SDBA eNews

November 17, 2022

Free Resources for National Family Caregiver Month

The free national program, sponsored by the ABA Foundation, provides bankers with tools and resources to connect with their local communities on these topics:

  • Identifying and avoiding scams
  • Preventing identity theft
  • Choosing a financial caregiver
  • Acting as a responsible financial caregiver
  • Understanding powers of attorney
  • Choosing executors
  • Planning for stages of cognitive decline

Tools and resources include presentation guides, slides, handouts, social media posts, infographics, participant activities, and more.

Access them by registering here. 


ABA, Trade Groups Comment on Proposed Cyber Incident Reporting Regulation

The American Bankers Association and three financial industry trade groups on Monday called for the Cybersecurity and Infrastructure Security Agency to prioritize cyber incident reporting requirements that are accessible, functional and simple and to carefully weigh the type and volume of data collected so that it remains useful to prevent systemic vulnerabilities and combat bad actors.

CISA recently requested public comment on developing regulations related to critical infrastructure cyber incident reporting, as mandated by the Cyber Incident Reporting for Critical Infrastructure Act. In their letter, the groups encouraged the agency to focus on incidents where there is actual harm to a covered entity. They also called on CISA to develop clear principles regarding how the government will store and secure reports about cyberattacks and other incidents. They also urged CISA to create a staggered reporting requirement that includes notification of the immediately known details of the incident within 72 hours; to adopt the findings of the Cyber Incident Reporting Council—where permitted—to reduce the burden on businesses and other entities by advancing common standards for incident reporting; and to work with domestic and international authorities to create a common reporting format.


Watch: Neel Kashakri Q&A at the Ness School of Management and Economics at South Dakota State University

Catch the conversation with Minneapolis Fed President Neel Kashkari on the role of the Federal Reserve, inflation, the labor market, and the economy by clicking the link below. The event was hosted by South Dakota State University’s Ness School of Management and Economics, Brookings, South Dakota on Wednesday, November 9, 2022. 

Neel Kashkari Q&A at South Dakota State University’s Ness School of Management and Economics | Federal Reserve Bank of Minneapolis (minneapolisfed.org)


National Survey: 99% of Consumers Give High Marks to their Bank’s Online and Mobile Experience for Third Consecutive Year

Ninety-nine percent of consumers rated their bank’s online and mobile app experience as “excellent,” “very good,” or “good,”—once again tying the record mark set two years ago—according to a national survey conducted by Morning Consult on behalf of the American Bankers Association. When considering the growth of digital and online tools as well as traditional branches and ATMs, 95% of respondents characterized their overall access to banking services today as "excellent," "very good," or "good." In addition, 84% of those surveyed said innovation and technological improvements by banks are making it easier for all Americans to access financial services, an acknowledgment of the role technology is playing in promoting financial inclusion.

“This survey shows that consumers overwhelmingly appreciate the incredible digital tools that make banking so easy these days,” said Rob Nichols, ABA president and CEO. “It also shows that Americans recognize how the industry’s investments in technology are helping to bring millions more unbanked households into the banking system.”

Eight in 10 consumers (79%) used a mobile device to manage their bank account at least once in the previous month, and more than half (54%) did so more than three times, according to the survey. Ninety-two percent of younger adults ages 18-34 have done so compared to 57% of adults ages 65+. In addition, the survey found that 54% of U.S. adults used a mobile app to make a payment or transfer money within the past year – up from 34% just three years ago – with 74% of younger adults (18-34-year-olds) reporting that they had done so.

“Mobile banking adoption exploded during the pandemic, and it’s easy to see why it has stayed at such high levels – people have been overwhelmingly satisfied with their experience,” said Brooke Ybarra, ABA’s senior vice president of innovation strategy. “Banks will continue to innovate as they strive to offer an enhanced mobile experience that allows consumers to conduct important financial transactions safely and securely.”

ABA released an accompanying infographic highlighting the survey results. The data released today are the latest in a series of results gauging U.S. consumers’ preferences and opinions regarding banks and their services. ABA recently released additional survey data on major bank policy issues and most-used banking methods as well as data revealing that Americans are highly satisfied with their bank and variety of options, value credit card rewards and trust banks most to protect them from fraud and scams. The full results for today’s survey questions are as follows:

When asked “On a scale of 1-5, where “5” is excellent and “1” is poor, how would you rate your primary bank’s online and mobile app experience?” respondents who have a bank account provided the following responses: 

  • Excellent – 47%
  • Very Good – 38%
  • Good – 14%
  • Fair – 1%
  • Poor – 0%

When asked “Given the growth of digital and online tools as well as traditional branches and ATMs, how would you characterize your overall access to banking services today?” respondents who have a bank account provided the following responses: 

