SDBA eNews

October 27, 2022

SDBA Bank Squawk Podcast Episode w/Jim Edman

Our latest SDBA Bank Squawk podcast episode is live! SDBA President, Karl Adam sat down with Jim Edman, CISA Cybersecurity Advisor, during Cybersecurity Awareness month to discuss cybersecurity threats, risks within the banking industry, ways to protect yourself and your institution, and steps to take if you have been compromised. 

Give it a listen: 

SDBA Bank Squawk Podcast Episode with Jim Edman, CISA Cybersecurity Advisor

We're looking forward to sharing our next episode soon, with Director of the Division of Banking, Bret Afdahl! 


Banker of the Year Nominations Close November 1

Every January, BankBeat names a Banker of the Year, based on nominations submitted by people in the industry. The Banker of the Year program is sponsored by Bell Bank.

Nominations for Banker of the Year are accepted at any time, yet submissions close on November 1. Any banker who runs a sound bank and has made substantial contributions to his or her bank and community make excellent nominations.

The banker should be the president, CEO or chairman of a bank from one of the following states: Colorado, Illinois, Indiana, Iowa, Kansas, Montana, Michigan, Minnesota, Missouri, Nebraska, North Dakota, South Dakota, Wisconsin or Wyoming.

Send nominations by November 1 to Mara Gawarecki [email protected] or use snail mail: BankBeat, NFR Communications, 250 Prairie Center Drive, Ste. 300, Eden Prairie, MN 55344.

Click HERE to nominate a banker online. 


Reminder: SDBA Fall IRA Update to be Held on November 3

The SDBA will hold the Fall IRA Update Seminar on November 3, 2022, at the Ramkota Hotel in Sioux Falls, S.D. The IRA Update builds on the attendees’ knowledge of IRA basics to address some of the more complex IRA issues their financial organizations may handle. This course includes how the SECURE Act really changes our two biggest topics: RMDs and death distributions and discusses any pending legislation. This is a specialty session; some previous IRA knowledge is assumed. The instructor Matthew Dickinson uses real-world exercises to help participants apply information to job-related situations.

This course is most appropriate for IRA administrators, personal bankers, or member services personnel who have a working knowledge of basic IRA operations and wish to expand their expertise and provide enhanced customer service; financial professionals who recognize that IRAs play an integral role in retirement planning; compliance specialists with procedural oversight of IRA policies and practices; or support personnel responsible for promotional materials that describe the services provided by their financial organizations.

See the full agenda and register to attend: 2022 SDBA Fall IRA Update.


GSB Hosting Online Seminar: FFIEC Cybersecurity Resource Guide Updates

In September 2022, the FFIEC updated its Cybersecurity Resource Guide for Financial Institutions, which was originally published in 2018. The latest Cybersecurity Resource Guide has been expanded with the latest cybersecurity assessments, exercises, information sharing, response/reporting, and ransomware resources.

This session will highlight the various tools included in the FFIEC Cybersecurity Resource Guide, as well as recommendations around which of these resources financial institutions should or could utilize to help mature their cybersecurity posture.

This 90-minute program will be presented live on: November 3 – 10:00-11:00 a.m. Central Time

Target Audience: Information security officer, IT manager, risk officer, internal auditor, CIO

Presenter: Jon Waldman, SBS CyberSecurity, LLC

Recording available through: February 3, 2023


Upcoming SBA Training

The SBA is re-running their three-part webinar training sessions from July and August. Also discussed in a separate webinar will be the 7(a) Small Loans. Suggested participants are new lender staff as well as experienced staff looking for a review. The training sessions will cover the following subjects: 

Thursday October 27 9:00/M 10:00/C  -- SBA Program Overview:  As the title suggests, we will provide an overview of SBA loan programs with a brief foray into non-lending programs.  Our discussion will also cover guaranty maximums, rates (both existing and new), fees and why one program may be more suitable than another depending on the borrower’s needs.   Information to join the webinar: Click here to join the meeting, Or call in (audio only) +1 202-765-1264,,527308348#  

Thursday October 27 1:00/M 12:00/C -- SBA 1502 Lender Training for Region 8: This training is for those completing monthly SBA reports. 

