SDBA eNews: August 20, 2015

In This Issue

Compliance Perspectives: A Monthly Update

Keeping up with changes and deadlines in the compliance area gets more complex every year. Total Training Solutions can assist with that task.

Carl Pry, a well-known and highly-respected compliance expert, presents a monthly, one-hour compliance update that will address new items to be aware of, deadlines and what’s on the horizon.

In a simple language webinar format that can be viewed from an office, Pry will make sure those who work in compliance have the information they need to keep their  financial institution in compliance. Learn more.

Get the Board on Board with Cybersecurity

The word on the street is that the board of directors is going to be held more responsible for information security/cybersecurity at financial institutions. How do we prepare the board of directors for this new challenge? What struggles will we have with trying to get the board involved? What do we do? 

Join Secure Banking Solutions (SBS) for Hacker Hour: Get the Board on Board with Cybersecurity Webinar on Wednesday, Aug. 26, at 2 p.m. CDT. This free webinar will discuss ideas and SBS services that banks can implement to ensure that their board of directors understands cybersecurity in their institutions

Register for the webinar.

Question of the Week

Is it possible for our bank to receive consideration under the CRA for developing and implementing youth savings programs?

Answer: While the answer is clearly “yes," there are some factors to consider that will allow the bank to receive this credit. Not all such programs will be given that consideration.   

The youth savings and financial education programs must be targeted primarily to low and moderate-income students for the bank to receive credit for this program. Regulators will evaluate the program to ensure the bank’s youth savings program has a primary purpose of community development, and if it is determined that is the focus, the program will be given consideration as a community development service. 

In fact, Interagency CRA guidance provides examples that include the establishment of school savings programs or developing or teaching financial education or literacy curriculum for low or moderate-income student.

Learn more by attending a  live Compliance Alliance demo:

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.

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

SDBA Technology Conference To Open with Cybersecurity Boot Camp

Registration is now open for the SDBA's 2015 Bank Technology Conference Sept. 22-23 at the Hilton Garden Inn Sioux Falls South.

The conference will open on Tuesday with a Cybersecurity Boot Camp led by Jon Waldman, Secure Banking Solutions, Madison, S.D. The boot camp will provide an overview of cybersecurity and the new FFIEC Cybersecurity Assessment Guidance for cybersecurity assessment.

Starting in late 2015 and early 2016, all regulatory agencies have identified they will leverage the FFIEC Cybersecurity Assessment Guidance in their examination process with banks. Waldman will review the following information with attendees to prepare them for cybersecurity threats and their next examination: cybercrime overview, FFIEC Cybersecurity Assessment Guidance, cyber fraud detection and incident response, and cyber security awareness and training.

Other conference presenters include Jack Vonder Heide, Technology Briefing Centers, Chicago, Ill., and Steve Stasiukonis, Secure Network Technologies, Syracuse, N.Y.

ABA Shares Tips for Navigating Tough Times in Farm Lending

With the agricultural boom projected to hit speedbumps in the months and years ahead, ABA distributed 10 tips to help ag bankers prepare their customers for the changing ag economy.

The tips for customers include: defer debt purchases that don’t pay themselves off soon enough; create and stick to a budget; analyze farm performance; restructure debts; prepare for reviews with bankers; use federal credit guarantees; review insurance coverage; deal with financial problems as they arise; and keep a clear perspective.

“Thanks to recent boom times, many farmers and ranchers are well-positioned financially for the next couple of years, but falling commodity prices, a stronger dollar and a probable increase in interest rates should encourage all producers to get their financial house in order,” said ABA SVP Steve Apodaca. “One of the most important things a farmer can do during volatile times is keep the lines of communication open with his or her lender.” Read the tips.

Visa Inks $67 Million Data Breach Settlement with Target

Visa and Target have reached a $67 million settlement of claims by Visa and its card issuers related to losses from Target’s 2013 data breach, news outlets reported Tuesday. The funds will settle claims from banks for operational costs -- including costs from reissuing cards -- and fraud-related losses on Visa-branded cards affected by the breach.

As with a $19 million MasterCard settlement that was rejected in May, the Visa settlement is contingent on issuers representing a minimum threshold of accounts accepting offers through the settlement. News outlets also reported that Target is closing in on a new settlement with MasterCard.

ABA advocacy with Visa and MasterCard has won higher levels of reimbursements from the networks for operating costs related to data breaches, such as reissuing cards in the wake of a large breach. ABA continues to advocate for improvements to ensure that breached entities bear the responsibility for costs following a breach.

Nichols Officially Joins ABA

After spending much of the summer traveling and meeting with bankers and state associations, Rob Nichols officially joined ABA on Monday as the association’s incoming president and CEO. He marked the occasion by changing his Twitter handle to @bankersprez, tweeting “First day at @ABABankers. Excited to get started.”

Bankers can learn more about Nichols by reading a profile from the forthcoming September/October issue of the ABA Banking Journal. Read the profile.

Bankers Urged to Meet with Lawmakers During August Recess

With three weeks left in the congressional summer recess, ABA encourages bankers -- if they have not already -- to make plans to meet with lawmakers while they are in their home states.

ABA has provided a free, online packet of resources to help bankers focus conversations with their lawmakers. The packet includes talking points and issue backgrounders on regulatory relief, tailored regulation, portfolio lending, Federal Reserve Bank dividends, credit unions, the Farm Credit System and other issues that affect bankers’ ability to do business.

ABA EVP James Ballentine emphasized the importance of having these conversations now. “When Congress returns, it will have only a few weeks to process a lot of legislation,” he said. “For ABA-backed bills to make the agenda, bankers must show their lawmakers how regulatory relief now will help them meet their customers’ needs.” Download the packet.

Deadline Extended for GSB Financial Managers School

Due to strong demand, the Graduate School of Banking (GSB) at the University of Wisconsin-Madison has extended the deadline to register for its Financial Managers School. GSB has secured a limited number of additional rooms and extended the deadline for this program to Monday, Aug. 24, subject to very limited availability. 

This popular school will be held Sept. 13-18 at the Fluno Center for Executive Education in Madison, Wis., and is co-sponsored by GSB and the Financial Managers Society. Applications will be processed in the order received. Please do not book travel until registration is confirmed.

Attendees will dig into asset/liability management with an integrated case study that's used to identify major financial strengths and weaknesses of institutions, examine interest rate risk profiles, evaluate issues relating to base strategy forecasts, analyze loan and investment portfolios, make pricing decisions and formulate and communicate effective strategies to improve the institution's overall profitability. Learn more.