South Dakota Bankers Association


 

 


 

 

This SDBA E-News
is sponsored by:

the Graduate School of Banking at UW - Madison is the nation’s most respected banking school, offering a prestigious 25-month graduate school of banking plus HR Management School, Bank Technology Management School, Senior Management Seminar, Financial Managers School and an array of bank-specific online courses.

 

Beacom School of Business at USD -- Offering Great Interns
 We cannot teach students the intricacies of banking as well as the providers of seminars and conferences referenced in the SDBA's online Calendar of Events. But, we do teach students to think like business people. We believe the more bankers know about business, the better bankers they will be. Read more.

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 






 

 

 Volume 11, Issue 5                                                                                                February 2, 2012

 

SDBA Seeks Candidates for 2012-2013 Board Officers
 Are you interested in becoming an officer of the South Dakota Bankers Association? SDBA officers include the chairman, chairman-elect, vice chairman and immediate past chairman. The SDBA is currently seeking people who are interested in running for the vice chairman position, which will be elected at the Annual Convention on June 12, 2012, in Bismarck, N.D. The current chairman-elect, Steve Hayes (Dakota Prairie Bank, Fort Pierre), will automatically assume the chairman position on June 12, 2012. The current vice chairman, Karl Adam (Dakota State Bank, Blunt), will be eligible to run for chairman-elect. Current Chairman Bruce Byrum (First Interstate Bank, Spearfish) will automatically become the immediate past chairman. If you are an executive officer of any SDBA member bank, you are eligible to run for vice chairman. If you are interested in running for the position, contact a member of the nominating committee for more information and submit a letter of intent to the SDBA.
Read more. n

SDSU Extension's 'Growing Ag CEOs'
Welcomes Bankers Participation
 To help ensure a new generation of South Dakota agriculture producers is ready to take on the challenges of operating their business in today's agriculture industry, SDSU Extension is hosting “Growing Ag CEOs." Growing Ag CEOs is a program focused on connecting new producers with seasoned and successful producers, industry leaders, agricultural lenders and the knowledge and research base found within the university system. It is expected that many of the “beginning” participants will hold two or four-year degrees in some aspect of production agriculture, but most will lack experience in the business aspects of running a farm or ranch. The goal is for the program to be a joint effort among successful producers, organizational leaders, and ag lenders, along  with Extension personnel, to make this program as valuable as possible for the participants. Read more. Register online. n

President Obama Unveils Home Refinancing Program
President Obama yesterday called on Congress to pass legislation to establish a program that would enable all homeowners who are current on their mortgage loans to refinance at record-low rates. Under the program, which the president outlined in his Jan. 24 State of the Union Address, nongovernment-sponsored enterprise borrowers with standard loans and credit scores above 580 could qualify. The Federal Housing Administration would operate the non-GSE part of the program, and the refinancing process also would be streamlined for GSE borrowers who are current on their loans, officials said. Obama also proposed encouraging borrowers who refinanced their mortgages to take on shorter-term loans and direct the savings to rebuilding equity in their homes. As an incentive, the government would pay the closing costs associated with refinancing -- usually about $3,000.

The program would cost between $5 billion and $10 billion, and ABA President and CEO Frank Keating noted that the administration proposes to pay for it with a tax on large banks that would reduce their lending capacity. “ABA is concerned that uncoordinated and ever-changing government programs, including those detailed today, create uncertainty in the market, increase the cost of homeownership, and reduce credit availability needed to support homeownership and the economic recovery,” Keating said. Read a fact sheet on the program. Read Keating’s statement. n

USDA Announces Refinancing Pilot Program in 19 States
 In related news, Agriculture Secretary Tom Vilsack yesterday announced a two-year pilot program in 19 states that will facilitate refinancings for homeowners who are current on mortgage loans made or guaranteed by USDA Rural Development. Under the program, the Agriculture Department will eliminate requirements for a new appraisal, a new credit report and other documentation normally needed to refinance.
The program is open to qualified homeowners in Alabama, Arizona, California, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, Mississippi, Nevada, New Jersey, New Mexico, North Carolina, Ohio, Oregon, Rhode Island, South Carolina and Tennessee. Read more. n

ABA: Credit Card Complaint Data Flawed, Unreliable
 ABA in a comment letter Monday urged the Consumer Financial Protection Bureau to publish only aggregate market-level, credit card complaint data and to work with stakeholders to improve the underlying database quality so that it supports sound analytical reporting. ABA was commenting on the CFPB’s proposed policy statement on the disclosure of large-bank, credit-card complaint data that would give the public online database access and allow complaints to be identified by issuer. While the association recognized the consumer-complaint data’s importance in fulfilling the CFPB’s Dodd-Frank Act-mandated complaint resolution, it said the incomplete, unverified data would be flawed and unreliable, and -- contrary to the bureau’s mission -- would mislead rather than enlighten consumers in its proposed form.

“[R]eleasing the data as proposed is an unwarranted departure from the Dodd-Frank Act priorities of building a system for individual response to consumer complaints, utilizing complaint data for supervisory oversight, and accurately reporting to Congress,” the association said. Read the letter. For more information, contact ABA's Nessa Feddis. n

Rep. Capito to Speak at ABA GR Summit
 House Financial Institutions Subcommittee Chairman Shelley Moore Capito (R-W.Va.), the lead sponsor of the ABA-backed Financial Institutions Examination Fairness and Reform Act (H.R. 3461), has been confirmed as a featured speaker at the ABA Government Relations Summit, March 19-21 in Washington, D.C. H.R. 3461 will be a key focus of the summit. Capito will join Sen. Mark Warner (D-Va.), agency leaders, Indiana Gov. Mitch Daniels (R) and NBC political pundit Chris Matthews. ABA strongly encourages bank CEOs, employees and directors to “talk to power” by attending the summit, which is the largest gathering of banking leaders in the nation’s capital. Registration is free. To encourage more bankers to attend the Summit, the SDBA is offering a $250 stipend to member bankers who attend this year’s event. The $250 stipend is limited to the first banker who registers from each SDBA member bank. Read more and register. Read a summary of H.R. 3461. n

 

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