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South Dakota Banking Division Nationally AccreditedThe South Dakota Division of Banking has received a certificate of accreditation from the Conference of State Bank Supervisors (CSBS). This latest accreditation is the Division’s fourth consecutive five-year accreditation. “South Dakota has an experienced team of banking regulators,” said state Labor and Regulation Secretary Marcia Hultman. “The Division practices the highest standards while serving the public and our banks, trust companies and other financial institutions.” The CSBS Accreditation Program involves a comprehensive review and verification of the critical elements that assure the ability of a state banking agency to discharge its responsibilities. The investigation reviews administration and finances, personnel policies and practices, training programs, examination policies and practices, supervisory procedures and statutory powers. “The accreditation process is demanding, but it makes us better,” said Banking Director Bret Afdahl. “It is important to undergo this rigorous process to hold ourselves accountable to an objective standard by a team of experienced regulators. It also demonstrates to industry that we undergo a review process very similar to the one they undergo.” The Division of Banking promotes the safety and soundness of state-chartered financial institutions by identifying, monitoring and addressing risks to those institutions to protect public interests. Early Bird Rate for SDBA's Emerging Leaders Summit Ends Next Week!The SDBA is hosting the NEXT STEP: Emerging Leaders Summit on October 19-20 in Rapid City, SD. The Emerging Leaders Summit is designed to help cultivate, connect, engage and empower South Dakota’s future bank leaders. This event will encourage emerging bank leaders to find and express their voices within their organizations, communities and the banking industry and provide opportunities to network and exchange ideas with other industry professionals. It will also increase emerging bank leaders’ knowledge of topics of interest to the banking industry and promote involvement and advocacy. Registration for the event is still open and can be done here. Take advantage of that early bird rate, because on October 12, the rate increases by $30! Join the SDBA: 'On a Roll' - October 25 & 26Back by popular demand, the SDBA is rollin' again, this time coming to you virtually! If you attended one of our spring 'This is How We Roll' sessions, many of you who responded to the post-event survey indicated you'd like to attend future 'roll' events. We are making that happen, and we can't wait to see you via Zoom! As valued members and partners to the SDBA, we invite you to join us on Tuesday & Wednesday, October 25 & 26 at 10 a.m. daily via Zoom as we forecast what we're anticipating for the 2023 legislative session; broadly discuss banking topics and trends affecting our industry, both at the state and national levels; updates on the SD Bankers Foundation Scholarship Opportunities; and it wouldn't be a 'roll' event if we didn't talk about the value of MEMBER ENGAGEMENT! Please consider blocking off some time to join us via Zoom on either October 25 or October 26 at 10 a.m. CDT. The program will be live both days but will repeat, so you DO NOT need to tune into both sessions. Again, these sessions are FREE and I encourage any and all members of your team to attend--frontline to CEO--all bankers are encouraged and welcome, should your schedules allow. That said, registration is REQUIRED, and the registration links are below. Additionally, your bank is welcome to livestream/simulcast the event; however, everyone attending must be registered. Register for October 25 virtual 'On a Roll' event. Register for October 26 virtual 'On a Roll' event. Why register? All who register AND attend either day will be eligible for a drawing for a door prize. Individual registration + event attendance either day = door prize eligibility. If you have questions, contact [email protected]. USD to Host 'Meet the Industry' on November 16!The University of South Dakota's Beacom School of Business - Career Success Center is planning a Meet the Industry event for Wednesday, November 16 from 3:00pm-5:00pm for employers to come on campus and network with their students! The event will be set up as 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 there is a limited number of tables available! Meet the Industry Registration Link ABA and Banks Across U.S. Launch 3rd Annual #BanksNeverAskThat Anti-Phishing CampaignDuring the opening keynote address at the American Bankers Association’s Annual Convention in Austin this past Monday, ABA President and CEO Rob Nichols announced the launch of the third annual #BanksNeverAskThat campaign to educate consumers about the persistent threat of phishing scams. Consumers lost $5.8 billion to phishing and other fraud in 2021, according to the Federal Trade Commission. To combat phishing, the award-winning #BanksNeverAskThat campaign uses attention-grabbing humor and other compelling content to empower consumers to spot bogus bank communications asking for sensitive information like their passwords and social security numbers. “As we kick off Cybersecurity Awareness Month in October, I am thrilled to announce the launch of the latest iteration of our Banks Never Ask That campaign, which we