SDBA eNews: July 16, 2015

In This Issue

Get Expert Advise on Onboarding

You know that new account holders are key to growing sales, but with so many different opinions about onboarding, it can be difficult to determine the right approach.

Jim Marous, publisher of Retail Banking Strategies for The Financial Brand, has heard it all when it comes to engaging account holders. During the webinar “Busting the Top 5 Onboarding Myths,” hosted by Deluxe on July 30, Marous  will share the misconceptions he hears most often and help you learn what your financial institution can do today to create better engagement with new account holders.

Joining Marous on the webinar will be Todd Weiss, director of product management for Deluxe. The webinar will be held at 1 p.m. CDT. Learn more and register.

FDIC to Host Teleconference on Youth Savings

The FDIC will on July 30 host a free teleconference on how banks can connect their financial education programs to the opening of savings accounts for school-aged children.

FDIC staff will also discuss the interagency guidance encouraging youth savings programs that was issued earlier this year. Register.

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

ABA's Amplify Is Now 'Bankers Speak Up'

Amplify, ABA's grassroots communications platform for all bankers, is now Bankers Speak Up. The name and website address,, are the only changes. The content, login credentials and mascot remain the same. All resources and tools are available on the site, and new resources continue to be added.

ABA encourages bankers to bookmark “Since ‘Speak Up’ is what we are asking bankers to do, the new name is fitting,” ABA VP Erin Scheithe said.

Among the new resources available through Bankers Speak Up are tips to help bankers host effective Take Your Lawmaker to Work Week visits during Sept. 21-25. For more information, contact Scheithe.

Cordray Testimony Covers Ability-to-Repay, TRID, Credit Cards

Consumer Financial Protection Bureau Director Richard Cordray appeared before the Senate Banking Committee yesterday and said during the question-and-answer period that the CFPB intends to revisit the income-verification standards under the Ability-to-Repay Rule. Cordray is “increasingly aware of and concerned about” the possibility that self-employed, temporary and seasonal workers may see limited mortgage credit due to documentation requirements, he said.

“We need to look again at our mortgage rules in light of that,” he added. “It's not an easy thing to figure out how to handle, but it's something we need to go back and think more about.”

The CFPB and other regulators would also be “diagnostic and corrective” in the early months after the TILA-RESPA integrated disclosures for mortgages take effect, Cordray said. Lenders are “just going to be trying to get it right,” he said. “And so for the first period, which may last many months, the other agencies and ourselves as we work on this, if we see errors, we will point out what they are and how they should be corrected. We will not be looking to be punitive to people.”

Cordray added that the credit card market is “considerably better” than 10 years ago, noting improvements in customer service, fees charged and add-on products.

Fed to Host Free Consumer Compliance Webinar

On Wednesday, July 29, the Federal Reserve will host a free webinar covering hot topics in consumer compliance and how bankers can more effectively manage growing compliance obligations.

During the webinar, Fed staff will cover areas where they believe substantive or common violations occur -- including the Home Mortgage Disclosure Act, spousal signatures under the Equal Credit Opportunity Act, the Flood Disaster Protection Act of 1973 and the Unfair and Deceptive Acts or Practices Act -- and answer questions from participants. Register.

ABA Addresses Elder Financial Abuse at White House Conference

Financial institutions are "well-positioned" to take a proactive stance on preventing fraud and financial exploitation of seniors, ABA Board Member F. Scott Dueser -- who is chairman, president and CEO of First Financial Bankshares Inc., Abilene, Texas -- told White House Conference on Aging participants on Monday. "The more we can talk about it, the less we'll have," said Dueser, who represented ABA at the conference.

Dueser called upon financial institutions to educate employees and consumers alike on identifying these crimes against the elderly and talked about the importance of banks’ partnerships with law enforcement and social service organizations to help prevent fraud and financial abuse. “If people know what is happening to them, it makes a big difference. We have got to get out and educate our communities,” said Dueser, who is also a member of ABA's Bank Community Engagement Council.

ABA on Monday unveiled a new online tool to showcase banks' corporate social responsibility programs. The interactive map compiles entries in ABA's Community Commitment Awards since 2012, and is searchable by state, asset size and category -- including a "Protecting Older Americans" category. Learn more. View the interactive map.

On a related note, 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. More information and register.

ABA Launches Interactive Map of Bank CSR Efforts

The ABA Foundation, ABA’s 501(c)(3) nonprofit affiliate, on Monday unveiled a new online tool to showcase banks’ corporate social responsibility programs. Building on entries in ABA’s Community Commitment Awards since 2012, the interactive map can be searched by state, category and bank asset size.

The map can be used by members of the media and the public seeking to understand what banks in their communities are doing, as well as by bankers looking for new community engagement ideas. “This map was designed not only to acknowledge the great work banks have done, but to act as a resource for those looking to do more and to alert consumers of the programs available to them,” said ABA SVP Corey Carlisle.

The new tool was announced at the White House Conference on Aging. “Our Financial Exploitation Education program, designed to protect older Americans from financial abuse, is one of many featured on ABA’s new interactive map,” said Scott Dueser -- president and CEO of First Financial Bank, Abilene, Texas -- who is representing ABA at the White House conference. “We hope that by sharing the details of our program and what’s made us successful in protecting our customers, other banks will be encouraged to adopt similar initiatives.” View the interactive map.

ABA Wins all Four Mobile Alert Exemptions Sought from FCC

The Federal Communications Commission on Friday released the formal order from its June 18 meeting, which addressed several petitions for clarification and declaratory ruling under the Telephone Consumer Protection Act. In its order, the FCC granted all four petitions made by ABA last fall to exempt certain time-sensitive texts and calls that banks make to their customers.

According to the order, financial institutions may send automated, free texts and voice messages without first obtaining the recipient’s prior express consent if the messages concern proposed transactions that present a risk of fraud or identity theft; possible breaches of customers’ personal information; steps customers can take to prevent or remedy harm caused by a data breach; or actions needed to complete a pending money transfer.

“Bankers everywhere can be pleased that the FCC granted every item in ABA’s petition,” said ABA SVP Ginny O’Neill, who noted that the FCC granted few other petitions. “As a result, bank customers can receive urgent fraud, data breach and money transfer alerts in a convenient, timely way.”

The FCC order placed limitations on financial institutions’ use of these alerts, including requiring an opt-out mechanism and capping the number of messages that can be sent in a particular period of time. An ABA bank members-only staff analysis covers these exceptions, as well as other rulings in the FCC’s order. Read the order.  Read ABA’s staff analysis. For more information, contact ABA’s Jonathan Thessin.