SDBA Seeks Candidates for 2010 Board Elections
Elections for the SDBA's Board of Directors for 2010 are scheduled for March and April. Two directors have terms that expire on April 30, 2010. Elections will take place in geographic Group I and Group III. Stephen Hayes, Dakota Prairie Bank, Presho, has served two consecutive terms as director for Group III and is not eligible to run for re-election. Kim Banks, Peoples State Bank, De Smet, has served one term as director for Group I and is eligible to run for re-election. The SDBA is currently seeking candidates interested in running for these positions. Group I includes banks in Brookings, Clay, Kingsbury, Lake, Lincoln, McCook, Miner, Minnehaha, Moody, Turner, Union and Yankton counties. Group III includes banks in Aurora, Beadle, Bon Homme, Brule, Buffalo, Charles Mix, Davison, Douglas, Gregory, Hand, Hanson, Hutchinson, Hyde, Jerauld, Lyman, Sanborn and Tripp counties. If you are interested in a Board position, contact one of the nominating committee members by Thursday, March 18, 2010. Newly-elected Board members will take office on May 1, 2010, and serve a three-year term expiring April 30, 2013. Ballots will be mailed to each bank in Group I and Group III on March 22. Voting will be completed on April 5. If you have any questions about the election process, contact the SDBA Office at (800) 726-7322. More information and list of nominating committee members. u

Yingling to Meet With
Geithner Today on Reg Reform Issues
ABA President and CEO Ed Yingling and the heads of other major financial services trade groups are meeting today with Treasury Secretary Timothy Geithner to receive a briefing on the status of regulatory reform issues. Geithner met yesterday with Senate Banking Committee Chairman Chris Dodd (D-Conn.) and panel member Bob Corker (R-Tenn.), who have been negotiating on the reg reform bill that Dodd was scheduled to introduce this week. However, his spokeswoman said yesterday that she expects an agreement on the legislation next week. For more than a year, ABA has reiterated its consistent message on reg reform issues. That message has included preserving charter choice, stressing the need for a strong resolution mechanism to end “too-big-to-fail,” and strongly opposing the Consumer Financial Protection Agency. u

Summit Meeting May Coincide With Reg Reform Votes
Hundreds of bankers have registered for what is shaping up to be the most important meeting of banking industry leaders in years. The ABA Government Relations Summit, at which bankers will hear from top policymakers and advocate for the industry, is set for March 16-18 in Washington, D.C. That means bankers and bank directors will be blanketing Capitol Hill offices around the time the Senate Banking Committee is likely to be considering still-to-be-released regulatory reform legislation -- legislation that will determine the future of the banking industry. ABA is strongly urging more bankers to register. "This is a crucial time for our industry," Maryland Bankers Association President Kathleen Murphy said in a video posted on aba.com. "It's a very important time to be together. And the way we like to look at it, at least in my state, is you're either a player or you're a victim. We... believe everyone is a player in this important debate." The SDBA is offering a $250 incentive to the first South Dakota banker from each member bank who registers to attend. Read more or register. u

New Service to Enable Banks
to Buy, Sell Prepaid Assessment Credits
Banks that want to buy or sell prepaid FDIC assessment credits will be able to use the Prepaid Assessment Marketplace, a password-protected Web site that will help match prospective buyers and sellers, ABA announced this week. Arlington, Va.-based Promontory Interfinancial Network LLC built the service at ABA's request, and it will be available at no cost to bank users on March 1. "We are pleased to introduce this service and delighted that Promontory was able to work with ABA to develop this platform and to assist those banks seeking to transfer credits," ABA President and CEO Ed Yingling said. All FDIC-insured institutions will be able to use the service even if they're not members of ABA or the Promontory Network. The ABA will host a free telephone briefing at 2 p.m. EST this Friday to inform bankers about the new Prepaid Assessment Marketplace. A limited number of listening sites is available for the telephone briefing, so bankers are encouraged to register early. A recording of the program will be available online after the event. Register for the call. Read more about the Prepaid Assessment Marketplace. u

Fed Proposes Clarifications on Overdraft Rules
The Federal Reserve on Friday proposed clarifications to parts of its overdraft protection services final rules that amended Regulation E last November and Regulation DD in December 2008. The proposals -- intended to provide further guidance and address questions on the rules -- would, among other things, clarify that the Reg E prohibition on assessing overdraft fees without consumer consent applies to all institutions, including those that decline automated teller machine and one-time debit card transactions when an account has insufficient funds. The proposals also address daily or sustained overdraft-fee assessments and make certain technical corrections. Read the Reg E proposal. Read the Reg. DD proposal. u

Fed Issues Consumer Piece on New Overdraft Rules
The Federal Reserve this week issued an online publication -- “What You Need to Know: New Overdraft Rules for Debit and ATM Cards” -- that explains to consumers how the agency’s overdraft rules that take effect July 1 will affect existing and new account-holders. The publication contains basic information about the types and typical costs of overdraft services and defines common terms consumers may encounter in bank communications about overdrafts. Read more. Read the publication. u

Still Time to Register to Attend IRA Update
for the Experienced IRA Professional Seminar
Has your IRA department adapted to the current economic changes and trends? The IRA Update for the Experienced IRA Professional Seminar explores distribution and income planning options for IRA holders and their beneficiaries as they approach retirement. For example, the Roth IRA will be available for the first time to a new group of previously ineligible individuals. How will this new option affect their plans for the future? The baby boomers are beginning to distribute their long-saved retirement assets. How will they maximize those assets and how will they pass on those assets to their loved ones?  Learn the answers to these questions and more by attending this dynamic seminar. The seminar will be held Tuesday, March 2, at the SDBA Office in Pierre and Wednesday, March 3, at the Ramkota Inn in Sioux Falls. More information and registration form. u