Pub. 4 2014 Issue 3

8 www.azbankers.org T H E LEADERS OF ARIZONA’S BANK- ING INDUSTRY GOT TOGETHER IN SEDONA THIS SUMMER FOR SOME FRANK AND COMPELLING discussions and economic forecasts. We had about 150 executives and directors from the state’s banks and the busi- nesses that service them on hand for the Arizona Bankers Association’s 111th annual meeting and convention. We heard from, among others, our state regulator, several economists, and the general counsel of the FHFA. Additionally, we heard from two legal experts in the field of cybersecurity and we were briefed on the current employment and banking issues ema- nating from the legalization of medical marijuana in Arizona. Finally, we had a forum featuring two of Arizona’s lead- ing candidates for governor. Arizona’s Superintendent of Finan- cial Institutions, Lauren Kingry, gave a snapshot of the industry in Arizona. He noted that, while the last five years have been difficult, most of the relevant metrics are improving for the industry in Arizona. The economists presented a more complex picture of where things are and where they are likely to go. The question that provoked the most interest was when the Federal Reserve may raise short term interest rates. Our national economist believes that won’t happen until late next year. We also heard from Alfred Pollard, General Counsel of the Federal Housing Finance Agency (FHFA), the receiver for Fannie Mae and Freddie Mac. Pollard discussed current issues confronting mortgage finance markets. He also addressed FHFA actions relating to the Federal Home Loan Banks, and he gave the group his takeaways from The Great Recession. The cybersecurity legal team from Quarles & Brady briefed us on some alarming trends in cyber-attacks and AzBA 111th Annual Convention in Sedona