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Thune Leads Colleagues in Protecting Ag Industry from Biden’s Radical Environmental Agenda
U.S. Sen. John Thune (R-S.D.) on Wednesday led his colleagues in raising concerns about the Biden administration’s use of the financial regulatory system to advance its radical environmental agenda under the guise of mitigating banks’ and credit unions’ exposure to climate risks. The senators emphasize that the administration’s current efforts could harm farmers’ and ranchers’ access to capital and compromise our nation’s food security. “The viability of farms and ranches across the nation are essential to the viability of rural America and our nation’s food security,” the senators wrote. “That is why the rhetoric and actions taken by your administration to use the financial regulatory system as a back-door approach to set agriculture policy and advance such overreach is so concerning, as this downward pressure from Washington bureaucrats is not only felt by Wall Street firms, but by our nation’s smallest banks and credit unions as well. “We believe banks and credit unions are well positioned to continue responsibly serving their farm and ranch clients, many of which they have served for decades,” the senators continued. “Any reduction in lending by banks and credit unions to the agriculture sector – or to any sector that is disliked by its political opponents – would not only harm the businesses themselves, but directly harm consumers due to increased costs of food and energy that would inevitably occur as a result of reduced supply. Further, increasingly onerous federal policies will undercut the agriculture industry’s voluntary investments to deepen their ongoing stewardship of natural resources.” The letter was signed by U.S. Sens. Roy Blunt (R-Mo.), Richard Burr (R-N.C.), John Cornyn (R-Texas), Ted Cruz (R-Texas), Deb Fischer (R-Neb.), Josh Hawley (R-Mo.), John Hoeven (R-N.D.), Roger Marshall (R-Kan.), Mike Rounds (R-S.D.), and Marco Rubio (R-Fla.). Read the full letter here. Provident Bank Survey: Small Businesses Bracing for Russian CyberattacksA majority of the nation’s small business owners—78%—say they are concerned about the threat of a Russian cyberattack in light of recent news coverage, according to new survey data released by New Jersey-based Provident Bank earlier this week. Looking ahead to the next 12 months, three in 10 survey respondents said it is “very likely” their business will experience a cyberattack or cybersecurity breach, compared to just 11% who said it was not likely at all. Seven in 10 small business owners said that addressing a cyberattack or breach was part of their business continuity plan; however, just half said they are actually fully prepared to face a cyberattack on their organization. A similar percentage (around 50%) said that the threat of a cyberattack is something they think about nearly every day. The most common steps taken by small business owners to protect their business and their customers’ data included using a secure wi-fi network, using antivirus or anti-phishing software, backing up data, using a VPN and using a password protector tool. When asked how long it takes the business to recover from a cyberattack or security breach, 19.3% said they could recover within hours, 22.5% said within a day and 21.5% said within a month. Businesses reported that over the past 12 months, malicious cyber activity has contributed to increased IT costs, reputational damage, intellectual property loss and lost productivity, among other things.
Study: Increasingly Sophisticated Cyberattacks Target New Account Creations, Mobile AppsCyberattack rates across financial services increased 20% in the second half of 2021 from the same period a year earlier and increased 41% from the first half of 2021, according to a recent report from LexisNexis Risk Solutions. High velocity automated cyberattacks on financial service companies increased 10% to 890 million from the year prior. Cyberattacks targeting new account creation increased 73% year-over-year as fraudsters targeted fast and easy onboarding for digital banking, the report found. Meanwhile, account login attacks increased 48% and were up more than 200% on mobile apps. Financial services payment attacks were up 25% year-over-year, with mobile app attacks up more than 400%. Attacks on the financial sector are also becoming more complex, the report found, with fraudsters often initiating attacks by obtaining new cellphone contracts or taking over the accounts of existing wireless customers to use later in bank account takeover attempts or new account fraud. New account application fraud made up 44% of the attacks against financial service companies and 56% of attacks were account takeover fraud. Register for FFIEC Industry Webinar: FFIEC BSA/AML Examination Manual Updates - April 12The Federal Financial Institutions Examination Council (FFIEC) is hosting an Industry Outreach webinar on Tuesday, April 12, from 11 a.m. to 12 p.m. CDT, for bankers and credit union management, sponsored by the FFIEC Task Force on Supervision’s Bank Secrecy Act/Anti-Money Laundering Workshop Group. The focus of this webinar is to discuss the 2021 updates to the FFIEC BSA/AML Examination Manual. The updates include revisions to the Charities and Nonprofit Organizations, Independent Automated Teller Machine Owners or Operators, and Politically Exposed Persons sections. The webinar will also discuss updates to the regulatory requirement sections published in 2021 as well as the risk-focused approach to supervision. Additionally, FFIEC and FinCEN representatives will address questions about the Manual updates. Click here for registration details. Last Call: New Account Documentation and Compliance Seminar - April 12Managing risk is the #1 priority for all financial institutions, and it all starts at the new account desk. If a criminal cannot get in, they cannot steal from your organization and community. Well-trained new account personnel and universal bankers who recognize and stop attempted dishonest activity are the first line of defense in protecting a financial institution from fraudsters. Unfortunately, new account personnel are often trained "on the job," which can result in an environment of potential vulnerability and unnecessary losses for the financial institution. Additionally, with constant new regulations, the need for ongoing compliance training is paramount to maintain diligence and update processes and procedures. This full-day workshop, customized to South Dakota state law, teaches essential new account opening procedures, best practices, and compliance requirements. It answers complex questions asked by customers and staff while focusing on vital information for every new account type. Click here to view the full agenda and to register.