  • Excellent – 40%
  • Very Good – 40%
  • Good – 15%
  • Poor – 1%
  • Don’t know/No opinion – 4%

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:

  • Strongly agree – 43%
  • Somewhat agree – 41%
  • Somewhat disagree – 4%
  • Strongly disagree – 1%
  • Don’t know/no opinion – 11% 

When asked “In the past month, how often have you used a mobile device, such as a smartphone or tablet, to access and manage your bank accounts, such as check balances, deposits or bill payments?” consumers provided the following responses:

  • More than 3 times – 54%
  • 1-3 times – 25%
  • Never – 17%
  • Don’t own a mobile device – 1%
  • Don’t know/no opinion – 3%

Younger adults were more likely to use a mobile device at least once to manage their accounts:

  • 18-34 – 92%
  • 35-44 – 89%
  • 45-64 – 77%
  • 65+    – 57%

When asked “In the past 12 months, have you used a mobile app on your phone or tablet, such as Apple Pay, Zelle or Venmo, to make a payment or transfer money to someone?” consumers provided the following answers:

  • Yes – 54%
  • No – 41%
  • Don’t Know/No opinion – 4%

Younger adults were more likely to use mobile payment apps:

  • 18-34 – 74%
  • 35-44 – 68%
  • 45-64 – 47%
  • 65+    – 28%

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.


Bankers Contribute Almost $147K to Hurricane Ian Relief Efforts

As disaster recovery efforts continue in Florida in the aftermath of Hurricane Ian, the ABA Foundation will donate nearly $147,000 to help Florida communities recover. The foundation raised the funds through its Disaster Relief Program, which was activated at the request of the Florida Bankers Association. All funds received will benefit the Volunteer Florida Foundation’s Florida Disaster Fund to help aid relief and recovery efforts. NDBA contributed $5,000 to the fund to help support the many bankers who were affected by the record-breaking storm.


Thanksgiving Holiday

In observance of Thanksgiving, the SDBA office will be closed on Thursday, November 24 and Friday, November 25. 

Happy Thanksgiving! 


CISA News: United States and Spain Announce the Development of a New Capacity Building Tool to Combat Ransomware

The Cybersecurity and Infrastructure Security Agency (CISA), in partnership with the U.S. Department of State and the Spanish Ministry of the Interior, announced a joint project last week to develop a capacity-building tool to help countries utilize public-private partnerships (PPPs) to combat ransomware. This project was developed as part of the Second International Counter Ransomware Initiative (CRI) Summit, which was convened in Washington, D.C. The CRI is a global coalition of 36 partner nations and the European Union dedicated to confronting the scourge of ransomware.

The CRI’s Public-Private Partnership (P3) Working Group, chaired by Spain, has focused on the essential need for close collaboration between governments and the private sector to address the challenges posed by ransomware. This tool will provide much needed guidance to nations around the world seeking to develop or deepen such public-private partnerships. 

 “Building capacity across the world is an essential aspect of our fight against ransomware,” said Brandon Wales, CISA Executive Director. “By learning from each other—public and private sector alike—and sharing that knowledge more broadly, we can effectively protect the critical infrastructure necessary to sustain not only American society, but the global institutions and networks upon which it relies.”

“Spain has the strong conviction that this project will contribute in a decisive manner to expose the most innovative state of the art of PPP best practices to fight against ransomware, said Guillermo Ardizone Garcίa, Political Director of the Ministry of Foreign Affairs. “Thereby, all multi-stakeholders and partners involved in the CRI will be benefited from this line of action. Spain will actively encourage state and non-state stakeholders to join in this project poised to broadly share the PPP best practices, including creative financing schemes.”

When completed, the tool will feature a series of case studies of PPPs that have been used in the counter-ransomware fight, including those pioneered by members of the CRI P3 Working Group. The tool will highlight the features that made these efforts successful and will be designed to provide practical guidance to countries looking to implement their own PPPs as part of their national counter-ransomware efforts.

To develop the tool, the United States and Spain are partnering with the Global Forum on Cyber Expertise (GFCE), a global leader in cyber capacity building that will commission experts to deliver the tool. Other CRI members have been invited to provide additional financial and practical support to the project.


  Compliance Alliance logo

QUESTION OF THE WEEK

Q. Can a large deposit hold be placed on a next day item (cashier's check) for the amount over $5,525?

A.  Yes, Reg CC allows this for cashier's checks or treasury checks. Members commonly believe that they cannot place any exception hold on a cashier’s check but that is not the case. For large deposit holds specifically, as long as you're making the first $5,525 available by the next business day, you're allowed to hold the amounts in excess of that. https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-229#p-229.13(b)

Please see our Reg CC Funds Availability Reference Guide for more information on exception holds: Reg CC Funds Availability Reference Guide | Compliance Alliance

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.

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