Event Link: https://teams.microsoft.com/l/meetup-join/19%3ameeting_ODg2NTE4MzEtOTMwMS00ZTJjLWI0MDYtNzQ4YjgxOGU3YWMy%40thread.v2/0?context=%7b%22Tid%22%3a%223c89fd8a-7f68-4667-aa15-41ebf2208961%22%2c%22Oid%22%3a%2272ecb81d-dd96-441d-add6-3bbcf081ef39%22%2c%22IsBroadcastMeeting%22%3atrue%7d&btype=a&role=a

Wednesday November 2, 9:00/M 10:00/C -- SBA Loan Eligibility - Part 1:  This will cover the first three of the seven major factors affecting eligibility – timing, nature/situation of the business and use of loan proceeds. Click here to join the meeting, Or call in (audio only) +1 202-765-1264,,706545647#

Wednesday November 9, 9:00/M 10:00/C -- SBA Loan Eligibility – Part 2:  We will discuss the remaining major eligibility factors  -- size, credit elsewhere, factors related to the owners and miscellaneous. Click here to join the meeting, Or call in (audio only) +1 202-765-1264,,339575679#  

Wednesday November 16, 9:00/M 10:00/C – 7(a) Small Loans:  This will be a comprehensive discussion of requirements pertaining to non-Express loans sized $350,000 and less. Click here to join the meeting, Or call in (audio only)  +1 202-765-1264,,845646728#  


Catch the Recording of SDBA's 'On a Roll' from Wednesday!  

The SDBA hosted the Fall 'On a Roll' virtual events on Tuesday and Wednesday this week. President Karl Adam forecasted what may lie ahead for the 2023 legislative session, broadly discussed banking topics and trends affecting our industry, both at the state and national levels, and discussed how to get engaged as an SDBA member. Halley Lee shared updates on the SD Bankers Foundation Scholarship Opportunities and shared upcoming SDBA event dates. 

Watch the recording here.


Election Sample Ballots 

Don't forget to vote! Election day is Tuesday, November 8. Polls will be open 7 a.m. to 7 p.m. local time on Election Day. For polling locations and sample ballots, see the Voter Information Portal on the SOS website


CISA News: Tactics of Disinformation

Disinformation actors use a variety of tactics and techniques to execute information operations and spread disinformation narratives that pose risk to critical infrastructure. Each of these tactics are designed to make disinformation actors’ messages more credible, or to manipulate their audience to a specific end. They often seek to polarize their target audience across contentious political or social divisions, making the audience more receptive to disinformation. Click here to explore a great document explaining the different tactics.  


  Compliance Alliance logo

QUESTION OF THE WEEK

Q. Is it a requirement to inform a customer that the draw period for HELOC is ending?

A.  There is interagency guidance with respect to end-of-draw periods that indicates that end of draw notices should be given: https://www.federalreserve.gov/newsevents/pressreleases/files/bcreg20140701a1.pdf 
and we have a sample of this notice here: https://www.compliancealliance.com/find-a-tool/tool/heloc-draw-expiration-notice Examiners expect that you will have policies and procedures in place for managing HELOCs nearing their end-of-draw periods that are commensurate with the size and complexity of the portfolio. After the draw period ends, you will also need to continue to send periodic statements and you should review the loan agreement for additional notification requirements outside of regulatory requirements.
“Termination of draw privileges. When a consumer's ability to draw on an open-end account is terminated without being converted to closed-end credit under a written agreement, the creditor must continue to provide periodic statements to those consumers entitled to receive them under § 1026.5(b)(2)(i), for example, when the draw period of an open-end credit plan ends and consumers are paying off outstanding balances according to the account agreement or under the terms of a workout agreement that is not converted to a closed-end transaction. In addition, creditors must continue to follow all of the other open-end credit requirements and procedures in subpart B.” https://www.consumerfinance.gov/rules-policy/regulations/1026/interp-5/#5-b-2-i-Interp-2

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 [email protected] and ask for our Membership Team.

For timely compliance updates, subscribe to Bankers Alliance’s email newsletters.


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