Pictured are 2024–2025 Community Banks of Oregon Chair Kate Salyers, EVP & Chief Credit Officer, Citizens Bank, and 2024 Oregon Bankers Association Chair Ted Austin, SVP & National Director of Trust Administration, U.S. Bank. www.oregonbankers.com Winter 2024 Meet OBA and CBO’s New Leadership Pages 6–9
OBA Elected Officers SUBMISSIONS Banking Matters invites news items and editorials from members and partners of the Oregon Bankers Association. The editor reserves the right to refuse any advertising or editorial copy deemed to be unsuitable for publication. The editor reserves the right to set the publication date in accordance with the association’s needs. Send submissions to Andee Rose at arose@oregonbankers.com. POLICY Banking Matters seeks to reflect the banking news of Oregon and other news of direct interest to the Oregon Bankers Association. With the exception of official announcements, the Oregon Bankers Association disclaims responsibility for opinions and statements in Banking Matters, and does not seek to promote any product or service not specifically named as an OBA endorsement. This publication is designed to provide accurate information in regard to the subject matter covered. It is presented with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional services. ADVERTISING Please support our advertisers who help make this publication possible. For information on advertising in this publication, contact John Constantino at (503) 445-2230 or john@llmpubs.com. OREGON BANKERS ASSOCIATION 1149 Court Street NE Salem, OR 97301 (503) 581-3522 www.oregonbankers.com Banking Matters A PUBLICATION OF CONTENTS Secretary-Treasurer R. Shane Correa Banner Bank Meridian, Idaho Chair-Elect Ryan Dempster Willamette Valley Bank Salem, Oregon Chair Ted B. Austin U.S. Bank Private Wealth Management Portland, Oregon Message from the OBA President....................................................................................................................... 5 Message from the OBA Chair................................................................................................................................. 6 Message from the CBO Chair................................................................................................................................. 8 Advocacy Against a Rising Tide of Regulation, Banks Must Row Together....................................................10 They’re Back: Oregon Legislature Kicks-Off 2024 Short Session...................................................11 Oregon Bankers Association Presents Frank E. Brawner Advocacy Award to Summit Bank’s Chris Hemmings....................................................................................................................12 OBA Hits the Road During 2023 Legislative Interim...............................................................................13 Q&A with New ABA Emerging Leaders Council Member Catherine L. Weissert..................14 Counsel’s Corner Deferential Expertise: Challenging Regulatory Decision Making....................................................15 Oregon BankPAC OBA’s 2023 Oregon BankPAC Individual Investors...................................................................................16 2023 Oregon BankPAC Corporate Investors..................................................................................................17 OBA and Oregon Business Magazine Present 2023 Community Applause Award to Con-Vey of Roseburg...........................................................18 New Directors & Officers....................................................................................................................................... 20 Oregon Bank Leadership Symposium............................................................................................................22 Hall of Fame Oregon Bankers Association Inducts Jeff Sumpter into Oregon Bankers Hall of Fame..................................................................................................................................24 Annual Meeting Resolution...................................................................................................................................25 Peer Groups OBA Recognizes 2024–2025 Peer Group Chairs.......................................................................................26 OBA Peer Groups: A Collaborative Hub for Bankers and Associate Members.....................27 Education Milestone Achieved: 15 Graduates Emerge from OBA’s Commercial Lending Boot Camp...........................................................................................................................31 OBA Education Foundation OBA Education Foundation Presents Junior Achievement with Financial Education Champion Award...............................................................................................................32 Foundation’s 50 Forward Campaign Smashes $50,000 Fundraising Goal..............................33 Synergy by Association Why Your Bank Marketing Should Include “Greenness”.....................................................................35 ServisFirst: A Community Bank Ally in Credit Card Issuing...............................................................36 News & Notes Bank of the Pacific’s Vancouver Location Relocates and Expands..............................................38 Bank of the Pacific Adds New Commercial Team in Lake Oswego...............................................38 Oregon Pacific Bank Opens Portland Branch and Second Administrative Office in Eugene........................................................................................................38 OBA Member Banks Selected as World’s Most Trustworthy Companies................................39 OBA Adds SMS/Text Messaging as a Communications Tool............................................................39 OBA Members Named Most Admired Companies...................................................................................39 Welcome New Members............................................................................................................................................39 Cornerstones of our Communities Bank of America Awards $400,000 to Habitat for Humanity Portland Region and Micro Enterprise Services of Oregon.....................................................................................................40 Community Bank Charity Drive Raises More than $29,000 for Local Charities.................40 First Federal Issues Another Round of Community Grants Totaling $10,000.......................40 KeyBank Awards Santiam Hospital & Clinics Foundation a $150,000 Grant.........................41 KeyBank Awards $50,000 to Women-Owned Businesses..................................................................41 Umpqua Bank and Columbia Banking System Celebrate Anniversaries with $1M in Grants for Local Nonprofits...................................................................................................................42 Umpqua Bank Raises $365,246 for Local Shelters Through its Warm Hearts Winter Drive......................................................................................................................................42 Bankers on the Move................................................................................................................................................ 43
