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How to Register for SDBA Events!With so many events happening this fall, we thought it would be a great idea to share a refresher on how to register for the latest offerings from the SDBA! Step 1: Request a SDBA Profile - Sign Up Now (sdba.com)Step 2: Click on our Events CalendarStep 3: Register!Scenes of South Dakota Calendar Order Deadline: September 15!The SDBA is still taking orders for the 2023 Scenes of South Dakota Calendars! The price for each calendar will be $1.75. Each order will have an additional $25.00 production charge (layout for press run, in-house press proof, boxing, labeling), plus shipping. Orders CANNOT be accepted after September 15. Arctic Wolf Presents: Up Your Grill Game with BBQ Expert Kevin BludsoJoin Arctic Wolf on Thursday, September 15th for sizzling security conversation and BBQ best practices with pitmaster, Kevin Bludso. Leaders from Arctic Wolf will walk you through the benefits of a security operations approach and how we keep thousands of organizations safe. Then, Kevin will answer attendee questions, share his story, and dish out BBQ tips and tricks so you can up your grill game! Register today! "Breaking into Banking 101" to be Held in OctoberVirtual Event via Zoom
ABA Foundation Releases Infographic on Avoiding Scholarship, Student Loan ScamsThe American Bankers Association Foundation released a new infographic today providing consumers with information on common scholarship and student loan scams and tips on how to avoid falling for them. The infographic is the first of four to be released in the coming weeks highlighting scams targeting college-aged students as part of the foundation’s Get Smart About Credit campaign. More than $100 million is lost in scholarship scams every year and more than half of students who applied for a private loan reported receiving a fraudulent loan, according to the Federal Trade Commission. The ABA Foundation is encouraging banks of all sizes participating in the campaign to share the infographics with their customers and distribute the information in the communities they serve. “We think it’s critically important to help spread the word on the prevalence of these scams and what students and parents can do to protect themselves during the application process,” said Lindsay Torrico, executive director of the foundation. In the wake of the Biden administration’s plan to cancel some student loan debt, “we want consumers to be particularly vigilant and informed as they navigate the new forgiveness program.” Click here to view the infographic.
Powell: Fed to Continue Pursuing ‘Restrictive Policy’ to Combat InflationA recent easing in the rate of inflation hasn’t been enough to convince the Federal Reserve to reverse course on raising interest rates, with the Federal Open Market Committee likely to pursue a “restrictive policy stance for some time,” Fed Chair Jerome Powell said at the Jackson Hole, Wyoming, monetary policy conference. While higher interest rates and a slowdown in hiring will bring “some pain” to households and businesses, “a failure to restore price stability would mean far greater pain,” he said. The FOMC approved a 75 basis point increase in the federal funds rate during its meeting in July—the fourth increase so far this year—as part of its long-term goal to maintain inflation at 2%. Powell didn’t indicate whether he believed another 75 point increase was necessary during the committee’s next meeting in September but said the historical record “cautions strongly against prematurely loosening policy.” He acknowledged that the rate of inflation had dipped slightly in July, but “a single month’s improvement falls far short of what the committee will need to see before we are confident that inflation is moving down.” “In current circumstances, with inflation running far above 2% and the labor market extremely tight, estimates of longer-run neutral are not a place to stop or pause,” he said. Banker Op-ed: Durbin-Marshall Credit Card Bill Will Hurt Small BusinessesA proposed bill that would allow merchants to control how banks process credit card transactions would be a pain for consumers, small businesses and community banks trying to meet the needs of their customers, Shan Hanes, CEO of Heartland Tri-State Bank in Elkhart, Kansas, and board chair of the Kansas Bankers Association, said today in an op-ed for the Topeka-Capital Journal. S. 4674, introduced by Sens. Roger Marshall (R-Kan.) and Dick Durbin (D-Ill.), would benefit big box stores and ecommerce platforms at the expense of everyone else, he said. “Kansas consumers will see their popular credit card rewards programs scaled back or end,” he said. “Even if their issuer offers rewards, there’s no guarantee merchants will pick a network that credits them for their eligible benefits. More troubling, Kansans will not know if the merchant is relying on a payment network that skimps on security and compromises their data.” Small businesses would also feel the pain, Hanes said. “They will need to learn how to implement multiple payment options for each transaction as required by the government and train management and staff on the multiple new systems. They will need to explain to customers why they didn’t get the right reward points from their transactions or why their rewards programs went away altogether.”
CISA News: DSU Receives SBA Grant for CybersecurityThe Small Business Administration announced nearly $3 million in new funding for three state delegates to help emerging small businesses develop their cybersecurity infrastructure. Arkansas, Maryland, and South Dakota representatives are receiving grants that will help deliver cyber security assistance to nascent and startup business owners as part of the SBA’s. DSU will receive up to $1M.
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