Pub. 12 2024 Issue 3

Engage fi  With over 1,500 successful projects completed, the team at Engage fi is a blend of consultants, educators, integrators and advocates. We are laser-focused on guiding financial institutions through our proven process and enabling them to make informed, timely decisions on vendor relationships so they can change at the speed of the consumer. Engage […]

Altabank Syed Saood Jan has joined Altabank as a commercial relationship manager at the Orem branch. He also has prior experience working at KeyBank and Zions Bank. Heather Adams has come to Altabank as a commercial relationship manager in the Murray branch after a 25-year career at Wells Fargo. Mark Maxwell was recently named branch

UBA’s partnership with the ABA BankPAC is central to our advocacy strategy. In July, UBA Chairman Mark Packard once again delivered support from Utah bankers, who have met our goal for BankPAC contributions for more than 30 years. Overall, BankPAC contributions to members of Utah’s Congressional delegation have far exceeded the amount of PAC funds raised by Utah bankers every year — a net positive for the state!

Amid a surge in scams and fraudulent activities costing Utah residents millions, a powerful new coalition is taking action. The Utah Fraud Prevention Coalition brings together banks, credit unions, law enforcement, business associations and local governments to protect the financial security of the state’s residents and businesses. By pooling resources, expertise and technology, the coalition aims to detect, prevent and educate the public about fraudulent activities.

Finding the right price for a customer’s deposits or loans can be a difficult balance. Relationship pricing involves looking at your customer’s entire relationship of loans, deposits, fee income and other products to determine the customer’s overall profitability and using this information to make strategic decisions on pricing for renewals or new products. This pricing strategy can have a significant effect on both customer relationships and your bank’s overall profitability.

The Utah Bankers Association hosted its annual Community Reinvestment Conference at Vista Station Office Park in Draper on Sept. 26, 2024. More than 40 CRA officers and community partners convened to hear from a diverse lineup of speakers, which included discussions on Fair Lending Rules, the Utah Economy, SBIC Program Modernization, the Greenhouse Gas Reduction Fund and CRA Performance Context.

As technology evolves at a record pace, many regional banks are finding themselves at a pivotal crossroads: embrace innovation or risk obsolescence.

In 2023, failures of large financial institutions shook consumer confidence in banking. In fact, a May 2023 poll from The Associated Press-NORC Center for Public Affairs Research found that only 10% of adults in the U.S. had “high confidence in the nation’s banks and other financial institutions” — less than half the amount that reported high confidence in 2020.

Recent actions by regulators indicate a growing concern about fair lending risk, specifically as it pertains to appraisals and valuations used to make credit decisions. Based on the increased interest in this area, banks may want to ensure that their management of fair lending risk includes a detailed look at their valuation process.