Pub. 14 2024-2025 Issue 3

Since the time of President Lincoln, American consumers have benefited from a dual banking system, made up of both state-chartered institutions and federally chartered national banks.

CFPB 1071 Rule Has Significant Requirements
The Consumer Financial Protection Bureau’s (CFPB) small business data collection rule, often referred to as the 1071 rule, is set to be the most significant effort of data collection and reporting for financial institutions in nearly 50 years.

We have many clients with SIMPLE IRA plans who have been asking questions about the new contribution options that are available in these plans. Can an employer with a SIMPLE IRA plan start using some of the new provisions that were created under the SECURE and SECURE 2.0 Acts, such as the increased deferral limit, even though they’re not yet included in the SIMPLE IRA plan document?
Yes.

Zach Bunney Senior Vice PresidentFirstBank How did you get started in the banking industry? I went to a job fair at the University of Northern Colorado and FirstBank offered a $2,000 signing bonus. 15 years later, they are still putting up with me! What is the most rewarding aspect of your job? I have been

In today’s competitive financial landscape, understanding generational preferences is crucial for community banks and credit unions aiming to grow their market share and effectively compete with big banks. Insights from a recent BAI report reveal how different generations value distinct features from their primary financial institution (PFI). To attract and retain new account holders, it’s vital not only to recognize these preferences but also to implement the right digital tools to meet and surpass their expectations.

SBA lending has been a cornerstone of small business growth for decades, but what does its future look like in a banking landscape that’s changing fast? With technology shaking up traditional processes and economic uncertainty shaping business decisions, SBA lending is becoming even more important. The question is, how does it fit into the future of banking? Let’s dive in.

It is with great sadness that we announce the passing of Donald Lawrence Sturm, a leader and philanthropist, who departed this world peacefully on Aug. 17, 2024, at the age of 92. “The banking and business industries have lost a friend, mentor and visionary,” reflected Jenifer Waller, president and CEO of Colorado Bankers Association.