2022 Tri-State Trust Conference - April 26-28 in Fargo, N.D.There is still time to register for the 2022 Tri-State Trust Conference, April 26-28, 2022 in Fargo, N.D. In-person and virtual options are available. Click here to review the agenda and to register. Don't Worry...the April Issue of the SDBANKER Magazine is Coming!You might be wondering where the April issue is of the SDBANKER Magazine is, and rest assured...it is coming! In Alisa's absence, the SDBA staff is working on getting the April issue put together and out the door to our subscribers as quickly as possible. You'll hear from SDBA Board Chair Kristina Schaefer, SDBA President Karl Adam, an ABA Update, recaps of the ABA Washington Summit, the Dakota School of Lending Principles and more! This issue will probably look a little different but bear with us and hang tight...it'll hit inboxes and mailboxes very soon! Which leads us to...
SDBA is Hiring!You may have heard, the SDBA is hiring! Alisa Bousa, the SDBA's Communications Coordinator for more than 16 years, decided to leap for a new opportunity outside the SDBA organization. Her last day was March 11. Although she's missed, we couldn't be more excited for her new chapter and we wish her the very best. That said, however, we are looking to fill her position in one of two ways. We have opened two different positions for applicants to consider, one being the Association Projects Coordinator and the other the Communications & Marketing Coordinator. Details for both positions are linked, including application directions and the deadline to apply. First considerations will be made no later than April 15, 2022. For more information, contact the SDBA at [email protected] or 605.224.1653. Compliance Alliance – QUESTION OF THE WEEK: Q. How often does a Bank have to update its BSA risk assessment? Is it still 12 to 18 months? A. It used to be 12-18 months in prior versions of the FFIEC Manual which you can see reflected here: "Bank’s Updating of the Risk Assessment An effective BSA/AML compliance program controls risks associated with the bank’s products, services, customers, entities, and geographic locations; therefore, an effective risk assessment should be an ongoing process, not a one-time exercise. Management should update its risk assessment to identify changes in the bank’s risk profile, as necessary (e.g., when new products and services are introduced, existing products and services change, higher-risk customers’ open and close accounts, or the bank expands through mergers and acquisitions). Even in the absence of such changes, it is a sound practice for banks to periodically reassess their BSA/AML risks at least every 12 to 18 months." https://bsaaml.ffiec.gov/docs/manual/BSA_AML_Man_2014_v2_CDDBO.pdf However, you can see below that this was revised in the current version to reflect that "there is no requirement to update the BSA/AML risk assessment on a continuous or specified periodic basis": "Generally, risk assessments are updated (in whole or in part) to include changes in the bank’s products, services, customers, and geographic locations and to remain an accurate reflection of the bank’s ML/TF and other illicit financial activity risks. For example, the bank may need to update its BSA/AML risk assessment when new products, services, and customer types are introduced, or the bank expands through mergers and acquisitions. However, there is no requirement to update the BSA/AML risk assessment on a continuous or specified periodic basis." 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. For timely compliance updates, subscribe to Bankers Alliance’s email newsletters. SDBA eNews Archive Advertising Opportunity Questions/Comments |
