SDBA eNews

March 3, 2022

SDBA Seeking Candidates for Board Elections

Elections for the SDBA’s Board of Directors are scheduled for April. Two seats are up for election: Group I and Group III.

The Group I seat is currently held by John McGrath, First PREMIER Bank, Sioux Falls, and the Group III seat is currently held by Dusty Pinske, First Interstate Bank, Rapid City. Both were appointed in 2021 to fill vacancies and are eligible to run for a full, three-year term in their respective group.

Group I includes banks in Bon Homme, Clay, Davison, Hanson, Hutchinson, Jerauld, Lake, Lincoln, McCook, Miner, Minnehaha, Moody, Sanborn, Turner, Union and Yankton counties. Group III includes banks in Aurora, Bennett, Brule, Buffalo, Charles Mix, Custer, Douglas, Fall River, Gregory, Haakon, Jackson, Jones, Lawrence, Lyman, Meade, Mellette, Oglala Lakota, Pennington, Stanley, Todd and Tripp counties.

If you are interested in running for one of the Board seats, please contact one of the nominating committee members by March 24, 2022. Please also submit a short bio and headshot photo for the voting ballot to Halley Lee. Newly-elected SDBA Board members will take office on May 1, 2022, and serve a three-year term expiring April 30, 2025.

South Dakota Bankers Foundation Re-Opens Scholarship Application Deadline

The South Dakota Bankers Foundation is excited to re-open the scholarship application deadline for member bank scholarships one final time.

If you missed out on applying for an opportunity for a $2,000 scholarship (no match required) that you may award to a student of your choice, here’s your chance. Applications will be accepted until March 18.

Visit for an application form and program parameters. If you have any questions, contact [email protected] or call 605.224.1653. Let’s work collaboratively to build and sustain South Dakota’s banking workforce.

SDBA to Spring Clean Database

The SDBA is undergoing some early spring cleaning in its database and is looking to its members for a little help.

This month, branch managers and CEOs will receive an email from the SDBA with a “linked profile” list attached. Please take some time to thoroughly review the Excel list and cross-reference the names and emails linked to your bank profile to ensure they are still current employees of your bank’s team.

“This certainly isn’t mandatory to keep your bank’s profile active in our database. It’s simply going to help us make sure we’re communicating with the right people in your bank,” said SDBA’s member services coordinator, Natalie Likness. “Frequent communication with our members is one way we’re hoping to grow engagement as spelled out in the SDBA’s newly-established strategic plan. But first, we need to be sure we have an accurate, up-to-date list, and that’s where our branch managers and CEOs will be a major help.”

The database overhaul will be an ongoing effort. Likness added that if there is a member of your bank’s team who isn’t on the “linked profile” list but would like to establish a profile, they can request a profile at

Full details and next steps will be provided in the March email. For questions or clarifications, contact Natalie Likness.

Powell Signals Fed to Move Forward with Interest Rate Hikes

Federal Reserve Chairman Jerome Powell told members of the House Committee on Financial Services yesterday that he expects the Fed to raise interest rates at the next meeting of the Federal Open Market Committee on March 15-16. Powell told the committee that with inflation well above 2% and a strong labor market, it is appropriate to raise the target range for the federal funds rate and that he supports a 25 basis point rate hike.

Following the invasion of Ukraine by Russian troops, Powell warned that the near-term effects on the U.S. economy remain highly uncertain and that making monetary policy in this environment “requires a recognition that the economy evolves in unexpected ways” and “we will need to be nimble in responding to incoming data and the evolving outlook.” Powell also told the committee that energy prices have already moved up further due to the Ukraine war and that those increases are likely to move through the economy, push up inflation and weigh on spending. He added that “we can’t know how large or persistent those effects will be. That simply depends on events to come.”

Asked about the possible use of digital currencies in Russia to avoid recently enacted sanctions for the Ukraine invasion, Powell told the committee that it underscored the need for congressional action on digital finance, including cryptocurrencies. “Ultimately what's needed is a framework and in particular ways to prevent these unbacked cryptocurrencies from serving as a vehicle for terrorist finance and general criminal behavior, tax avoidance and the like,” Powell said. Watch the hearing.

