SDBA eNews: September 14, 2017

In This Issue

SDBA Bank Technology Conference to Start on Tuesday

With all the recent headlines of data breaches and cybercrimes, the SDBA's Bank Technology Conference is a timely opportunity you don't want to miss. The conference will be held Sept. 19-20 at the Ramkota Inn in Sioux Falls.

Sessions will cover cybersecurity, vendor management, regulatory issues, new technologies and director education. In addition, attendees can network and share resources with others in their field.

There are still spots available to attend. Learn more and register.

SDBA to Hold Security Seminar

The SDBA will offer the 2017 Security Seminar on Oct. 5 at the Sheraton in Sioux Falls.

This well-rounded seminar focuses on a range of issues of concern to security officers, facility personnel, and management. Using current trends and examples, the topics covered will run the gamut from facility safety and building design to internal fraud prevention to the latest security concerns brought about by newer technologies to a general overview of the most-perpetrated security mistakes.

Learn more and register.

Question of the Week

Is the bank required to give an adverse action notice if it takes adverse action against a consumer seeking to open a deposit account solely based on past history with the Bank? The bank did not run the consumer through Chex systems nor did it pull any other type of consumer report.

Answer: No. The ECOA only applies to credit applications. FCRA covers any person who takes adverse action against a consumer, but the decision to take adverse action is based on information contained in a credit report. Since, the bank did not take adverse action against the consumer based on information contained in a credit report, it is not required to send an adverse action notice.

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.

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

ABA Candidate School Begins Today in Washington

As part of the ABA’s effort to promote a pro-growth policy environment in Washington, the association today launches its first-ever Candidate School to help bankers learn how to run for office. The two-day workshop--held in the nation’s capital--will bring together a group of bankers and bank directors from across the country that have expressed interest in running for positions in state and federal government in the next two election cycles.

Participants will learn the basics of how to run a political campaign, including how to file necessary paperwork, manage paid and earned media, fund raise, conduct research and targeting and get out the vote.

FEMA: Hurricane Harvey Could Cost NFIP $11B

The Federal Emergency Management Agency estimates that the total cost to the National Flood Insurance Program (NFIP) following Hurricane Harvey could total as much as $11 billion, according to reports yesterday, exceeding the program’s current borrowing authority and likely requiring Congress to approve an increase.

FEMA Director Roy Wright noted that the NFIP currently has $5.8 billion remaining under its $30 billion borrowing authority, in addition to about $1.5 billion in on-hand cash that can be used to pay claims. Thus far, FEMA has had 84,000 claims from Harvey damage, totaling $177 million in initial payments, a number that Wright said he expects to “climb very, very rapidly.”

Agencies Propose Minor, Technical Changes to CRA Regulations

The federal regulatory agencies yesterday proposed amendments to their respective Community Reinvestment Act regulations to address recent changes to Regulation C, which implements the Home Mortgage Disclosure Act. Specifically, the proposed amendments revise the definition of “home mortgage loan” and “consumer loan,” and update the requirements for CRA public files to reflect changes to Reg C.

In addition, the proposal also eliminates references to the Neighborhood Stabilization Program, a crisis-era initiative by the Department of Housing and Urban Development to help communities and local governments redevelop foreclosed properties. The NSP ended in 2016. Read the proposal. For more information, contact ABA's Krista Shonk.

ABA Offers Communications Resources for Banks Following Equifax Data Breach

As the Equifax data breach--which affected an estimated 143 million Americans--continues to dominate the headlines, ABA has made available several resources for member banks to use as they field inquiries from their customers and the press.

The resources include a customer FAQ, a message for banks to use on their website and talking points to help respond to media inquiries. In addition, ABA’s Crisis Communications Toolkit provides general data breach talking points, consumer tips, an FAQ for frontline staff, social media posts and more.

SBS Offers Hot Topic Hacker Hour Webinar on Equifax Data Breach

With 143 million consumers affected and more than 200,000 credit cards compromised, the latest Equifax breach is a hot topic for all consumers and businesses.

Join SBS on Friday, Sept. 15, for a special Hot Topic Hacker Hour webinar: Equifax Data Breach: Lesson Learned. SBS will discuss the current facts of the breach, what lead up to it and what you should think about in response. To ensure you get all the information you need, time will be provided for you to ask any questions you may have.

The free webinar will begin at 11 a.m. CDT. Learn more and register.

CCS Offers Services to Western South Dakotans Affected by Drought

Professional counselors with Catholic Social Services (CCS) are reaching out to drought-impacted families in western South Dakota by offering a listening ear. Services can be accessed either through offices or via telehealth. 

Jim Kinyon, CSS executive director, has been hearing from pastors, families and local businesses seeking support. “Families are stressed, and we would encourage families needing a listening ear or a place to talk to contact our office," he said.

To access CCS' telehealth call 605.348.6086. While CSS’ only full-time office in western South Dakota is in Rapid City,  services are also accessible through satellite offices in Fort Pierre, Eagle Butte, Spearfish, Pine Ridge, Sturgis and Porcupine.