Department of Revenue to Hold Ag Tax Seminars in March
The South Dakota Department of Revenue (DOR) will hold free Agriculture Tax Seminars in Gettysburg and Winner in March.
The seminars are designed for those looking for a specific understanding of ag-related issues. DOR will have representatives from its audit, business tax and motor vehicle divisions and provide detailed information for specific situations one might encounter.
The Gettysburg session will be held 9 a.m. to noon or 1-4 p.m. on March 14 at the Gettysburg City Fire Hall. The Winner session will be 1-4 p.m. on March 15 at the Holiday Inn Express.
DOR recommends sending specific questions and scenarios in advance so tax experts can provide in-depth answers. Register for a seminar.
Ask the Fed Seminars Available
Ask the Fed® is a national webinar program that provides critical information on recent financial and regulatory developments.
Expert speakers discuss topics for 30 to 45 minutes, followed by a “live” question-and-answer period. Bankers can register for a free account and can access all sessions, including archived sessions.
Each session is hosted by Julie Stackhouse, executive vice president of the St. Louis Fed’s supervision division. She is accompanied by topical experts, including subject matter experts from the Board of Governors and each of the other Reserve Banks.
Selected topics must be timely and represent new information for the audience. Ask the Fed is designed for executive-level officials at state member banks and bank and savings and loan holding companies and their boards of directors. They also invite state banking commissioners and state banking associations to take part. Learn more and register.
 Question of the Week
If we are doing a refi on a farm with a homestead located on it and it is FSA guaranteed we don't have to do TRID correct since this would be considered a commercial loan correct.
Answer: It may depend on the exact details behind the loan, but probably not. As Comment 3(a)-8 of Regulation Z states, “The [agricultural] exemption also applies to a transaction involving real property that includes a dwelling (for example, the purchase of a farm with a homestead) if the transaction is primarily for agricultural purposes.” Remember, you look at the purpose of the loan, not necessarily the purpose of the collateral.
Not a Compliance Alliance member? Learn more about membership with Compliance Alliance by attending one of our live demos:
Compliance rules and regulations change quickly. For timely compliance updates, subscribe to Compliance Alliance’s email newsletters.
Compliance Alliance offers a comprehensive suite of compliance management solutions. To learn how to put them to work for your bank, call 888.353.3933 or email.
Upcoming Events
- ABA Government Relations Summit: March 20-22, 2017, Washington, D.C.
- IRA Update Seminar: March 30, 2017, Sioux Falls
- SDBA Agricultural Credit Conference: April 12-14, 2017, Pierre
- 2017 Bank Directors' College: May 2, 2017, Sioux Falls
- 2017 Quad States Convention: June 4-6, 2017, Rapid City
View all SDBA events
Advertising Opportunity
Learn more about sponsoring the SDBA eNews.
Questions/Comments
Contact Alisa DeMers, SDBA, at 800. 726.7322 or via email.
|
Bank Directors' College To Be Held in May
 The FDIC, in partnership with the South Dakota Division of Banking, South Dakota Bankers Association and the Independent Community Bankers of South Dakota, will hold the 2017 Bank Directors’ College May 2 at the Sioux Falls Convention Center in Sioux Falls.
This one-day educational seminar was designed with outside directors in mind, but the presentations will include up-to-date information on various emerging issues relevant to all bank directors. The presentations will be delivered by a group of experienced FDIC speakers and subject matter experts.
In addition to an opening general session and a regulatory panel, session topics will cover interest rate risk and liquidity, current expected credit loss (CECL) and other accounting issues, and succession and strategic planning.
Please consider this unique opportunity to interact with your bank’s regulators and enhance your board’s experience and knowledge. Be watching for the full agenda and registration materials, which will be available on the SDBA's website next week.
Department of Labor Moves to Postpone Fiduciary Rule
The Department of Labor is proposing to extend the applicability deadline of the fiduciary rule for 60 days, until June 9, according to a notice published in the Federal Register. The rule was originally scheduled to take effect on April 10. Comments on the extension proposal are due in 15 days.
