Introduction to HSAs Webinar to be Held in August

The SDBA is hosting an Introduction to HSAs webinar. It will be held virtually through zoom on August 29 with instructor Matthew Dickinson.
Health Savings Accounts (HSAs) are a popular health care option for employers offering coverage to employees and individuals/families not covered by employer-sponsored health care benefits. Financial institutions are beginning to see more complex transactions due to increased customer activity. This activity requires personnel to review their existing HSA procedures to ensure transactions are handled properly. This program also provides a solid foundation of operational and compliance issues associated with providing HSAs to customers, including opening, maintaining and distributing procedures.

For more information, click here.

Register for the 2023 SDBA Digital Innovations in Today's Banking Environment Conference

The SDBA Digital Innovations in Today’s Banking Environment Conference (formerly Technology Conference) will be held on August 29-30 at the Hilton Garden Inn Sioux Falls South in Sioux Falls.

This conference is designed to provide support as you keep on top of technology trends, navigate the business of banking, and build and sustain your bank’s technology strategy—all to improve access and better serve your customers. The Digital Innovations in Today’s Banking Environment Conference will provide you with an opportunity to learn from industry experts, network with colleagues, and visit with exhibitors to see and experience the latest in products and services.

There is an opportunity for business partners to exhibit at and sponsor the conference. For more information and to register, click here.

Fall 2023 Accounting Recruiting Events to be Held on USD's Campus

Meet the Firms Networking Event: Wednesday, September 13^th from 3-5pm in the MUC Ballroom

Event will utilize a speed networking format where each employer will have a circle table and small groups of Accounting students who will rotate around to visit with tables in 10 minute intervals until approximately 4:30pm. At 4:30, the event will transition to an open networking social hosted by Beta Alpha Psi. Hors d'oeuvres and beverages will be served for you to enjoy while continuing to visit with students. 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.
Click here to register your company for the event! There are limited tables available.

Accounting On-Campus Interviews: Thursday, September 14^th – Friday, September 29^th

The Beacom School of Business offers employers the opportunity to conduct on-campus interviews with the students for your available Accounting internship and full-time positions.
If you would like to participate, please reply with the following information:

i. Your interview date preference

Please include your top 2 date choices for scheduling purposes.

ii. Interview Timeframe

All Day (30 minute interview increments from 9-5pm with a hour lunch break from 12-1pm)
Morning (9-12pm with no lunch)
Afternoon (1-5pm with no lunch)

c. Once we get your date scheduled, you will be able to upload your positions to our system and students can start applying.

Submit Your Photos for a Chance to be Featured in the 2024 SDBA Calendar

The South Dakota Bankers Association is creating a customized calendar from photographs of South Dakota submitted by South Dakota bankers, their family members and customers. These calendars are exclusive to SDBA member banks and make a great gift for your customers!
If you are an amateur photographer and would like the opportunity to have your creativity displayed in homes and businesses across South Dakota, this is your chance! Send us your photos of farms, barns, agricultural activities, historical South Dakota locations, county fairs, carnivals, parades or festivals, fall colors, winter snowfalls, spring flowers, or summer fun. Any photo that shows the history and beauty of the great state of South Dakota qualifies.

To submit your photos, go to www.sdba.com/scenes-of-south-dakota-calendar. Submission deadline is July 31, 2023. All photos submitted will be judged and the top photos will be featured throughout the 2024 Scenes of South Dakota calendar.

Questions, email [email protected] or contact Haley Juhnke at 605.224.1653.

Bankers: Share Concerns About Small-Business Lending Rule with Customers

ABA is calling on bankers to share with small-business customers concerns about the CFPB’s recently finalized rule implementing Section 1071 of the Dodd-Frank Act, which requires lenders to collect demographic information and certain data on small businesses’ applications for credit and report it to the federal government. The association is also asking bankers and their customers to contact their members of Congress to urge them to address the problems with the rule before it takes effect.

The finalized rule will require banks and other lenders to collect and report 81 data fields on each application or loan by businesses that made $5 million or less in gross annual revenue in the prior year. In addition to creating a compliance burden for banks, the rule would likely restrict access to credit for small businesses and expose their personal and financial information to public scrutiny, raising serious privacy concerns.

“Congress enacted the law that mandates this data collection, and Congress has the power to address concerns with the unintended consequences of the CFPB’s rule,” according to ABA. Contact your lawmakers. Bankers are encouraged to share the link with business customers.

Nichols: ABA Builds on Policy Accomplishments in Challenging Environment

2023 has been a year of volatility for the financial sector, during which ABA has racked up important accomplishments amid a challenging policy environment, ABA President and CEO Rob Nichols said yesterday in a midyear update to bank CEOs. Banking has been at the center of the national conversation in a way it hasn’t for more than 15 years because of a combination of factors, including the bank failures earlier this year, he said. “And while things seem calmer today, the uncertain economic outlook and the potential for problematic regulatory changes mean we cannot yet declare ‘all clear.’”

The first half of the year was dominated by the failures of Silicon Valley Bank, Signature Bank and First Republic, “three idiosyncratic events driven by an unusual combination of interest rate movements, errors of supervisory focus and mismanagement of risk,” Nichols said. ABA used media outlets and the association’s widely attended Washington Summit to publicly make the case that the nation’s banks overall remained healthy and strong. It also advocated for the FDIC to do everything in its power to reduce the post-SVB special assessment, to follow the law and to treat all banks fairly. “At present, the total cost has come down to $15.8 billion, and the FDIC has proposed to spare most community banks, which we believe is consistent with the law,” he said.

Nichols said that ABA continued to move the ball on SAFE Banking Act; worked with state bankers associations to stop a model bill that would have required states to stop doing business with companies considered to be boycotting fossil fuels and other related industries; persuaded the Federal Housing Finance Agency to rescind a new DTI-ratio-based fee for borrowers with DTIs above 40%; welcomed the introduction of the Access to Credit for the Rural Economy—or ACRE—Act; and won passage in the House Financial Services Committee of a bipartisan bill that would expand investment eligibility for 403(b) retirement plans. Still, he noted that policy challenges remain, including a renewed push by retailers to advance the Credit Card Competition Act.

To read more, click here.

CISA News: Samsung Phone Flaws Have Been Exploited by Spyware

Samsung addressed a batch of vulnerabilities within several of their cellular devices that hackers could exploit. Nearly two full years later, customers have apparently failed to patch their devices – and now hackers are swarming towards them. The problem is severe enough that CISA just added eight new entries into its Known Exploited Vulnerabilities catalog for the compromised Samsung devices. View the article here.

QUESTION OF THE WEEK

Q: On Regulation E error investigations, does a customer have to be given provisional credit if the investigation is conducted within the first day of the dispute and proven the customer is liable for the purchases?

A: You're required to provide provisional credit if an investigation under Regulation E 1005.11 extends beyond ten days. https://www.ecfr.gov/current/title-12/chapter-X/part-1005#p-1005.11(c)(2) So, if you're resolving your investigation and issuing findings before that deadline then there is no need for provisional credit under the Regulation.

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