2024 ANNUAL CONVENTION
Turning the Page By Linda Navarro, President & Chief Executive Officer, Oregon Bankers Association The theme of the recent Oregon Bank Leadership Symposium—Turning the Page—is also an appropriate description of what is in store for OBA in 2024. There are many new regulatory and policy issues confronting our industry, and the Oregon Bankers Association is facing internal changes. I have no doubt that the talented leaders of our boards and peer groups, along with our dedicated team, are up to the challenge. Let’s start with how we have turned the page with leadership. At the annual meetings of the OBA and Community Banks of Oregon (CBO) in December, we elected new officers and directors. Congratulations to OBA Chair Ted Austin and CBO Chair Kate Salyers. These leaders, along with other officers, directors and peer group chairs recognized on pages 20–21 and 26, will guide us in the year ahead. I want to recognize and thank OBA Immediate Past Chair Joan Reukauf and CBO Immediate Past Chair Jeff Bailey for their steady hand throughout 2023. Joan and Jeff are outstanding people and bankers who gave us their time, leadership, expertise and voice. Thank you for making us a better association. Another page OBA will turn this year is the hiring of a new CEO. It is with immense gratitude and reflection that I will retire as CEO mid-year. On one hand, I cherish the experiences and celebrate the accomplishments of the past 27+ years. On the other hand, my time at OBA is just a fraction of our 119year history. It makes me confident and optimistic about the next era for OBA during which I am certain we will remain a powerful, collective Voice of Oregon Banking. From a policy perspective, we will turn several pages in 2024, some of which we’d rather rip out of the book. A good example is the implementation (subject to resolution of pending lawsuits) of Dodd-Frank Act Section 1071 requiring extensive small business lending data reporting and collection. Another fight on the horizon is the Fed’s proposed reduction in debit card interchange fees and the somewhat related bill in Congress to apply routing mandates on credit cards akin to the Durbin Amendment’s changes to debit card transactions. Then there is the Consumer Financial Protection Bureau’s attack on legal fees and the products they support. I could go on for pages, as I can’t recall a time when so many different proposals and final rules were on our plates at one time. From implementing CRA reform to new capital rules to Dodd-Frank Act Section 1033 compliance, the list is long and costly. It is imperative that our entire industry work together to ease the burden and voice the impact of regulatory overreach on the customers and communities we serve. Just in the last few months I’m aware of two Oregonheadquartered community banks pulling back on specific consumer product lines due in part to regulatory burden and cost. The impact is real. As we navigate these pages, I also look forward to the story our industry and association will write in 2024. That story will include hundreds of millions of dollars in loans you will make to Oregon businesses and families, and it will include countless contributions you and your banks will make to nonprofit and community organizations throughout the state. Cheers to that story and to the year ahead. MESSAGE FROM THE OBA PRESIDENT Winter 2024 • BANKING MATTERS 5
MESSAGE FROM THE OBA CHAIR OBA Tell us about your family, background and education. TA I have a wife, Kathi, and three kids, Emily 21, Matt 19 and Charlie 17. My two oldest are attending the University of Oregon and one is still in high school. We also have a dog named Cash, whose name, ironically, has nothing to do with banking. When we picked him up from the breeder, he was part of their “nut litter.” They had dogs named Pistachio, Pecan, Wally Walnut and so on. Ours was named Cashew. The family argued over the name, but we decided to stick with Cashew, which eventually got shortened to Cash. I grew up in the San Francsico Bay Area with my parents and brother. My dad was a banker who worked downtown at Bank of America in commercial lending. At the time, banking was the last thing I thought I would ever do, and now I look in the mirror and there is my dad staring back at me. After high school I left the Bay Area and headed to the University of Oregon where I got my degree in Political Science. After college I took a temp job at U.S. Bank and have been there ever since. OBA Can you share a bit about your career journey? TA I spent the first 15 years of my career in U.S. Bank’s trust department and the second 15 running the market in Oregon for Private Wealth Management. This combination of experience helped prepare me for my new role overseeing U.S. Bank’s trust group across our footprint. When it comes to trust administration, I think a lot of my colleagues aren’t sure exactly what it is that we do (think “Trust Funds”). It’s a little bit of a secret club. I’d get off the elevator and go one way and they’d go another. One of the reasons I went to Pacific Coast Banking School (PCBS) was to get some banking credibility. I was leading Oregon’s wealth management team at the time, which included the bank’s private banking group. Most people thought, “Yeah, he works at the bank but he’s not really a banker.” PCBS went a long way in giving me that banking credibility that I needed. I absolutely loved PCBS, the knowledge that I gained there, and the friendships that I made. OBA What opportunities do you see for innovation and growth within the banking sector, especially regarding trust services? TA I often joke that the Trust world changes about every 100 years and that there’s not a ton of innovation. But in reality, with technology innovation changing at the speed of light, there are a lot of ways to do what we do more efficiently, including client interaction. Like just about every industry, the pandemic showed us that we can be extremely efficient and effective with little more than a laptop and a video stream. What we can do is use technology and tools to streamline the paperwork, and meet our clients where and how they want to interact with us. OBA What motivated you to take on the role of chair at the Oregon Bankers Association, and what do you hope to achieve during your tenure? TA All of my “banking heroes” were involved in the OBA and most of them were chair at one point, so I knew that being OBA chair would be a great leadership opportunity and experience for me. I also thought coming from a nontypical banking role could add some new perspective. At the time I accepted a leadership position on the board, I didn’t Ted with his wife Kathi and three children, Charlie, Matt and Emily. Q&A with New OBA Chair Ted Austin, SVP and National Director of Trust Administration, U.S. Bank 6 Winter 2024 • BANKING MATTERS
