSINESS OWNERS SUCCEED FINANCIALLY

Entrepreneurship was the focus when Wells Fargo Utah Small Busi-ness Manager Lester Romero took to the stage at EntreCon in Salt Lake City. More than 700 were in attendance for this two day event.

“It was great sharing our commitment to small business in Utah with those influential entrepreneurs and future business leaders,” Romero said. “The conference organizers really appreciated having someone with a financial industry background speak to the audience.”

Small business bankers also supported the event by staffing a booth to share Wells Fargo information with the conference attendees.

“Business Specialists Kenny Lee and Heather Adams did an out-standing job engaging the participants in meaningful conversations about how to start, run and grow their business,” Romero added. n

n Bank Kudos — continued from page 21

Bank Kudos

Bankers on the Move

Tiffany Andrew will serve as deposit branch manager of Bank of Utah’s new Bountiful location.

Kevin Bales will serve as a mortgage loan officer for the Bank of Utah’s Mortgage Office in St. George. Bales previously served as the regional manager at Stuart Rentals in St. George. Prior to that position, he was the mortgage loan officer at Wells Fargo Home Mortgage in Mesquite. Earlier

in his career, Bales also served as a construction loan officer for First Security Bank in Salt Lake City and as a lending officer at Sun Capital Bank in St. George.

Stacey Carbine-Hill will be an account manager for the Bank of Utah’s new Bountiful branch.

Candace Cooper was recently promoted to Senior Director at Sallie Mae Bank. She joined the Bank in 2011. Ms. Cooper is responsible for Retail Banking Operations. Her responsibilities include Retail Deposit back office processing and call center servicing.

Teresa Holmes of State Bank of Southern Utah has been promoted to the position of Consumer Loan Officer. Teresa has been a part of the State Bank family for 16 years, serving the community of Southern Utah as a Construction Loan Officer prior to this change.

Craig H. Peterson was hired at Central Bank as Vice President and Office Manager of Central Bank’s North Lehi Office open-ing later this year. Peterson has worked in the banking industry for the past 16 years, specializing in management, and small business and commercial banking.

Cecilia Millan has been appointed to loan secretary for Bank of Utah’s new Bountiful branch.

Spencer Richins will serve as the commercial lending team lead for Bank of Utah at the new Bountiful branch.

Teri Rio has been appointed to mortgage manager and mort-gage loan officer for Bank of Utah’s new Bountiful branch.

Jared Taylor has been appointed to portfolio manager for Bank of Utah’s new Bountiful branch.

Brandon Toyn has been hired by Bank of Utah to the position of branch manager for the bank’s corporate office in Ogden.

Casey Urie of State Bank of Southern Utah has been promoted to the position of Accountant. Ca-sey has served as a Credit Analyst in our Credit Services department for 6 years. Casey earned a Master’s of Accountancy degree from Southern Utah University and holds her CPA license.

Kirk Woolley has retired as vice president and branch manager of Bank of American Fork’s Riverton branch. Woolley’s 44-year career spanned multiple organizations. He played a pivotal role in the opening and success of the Bank of American Fork Riverton branch in 2007. In retirement, he looks forward to spending more time with his wife and family. n

www.uba.org23

www.uba.org24

UBA Associa te MembersUBA Associa te Members UBA Associa te MembersUBA Associa te MembersAgri-Access 3405 E Overland Rd Ste 110 Meridian, ID 83642 Tel: 208-320-2637 Contact: Chad Brown Email: Chad.Brown@agri-access.com

Azureity, Inc. 563 West 500 South, Ste 260 Bountiful, UT 84014 Tel: 801-677-2499 Contact: Brian Acord Email: bacord@azureity.com

The Baker Group 2975 West Executive Parkway, Suite 139 Lehi, UT 84043 Tel: 800-937-2257 Contact: Brian Bates Email: bbates@gobaker.com

Bank Financial Services Group 1500 Quail St Ste 600 Newport Beach, CA 92660 Tel: 951-712-1106 Contact: Larry Rowley Email: lrowley@bfsgroup.com

Bank Trends 979 East 800 South Salt Lake City, UT 84102 Tel: 877-717-6743 Contact: Michael Stinson Email: Michael@bank-trends.com

Bankers’ Bank of the West 1099 18th St., Suite 2700 Denver, CO 80202-1927 Tel: 303-291-3700 Contact: Dallas Kiburz Email: dkiburz@bbwest.com

BMA Banking Systems 2151 South 3600 West West Valley City, UT 84119-1121 Tel: 801-978-0200 Contact: Kevin Jones Email: kevin.jones@bmabankingsystems.com

