March 18, 2021

Bank of Utah
Bank of Utah Takes Home Sales and Marketing of the Year Award for its Chow Down Challenge
Bank of Utah’s marketing team recently received a Sales and Marketer of the Year (SAMY) award for Best Social Marketing Campaign. Utah Business Magazine that sponsored the awards, recognized Bank of Utah’s Chow Down Challenge campaign for the award, which was led by Communications and Marketing Specialist Megan Kenley.

Branden Hansen has been named executive vice president, chief business officer for Bank of Utah and will oversee mortgage, corporate trust, personal trust, investments and foreign exchange. Hansen, who most recently served as CFO, has a B.S. degree in finance from BYU, is a graduate of Pacific Coast Bankers School and has a financial management diploma from AIB-American Bankers Association.

While the coronavirus had originally affected international trade, it seems to be normalizing to an extent. It could be a good time for community banks to prepare to serve those customers with international trade business.

As part of this rebranding effort, IntraFi Network is adopting new logos and names to better describe its suite of financial services — popular products that have included CDARS, Insured Cash Sweep, Insured Network Deposits and Insured Overnight Funding. Going forward, the company’s deposit products will be consolidated into IntraFi Network Deposits, and its funding products will become IntraFi Funding.

On Jan. 23, 2021, we held our first-ever virtual Community Reinvestment Conference! This year’s conference had over 100 bankers registered from across the state. Because of the virtual format, we were joined by many first-timers who could not attend in person in the past.

On Jan. 1, 2021, the Senate voted to override President Trump’s veto on the National Defense Authorization Act (NDAA or Act). It was previously overridden by the House back on Dec. 28, 2020. The NDAA included over 200 pages of significant reforms to the Bank Secrecy Act (BSA) and other anti-money laundering (AML) laws putting forth the most comprehensive set of BSA/AML reforms since the USA PATRIOT Act of 2001. The continuing question is, what are the implications of this Act? How will this impact not only financial institutions but also U.S. companies and companies doing business in the United States at large?

Throughout the pandemic, the U.S. economy has been tested like never before and has more than proven its resilience. That’s thanks in no small part to our large and diverse financial system: a network of financial institutions of all sizes, charters and business models dedicated to providing the products and services that consumers and businesses need to thrive.