MESSAGE FROM THE OBA CHAIR Ted and his friends take in an Oregon Ducks football game versus the Colorado Buffaloes in Boulder. know Linda Navarro would be retiring during my term. Finding the “next Linda” and ensuring OBA has a great leader is a great responsibility and my primary focus during my term. OBA Is there a person or experience that has significantly influenced your life, either professionally or personally? TA I’ve had a lot of great mentors during my career. Many of the opportunities I’ve had to take things on have come from great conversations with those people. John Elorriaga, the former CEO of U.S. Bank, had an office in the Portland tower up through his late 80s. I got to spend a lot of time with him, and in turn, received a lot of great advice. He was a huge influence on my career and helped me look at things in different ways. I still connect with many of my mentors, some probably reading this right now—so thank you. When done right, it’s almost like having your own advisory board. OBA Anything else you’d like to share? TA I’m excited to be OBA’s 2024 chair. We’ve got a lot of wood to chop, but we’ve got a great board and a great team. Winter 2024 • BANKING MATTERS 7
MESSAGE FROM THE CBO CHAIR OBA Tell us about your family, background and education. TA My husband Richard and I are celebrating 20 years of marriage and 28 years together this year. We have two sons, 13 and 9, that keep us very busy. I am a fourth generation Oregonian who elected to stay here for college at the University of Oregon (Go Ducks!) and a career in Oregon banking. We are fortunate to live in a beautiful state with so much to offer. OBA What would readers be surprised to know about you? TA I truly believe that life is a gift and should be experienced. I’ll usually try just about anything at least once. I have been skydiving, bungy jumping, cliff diving and parasailing. I recently added an Antarctica Polar Plunge to my to-do list after discussing a recent National Geographic trip taken by a fellow OBA member banker. OBA Can you share a bit about your career path and how you came to be the chief credit officer (CCO) at Citizens Bank? TA I’m one of the rare “intentional” bankers. My career in finance started in college while working for General Motors where I helped folks across the county with their auto loans. It taught me how much I liked helping people and finance, so my senior year I sought out a job at a local community bank. The rest is history, and I’ve now spent my entire career in credit holding various positions, from credit analyst to loan officer, special assets, credit administration and now CCO. OBA You’ve been highly involved with the OBA and CBO, from serving on and chairing the Lending Committee to attending and presenting at OBA events to engaging with college students about banking careers. Why do you do it? TA Participating in OBA has been a passion of mine since I first joined the Lending Committee over 12 years ago. I quickly learned the tremendously positive impact that OBA and CBO have on our industry at both the state and federal level. Supporting those efforts has been rewarding and allowed me to build great friendships along the way. Together, we strengthen our ability to serve our communities and engage our next generation of bankers. Kate sharing her insights alongside other female panelists during OBA’s 2023 Women in Oregon Banking Luncheon. Q&A with New CBO Chair Kate Salyers EVP and Chief Credit Officer, Citizens Bank 8 Winter 2024 • BANKING MATTERS
MESSAGE FROM THE CBO CHAIR OBA You are the first female to chair the Community Banks of Oregon. What does this milestone mean to you personally and professionally, and what advice would you give to aspiring female leaders in banking? TA Wow! I didn’t realize that I am the first female chair. Honestly, this surprised me as we have an incredibly talented group of women bankers in Oregon. More than half of bankers today are women, and we are increasingly represented in Oregon bank leadership, including the executive level. I had the pleasure of talking to over 300 women bankers at last year’s Women in Oregon Banking Luncheon and left feeling confident about the many leaders in attendance. My hope is that female leaders feel confident in their abilities and seek out opportunities to lead. OBA What are some of the challenges facing Oregon’s community banks, and how can CBO play a role in supporting its members? TA I recently read an article entitled Banking in the Age of Disruption and thought the headline said it all. From a pandemic to inflation, liquidity and interest rates, technology and regulatory pressures, our industry has faced a lot of headwinds. The OBA and CBO have and will continue to play a critical role in navigating Oregon banks through these times with advocacy, education and connection. OBA Are there specific community initiatives or causes that you are particularly passionate about supporting? TA One of the best parts of being a banker is our industry’s economic and social impact through charitable giving and volunteerism. I’ve always personally been drawn to causes that benefit children with a focus on organizations that support disadvantaged youth. Every child deserves to feel safe, supported and have their needs met. There’s nothing better than being able to make a positive impact in their lives. OBA Looking ahead, what do you hope to accomplish during your two-year tenure chairing CBO? TA Community banks in Oregon play a vital role in the health of the communities in which we operate. With member banks that are the only financial institution serving a physical area or the only one to offer specialty products specific to the needs of local industries, every Oregon bank matters. My hope for the next few years is to continue promoting the CBO board’s efforts to ensure the longevity of these institutions so they may provide these benefits for generations to come. OBA Anything else you’d like to share? TA Just that it’s an honor to serve the CBO and its membership. Our work on the CBO board focuses on initiatives specific to Oregon banks, and it’s a privilege to work with each of one of them in this mission. Kate discussing her role as a chief credit officer before a group of UO students at an OBA Education Foundationsponsored roundtable event with bankers. Kate, pictured in 2021 when she received OBA’s Presidential Award for her outstanding leadership as chair of the OBA Lending Committee. Winter 2024 • BANKING MATTERS 9
