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South Dakota Banks Make a Difference in Our Communities
Each January, the SDBA surveys its member banks and collects data on the importance of banks to their local communities and to the state as a whole. The annual project demonstrates that banks are great corporate citizens and serve their communities and the state in ways beyond routine banking services. The document is a great tool that banks can use to promote all of the things they do for their communities. Banks are encouraged to use the document in their promotional efforts and link the document on their websites. View the handout here. If you would like to request additional copies or if you need the handout in a different format, contact Haley Juhnke, SDBA, at 605.224.1653. SDBA Welcomes Two New Associate MembersPrairie Family Business Association
Contact: Stephanie Larscheid Prairie Family Business Association helps family business thrive through generations by providing a resource network for family business success. The Association is a key outreach center of the University of South Dakota’s Beacom School of Business. For the past 31 years, the Association has served family businesses across South Dakota and beyond. Currently, more than 250 businesses are members of Prairie Family Business Association. Rochester Armored Car
Contact: Kristy Brannen, Communications Coordinator Since 1964 Rochester has specialized in providing high quality armored car services to the middle U.S. Over the years, the company’s services - as well as its service area - expanded as the needs of its customers changed. Rochester has more than 30 offices in Iowa, Nebraska, Minnesota, Wisconsin, North Dakota, South Dakota, and Texas. Each office offers high quality armored car services and cash management solutions. With one of the most experienced management teams in the industry, Rochester excels at listening to the needs of our customers, creating solutions that work for them, and providing exceptional service they can count on. Simply put, we are always delivering more than you expect. FDIC to Host Webinar on February 28 on Asset Building in North and South Dakota Native American CommunitiesThe Federal Deposit Insurance Corporation (FDIC) will host a webinar in recognition of America Saves Week that will focus on asset-building in North and South Dakota Native American communities. Native American leaders will outline economic inclusion and asset-building best practices and success stories, as well as discuss innovative practices that have been developed for Native American households. The leaders will also discuss how financial institutions and community-based organizations can support tribal governments and Native-led non-profits in their work to build financial security for their communities. Presenters:
When:Tuesday, February 28, 2023 from 1:00 PM to 2:30 PM CT Where:Webinar, Webex, registration information below. Who should attend:Financial institutions, Community Development Financial Institutions (CDFIs), government, non-profit organizations, community-based organizations, Tribal leaders, and other stakeholders interested in opportunities to support asset-building in North and South Dakota Native American communities Registration Information:To register online, click here and fill out the needed information. You will receive a confirmation email once completed. Crawl, Walk, Run Toward a Compliant Cannabis Banking ProgramMontana Bankers Association is hosting a FREE two-hour webinar on March 8, 2023. The U.S. cannabis market is expected to continue its growth in 2023 with projected sales of $72 billion per year by 2030, more than double the current market estimation of $32 billion annually. Although 21 states and the District of Columbia allow adult-use cannabis, ongoing conflict with federal law on cannabis – on top of a complex regulatory landscape – has left much of this industry unbanked. Montana, which launched its adult-use cannabis program in January 2021, reported over $200 million in sales in the first year. Providing financial services to this market can help banks find new growth with low-cost deposits, new lending opportunities, and non-interest income revenue streams. Taking a crawl, walk, run approach to cannabis banking can help ensure banks are in the best possible position to build a strong foundation, scale their programs while managing costs, and pass compliance exams. This event will help bankers understand what is involved at each step of the process. Specifically, attendees will gain a deeper understanding of how to:
Webinar PresenterTony Repanich, President and Chief Executive Officer, Shield Compliance Who Should Attend?• Chief Banking Officer Click here for more information and to register. South Dakota State University's Joe Santos Analyzes Economic Conditions in StateJoe Santos, director of South Dakota State University’s Ness School of Management and Economics where he leads the Dykhouse Program in Money, Banking and Regulation, was invited to discuss economic conditions for South Dakota at the 2023 Regional Economic Conditions Conference. The Federal Reserve Bank of Minneapolis hosted the January event. Representatives from each of the states in the Minneapolis Fed’s district presented, with Santos serving as the representative for South Dakota. Currently, per capita personal income is greater in South Dakota than the rest of the United States, according to U.S. Bureau of Economic Analysis. S o u t h Dakota PCI is $66,413 while the U.S. average is $65,636. “That’s interesting as it is, but I think this offers us a really interesting analytical off-ramp, if you will, for what’s going on in the labor markets in South Dakota,” Santos explained, referring to the state’s PCI. “A really easy way to dismiss what’s happening, perhaps, is this depopulation story,” Santos added. PCI is calculated by dividing the total personal income of residents in a given area by the population of an area, Santos explained. It is largely perceived that South Dakota (as a state) has fewer and fewer people, and some suggest that is the reason why per capita income in South Dakota is relatively high. “Of course, that is not the case,” Santos said. South Dakota’s population, according to the U.S. Bureau of Economic Analysis, has actually grown since the first quarter of 2021. “Population growth in South Dakota is greater than the population growth in the United States,” Santos said. “That quick, dismissive answer (about depopulation) isn’t going to work. So why else is per capita income above the United States level?” The driving forces behind South Dakota’s above-average PCI is a strong labor force participation rate and a high employment rate, according to Santos. South Dakota’s employment rate currently sits at 98% — two points higher than the U.S. average. Similarly, South Dakota’s labor force participation rate is 69%, higher than the U.S. average of 62%. “Essentially, a high employment rate and a high labor force participation rate is supporting per capita income in this state,” Santos said. The labor force participation rate is defined as “the percentage of the population 16 years and older that is working or actively looking for work.” In South Dakota, the labor force participation rate has stayed relatively consistent since 2015 and isn’t experiencing a “downward pitch” that the U.S. rate is currently experiencing. “We have a relatively high per capita income in this state, because in some sort of loose way we are working a lot,” Santos said. Of course, this is at the same time the country is dealing with widespread inflation and the purchasing power of money is down, Santos notes. For both the U.S. and South Dakota, real personal income — what that personal income buys — has fallen year over year, Santos said. “Growth in real personal income is hovering below zero,” Santos said. “Income is rising in nominal terms — more money per household — but so too are prices. ‘Stuff’ per household is falling or, at best, flat.” The Minneapolis Fed has provided full video of the conference on its YouTube page. Santos’ presentation begins at approximately the 1:31:00 mark. https://www.youtube.com/ watch?v=_qtvWJxWA94&t=19s
Report: Skimming Fraud Exploded in 2022U.S. card skimming grew by nearly 500% in 2022 and is showing signs it will grow even faster this year, according to a recent analysis by credit scoring services firm FICO. The firm’s data identified more than 161,000 compromised cards last year, or roughly five times the number reported in 2021. Nearly 3,000 unique financial institutions were affected by a compromise, representing a 79% year-over-year increase in affected institutions. The data from January 2023 was trending at a nearly 1,000% increase over 2022, according to FICO. Most skimming fraud was concentrated in California, which accounted for 47% of all cases tracked by FICO over the year. New York, New Jersey, Pennsylvania, Maryland and Virginia were other skimming hotspots. Most skimming fraud took place in locations where no skimming had previously been reported, and most skimming events lasted less than two weeks at any single location. “With this short timeframe, finding and disabling skimming devices can be nearly impossible, and many (if not most) consumers will not know that their information has been compromised until fraudulent charges show up on their card,” according to the analysis.
CISA News: CISA Warns of Ongoing Ransomware AttacksAttack groups from North Korea are continuing to exploit known vulnerabilities in software and hardware as part of their ongoing ransomware campaigns, which are used to support the country’s military and research programs. “The authoring agencies assess that an unspecified amount of revenue from these cryptocurrency operations supports DPRK national-level priorities and objectives, including cyber operations targeting the United States and South Korea governments—specific targets include Department of Defense Information Networks and Defense Industrial Base member networks,” the advisory says.
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The SDBA unveiled the results of the South Dakota Banks Make a Difference in Our Communities survey during its State Legislative Day on February 15, in Pierre. Copies of the promotional handout were provided to all state legislators and mailed to all SDBA member banks. 