The Cadence Group P.O. Box 711190 Salt Lake City, UT 84171 Tel: 801-337-3917 Contact: Jonathan Eberhardt Email: jeberhardt@thecadencegroup.com

CBCInnovis, Inc. 250 E. Broad Street, 21st Flr Columbus, OH 43215 Tel: 855-202-6111 Contact: Jason Bunker Email: jason.bunker@cbcinnovis.com

CenterState Bank Correspondent Division 1660 Olympic Blvd Ste 315 Walnut Creek, CA 94596 Tel: 800-481-2443 Contact: Rick Ruso Email: rruso@centerstatebank.com

Community Bank Consulting Services 364 Tanner Lane Midway, UT 84049-6520 Tel: 314-422-1567 Contact: Lynn A. David Email: ldavid@bankconsultants.com

Compliance Alliance, Inc. 203 W. 10th St. Austin, TX 78701 Tel: 888-353-3933 Contact: Scott Daugherty Email: scott@compliancealliance.com

D.A. Davidson & Co. 8 Third Street North Great Falls, MT 59401 Tel: 406-268-3084 Contact: Tom Hayes Email: thayes@dadco.com

Dorsey & Whitney LLP 136 S. Main St., Suite 1000 Salt Lake City, UT 84101 Tel: 801-933-7365 Contact: Steven Waterman Email: waterman.steven@dorsey.com

Eastwind Networks 220 S 200 E Salt Lake City, UT 84111-2417 Tel: 385-355-3455 Contact: Gregg Frohman Email: gfrohman@eastwindnetworks.com

Eide Bailly LLP 5929 Fashion Point Dr., Ste 300 Ogden, UT 84403 Tel: 888-777-2015 Contact: Gary Smith Email: gsmith@eidebailly.com

Federal Home Loan Bank of Des Moines 1001 Fourth Ave, Suite 2600 Seattle, WA 98154 Tel: 206-340-2489 Contact: Eric Jensen Email: ejensen@fhlbdm.com

FPS GOLD 1525 W. 820 N. Provo, UT 84601-1342 Tel: 801-429-2126 Contact: Matt S. DeVisser Email: mattd@fps-gold.com

Harland Clarke 4867 Harold Gatty Drive Salt Lake City, UT 84116-2815 Tel: 801-288-2133 Contact: Michael Kelly Email: Michael.Kelly@harlandclarke.com

Holland & Hart 222 S Main St., Ste 2200 Salt Lake City, UT 84101-2194 Tel: 801-799-5800 Contact: Scott Irwin Email: srirwin@hollandhart.com

Jones Waldo 170 S Main St., Suite 1500 Salt Lake City, UT 84101-1644 Tel: 801-521-3200 Contact: George Sutton Email: gsutton@joneswaldo.com

Issue 2. 2017 25

UBA Associa te MembersUBA Associa te Members UBA Associa te MembersUBA Associa te MembersKirton McConkie 50 East South Temple 1800 Eagle Gate Tower Salt Lake City, UT 84111 Tel: 801-328-3600 Contact: Gary Winger Email: gwinger@kmclaw.com

Metrostudy 1 Thomas Cir NW Suite 600 Washington, DC 20005-5803 Tel: 202-452-0800 Contact: Heather Knutson Email: hknutson@metrostudy.com

Mirador 317 SW Alder St, 2nd Floor Portland, OR 97204-2547 Tel: 866-627-3070 Contact: Steve Rice Email: srice@miradortech.com

Moss Adams LLP 601 W Riverside Ave, Suite 1800 Spokane, WA 99201 Tel: 509-747-2600 Contact: Mike Thronson Email: mike.thronson@mossadams.com

Mountain West Small Business Finance 2595 E 3300 S Salt Lake City, UT 84109-2727 Tel: 801-474-3232 Contact: Steve Suite Email: steve@mwsbf.com

Office Depot 281 West 2100 South Salt Lake City, UT 84115-1830 Tel: 801-831-4201 Contact: Bill Parker Email: william.parker@officedepot.com

Parsons Behle & Latimer 201 S Main St Ste 1800 Salt Lake City, UT 84111 Tel: 801-532-1234 Contact: Gary E. Doctorman Email: GDoctorman@parsonsbehle.com

Promontory Interfinancial Network, LLC 1300 17th St N, Suite 1800 Arlington, VA 22209 Tel: 703-292-3462 Contact: Glenn Martin Email: gmartin@promnetwork.com

PwC 201 S. Main Street, Suite 900 Salt Lake City, UT 84111 Tel: 801-534-3883 Contact: Ryan J. Dent Email: ryan.j.dent@us.pwc.com