ADVOCACY Whenever a new election cycle comes along, it’s not uncommon to hear pundits make mention of “red waves” or “blue waves,” denoting potential power swings in Congress. But as bankers contemplate the future of our country and the policy environment that will shape the future of our industry, there’s another wave that we need to talk about: a tsunami of complex regulation that’s hitting the banking sector as we speak. To be sure, the tide turned quickly: last year’s turbulent spring ignited a rulemaking frenzy at the banking agencies. Suddenly, new proposals sprang up to increase bank capital levels, impose a new long-term debt requirement and make the resolution planning process more complex. Simultaneously, the Consumer Financial Protection Bureau (CFPB) imposed long-awaited small business reporting requirements under Section 1071 of the Dodd-Frank Act, which went far above and beyond what was outlined in the statute. The Federal Reserve issued a proposal to cap interchange fees under Regulation II, and the FDIC is now pursuing significant changes to its corporate governance guidelines. Against all that, the agencies finalized a long-awaited update to the Community Reinvestment Act framework. It’s a staggeringly complex, 1,500-page final rule that creates significant new requirements that have the potential to fundamentally alter banks’ business strategies. Meanwhile, in Congress, banks are facing the resurgent threat of the so-called “Credit Card Competition Act,” which would apply Durbin Amendment-like provisions to credit cards— the equivalent of lawmakers taking money from banks and putting it into the cash registers of mega retailers. Taken together, these policies place a tremendous cost and compliance burden on banks of all sizes at a time when they are already facing a tough operating environment due to a protracted period of high interest rates and ongoing geopolitical tensions. These policies will also have devastating effects for consumers. Banking is, after all, a business. In order for banks to offer the full range of financial products and services to meet the needs of communities, they need to be profitable, and have an operating environment that supports growth. Against a Rising Tide of Regulation, Banks Must Row Together By Rob Nichols, President & Chief Executive Officer, American Bankers Association The current regulatory landscape will do the opposite. Banks that are already considered well-capitalized by regulators’ own admission will be forced to hold even more capital in reserve, which means less capital will be available to lend to the local small business looking to expand, or to the young family looking to buy their first home. Simultaneously, changes to the fee income streams upon which banks have long depended could spell the end of free or low-cost checking products, and popular rewards programs that consumers value. What’s perhaps most concerning, however, is the fact that regulators don’t seem to understand the full impact of their actions. As we observed with the Reg II rulemaking and the so-called “Basel III endgame” proposal, regulators are failing to adequately assess the potential costs of the individual regulations on banks and consumers—let alone contemplate what the cumulative impact of all these rules would be. ABA is sounding the alarm. We need to make sure policymakers in Washington—from members of the administration to lawmakers in Congress to the regulators holding the rule-writing pens—understand that regulatory burden has a real-world cost, not just for banks, but for consumers, small businesses and the American economy. If you’re reading this, I urge you to help us tell that story. Join our Bank Ambassador program to rekindle relationships with your congressional delegation and help educate policymakers about banking. Stay informed and send a letter about an issue that will affect your bank through ABA’s grassroots platform, SecureAmericanOpportunity.com. Make a plan to come to the nation’s capital in March for the ABA Washington Summit, and tap a colleague or two to come along. The sobering reality for banks right now is that rougher seas are likely ahead—but our best hope is to row together. Regulators are failing to adequately assess the potential costs of the individual regulations on banks and consumers—let alone contemplate what the cumulative impact of all these rules would be. 10 Winter 2024 • BANKING MATTERS
The 2024 Oregon Legislative Session gavels in on February 5. If the past is any indication, this year’s 35-day session will be fast-paced and political. With few breaks in the action, legislators must complete their work no later than the constitutional deadline of March 10. Democrats continue to hold majorities in both the House (35 to 25) and Senate (17 to 13), although they do not have supermajorities in either chamber. This means they can advance legislation (outside of tax increases) without Republican support. If the 2023 session was a harbinger of things to come, we can expect more progressive legislation to move through the halls of the Capitol in 2024. One issue that is the subject of much speculation is whether enough Senate Republicans will attend the session to provide a quorum to advance bills. Readers will recall that the majority of Senate Republicans undertook an almost six-week-long walkout during the 2023 legislative session to deny quorum on the Senate floor and thereby prevent legislation from advancing. In walking out, many of these legislators violated Measure 114, a 2022 ballot measure barring legislators from running for office in the next election if they exceed 10 unexcused absences. A case is currently pending before They’re Back: Oregon Legislature Kicks-Off 2024 Short Session By Kevin Christiansen, SVP & Government Affairs Director, Oregon Bankers Association ADVOCACY the Oregon Supreme Court to determine if such legislators can run again. Depending upon the outcome, some Senate Republicans may choose to not attend the session and deny a quorum. Bank-specific issues do not appear to be in the legislative crosshairs during the 2024 Legislative Session. Rather, issues related to Measure 110 reform (the drug legalization measure passed by voters in 2020), homelessness and affordable housing will occupy center stage. Given the compact nature of the session, OBA will not introduce any proactive legislation. That will come in 2025, when OBA will introduce a full slate of bills during the six-month legislative session. If you have any questions about the 2024 session or specific legislation, contact me at (503) 576-4123 or kchristiansen@oregonbankers.com. Winter 2024 • BANKING MATTERS 11