The rule, which expanded the definition of “fiduciary” under the Employee Retirement Income Security Act and the Internal Revenue Code, was the target of a recent executive action by President Trump, who directed the secretary of labor to thoroughly review the rule’s effect on Americans’ ability to access financial services. The delay will provide the DOL additional time to determine the rule’s full impact on consumers, and, if necessary, issue a new proposal for revising or rescinding the rule.
ABA has long advocated for changes to the fiduciary rule, as well as a longer implementation period to allow banks of all sizes time to comply. Read the proposal. For more information, contact ABA's Tim Keehan.
Government Relations Summit Hotel Registration Deadline Is Friday
The deadline to book discounted hotel rooms for the ABA Government Relations Summit, March 20-22 in Washington, D.C. is Friday, March 3. While the main Summit hotel has sold out, special rate rooms are still available at two nearby hotels.
The ABA Summit offers bank employees and directors an opportunity to press the case for pro-growth regulatory reform directly to lawmakers and regulators. Attendees will also hear from Senate Banking Committee Chairman Mike Crapo (R-Idaho) and Ranking Member Sherrod Brown (D-Ohio), House Financial Services Committee Chairman Jeb Hensarling (R-Texas) and House Majority Whip Steve Scalise (R-La.). Other keynote speakers include “Fox News Sunday” host Chris Wallace and comedian Paul Mecurio, a correspondent for “The Late Show with Stephen Colbert.”
Also available for free banker registration are the Mutual Community Bank Forum, Emerging Leaders Forum and Women's Leadership Forum, which are taking place in conjunction with the ABA Summit. Register now.
The SDBA will provide a $500 stipend to each person who attends from an SDBA member bank to help cover travel expenses.
ABA Advocates for Changes to 2018 Farm Bill
At a Senate Agriculture Committee field hearing in Kansas last week, ABA highlighted the critical role that the nation’s banks play providing credit to farmers and ranchers and advocated for changes to the upcoming 2018 Farm Bill that would take into account the rising costs of agriculture.
Testifying on behalf of ABA, Shan Hanes, president and CEO of First National Bank in Elkhart, Kan., and a member of ABA’s Agricultural and Rural Bankers Committee, urged lawmakers to reform the USDA Guaranteed Farm Loan Program, calling for an increase to the lending limit cap on guaranteed ownership and guaranteed operating loans, as well as other reforms that would help modernize the programs. He also encouraged lawmakers to make changes to agriculture risk coverage and price loss coverage programs in response to volatility in commodity prices that farmers have experienced in the last few years.
Hanes also raised concerns over the increasing size and complexity of the taxpayer-backed Farm Credit System, which, if it were a bank, would be the ninth largest in the U.S. “Congress created the FCS as a public option for farm finance 100 years ago when farmers were having trouble getting the credit they needed,” Hanes said. “These conditions no longer exist, and yet we continue to have a government-assisted, tax-advantaged farm lender providing credit to customers who would be able to easily borrow from taxpaying institutions like mine.” Read the testimony.
Trump Orders Regulatory Reform Efforts at Agencies
President Trump last Friday issued an executive order as part of his administration’s efforts to reduce regulatory burdens. The order requires agencies to appoint regulatory reform task forces led by regulatory reform officers, with a mandate to identify regulations that eliminate jobs or inhibit job creation; are outdated, unnecessary or ineffective; have costs that outweigh their benefits; are inconsistent with regulatory reform initiatives; or derive from since-rescinded executive orders. Initial reports are due within 90 days. Read the order.
Years of Service Awards Available, Memorial Service To Be Held
The SDBA will honor and recognize those bankers with 40 or 50 years of service in banking during its annual business luncheon on June 6, 2017, at the Quad States Convention in Rapid City. To request an award for someone who has been in banking for 40 or 50 years, please complete the form by May 16, 2017.
Bankers who have passed away since the last annual convention (June 2016) will be remembered during the SDBA’s annual business luncheon on June 6. The deadline to submit a name for the memorial service is May 16, 2017.
|
|
