2023 SD Bank Directory Available

The SDBA’s 2023 South Dakota Bank Directories are now available.

The directory provides detailed information on all South Dakota banks, including addresses, telephone numbers, important contact names and additional pertinent information. The directory also contains information on the SDBA, banking associations, regulatory agencies, endorsed vendors, associate members and South Dakota officials.

All SDBA member banks and branches receive one complimentary directory. Associate members will receive a complimentary directory when they pay their 2023 membership dues.

Additional copies are available for purchase. The member cost is $35 plus tax for a single copy, or $30 each plus tax for multiple copies. The non-member cost is $50 plus tax for a single copy, or $45 each plus tax for multiple copies. Orders can be placed online at www.sdba.com/bank-directory or contact Haley Juhnke at [email protected] or 605.224.1653.

Any inaccuracies in the 2023 directory should be brought to the attention of the SDBA, and corrections will be made in the next edition. Banks will also receive a survey in the fall requesting current information.

SDBA State Legislative Day to be Held on February 15

The SDBA State Legislative Day on Feb. 15, 2023, at the Ramkota Hotel & Conference Center in Pierre is your opportunity to stay up-to-date on both state and federal legislation which could affect the banking industry, visit with state legislators and constitutional officers, and make sure our industry is heard. 

The day will include an SDBA Legislative Committee meeting, lunch, SDBA update, featured speaker James Nowak, Gov. Kristi Noem (invited), the chance to visit with state legislators at the State Capitol, and an evening reception with state legislators and constitutional officers.

The day will also include special sessions specifically designed for emerging industry leaders. 

Click here for more information and registration. 

GSB Human Resource Management School Scholarship Deadline February 17

SDBA Offers Scholarships to South Dakota Students Through Member Banks

In support of the South Dakota Bankers Foundation's re-defined mission statement "Developing South Dakota Banking Industry Professionals," the scholarship programming offered through the Foundation has been redesigned. The Foundation has created a scholarship opportunity that will more directly help to build and sustain South Dakota’s banking workforce. 

Scholarship Request Form

The parameters of this new opportunity are:

1. Scholarships:

• Banks must select a South Dakota college sophomore, junior, senior or grad student or second year South Dakota technical college student seeking employment in a banking/financial services organization. If you need help in finding a student to award a scholarship to, please contact the SDBA at [email protected]. 
• Once student(s) is/are selected, the bank will notify the Foundation of the recipient’s name and school. The Foundation will cut the check to the appropriate educational institution on behalf of the selected student(s). The scholarship request form can be found here.
• Students can be pursuing areas such as finance, business, IT, HR, marketing, etc. as long as their intent is to pursue a career in the banking industry.
• Organizational interns are eligible to receive a scholarship.
• If a bank chooses to award a scholarship to a bank employee or child of an employee, this must first be approved by the Foundation Board.

2. Scholarship recipients will be required to sign a release form allowing the Foundation to use their name/likeness.
3. The $4,000 may be split and awarded to multiple students.
4. No match is required.
5. If total applications exceed available funds, awards will be prorated to service as many member banks as possible.

For more information on South Dakota Bankers Foundation scholarships, contact Foundation Executive Director Halley Lee.

Save the Date: Tri-State Trust Conference

Tri-State Trust Conference

April 25-27, 2023
Delta by Marriott | Fargo ND
The conference agenda and registration will be available by March 1.

Hotel Room Link:

Book your group rate for ND Bankers Association

Exhibitor and sponsor materials are available here:

2023 Tri-State Trust Conference: Exhibitors and Sponsors

Nichols Highlights ABA, Industry Accomplishments in 2022 Recap

ABA continued to promote consistent regulation last year—standing against attempted overreach by the CFPB—while new data showed banks have made remarkable progress in financial inclusion, ABA President and CEO Rob Nichols said last week in a new year email recapping the association’s work on behalf of members in 2022.

ABA was busy on both policy offense and defense, whether advocating aggressively for the SAFE Banking Act or successfully working to stop the “Durbin 2.0” credit card bill from advancing, Nichols said. The association sued the CFPB for changes to the UDAAP section of the bureau’s exam manual that fundamentally upend the regulatory approach to fair lending supervision, with the agency claiming authority that Congress did not give it. ABA also won enactment of a bipartisan bill to address “tough legacy” Libor contracts and advocated for the Financial Accounting Standards Board to end troubled debt restructuring accounting for CECL adopters. The ABA BankPac invested more than $3.3 million in support of pro-banking federal candidates, campaign committees and leadership PACs during the 2022 election cycle. At the same time, the vast majority of candidates supported by the association’s voter education program were elected to office.

ABA championed bank innovation by expanding its core platforms work and investments, including a new investment in Canapi Ventures to fund early-to-growth-stage startups with bank-friendly business models and technology, Nichols said. The association added value to members through a refresh of the #BanksNeverAskThat campaign and by providing greater flexibility and hybrid options for its highly regarded education and training offerings. But Nichols said he took the most pride in new FDIC data showing that just 4.5% of U.S. households were unbanked, a record low resulting from industry efforts.

“The 17% decline in the number of unbanked Americans since 2019 shows that a concerted effort by the banking industry, government agencies and community groups can make a meaningful difference in expanding access to banking services, even in the middle of a global pandemic,” he said.

Read Nichols’ recap.

CISA News: Cryptocurrency Hacks Shot up in 2022, Amounting to Almost $4 Billion in Losses

QUESTION OF THE WEEK

Q: What are the beneficial ownership requirements for non-profit business customers? Are these organizations exempt from beneficial ownership? 

A: If your customer is an incorporated, non-profit entity then they are not exempt from beneficial ownership requirements but you only need to identify the control person. You do not need to identify beneficial owners based on ownership. See Section 1010.230 at

https://www.ecfr.gov/current/title-31/subtitle-B/chapter-X/part-1010/subpart-B/section-1010.230#p-1010.230(e)(3)

"3) The following legal entity customers are subject only to the control prong of the beneficial ownership requirement: ...(ii) Any legal entity that is established as a nonprofit corporation or similar entity and has filed its organizational documents with the appropriate State authority as necessary."

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

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