Ag Credit Conference Quickly Approaching

Reminder to register for the SDBA Ag Credit Conference, scheduled for July 20-21 at the Ramkota Hotel and Conference Center in Pierre, S.D. Early bird registration rates end on July 7. For details and to register, click here.

Credit Card Late Fees: CFPB Advanced Notice of Proposed Rulemaking

The Bureau on June 22 released an advanced notice of proposed rulemaking to reconsider the provisions of Regulation Z that restrict the amount of credit card late payment fees. Under that provision, late fees must represent a reasonable proportion of the issuer’s costs. The regulation provides a safe harbor if the fee does not exceed amounts indicated in the regulation that are adjusted for inflation.

The Bureau is asking for detailed information related to issuers’ costs and losses associated not only with late payments, but the entire credit card operation, the deterrent effect of late fees, cardholders’ late payment behavior, methods issuers use to encourage or facilitate timely payments, and issuer use of the safe harbor provisions. The comment period is very short. Comments are due July 22.

Based on Director Chopra’s public comments and previous request for information about all bank fees, we believe that the Bureau is seeking to eliminate or significantly reduce late payment fees on the basis that they are punitive, there are more effective ways to encourage timely payments, and the amounts exceed issuers’ costs. The Bureau could eliminate the safe harbor and require issuers to conduct their own analysis on whether a fee is reasonably proportional, which would be more subject to challenge.

We are particularly concerned that the Bureau may ignore or under-estimate the impact of potential changes on small banks.

If your bank issues a credit card and you would be interested in helping to develop ABA’s position, please contact Nessa Feddis at [email protected] or 202.663.5433. We are particularly interested in banks with assets under $600 million. Please indicate the size of your institution.

USDA Rural Development Celebrates Homeownership Month: 1,229 Families Assisted in South Dakota in FY 2021

During the month of June, USDA Rural Development has been celebrating Homeownership Month and has been highlighting programs that help people in rural communities and on Tribal lands buy, repair, build homes, and pay their rent. Whether you're a realtor, appraiser, lender, financial and housing counselor, or an assistance program provider, you recognize that housing helps strengthen communities, provides stability for families, and builds generational wealth.

The USDA is grateful for the work you do each day to support rural homeownership in South Dakota and for partnering with USDA Rural Development. The housing challenges we face can be overcome when we think outside the box to find ways to bring together housing opportunities. Thank you for helping to ensure that all families have access to the benefits of homeownership. Together, rural America prospers.

In Fiscal Year 2021, our collaborative efforts here in South Dakota contributed to USDA Rural Development investing $173 million in direct and guaranteed loans through the Single Family Housing Programs to help 1,229 low- and moderate-income families buy homes in the state. Since 1949, USDA nationwide has helped nearly 5 million families and individuals buy homes in rural areas. USDA's homeownership programs help create equitable access to resources for historically underserved communities in rural areas.

"Rural American is a place everyone can call home," said Agriculture Secretary Tom Vilsack. "Whether you own or rent a home, you're invested in and connected to the place you live. While home ownership is a good fit for many, renting also helps people invest in their communities and build wealth for their families and generations to come. Under the leadership of President Biden, Vice President Harris, USDA is here to improve rural livability across the United States."

USDA is your partner to build back better and remains committed to providing economic opportunities in rural South Dakota. Rural Development provides loans and grants to help expand economic opportunities, create jobs and improve the quality of life for millions of Americans in rural areas. This assistance supports infrastructure improvements; business development; housing; community facilities such as schools, public safety and health care; and high-speed internet access in rural, Tribal and high-poverty areas. For more information, visit rd.usda.gov. Follow along on twitter @RD_SouthDakota.

CSBS Community Bank Survey Now Open

At the request of the Conference for State Bank Supervisors, ABA is encouraging all community banks to participate in the 2022 CSBS National Survey of Community Banks. The survey is open through July 12 and takes approximately 20 minutes to complete. This year’s survey questions focus on current bank conditions and emerging issues including technology and inflation, product service design and offerings and the future of community banking.

Participating banks will need to provide their FDIC certificate number, but all information collected is for research purposes only and will not be linked to any institution. The survey will be released in conjunction with the annual Community Banking Research Conference, which is jointly sponsored by CSBS, the FDIC and the Federal Reserve.

To take the survey, visit: https://sri.cornell.edu/cb21/2021/survey.cfm?page=_main&firstLogin=true&CFID=1290769&CFTOKEN=86a4ccad0992bcf9-65C45F52-CF5E-D24D-E9AE10292EF4302A

CISA News: Multi-Factor Authentication (MFA) Cuts Risk of Getting Hacked by 99%

One common saying in the industry these days is ‘Hackers are not breaking in, they are logging in using legitimate credentials.’ Implementing MFA makes it more difficult for a threat actor to gain access to information systems, such as remote access technology, email, and billing systems, even if passwords are compromised through phishing attacks or other means. Adversaries are increasingly capable of phishing or harvesting passwords to gain unauthorized access. They take advantage of passwords you reused on other systems. MFA adds a strong protection against account takeover by greatly increasing the level of difficulty for adversaries. Learn how to enable MFA by reading the full article here.

How widespread is the credential issue? One report has over 24.6 BILLION pairs of credentials available on the Dark Net.

SDBA Seeking Photos for 2023 Scenes of South Dakota Calendar

The SDBA is currently accepting photo submissions for its 2023 Scenes of South Dakota Calendar. The calendar features photos of South Dakota submitted by South Dakota bankers, their family members and customers.

If you or one of your bank’s employees, a relative or customer are an amateur photographer and would like the opportunity to have your creativity displayed in homes and businesses across the state, send the SDBA your photos of farms, barns, agricultural activities, historical South Dakota locations, county fairs, carnivals, parades or festivals, fall colors, winter snowfalls, spring flowers, summer fun, etc.

Any photo that shows the history or beauty of South Dakota qualifies. The deadline to submit a photo is July 31, 2021, and all photos will be judged with the top photos featured in the 2022 Scenes of South Dakota Calendar. Submit photos here.

Change in Date: USD's Beacom School of Business: Meet the Firms!

The Beacom School of Business - Career Success Center is planning a Meet the Firms event for THURSDAY, SEPTEMBER 8 from 3:00pm-5:00pm for employers to come on campus and network with our students.

There will be a speed networking format so employers will have a table set up and small groups of students will rotate around and visit with each table in 10 minute intervals for approximately one hour. The last 30-45 minutes of the event will be an open time for students to visit more in depth with you or to make connections with your company. During your 10 minutes you are welcome share information about your company and any full-time, part-time, or internship opportunities that you may have available immediately or in the near future (e.g. spring 2023 or summer 2023). At the event you may collect student contact information when you visit with students to keep in touch with them. And of course, you are welcome to have recruitment materials and any promotional items for your company as well!

Would you be interested in participating in this event? If so, please register today as we have a limited number of tables available!

Thank you for your support and for including our students in your recruitment plans. Meet the Industry Registration Link

Have a safe and relaxing 4th of July weekend!

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