ADVOCACY During the Oregon Bank Leadership Symposium held in December, the OBA announced that Chris Hemmings, executive vice president and chief operating officer of Summit Bank, is the 2023 recipient of the Frank E. Brawner Advocacy Award. The Frank E. Brawner Advocacy Award is named after one of the most passionate advocates in the history of Oregon banking, the late Frank Brawner, CEO of OBA for 24 years beginning in 1974. The award recognizes bankers who’ve had an outsized role in advocating for the Oregon banking industry. The top priority of the Oregon Bankers Association is advocacy on behalf of its member banks and the communities they serve. This includes lobbying at the state level, regulatory relations, federal legislative advocacy, media and public relations, political engagement and other grassroots efforts. Hemmings has been thoughtful and generous in his role as a banking industry advocate. Oregon Bankers Association Presents Frank E. Brawner Advocacy Award to Summit Bank’s Chris Hemmings OBA’s Linda Navarro (left) and Kevin Christiansen (right) pictured with the 2023 Frank E. Brawner Advocacy Award recipient Chris Hemmings (center), executive vice president and chief operating officer of Summit Bank. Continues on next page 12 Winter 2024 • BANKING MATTERS
From the halls of Congress to the corridors of the Oregon State Capitol, Hemmings blends banking expertise, passion and good humor to make sure legislators know how the passage of laws impacts the communities banks serve. He also opens the doors to Summit Bank for legislator visits and advocates for careers in banking among student groups. In addition to his advocacy work in Salem and D.C., Hemmings currently serves as an Oregon BankPAC Trustee and as chair of OBA’s Government Relations. While presenting the award to Hemmings, OBA SVP and Government Affairs Director Kevin Christiansen commented, “It goes without saying that we’re exceptionally fortunate to have Chris as an advocacy leader for the Oregon banking community. Whenever we’ve asked, he has answered the advocacy call.” Since its creation in 2015, the Frank E. Brawner Advocacy Award has been bestowed to nine individuals who have been outstanding advocates for the Oregon banking industry. For many involved in state politics, the interim between legislative sessions is a chance to reflect on recent legislative accomplishments and prepare for the next round of lawmaking in Salem. At OBA, one of the activities during the interim is bringing bankers and legislators together in their home districts. These meetings are an opportunity for bankers and legislators to discuss important state and local issues. During the fall, OBA traveled to Bend, Eugene, Medford and Salem for in-district meetings. Among the topics raised were reforms to Measure 110, the drug legalization ballot measure passed by voters in November 2020, housing production and affordability and homelessness. Thank you to the bankers and legislators who attended these important grassroots events. Stay tuned for information about additional in-district meetings in 2024. OBA Hits the Road During 2023 Legislative Interim ADVOCACY Summit Bank in Eugene hosted House Majority Leader Julie Fahey (D-HD 14) and Representative John Lively (D-HD 7). People’s Bank of Commerce in Medford hosted a packed boardroom of bankers from around the region to hear Representatives Virgle Osborne (R-HD 2), Christine Goodwin (R-HD 4), Kim Wallan (R-HD 6) and Emily McIntire (R-HC 56) talk about the 2023 session and what’s to come in 2024. OBA hosted its final 2023 in-district meeting in Salem with bankers and legislators. OBA’s Government Relations Committee and local bankers from the midWillamette Valley met with Senator Fred Girod (R-SD) and Representatives Ed Diehl (R-HD 17), Lucetta Elmer (R-HD 24) and Kevin Mannix (R-HD 21). Bankers and legislators from Southern Oregon enjoy a moment in the sun following a lively discussion of issues at the Medford in-district meeting. Continued from page 12 Winter 2024 • BANKING MATTERS 13
for life! Always be open for ways to grow. And then, when it is your turn, pay it forward. Inspire and encourage others to be involved, try something new and challenge themselves. OBA How important is mentorship in the banking industry? CW Mentorship is vital for personal and professional growth in any industry. Mentors can provide guidance, support, and valuable insights accelerating your learning curve. It can significantly impact your career success. I have been blessed in my career to work for companies with leaders who have invested in my growth and career development. They have encouraged me to further my education and inspired me to be involved on committees and councils just like this one. My colleagues and peers are also a wonderful source of knowledge and experience. They have been instrumental in my growth in the banking industry. OBA What are your future aspirations within the banking industry, and how do you envision contributing to its success? CW I aspire to be a chief financial officer and will continue my development through opportunities that are made available. That is one of the blessings of working for a community bank; you get to wear a lot of hats. As a secondyear student at Pacific Coast Banking School, this opportunity is providing me with a more comprehensive understanding of the industry, enhanced leadership skills and an invaluable network of banking peers. When it comes to the banking industry overall, it can count on me to continue to raise my hand and take advantage of any opportunity that is offered. I hope that my experience on this Council will allow me to help shape the future leaders of the Oregon banking community. I plan to be present and engaged in the growth and change of the traditional banking landscape. ABA Emerging Leaders Council members Jared Taylor, Bank of Utah; Catherine Weissert, Lewis & Clark Bank; Becca Vogel, Bravera; and Christopher Estrade, Hancock Whitney; pictured with ABA President and CEO Rob Nichols (center). OBA Congratulations