GOP Senators Re-Introduce ABA-Backed E-Sign Modernization Bill 

ABA this week welcomed the re-introduction of a bill authored by Sens. John Thune (R-S.D.), Jerry Moran (R-Kan.), and Todd Young (R-Ind.) and Marsha Blackburn (R-Tenn.) that would streamline how consumers consent to receiving electronic documents, such as bank statements, account information and contracts. The bill was previously passed by the Senate Commerce Committee in the last Congress.

The E-Sign Modernization Act would update the 20-year-old E-Sign Act to reflect advancements in technology and shifting consumer preferences. Specifically, the bill would remove the current requirement for consumers to reasonably demonstrate that they can access documents electronically before they can receive an electronic version.

“Now more than ever, consumers want choices that allow them to manage their financial lives using digital banking channels,” said ABA President and CEO Rob Nichols. “Senators Thune, Young, Blackburn and Moran’s introduction of the E-Sign Modernization Act is an important step toward ensuring Americans have access to more financial options.” Read more.

NCUA Chairman: Credit Union Consumer Protection Standards Should Match Banks'

National Credit Union Administration Chairman Todd Harper on Monday made the case that consumer financial protection standards at credit unions should match those adhered to by the nation’s banks. Speaking at a credit union industry event, Harper said that “there cannot be one standard for bank customers and a different one for credit union members. Continuing such a dynamic only hurts the credit union members who we all have a duty to protect.”

In 2021, NCUA found violations of consumer compliance rules in nearly 15% of federal credit unions, the most common of which related to credit reporting, truth in lending, electronic fund transfers and equal credit opportunity rules, Harper said. NCUA also found in completed fair lending exams and reviews that in a majority of cases, there were weaknesses in compliance management systems.

Last year, the NCUA also resolved violations involving 64,000 credit union members subjected to unfair practices, leading to about $185,000 in restitution and remediation. “The logic that credit unions do not discriminate because they are owned by their members is a dangerous myth and one that should end,” Harper said. “Given the consumer compliance examination program for comparably sized community banks, our program’s scope is insufficient, especially for those credit unions between $1 billion and $10 billion in assets. We should be doing more, and we can do more.” Read the speech.

SDBA to Hold Regional Meetings this Spring

The SDBA’s mission is to help educate, advocate and grow a diverse mix of financial institutions throughout the state. As part of that commitment to our members, the SDBA is coming soon to a city near you!

One outcome of the SDBA’s strategic planning session last fall was that the SDBA hit the road and re-instate regional meetings. The SDBA never shies away from a new challenge, so we will be “Takin’ it to the Streets” later this spring.

The purpose of these meetings will be to take the SDBA’s show on the road, come meet you where you are at, and update you on all things SDBA and banking related. Come join SDBA staff, Board members and special guests as we travel around the state. We promise good food, great information, lots of fun and a wonderful opportunity to connect with your colleagues.

Watch the website at and the SDBA eNews for dates, registration information and more details.

Sponsor, Display, Advertise at NDBA/SDBA Annual Convention

The industry’s business partners work hard to meet the needs of banks and bank customers while supporting the proud tradition of banking. Their knowledge, ideas and involvement are needed at this year’s NDBA/SDBA Annual Convention.

The 2022 NDBA/SDBA Annual Convention will be held Tuesday and Wednesday, June 14-15, at the Radisson Hotel and Belle Mehus Auditorium in Bismarck, N.D. The conference is the largest gathering of South Dakota and North Dakota bank executives you will see in 2022. More than 250 bankers and business partners are expected to register for this conference.

Business partner opportunities at this year’s convention include sponsoring, displaying and advertising in the convention program. Sponsors confirmed by March 15 will be included in convention registration materials sent to more than 1,000 bankers and associate members later in the month.

This year’s event will also include a trade show on Tuesday evening during the opening party. Fifty, table-top display spaces are available. NDBA/SDBA endorsed business partners and associate members receive priority through March 15. Learn more and sign up.

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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 and ask for our Membership Team.

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Contact Alisa Bousa, SDBA, at 605.224.1653 or via email.