originally launched in 2020 to help educate consumers on common phishing and scam tactics,” Nichols said. “Thanks to the thousands of participating banks across the country, we have educated millions of consumers about this persistent threat. This campaign has been extremely popular over the past two years and this year’s campaign is the best yet.” Using new creative content developed by ABA, banks across the country are simultaneously launching the 2022 campaign on Oct. 3 to mark the beginning of National Cybersecurity Awareness Month. ABA and participating banks will share videos, animated gifs and consumer tips on social media, bank websites, ATM screens and bank branches across the country intended to educate consumers. New this year, ABA is offering an interactive, scam-spotting online game, “Scam City,” available on the campaign’s website, www.BanksNeverAskThat.com. “Phishing attempts are at an all-time high and scammers are targeting consumers from every direction—by text, phone and email,” said Paul Benda, senior vice president, operational risk and cybersecurity at ABA. “Education and awareness are key to helping consumers spot a scam, and with this unified industry effort, we’re able to reach bank customers across the country so they can stay one step ahead of the scammers.” Because cybersecurity education and fraud awareness can often be dull and forgettable to many consumers, the campaign is designed to be bright and bold with a bit of an edge. “Would you rather fight a horse-sized duck or 100 duck-sized horses?” one of the campaign’s posts asks social media users. “Banks never ask ridiculous would-you-rathers. They won’t ask for your social security number in calls or texts either.” The campaign’s short videos offer similarly ridiculous scenarios like wallpapering a room with cash, roasting marshmallows over a cash fire and recycling cash on garbage day. Consumers are directed to www.BanksNeverAskThat.com where they will find an interactive game, videos, phishing red flags, tips and FAQs. Banks also have access to #BanksNeverAskThat ATM splash screens, branch signage and other consumer resources. For more information about phishing scams and how to stop fraudsters before they can take your money, visit www.BanksNeverAskThat.com.
National Survey: U.S. Consumers are Overwhelmingly Happy with Their Bank, Find Financial Industry "Highly Competitive"Nine in 10 Americans with a bank account (86%) say they are “very satisfied” or “satisfied” with their primary bank, and 95% rate their bank’s customer service as “excellent,” “very good” or “good,” according to a new survey conducted by Morning Consult on behalf of the American Bankers Association. The survey also gauged consumers’ views on banking options, credit cards and banks’ efforts to protect them from fraud and scams. Consumers’ views on their banking options were resoundingly positive. Eighty-four percent of those surveyed said innovation and technological improvements by banks are making it easier for all Americans to access financial services. Nine in 10 (88%) consumers agree they have multiple options when selecting products and services such as bank accounts, loans and credit cards, and 85% said they have a wide array of choices when deciding where to bank. Eight in 10 consumers (82%) believe the financial services industry is highly competitive, and 82% believe their bank is transparent about disclosing fees. “This new survey reinforces Americans’ appreciation for the exceptional service and wide range of product options offered by banks of all sizes. Bank customers trust their bank to secure their data, protect them from fraud and compete every day for their business,” said Rob Nichols, ABA president and CEO. “These results are a testament to the two million bank employees in this country who work hard every day to meet their needs of their customers, clients and communities.” Consumers Value Credit Cards and Rewards Programs, Trust Banks Most to Keep Information Secure The survey also gauged consumer views on credit cards, with 94% of consumers saying they value the convenience of using their credit card. Eight in 10 consumers (78%) have at least one credit card that offers rewards, and 90% of them value the rewards program on their credit card(s). Eighty-two percent of consumers think merchants benefit from being able to accept credit cards for payment and 74% of credit card users said they would be disappointed to lose their card rewards due to government regulatory changes. “The survey data should serve as a warning to any lawmaker in Congress thinking of supporting proposed credit card routing legislation,” said Nichols. ”Consumers will not be happy if Congress takes away their credit card reward programs simply to pad the profits of mega-retailers.” The data released today also indicate that, by a large margin, U.S. adults trust banks more than any other entity – including healthcare providers, non-bank payment providers and the government – to keep their information secure and private. Nine in 10 bank customers (89%) said their bank takes proactive steps to protect them from fraud/scams, and three-quarters (77%) believe their bank does more than businesses in other industries to protect them from fraud/scams. ABA released an accompanying infographic highlighting some of the survey results. The data released today are the first in a series of results gauging consumers’ preferences and opinions regarding banks and their services. ABA will release more results from the new Morning Consult survey in the weeks ahead. The full results for the survey questions released today are as follows: When asked “On a scale of 1-5, where 5 is very satisfied and 1 is very dissatisfied, how satisfied are you with your primary bank?” respondents who have a bank account provided the following responses:
