First Western Federal Savings Bank sponsored the Retirement Industry Trust Association (RITA) Conference recently held on October 27-28, 2016 in Las Vegas, Nevada. The Retirement Industry Trust Association (RITA) is the formal association of regulated Banks and Trust Companies in the U.S. that offer self-directed IRAs to clients who want to hold alternative assets, such as real estate inside of their IRAs. RITA is essentially the voice of those trust companies in the U.S. and provides a forum for companies to interact and exchange ideas, encourage “best practices” within the industry, and to project and protect their legislative interests to Congress, the IRS, and the Department of Labor, who regulates self-directed IRAs.
RITA meets bi-annually to educate members on industry issues and potential legislation and government regulations that directly have an impact on the self-directed retirement industry.
There were several of these major topics at the conference in Las Vegas, two of which are the new “Fiduciary Rule” and the potential legislation known as the RISE Act. Both of these issues were discussed at length by Tim Keehan, Senior Counsel for the American Banking Association (ABA), and Tim Hauser, from the Department of Labor (DOL). Both potentially have an impact on the industry and it was great to hear from the top experts from ABA and the DOL on what those impacts might be and what changes may be needed to comply with them going forward. Needless to say, it was very educational and a great opportunity to meet and ask questions of those industry experts, as well as meet the CEO’s of the many trust companies who serve this industry. First Western Federal Savings Bank provides the non-recourse loans that those companies’ clients need when they are leveraging a real estate purchase inside of their self-directed IRAs.
First Western Federal Savings sponsored the event, so both Jeff Fullerton and Roger St. Pierre attended the conference. Roger had the opportunity to present to the group how First Western Federal provides a great service to their clients by not only providing the non-recourse loans those clients need, but also an extra layer of due-diligence for their real estate purchases when those clients use First Western Federal as their lender of choice for their non-recourse real estate loan.
In all, it was a great opportunity to learn the latest news and topics in the industry, meet the players and CEO’s of the companies that shape this industry, and show them the exceptional service First Western Federal Savings provides their clients which ultimately helps those clients make better decisions on the assets they hold in their self-directed retirement accounts.