SDBA eNews

July 14, 2022

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

Save the Date: SDBA Lead Strong: Women in Banking Conference

Join us September 13-14 in Sioux Falls, S.D., for Lead Strong: Women in Banking. SDBA’s Women in Banking event is designed to educate, enlighten and engage ALL levels of bankers within your organization. This program will provide personal development, professional development, and networking opportunities for all attendees. Make plans to attend now to get inspired, empowered, and energized! 

More information will be shared soon at this link

CorTrust Bank Named a Top Bank in South Dakota by Forbes Magazine

CorTrust Bank has been named a 2022 Best Bank in South Dakota by Forbes Magazine. This is the third time CorTrust Bank has received this recognition over the past four years. “It’s an honor to hold the distinction of being one of South Dakota’s Best Banks,” said Jack Hopkins, CorTrust Bank President and CEO. “I consider this a true testament to our outstanding employees and their commitment to CorTrust’s customers and communities.” 

According to Forbes, they went directly to customers, partnering with market research firm Statista to conduct more than 26,000 in-depth interviews about banking relationships. Respondents answered questions that centered around six areas of banking including trust, branch services, digital services, terms and conditions, customer services and financial advice. Just 2.7% of banks nationwide made the cut for the best-in-state rankings. 

“I’m grateful our customers trust us with their financial needs and continue to choose CorTrust as their banking partner,” said Hopkins. “We will strive to raise expectations for years to come.”

For the complete Forbes Magazine article, Best-in-State Banks, click the link below.

ABA Foundation Accepting Donations to Support Montana Flood Relief Efforts

Acting on a request from the Montana Bankers Association, the ABA Foundation will activate its online disaster relief fundraising platform to support relief efforts in the state after historic Yellowstone River flooding. 

The American Bankers Association Foundation announced it will start collecting tax-exempt contributions through its Disaster Relief Program to help aid relief efforts in western Montana after historic flooding devastated communities in and around Yellowstone National Park. At the request of the Montana Bankers Association (MBA), the ABA Foundation will begin accepting donations immediately. At the conclusion of the fundraising campaign, all funds raised will be directed to the Montana Community Foundation where they will be distributed to aid local relief efforts. 

In all, more than 400 homes were destroyed in the June flooding and more than 10,000 people needed to be evacuated. Bank employees in the area were among those directly affected.  Major roads and bridges in the area remain washed out, and the flooding has significantly slowed what should be peak tourist season in the area, damaging the local economy. 

“Our hearts are with the people of Montana as they work to rebuild from the devastating impact of the Yellowstone River flooding,” said ABA President and CEO Rob Nichols. “I know Montana banks are already stepping up to support local communities in need. By activating the ABA Foundation’s Disaster Relief Program, we are hoping that the entire banking industry can contribute to the relief effort underway.” 

“We thank the ABA Foundation and our banking industry colleagues across the country for their support,” said Cary Hegreberg, president and CEO of the Montana Bankers Association. “I know these funds will make a meaningful difference to Montanans hit hard by the flooding, including the bank employees directly impacted by this disaster.”

Through the ABA Foundation’s Disaster Relief Program, state bankers associations can request ABA Foundation assistance after a presidentially-declared disaster in their state. If the request meets certain criteria and is approved by the ABA Foundation Board, the ABA Foundation can solicit donations nationwide on the state association’s behalf. The state association is responsible for identifying a qualified recipient for all funds raised. 

Donations will be accepted until August 8, 2022. To donate, visit To learn more about the Montana Community Foundation, visit

CISA News: FCC Chief Calls on Apple, Google to Drop TikTok From App Stores 

The commissioner of the Federal Communications Commission is urging Apple and Google to banish the popular social media app TikTok from its app stores.

In a letter addressed to Apple CEO Tim Cook and Alphabet CEO Sundar Pichai, FCC leader Brendan Carr called out the popular app, saying it presents “an unacceptable national security risk” to millions of Americans who have downloaded it. Alphabet is the parent company of Google.

Carr argued in his letter that the app is a “sophisticated surveillance tool.”