Ray Quinney & Nebeker P.C. 36 S State Street, Suite 1400 Salt Lake City, UT 84111-1451 Tel: 801-532-1500 Contact: Kevin Glade Email: kglade@rqn.com

Raymond James One Embaradero Center, Ste 650 San Francisco, CA 94111 Tel: 415-978-5056 Contact: Steve Egli Email: steve.egli@raymondjames.com

Rocky Mountain CRC 64 E Winchester St., Suite 230 Salt Lake City, UT 84107-5602 Tel: 801-366-0040 Contact: David Watkins Email: dwatkins@rmcrc.org

RSM US LLP 515 S. Flower St., 41st Floor Los Angeles, CA 90071 Tel: 213-330-4736 Contact: Victoria Umphress Email: victoria.umphress@rsmus.com

Sandler O’Neill + Partners, L.P. 1251 Avenue of the Americas, 6th Floor New York, NY 10020 Tel: 212-466-7800 Contact: Avi Barak Email: abarak@sandleroneill.com

Scalley Reading Bates Hansen & Rasmussen 15 West South Temple, Suite 600 Salt Lake City, UT 84101 Tel: 801-531-7870 Contact: Jonathan Rupp Email: jhrupp@scalleyreading.net

Simpson & Company, CPAs 1111 E. Brickyard Road, Suite 112 Salt Lake City, UT 84106-2592 Tel: 801-484-5206 Contact: Kenneth R. Simpson Email: krsimpson@simpson-co.com

Snell & Wilmer, LLP 15 W South Temple, Suite 1200 Salt Lake City, UT 84101-1547 Tel: 801-257-1900 Contact: Lori Newey Email: lnewey@swlaw.com

Tanner LLC 36 South State St., Suite 600 Salt Lake City, UT 84111-1400 Tel: 801-532-7444 Contact: Tom Lund Email: talund@tannerco.com

Travelers Insurance 6060 S Willow Drive Greenwood Village, CO 80111 Tel: 720-200-8447 Contact: Janu Cambrelen Email: jcambrel@travelers.com

WorldPay Salt Lake City, UT 84101 Tel: 801-664-3198 Contact: Jon Garner Email: jon.garner@worldpay.us

Zions Correspondent Banking Group 310 South Main Street, Suite 1400 Salt Lake City, UT 84101 Tel: 801-844-7854 Contact: Steve Campbell Email: Steve.campbell@zionsbank.com

www.uba.org26

FDIC Directors CollegeSeptember 12, 2017 – Wasatch Retreat Center,

Salt Lake

Community Reinvestment ConferenceSeptember 21, 2017 – The Tower, Rice-Eccles Stadium,

Salt Lake City

Fall Compliance ConferenceOctober 24-25, 2017, – Westgate Resort, Park City

Leadership Conference November 9, 2017, – Salt Lake City

Bank Executive Winter ConferenceDecember 1, 2017 – Salt Lake City

Lineup of upcoming UBA educational events

EDUCATION CORNER

Check the UBA website, www.uba.org for additional information and to register for all events.

WORDS. DANI GORDEN Advertising Sales 801.676.9722

dani@thenewslinkgroup.com

2017 COMMERCIAL LENDING DEVELOPMENT PROGRAM

Registration is open for the 2017 Commercial Lending Development Program (CLDP). This year’s program has been redesigned based on our members’ feedback. This course emphasizes the entire commercial loan life cycle and provides participants with current lending approaches, an updated focus on key analytics and

regulatory issues. Students will improve their credit and marketing skills as a result of this training, learning best practices by participating in case studies and learn from first-hand from industry executive speakers.

The program includes eight classes, meets twice month and runs from September to December. Classes start September 14, 2017.

REGISTER TODAY!

MARK YOUR CALENDAR NOW!

PERSPECTIVE.The COMMERCIAL LENDING AND BANKING GROUP at

Jones Waldo recently closed the following types of transactions:

Jones Waldo’s commercial lending group provides the level of

specialization and skill that comes only with seasoned professionals

who represent both local and national clients.

To learn more call us at 801-521-3200 or visit our website at

www.joneswaldo.com.

• Construction loans for office, retail, medical, hotel,

apartments and mixed-use condominium developments

• Real estate acquisition loans

• Corporate credit facilities

• Affordable housing tax-credit construction loans

• New market tax-credit construction loans

• Ski resort financings

• Asset based acquisition loans

• Credit provider representation for credit enhanced

bond financings

• Syndicated real estate and corporate financing transactions

• Real estate and corporate credit restructuring transactions

• Financial institution owned real estate sale transactions

• Judicial and non-judicial foreclosures

• Ongoing advice regarding bank regulatory compliance issues

JONESWALDO.COM + 801-521-3200

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