SDBA eNews: July 9, 2015

In This Issue

Elder Abuse Conference To Be Held July 20 in Sioux Falls

The 2015 Elder Abuse Conference will be held July 20, 2015, at the Sioux Falls Convention Center.

The Elder Abuse Conference is the kickoff event for the Elder Abuse Task Force created during the 2015 Legislative Session. The task force was created to study the prevalence and impact of elder abuse in South Dakota and make recommendations on policies and legislation to effectively address this issue. 

Two bankers were appointment to serve on the task force: SDBA Chairman Rick Rylance, Dacotah Bank, Rapid City, and SDBA Legislative Committee Chair Kristina Schaefer, First Bank & Trust, Sioux Falls.

The conference is open to the public,  and there is no cost to register. More information and register.

Vendor Management: The Struggle Is Real

One of the main observations that came out of the FFIEC targeted examinations had to deal with external dependency management, otherwise known as third-party (vendor) management.

Secure Banking Solutions (SBS) has seen an increase in attention on this area in examinations and thinks it will continue. The problem is that vendor management is difficult, confusing, and time consuming - which costs the company money. 

Join SBS on July 22 for "Hacker Hour: Vendor Management - The Struggle Is Real" to discuss what regulators are looking for and tools, tips and tricks that any banking organization can implement to make this task easier and more efficient. The free webinar will be held at 2 p.m. CDT. Learn more and register.

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Contact Alisa DeMers, SDBA, at 800. 726.7322 or via email.

ABA Seeks Grassroots Action on Tailored Regulation Bill

Building on its partnership with the state bankers associations, ABA is urging bankers to ask their representatives to co-sponsor the TAILOR Act, H.R. 2896, which would direct financial regulators to tailor regulatory actions based on the sizes, business models, risk profiles and other differentiating characteristics of the institutions they supervise.

Introduced by Rep. Scott Tipton (R-Colo.), the bill is a key part of ABA’s Agenda for America’s Hometown Banks and was crafted with the assistance of the state bankers associations and ABA.

“As Congress continues the critical process of determining the items to consider in the coming months, it is imperative that all bank employees contact their representatives to share their support for this important proposal,” ABA EVP James Ballentine said. Bankers can use ABA’s automated system to send a customized letter asking their representatives to co-sponsor the bill.

ABA's Johnson Calls on Congress to Enhance Cybersecurity

Testifying before the Senate Judiciary Committee yesterday, ABA SVP Doug Johnson called on Congress to act swiftly to enhance the penalties faced by cyber criminals. He emphasized that the banking industry’s cyber defenses are mature and robust.

“The financial services sector’s capacity to withstand the direct attack on our critical financial infrastructure as a result of significant, purportedly nation state-based denial of service attacks demonstrated our sector’s capacity to act collectively to respond to major attacks and minimize their capacity to cascade throughout the sector,” he said.

Johnson welcomed President Obama’s “important” executive order imposing sanctions on cyber criminals who threaten U.S. national security, foreign policy, economic health or financial stability but said that congressional action is still needed. He commended a draft bill currently being circulated that would enhance law enforcement anti-cyber crime tools, beef up protections for trade secrets, facilitate prosecution of those who possess stolen payment card information, target cyber criminals overseas and stymie foreign botnets, among others. Read the testimony.

ABA Welcomes Private Flood Insurance Bills

ABA and its American Bankers Insurance Association subsidiary on Tuesday welcomed a pair of bipartisan bills, S. 1679 and H.R. 2901, that would help develop a competitive private marketplace as an alternative to the National Flood Insurance Program. The bills would amend federal laws to make private flood insurance a choice when flood insurance is mandated.

“Providing consumers with alternatives to the NFIP and driving down flood insurance prices through greater competition is one way to ensure greater protection for consumers against flood damages in the mortgage markets,” the groups said. “It is also a significant contribution to the goal of returning the NFIP to more robust fiscal health.”

ABA and ABIA thanked the sponsors -- Sens. Dean Heller (R-Nev.) and Jon Tester (D-Mont.) and Reps. Dennis Ross (R-Fla.) and Patrick Murphy (D-Fla.) -- and emphasized that their bills would build on flood insurance affordability efforts in recent years. Read the letter.

Agencies Issue 2015 List of Distressed, Underserved Non-Metro Areas

The federal banking agencies yesterday released their 2015 list of distressed or underserved middle-income non-metropolitan areas where banks can receive Community Reinvestment Act credit for revitalization activities. The designations reflect local economic conditions, including unemployment, poverty and demographic changes. View the list.

ABA Adds Extra Webinar for 'Take Your Lawmaker to Work Week'

To help bankers make the most of Take Your Lawmaker to Work Week on Sept. 21-25, ABA has announced an additional free webinar on Wednesday, Aug. 5, at 1 p.m. EDT. The webinar will cover all aspects of hosting a member of Congress in your bank, including how to sign up, invite your lawmakers and access participation materials.

Bankers across the country will welcome their senators and representatives into their banks on a week when lawmakers will be back in their home states, providing opportunities for lawmakers to see in person how banks operate, how regulations affect banks in real life and the roles banks play in their communities.

American Banker magazine recently featured Take Your Lawmaker to Work Week as a “new twist” on the pursuit of regulatory relief. “You don't know how a banking operation works and what the customer experience is like, unless you are actually in the bank,” ABA EVP James Ballentine said in an interview. “I've had members of Congress call me after refinancing or buying a home saying, ‘Now I understand all the paperwork people have to go through when we pass these laws.’”

Agencies Release TRID Implementation Resources

The Consumer Financial Protection Bureau and the OCC have both recently released free resources to help bankers prepare for the TILA-RESPA integrated disclosures, now expected to become effective on Oct. 3.

The CFPB released a recording of its latest hour-long webinar on TRID implementation challenges and questions. Meanwhile, via its BankNet site, the OCC provided a recording of its 80-minute briefing on TRID implementation. This recording is available only to OCC-supervised banks and thrifts.