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2016 ANNUAL REPORT are not forced to release liens when balances are paid to zero, keeping home equity lines of credit as a ready source of credit for Coloradans – including many small businesses – who rely on HELOCs to finance a variety of dreams. Next year, CBA will pursue additional options to proactively support the industry – including assisting other business groups with efforts related to construction defects, as atttempts to achieve compromise stalled in the 2016 session. We know that saving for the future is an important goal for our customers, and it isn’t a lack of options – including those provided by employers – that keeps them from doing so. Therefore, we put a stop to legislation that would have created a state-subsidized retirement plan that, among other problems, would have proved much more costly than any other product currently offered by the private sector – and could have put participants’ funds at risk. Regulatory reform has been CBA’s top priority in 2016 – not to make life easier for banks, but to reclaim the ability to make prudent loans to borrowers. Time and again, we hear that it is more difficult than ever to acquire and close a home loan. Colorado banks – particularly community banks – continue to struggle under the weight of mounting regulations, many of which prevent them from extending credit. TRID has made home purchases more complex for borrowers and has left banks struggling to comply. While 63 percent of consumers polled in a March survey said the new forms prevented them from closing their home loans within their desired time frame, the CFPB has recently hinted at some TRID relief coming soon. CBA has kept open lines of communication with lawmakers here and in Washington to ensure Colorado voices are heard. Over the past year, CBA and bankers have met with our members of Congress nearly 50 times and communicated with state leaders on a near weekly basis. Meeting with Senator Bennet Dozens of other conversations have taken place with lawmakers including House Financial Services Committee Chairman Jeb Hensarling and with regulators including unprecedented meetings with Federal Reserve Bank President Esther George. Colorado also hosted subcommittee hearings of the U.S. House and Senate and enjoyed a visit from House Majority Leader
2016 ANNUAL REPORT Kevin McCarthy. CBA President and CEO Don Childears was instrumental in creating the TAILOR Act – sponsored by Rep. Scott Tipton – which would require regulators to appropriately tailor regulations to fit a bank’s business model and risk profile. While it hasn’t been passed yet, it continues to garner support and the hope is to see it become law in 2017. Meanwhile, CBA has been in frequent contact with members of Congress and regulatory agencies’ top brass to move the ball on regulatory relief. In 2015, CBA welcomed a new bank commissioner, Chris Myklebust, with whom the organization is working closely to effect a positive environment for banks. WE PROTECT OUR CUSTOMERS Colorado residents rely on metro districts to provide them with a solid foundation upon which to build their lives and achieve their goals. Clean water. Safe roads. Strong schools. All of those ventures – and the billions of dollars banks invested in them – were threatened this year by a court decision which calls into question the validity of previously held elections for the vast majority of the 1,475 metropolitan districts in Colorado. CBA and other business community advocates secured legislation to shield those investments. Bankers are an early line of defense against the abuse of the elderly and at-risk adults. In 2016 CBA worked to ensure that bank employees must report only abuse they witness or have reasonable cause to believe is happening – without creating a conflict with existing federal laws. Welcoming Bank Commissioner Myklebust Colorado bankers meet with Representative Perlmutter CBA was among the first organizations to throw their weight behind a campaign against a ballot initiative that would create a crushing single-payer health care system in Colorado. Colorado’s $27 billion budget is already strapped and the measure would add a $38 billion health care burden via a 6.7% payroll
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Page 15 and 16: CBA STAFF Don Childears don@colorad

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