Pub. 5 2017 Issue 2

Issue 2. 2017 3 4 17 ©2017 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. UBA Board of Directors 2016/2017 Chairman CraigA.White President & CEO Utah Independent Bank Beaver Vice Chairman Ron Ostler Chairman Comenity Capital Bank Salt Lake City 2ndVice Chairman Dee O’Donnell Utah Regional President Wells Fargo Salt Lake City Immediate Past Chairman Jill M.Taylor Regional President,Consumer and Small Business KeyBank Salt Lake City Community BankAdvisory Chair K. John Jones President & CEO First National Bank Layton Regional BankAdvisory Chair Jill M.Taylor Regional President,Consumer and Small Business KeyBank Salt Lake City Industrial BankAdvisory Chair Donald Poulton President/CEO Medallion Bank Salt Lake City President Howard M.Headlee President Utah BankersAssociation Salt Lake City Board Members RichardT.Beard President and CEO People’s Utah Bancorp CEO,Bank ofAmerican Fork American Fork Raymond Dardano President & CEO Marlin Business Bank Salt Lake City Kristin Dittmer Chief Financial Officer EnerBank USA Salt Lake City MichaelA.Fosmark President,Leasing and Equipment Finance Celtic Bank Salt Lake City Kay B.Hall EVP,CFO Zions Bank Salt Lake City Kent Landvatter CEO FinWise Bank Sandy Damon G.Miller Utah Market President U.S.Bank Salt Lake City Carla Nguyen District Manager U.S.Bank Salt Lake City Curt Queyrouze President & CEO TAB Bank Ogden Erich Sontag President, Intermountain Banking Banner Bank South Jordan Frank K.Stepan Executive Director Morgan Stanley Bank Salt Lake City JohnTaylor President First Electronic Bank Salt Lake City MikeWatson President and CEO Capital Community Bank Provo M.Craig Zollinger Utah President & CEO JPMorgan Chase Salt Lake City 4 The Bottom Line: Don’t Underestimate the Impact of Tax Policy on Utah’s Economic Success By Howard Headlee, President 5 A Do-Something Washington By Rob Nichols, President and CEO, American Bankers Association 6 The Growing Burden Of Underfunded Public Pensions To understand why such a drastic measure was proposed, we must first understand the difficulty of funding defined-benefit pension plans. By Dana Sparkman 8 Compliance Corner: CFPB Complaints: Spotlight On Credit Reporting 10 2017 Women in Banking Conference 12 Personal Property and the UCC: Secured Parties’ Rights and Remedies in Troubled Times In uncertain times, cash may be king for investors, but collateral—security pledged for the payment of an obligation—is king for all types of asset-based lenders. By James H. Jones and Jonathan Kotter, Snell & Wilmer 15 Customer Experience: Beyond the Net Promoter Score® Consumers no longer use just one source to inform their purchasing decisions. So why use one metric to gauge your bank’s customer experience? Article courtesy of Harland Clarke 17 WannaCry: Stop What You’re Doing and Patch Your Computers! WannaCry (also known as WannaCrypt, WanaCrypt0r, wCry, etc.) is the biggest malware event the Internet has ever seen, hands- down. And it was launched just last Friday! This version of ransomware is the prophetic fulfillment of all those fire-and-brimstone IT folks that have been saying there will be a global malware epidemic. WannaCry is being called a “weapon of mass destruction,” and while that may be a bit extreme, all the “patch or perish” warnings being issued are 100% accurate. By Jon Waldman Partner, EVP of IS Consulting - SBS CyberSecurity, LLC 20 Bank Kudos 23 Bankers on the Move 24 UBA Associate Members 26 Education Calendar