He said app owner Bytedance, based in Beijing, has “unfettered access” to sensitive data harvested from its users, including biometric data, keystroke, browsing histories, and that information can possibly be accessed by the Chinese government.

He also accused the app owners of repeated deceit and said the app is “out of compliance with the policies that both of your companies require every app to adhere to.”

The FCC chief said TikTok is already banned for use on government computers, and the federal government has urged military members, federal workers, government officials, lawmakers and their families to shun the popular app.

CFPB Advisory Opinion Warns of Liability for Consumer Report Users

The CFPB has issued an interpretive rule related to the Fair Credit Reporting Act’s provisions regarding companies that use and share consumer reports. While much of the document focuses on the responsibilities of consumer reporting agencies, it also addresses responsibilities of users of consumer reports, which include banks.

Specifically, the interpretive rule noted that consumer report users must ensure they do not violate a person’s privacy by obtaining or using a report without a permissible purpose, and that it is illegal for consumer reporting companies to provide “possible matches” to users.

The CFPB cautioned that a user who incorrectly inputs consumer information when obtaining a report can result in that user obtaining a report without a “permissible purpose” and violating consumer privacy rights. The bureau further emphasized its position that that there is strict liability for obtaining or using a consumer report without a permissible purpose, and also included a reminder about criminal liability for knowing or willful violations of the FCRA provisions.
To read more, visit:

CFPB Issues Advisory Opinion on Pay-to-Pay and Convenience Fees

The CFPB has issued an advisory opinion that states that the Fair Debt Collection Practices Act (FDCPA) prohibits debt collectors from charging “pay-to-pay” or convenience fees unless those fees are expressly authorized by the agreement creating the debt or the amount of the fee is affirmatively permitted by law.  According to the Bureau, the opinion is part of its ongoing efforts to address so-called “junk fees.”

While the FDCPA typically applies to third-party debt collectors, first-party creditors may be subject to the law if applicable state law extends the FDCPA to first-party creditors, and mortgage servicers may fall under the FDCPA definition if a mortgage debt is in default at the time of a service transfer.  The Bureau has also stated that, under its UDAAP authority, it has supervision and enforcement authority over first-party collectors and service providers debt collection activities, even though they are not subject to the FDCPA.

To read more, visit: CFPB Moves to Reduce Junk Fees Charged by Debt Collectors | Consumer Financial Protection Bureau (

Regulators Issue Statement Reiterating Due Diligence Expectations

The federal banking regulators in cooperation with the Financial Crimes Enforcement Network (FinCEN) issued a statement reminding banks of the risk-based approach to assessing customer relationships and conducting customer due diligence (CDD).  The statement, which does not change existing regulatory requirements, states that “no customer type presents a single level of uniform risk or a particular risk profile related to money laundering, terrorist financing, or other illicit financial activity,” and that institutions operating in compliance with BSA/AML rules “are neither prohibited nor discouraged from providing banking services to customers of any specific class or type.”

According to the statement, when developing a risk-based approach to CDD, banks should adopt procedures that enable them to understand the nature and purpose of customer relationships for the purpose of developing a customer risk profile and conduct ongoing monitoring to identify and report suspicious transactions and, on a risk basis, to maintain and update customer information.

To read more, visit:


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Q:  Why does the bank have to get two copies of the rescission notice signed at closing for the notice of right to rescind?

A:  Regulation Z does require that two copies of the notice of right to rescind be delivered to each consumer entitled to rescind, but it does not have an explicit requirement that the copies be signed though. The signature requirement may be set out in internal bank policy or an investor’s guidelines in order to document that the consumers received the notices, but the signatures are not explicitly required in the regulation itself.

“Notice of right to rescind. In a transaction subject to rescission, a creditor shall deliver two copies of the notice of the right to rescind to each consumer entitled to rescind (one copy to each if the notice is delivered in electronic form in accordance with the consumer consent and other applicable provisions of the E-Sign Act).

§ 1026.23(b):  

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Contact Haley Juhnke, SDBA, at 605.224.1653 or via email.