on being named to the American Bankers Association’s (ABA) Emerging Leaders Council. Can you start by sharing a bit about yourself and your journey into the banking industry? CW I was born and raised in Oregon. I attended the University of Portland and didn’t know exactly what I wanted to do, so I started in the business school. When choosing a major, I was told that finance was a men’s career path and felt compelled to prove them wrong. I graduated in 2008, one of only eight women to achieve a finance degree that year. As you know, 2008 was a challenging time for the finance world, so my first job out of college was in public accounting. Surprising to me, accounting came naturally, so I went for and obtained my CPA license. After 12 years in the accounting space, I was looking for a change. A friend who was a CFO at a bank suggested I consider a career in banking and recommended me for the controller position at Lewis & Clark Bank where I have worked for the past two and a half years. The leadership at Lewis & Clark Bank inspired me to join OBA’s Finance & Accounting Committee, which I did immediately and have been a member of ever since. OBA What is the purpose of the Council and what is your role as a member? CW The Council was established with the goal of creating new opportunities to engage and develop the next generation of banking leaders. We aspire to ensure a strong, diverse, strategic and talented future leadership of the ABA and the banking industry. The Council is comprised of 50 state representatives who represent banks of all sizes and areas of expertise from across the country. The diverse background and unique perspective of each member brings tremendous value to the group. I represent Oregon and serve as a liaison between our state association and the ABA to improve alignment on the creation of opportunities for future leaders. These meetings create an environment for us to share ideas and collaborate so that we can have a meaningful impact on the banking industry. OBA What inspired you to serve on this Council? CW I thrive when I can be involved and learn. Joining this Council has provided me networking opportunities, access to industry insights, and a chance to collaborate with experienced and motivated banking professionals across the United States. This Council has also provided me with a sense of community outside of Oregon which allows me to develop my leadership skills on a broader level. OBA What advice would you give to other emerging leaders aspiring to excel in the banking industry? CW Raise your hand! When an opportunity presents itself, raise your hand and say yes! Try something new and be a student Q&A with New ABA Emerging Leaders Council Member Catherine L. Weissert, CPA, Lewis & Clark Bank 14 Winter 2024 • BANKING MATTERS
COUNSEL'S CORNER On June 25, 1984, the United States Supreme Court issued one of the most frequently cited and commonly referenced opinions in its history. Unlike some judicial opinions, Chevron v. Natural Resources Defense Council (“Chevron”) failed to capture the wider public’s imagination.1 A discussion dense on administrative law and the separation of powers is great material for law schools and government agency meetings but does not make a riveting podcast. Until now. The Chevron decision establishes the standard for deciding when courts should defer to a government agency’s interpretation of ambiguous statutes. The thinking of a unanimous Supreme Court is that agencies have more expertise than judges and are better able to establish uniform national policies. “Judges are not experts in the field and are not part of either political branch of the government,” Justice John Paul Stevens wrote. The Supreme Court found that the Environmental Protection Agency’s interpretation of a statute was reasonable and entitled to deference. The head of the Environmental Protection Agency at that time: Anne Gorsuch. Mother of a notable critic of the so-called Chevron doctrine: Supreme Court Justice Neil Gorsuch. As the number and scope of regulations increases, so has the impact of the Chevron decision since 1984. Lending institutions are familiar with the impact regulations create on a day-to-day basis. Oregon bankers are commonly tasked with reviewing, evaluating, implementing and auditing compliance with new or proposed regulations. For example, the Oregon Bankers Association holds regular trainings on regulations like the upcoming Regulatory Workshop for Community Bankers on February 27, 2024. Whenever challenged in court, if ambiguous, the agency’s interpretation and not that of a judge decides what a law means if the correct circumstances exist. The Chevron doctrine was recently the subject of a Supreme Court argument. In a case brought by a group of commercial fishermen, the Supreme Court was asked to decide whether rules issued by the National Marine Fisheries Service requiring the fishing industry to pay for the costs of observers monitoring compliance with fishery management plans was legal. Relying upon Chevron, the U.S. Court of Appeals for the District of Columbia found that the rules were reasonable, deferring to the agency.2 On Wednesday January 17, 2024, the Supreme Court heard oral arguments on whether to overturn Chevron or to limit its scope and application. Deferential Expertise: Challenging Regulatory Decision Making By Erich M. Paetsch, Lawyer – Creditors’ Rights & Business Litigation Practice Group, Saalfeld Griggs PC The potential impact of a Supreme Court opinion has pundits considering how changes in the Chevron doctrine may alter widely understood agency law principles relied upon daily. The ramifications are significant for almost everyone, including bankers. Administrative agencies impact each of us directly and indirectly; from the type of lightbulbs available to purchase to the underwriting requirements for every loan. The oral arguments centered around the concept of separation of powers: which branch of the government has the authority. Should courts defer to administrative agencies as an extension of the executive branch of government or instead interpret a law without deference to an agency’s interpretation? Administrative agencies and legislative bodies rely upon the Chevron doctrine when writing laws and interpreting and applying them through regulation. The commercial fishermen and their supporters believe judges and not administrative agencies should decide what a law means without deference to administrative agency interpretation. If the commercial fishermen are correct, more disputes will end up in court asking judges to interpret and apply the law. At the same time federal judges with lifetime appointments may make decisions without regard to the outcome of elections and subject to their own inherent perceptions and beliefs. Whichever interpretation prevails, any significant change in the Chevron doctrine by the Supreme Court will be highly disruptive. Over 70 existing U.S. Supreme Court decisions and thousands of lower court decisions reference and rely upon Chevron as part of their decision making. Expect a decision from the U.S. Supreme Court sometime this summer to dominate headlines if a significant change occurs to the Chevron doctrine. 1. 467 U.S. 837 (1994). 2. Loper Bright Enterprises, Inc. v. Raimondo, 45 F.4th 359 (D.C. Cir. 2022)., Loper Bright Enterprises, Inc. v. Ross, 544 F.Supp.3d 82 (D.D.C. 2021). Whichever interpretation prevails, any significant change in the Chevron doctrine by the Supreme Court will be highly disruptive. Winter 2024 • BANKING MATTERS 15
