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Serving The Needs Of Washington Bankers Since 1889 INSIDE THIS ISSUE 5 2012 Promises to Be an Eventful Year Jim Pishue, President & CEO, Washington Bankers Association 6 Fighting for Examination Relief Frank Keating, President & CEO, American Bankers Association 9 Special Session Recap By Denny Eliason, WBA Lobbyist, Alliances Northwest 10 Congratulations to the 2011 Executive Development Program Graduates! On the Cover: Deception Pass taken by Bob Rollins. Cover Photo Submissions: WBA members are invited to submit photos for consideration. Direct submissions to monique@wabankers.com. ISSUES & ANSWERS is the official trade publication of the Washington Bankers Association. The views and opinions expressed herein are those of the individual authors and do not necessarily represent official statements of WBA policy, or its publisher Media Communications Group, Inc. Any legal advice should be regarded as general information. It is strongly recommended that one contact an attorney for counsel regarding specific circumstances. Likewise, the appearance of advertisers does not constitute an endorsement of the products or services featured by the Washington Bankers Association or Media Communications Group, Inc. 11 WBA Scholarship Program 13 Washington Bankers Association Partners with Leading Financial Education Technology Company 15 One Size Fits One 16 Conference Spotlight 17 CEO/Bank Directors Conference 18 Mark Your Calendars for the Annual Bankers Convention 19 Upcoming WBA Seminars 20 Foreclosure Fairness Act — A Look at the First Six Months By Kathleen A. Nelson, Lane Powell PC 21 Industry News WBA STAFF Jim Pishue, President & CEO (206) 344-3485 james@wabankers.com Liz Wilson, Executive Vice President (206) 344-3495 liz@wabankers.com DessaMonica de Castro, Accounting Assistant (206) 344-3476 dessa@wabankers.com Danielle Molle, Programs Administrator (206) 344-3475 danielle@wabankers.com Chelsey Mullins, Administrative Coordinator (206) 344-3484 chelsey@wabankers.com Monique Osbjornsen, Convention Planner (206) 344-3494 monique@wabankers.com Gretchen Kirkpatrick, Database & Website Specialist (206) 344-3492 gretchen@wabankers.com Peter Tang, Senior Accountant (206) 344-3472 peter@wabankers.com WBA BOARD OF DIRECTORS Eric Pearson, Chairman President & CEO, Community 1st Bank, Kennewick Laurie Stewart, Chairman-Elect President & CEO, Sound Community Bank, Seattle Kerry Biddle, Secretary/Treasurer Senior Vice President, Bank of America, Tacoma Dave Straus, Immediate Past Chair President & CEO, Fortune Bank, Seattle Jim Mitchell, ABA Govt Relations Committee Rep. President & CEO, Puget Sound Bank, Bellevue Kurt E. Graff, WBA PROS Chairman President & CEO, Northwest Commercial Bank, Lakewood Jim Carmichael, Director (term to 2014) President & CEO, Kitsap Bank, Port Orchard Melanie Dressel, Director (term to 2013) President & CEO, Columbia Bank, Tacoma Brian Hawley, Director (term to 2014) SVP & Regional President, Union Bank, Seattle John E. (Jack) Heath, Director (term to 2012) President & COO, Washington Trust Bank, Spokane Dennis Long, Director (term to 2013) CEO, Bank of the Pacific, Aberdeen Jim Mitchell, Director (term to 2013 President & CEO, Puget Sound Bank, Bellevue Carol K. Nelson, Director (term to 2014) President & CEO, Opus Bank, Everett Byron L. Richards, Director (term to 2014) Senior Vice President, U.S. Bank, Seattle Greg Seibly (term to 2014) President & CEO, Sterling Financial Corporation, Spokane Patrick Yalung, Director (term to 2013) Regional President, Wells Fargo Bank, Seattle www.wabankers.com 4
Serving The Needs Of Washington Bankers Since 1889 PRESIDENT’SMESSAGE Jim Pishue, President & CEO, Washington Bankers Association 2012 Promises to Be an Eventful Year Out with the old, and in with the new. Few bankers I know will be sorry to see 2011 growing smaller in the rear-view mirror. Continuing a journey that began in 2008, our industry over the past twelve months faced the economic impacts of a deep and persistent recession, a new and increasingly intrusive regulatory environment, intense media scrutiny, random protests, and any number of other challenges. But looking through the windshield at 2012 spreading out before us, the road ahead appears a bit smoother. The hard work that has gone into improving credit quality is beginning to pay off in the form of stronger bank earnings. Yes, the road ahead in 2012 already looks a bit smoother than the one we drove over in 2011. But we can’t afford to be asleep at the wheel. Many customers remain justifiably wary of another dip in economic activity, but some are beginning to once again look at investing in their businesses. Given these trends, I sense a cautious optimism on the part of many bankers in Washington. For that optimism to materialize over the coming months, however, our entire industry must take a broader view of what is “our business.” Yes, bankers must continue to execute the fundamentals: building strong customer relationships, attracting deposits, making prudent loans, maintaining asset quality and managing our balance sheets. But we must also make it “our business” to be actively engaged in the political and regulatory processes that impact our ability to serve our customers and our communities. As you read this, lawmakers in Olympia are struggling to find ways to close the remaining 2011-13 budget gap, now estimated at $1.5 billion. The legislature took some steps in the right direction during December’s special session, but the choices they’ll face in closing the remaining gap will be even more difficult. Legislators will be under intense pressure to increase taxes to close at least part of this gap. Our industry will once again be in the crosshairs, with tax proposals ranging from the elimination of the first mortgage interest income exemption to the imposition of a “windfall” profits tax on financial service providers. WBA will continue to lead the industry’s response through the United Financial Lobby in Olympia. To maximize our effectiveness, we continue to need our members to be directly and actively engaged in our advocacy efforts. That means having each WBA member bank designate at least one primary contact to receive issue updates and to ensure that calls to action are 5 completed in a timely manner. It means increasing participation in Bankers Day so that our elected leaders hear directly from bankers in their communities. And it means increasing financial support of WBA’s WashBankPAC. That final item is especially important, as the 2012 election season presents an opportunity to alter the political landscape in the state for the next few years. The gubernatorial race seems to be shaping up into a heads-up battle between Republican Attorney General Rob McKenna and Democratic Congressman Jay Insley. The 2010 census resulted in a new legislative map that changes the character of a number of districts. Announced and anticipated departures of some incumbent legislators are expected to create more competitive races. Taken collectively, these changes will provide banks and others in the business community more opportunities to help elect candidates who understand and support the role of the private sector in providing jobs and creating economic opportunities for Washington citizens. The opportunity is there if we are strategic and aggressive in our actions to take advantage of it. Yes, the road ahead in 2012 already looks a bit smoother than the one we drove over in 2011. But we can’t afford to be asleep at the wheel. January/February 2012
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