Pub. 3 2015 Issue 3

Issue 3. 2015 3 7 14 UBA Board of Directors 2015/2016 ©2015 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. CHAIRMAN Jill M.Taylor Regional President,Consumer and Small Business KeyBank Salt Lake City,UT VICE CHAIRMAN CraigA.White President & CEO Utah Independent Bank Beaver,UT 2NDVICE CHAIRMAN Ron Ostler Chairman Comenity Capital Bank Salt Lake City,UT IMMEDIATE PAST CHAIRMAN Kelvin L.Anderson President & CEO Optum Bank Salt Lake City,UT COMMUNITY BANKADVISORY CHAIR Brad R.Baldwin President & CEO First Utah Bank Salt Lake City,UT REGIONAL BANKADVISORY CHAIR Dee O'Donnell Utah Regional President Wells Fargo Salt Lake City,UT INDUSTRIAL BANKADVISORY CHAIR Donald Poulton President/CEO Medallion Bank Salt Lake City,UT PRESIDENT Howard M.Headlee President Utah BankersAssociation Salt Lake City,UT BOARD MEMBERS RichardT.Beard President and CEO,People’s Utah Bancorp CEO,Bank ofAmerican Fork American Fork,UT MichaelA.Fosmark President,Leasing & Equipment Finance Celtic Bank Salt Lake City,UT Robert Garinger President & CEO American Express Centurion Bank NewYork City,NY Kay B.Hall EVP,CFO Zions Bank Salt Lake City,UT K. John Jones President & CEO First National Bank Layton,UT Richard Lake President Merrick Bank South Jordan,UT Damon G.Miller Utah Market President U.S.Bank Salt Lake City,UT MarkW.Packard Senior ExecutiveVice President Central Bank Springville,UT Erich Sontag President, Intermountain Banking AmericanWest Bank South Jordan,UT Katie Spratling President Holladay Bank &Trust Salt Lake City,UT Frank K.Stepan Executive Director Morgan Stanley Bank Salt Lake City,UT M.Craig Zollinger Utah President & CEO JPMorgan Chase Salt Lake City,UT 4 Market vs. Crony Capitalism, Who are the Winners and Losers We are hearing a lot about crony capitalism these days from both the right and the left. Unfortunately, many who are turned off by the negative tone of today’s politics dismiss it as just over-politicized rhetoric. By Howard Headlee, President 5 Washington Update: Standing Together for a Strong Industry As I assume my responsibilities as ABA’s new president and CEO and look ahead to all the challenges and opportunities facing our industry, there’s one thing that I’m especially grateful for: the alliance that ABA has forged over the years with our 53 state association partners. By Rob Nichols, President and CEO, American Bankers Association 6 UBA Executive Development Program 2015 Graduates Graduates of the third class of the UBA Executive Development Program were hon- ored at the UBA 5th Annual Bank Executive Winter Conference recently in Salt Lake City 7 25 Most Powerful Women in Banking Awards The energy being generated within Utah’s banking industry by women is not only re- markable, but it is also essential to the future of our industry. 9 Cyber Crime and Your Customers How are cyber criminals attacking your customers? Financial institutions are facing a multitude of threats while attempting to keep customer information safe. By Eric Chase, Information Security Consultant - Security Banking Solutions, LLC 12 How the Cow Ate the Cabbage: Are Your Interest Rate Risk Reports Giving You the Unvarnished Truth? As instructive idioms go, “hope for the best but prepare for the worst” is a good one. By Lester F. Murray, Associate Partner of The Baker Group LP 14 Interest Rate Risk: How an Increase in Rates May Hurt Your Institution—and the Economy Everyone is waiting with bated breath for interest rates to rise. When will they rise? How much will they rise? By Katherine Hart, CPA, Senior Manager, Moss Adams LLP 15 Compliance Corner 16 UBA Educational Events 16 Congratulations to First Graduating Class of the UBA Commercial Lending Development Program 17 EnerBank USA Names Banking Veteran Charlie Knadler President & CEO to Replace Retiring CEO Louise Kelly 18 Bank Kudos 22 Bankers on the Move 24 UBA Associate Members