OBA’s 2023 Oregon BankPAC Individual Investors Thank You to OBA’s 2023 Silent Auction Donors OREGON BANKPAC The following individuals made a 2023 contribution to Oregon BankPAC, the only political organization in Oregon designed to meet the needs of Oregon bankers. Representation on this scale is essential in establishing and maintaining an optimum environment for banking and business in the state of Oregon by financially supporting candidates who understand the interests of the banking industry. To learn more or to make a 2024 contribution to Oregon BankPAC, visit www.oregonbankers.com/oregon-bankpac. Cornerstone Society $1,000 and above Beattie, Julia Correa, Shane Deuel, Jeff Fischer, Riley Green, Ron & Catherine McDonald, Bryan Navarro, Linda Schlotfeldt, Jim Stuchlik, Cathy Stuchlik, Jarrett Stuchlik, Justin Sumpter, Jeff Wanichek, Craig Zimmerman, Gordon Chairman’s Circle $500–$999 Atwood, James Bennett, Jenny Busse, Roger Campbell, Tim Erb, Steve Fajardo-Faust, Lisa Hemmings, Chris Kelley, Mike Maust, Trey Salyers, Kate Storment, Andy Trautman, Ken Williams, Mike Ambassador Club $250–$499 Baisch, Kyle Benetti, Joe Bridge, Phil Brown, Rich Christiansen, Kevin Cussins, Vickie Downing, Trevor Ficken, Jack Fowler, Darvin Gosline, Alex Grossnicklaus, Neil Hodge, Malcolm Humphreys, Bill Johnson, Kerrie Kaliher, Lori Kane, Chris Kindle, Becky King, Bob Knott, Nathan Korth, Steve Langeliers, Andrea Mehlum, Ann Marie Moffitt, Jamie Moran, Tom Newton, Greg Nunn, Lance Painter, Troy Peterson, Terry Rollins, Ed Schild, Randy Seppa, Heather Smallwood, Tyler Steinberg, Betsy Swartley, Dave Thompson, Jon Thompson, Rob Wahlin, Dan Walker, Aaron Webster, Brad Weinhold, Paul Wessling, Jason Wiles, Ed Investor $100–$249 Anhorn, John Armstrong, Bob Baker, Matt Boedigheimer, Cheryl Burkhart, Brook Chown, Melissa Cossitt, Karen Curry, Dawn Dare, Darryl Dempster, Ryan Edmeades, Mary Ekblad, Bob Elkins, Boyd Faughender, Jill Fordice, Dianna Fortner, Jim Gibson, Kyle Gilroy, James Goebel, Rodney Grimes, Mary Haddock, Julie Hilderbrand, Jeff Hoefling, Aaron Horner, Ashley Howell, Cameron Hurl, Douglas Johnson, Jim Johnson, Jon Lemmon, Mark Levy, Harlan Mans, Bob Miller, Jeanneine Moore, Jamie Moser, Joyce Nelson, Deb Oakes, Greg Peterson, Joel Pliler, Pam Reno, Jeri Reynolds, Jami Rollins, Tricia Schubert, Jennifer Seip, Maria Stirewalt, David Stone, Angie Thomas-Bush, Linda Trask, Cindy Turner, Brooke Wade, Rocky Washington, Harold West, Kathy White, Amber Williams, Bob Zash, Angie Zoch, Matt Friend Up to $100 Anderson, Heather Bailey, Caitlynn Bradshaw, Nial Fiedler, Lorianne Gorsline, John Kanewa, Jordan Larson, Tracey Luna, Sarah Lytwyn, Becky Martin, Jill Pearson, Angela Quillen, Darrin Rose, Andee Sippel, Cameron Thomas, DeeAnne Unger, Tom Wagner, Katie Special thanks to the generous donors who supported OBA’s silent auction held during the Oregon Bank Leadership Symposium. A total of $13,966 was raised with $5,900 for Oregon BankPAC to strengthen the industry’s advocacy efforts and $8,066 raised for the OBA Education Foundation, sustaining valuable programs supporting financial literacy and developing the next generation of bankers. Allen Trust Company Bank of Eastern Oregon Banner Bank Becky & Kerry Tymchuk Bob Harding Citizens Bank Clackamas County Bank Claudio & Linda Navarro Dee Dee Smallwood of Bank of America Delap LLP Evergreen Federal Bank Farleigh Wada Witt First Federal Heritage Bank ICBA Securities Jennifer Wagner of Cornerstone Advisors Kaye-Smith KeyBank Lane Powell Lewis & Clark Bank Mike Barr of The Commerce Bank of Oregon Moss Adams LLP NCR Voyix Corporation Oregon Bankers Associationw Oregon Coast Bank People’s Bank of Commerce Riverview Bank Saalfeld Griggs Summit Bank Synergy by Association The Nines Trang Sumpter U.S. Bank Umpqua Bank Washington Trust Bank Willamette Valley Bank 16 Winter 2024 • BANKING MATTERS
2023 Oregon BankPAC Corporate Investors OREGON BANKPAC Thank you to the following organizations that made a 2023 corporate level contribution to Oregon BankPAC. Titanium Level: $10,000 or more per year Bank of Eastern Oregon People’s Bank of Commerce Umpqua Bank Diamond Level $7,500–$9,999 per year Banner Bank Oregon Pacific Bank Summit Bank Platinum Level $5,000–$7,499 per year Citizens Bank Clackamas County Bank First Interstate Bank Lewis & Clark Bank Oregon Coast Bank Willamette Valley Bank Gold Level $2,500–$4,999 per year Bank of the Pacific Heritage Bank Pacific West Bank U.S. Bank Washington Trust Bank Wells Fargo Silver Level $1,000–$2,499 per year Allen Trust Company Community Bank OREGON BANKPAC 2023–2024 FUNDS Raised as of December 31, 2023 $155,808 Total Raised $300,000 2023–2024 Goal 51.9% of 2-Year Goal — 100% — 90% — 80% — 70% — 60% — 50% — 40% — 30% — 20% — 10% Thank You! Winter 2024 • BANKING MATTERS 17
he Oregon Bankers Association in partnership with Oregon Business Magazine, has announced that Con-Vey of Roseburg, Oregon is the recipient of the 2023 Community Applause Award. The Community Applause Award, which is given to an Oregon business in acknowledgment of their significant service and contributions to their community, was presented to Con-Vey during the Oregon Bank Leadership Symposium in December. Founded in 1996, the Community Applause Award is a competition in which banks doing business in Oregon nominate a business customer that gives back to their community in significant ways. An independent panel of judges carefully reviews each nomination and votes on the winner. Since the award’s inception, 46 Oregon businesses have been recognized, including this year’s honoree. Con-Vey opened its doors over 75 years ago as a fabrication and machine shop focused on repair work for local wood mills. Since its founding in 1946, Con-Vey has shifted and combined forces with manufacturing professionals to become a world-class solutions