When asked “On a scale of 1-5, where 5 is excellent and 1 is poor, how would you rate your primary bank’s customer service?” those with a bank account provided the following responses:
When asked “Do you agree or disagree with the following statement? Innovation and technology improvements by banks are making it easier for all Americans to have access to financial services” consumers provided the following responses:
When asked “Do you agree or disagree that you have multiple options to choose from when selecting financial products and services such as bank accounts, loans, and/or credit cards?” consumers provided the following responses:
When asked “Do you agree or disagree with the following statement? I have a wide array of choices when deciding where to bank” consumers provided the following responses:
When asked “Do you agree or disagree with the following statement? The financial services industry is highly competitive” consumers provided the following responses:
When asked “Based on what you know, how transparent do you believe your primary bank is about disclosing the fees you are charged?” consumers provided the following answers:
When asked “Do you have at least one credit card that offers rewards (e.g. cash back, airline miles, etc.)?” consumers provided the following answers:
When asked “How much do you value each of the following? The convenience of using your credit card(s)” credit card users provided the following answers:
When asked “How much do you value each of the following? The rewards program on your credit card(s)” credit card users provided the following answers:
When asked “How much do you think merchants and retailers benefit from being able to accept credit cards for payment?” consumers provided the following answers:
When asked “How disappointed would you be to lose the rewards program on your card(s) due to government regulatory changes?” credit card users provided the following answers:
When asked “Of the following, who do you trust most to keep your personal information secure and private?” consumers provided the following answers:
When asked “Do you agree or disagree with the following statement? My bank takes proactive steps to protect me from fraud/scams.” consumers provided the following responses:
When asked “Do you agree or disagree with the following statement? My bank does more than businesses in other industries to protect me from fraud/scams.” consumers provided the following responses:
About the Survey This poll was conducted by Morning Consult on behalf of the American Bankers Association from September 16-17, 2022, among a national sample of 2,211 adults. The interviews were conducted online and the data were weighted to approximate a target sample of adults based on age, race/ethnicity, gender, educational attainment, and region. Results from the full survey have a margin of error of plus or minus 2 percentage points. SDPB Podcast: 2022 Economic Outlook with Joe SantosOn Tuesday, October 4, 2022, the South Dakota Chamber of Commerce and Industry hosted the Economic Outlook Seminar in Sioux Falls, where Joe Santos presented an analysis of the current U.S. macroeconomy. On the South Dakota Public Broadcasting Monday Macro segment that aired October 3rd, Lori Walsh (SDPB) and Joe Santos discussed the five principal features—or takeaways—of his presentation to the Chamber.
CISA News: Five Tips to Share with Consumers
Cybersecurity starts at home and as we head into National Cybersecurity Awareness Month, our job is to provide the consumer with some top tips on how to stay aware of cyber threats, and what they can do to protect themselves. So let’s take a look at some of our top tips for this year: Top Tip 1: Upgrade your antivirus and treat yourself to the best endpoint protection! There’s no doubt that a next-generation AV will detect and protect your device from malicious threats. Top Tip 2: Don’t neglect to update your software. When you receive a notification reminding you that it’s time to update, don’t ignore it. Updates are crucial in keeping your device and your software safe. Top Tip 3: Be aware of your digital footprint. If you’re a fan of social media, be extremely careful of how much of yourself you display online for the masses. Remember that once it’s uploaded to the internet, it’s there for all to see – so be careful about posting personal photos, comments and information online. Top Tip 4: And in a similar vein, be wary when using your credit card information on online shopping sites. Make sure those shopping sites are legitimate before you hand over your money! It’s also important to remember that no legitimate banking or governmental agency will ask you for credit card details by email – so don’t be fooled by these phishing tactics. Top Tip 5: Protect your privacy by investing in features that help protect you and your online activity e.g. using a VPN when you are connected to a public network.
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