company for industrial equipment. From steel fabrication to robotic automation, customers come to Con-Vey for high-quality products at a competitive price. Their commitment to innovation has facilitated their expansion into material handling and robotics for building products, automation technology, bulk and biomass handling, environmental projects and agricultural processing. They pride themselves on handling demanding projects, creating innovative custom machinery, and integrating effective solutions for their customers. Today, Con-Vey is a proven, high-quality supplier with proprietary machinery in nearly 20 countries. Con-Vey consistently demonstrates an outstanding commitment to the Roseburg community by actively participating or financially supporting a wide range of charitable and community initiatives. Among them are the Boys & Girls Club, FFA and 4-H, Youth in Trades, Douglas County Partners for Student Success, Bright Futures Umpqua and Umpqua Community College he Oregon Bankers Association in partnership with Oregon Business Magazine, has announced that Con-Vey of Roseburg, Oregon is the recipient of the 2023 Community Applause Award. The Community Applause Award, which is given to an Oregon business in acknowledgment of their significant service and contributions to their community, was presented to Con-Vey during the Oregon Bank Leadership Symposium in December. Founded in 1996, the Community Applause Award is a competition in which banks doing business in Oregon nominate a business customer that gives back to their community in significant ways. An independent panel of judges carefully reviews each nomination and votes on the winner. Since the award’s inception, 46 Oregon businesses have been recognized, including this year’s honoree. Con-Vey opened its doors over 75 years ago as a fabrication and machine shop focused on repair work for local wood mills. Since its founding in 1946, Con-Vey has shifted and combined forces with manufacturing professionals to become a world-class solutions company for industrial equipment. From steel fabrication to robotic automation, customers come to Con-Vey for high-quality products at a competitive price. Their commitment to innovation has facilitated their expansion into material handling and robotics for building products, automation technology, bulk and biomass handling, environmental projects and agricultural processing. They pride themselves on handling demanding projects, creating innovative custom machinery, and integrating effective solutions for their customers. Today, Con-Vey is a proven, high-quality supplier with proprietary machinery in nearly 20 countries. Con-Vey consistently demonstrates an outstanding commitment to the Roseburg community by actively participating or financially supporting a wide range of charitable and community initiatives. Among them are the Boys & Girls Club, FFA and 4-H, Youth in Trades, Douglas County Partners for Student Success, Bright Futures Umpqua and Umpqua Community College 18 Winter 2024 • BANKING MATTERS
(UCC) courses and apprenticeships. Con-Vey has also designed and manufactured light displays for the Umpqua Valley Festival of Lights, provides educational tours around the Con-Vey campus to local students and teachers, supports shop classes at local high schools and much more. Con-Vey's commitment to their community extends beyond financial contributions. The company fosters a culture of giving back to the community by encouraging and supporting employee volunteerism. Their team members have dedicated countless hours to various community service projects like the Umpqua Economic Development Partnership, Manufacturing Sector Partnership, Umpqua Growth Talks, Roseburg Area Chamber of Commerce, UCC’s Apprenticeship Board and the UCC Advisory Committee. They have also donated time and materials to build displays for the Umpqua Valley Festival of Lights and Relay for Life. Con-Vey was nominated for the Community Applause Award by Matt Kowal, senior vice president and commercial team leader at the Roseburg branch of Oregon Pacific Bank. In his nomination, Kowal stated, “Con-Vey consistently goes above and beyond to support local causes, demonstrating their belief in the power of businesses to effect positive change. They have also made significant contributions to the betterment and development of our community, particularly in Roseburg. By creating jobs and fostering a thriving business environment, Con-Vey has played an instrumental role in enhancing the economic stability of our community.” As part of the award, OBA provided Con-Vey with a $1,000 check payable to the Boys & Girls Club of Umpqua Valley in their honor. The OBA also produced a video about Con-Vey and their community impact which can be viewed at youtube.com/oregonbankers. Co-sponsored by Congratulations! (UCC) courses and apprenticeships. Con-Vey has also designed and manufactured light displays for the Umpqua Valley Festival of Lights, provides educational tours around the Con-Vey campus to local students and teachers, supports shop classes at local high schools and much more. Con-Vey's commitment to their community extends beyond financial contributions. The company fosters a culture of giving back to the community by encouraging and supporting employee volunteerism. Their team members have dedicated countless hours to various community service projects like the Umpqua Economic Development Partnership, Manufacturing Sector Partnership, Umpqua Growth Talks, Roseburg Area Chamber of Commerce, UCC’s Apprenticeship Board and the UCC Advisory Committee. They have also donated time and materials to build displays for the Umpqua Valley Festival of Lights and Relay for Life. Con-Vey was nominated for the Community Applause Award by Matt Kowal, senior vice president and commercial team leader at the Roseburg branch of Oregon Pacific Bank. In his nomination, Kowal stated, “Con-Vey consistently goes above and beyond to support local causes, demonstrating their belief in the power of businesses to effect positive change. They have also made significant contributions to the betterment and development of our community, particularly in Roseburg. By creating jobs and fostering a thriving business environment, Con-Vey has played an instrumental role in enhancing the economic stability of our community.” As part of the award, OBA provided Con-Vey with a $1,000 check payable to the Boys & Girls Club of Umpqua Valley in their honor. The OBA also produced a video about Con-Vey and their community impact which can be viewed at youtube.com/oregonbankers. Co-sponsored by Congratulations! 19 Winter 2024 • BANKING MATTERS
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