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SDBA's IRA Basics Webinar | Thursday, December 14
ABA Check Fraud Claim DirectoryABA created the Check Fraud Claim Directory to help banks of all sizes resolve check fraud claims as efficiently as possible. Learn how your bank can participate below. ABA Check Fraud Claim DirectoryThe directory provides contact information for banks needing to file a check warranty breach claim with another financial institution. The directory is searchable by bank name, city, state or FDIC number so banks can easily find a person or email address at the bank to help resolve a warranty breach claim. A PDF with detailed information is available for those banks that provided documentation requirements for filing a claim. To access the directory, your bank must participate by providing its fraud contacts. The more banks that participate in the directory, the more helpful it will be to the industry. Submit Bank Claim InformationABA member and non-member banks are invited to participate in the ABA Check Fraud Claim Directory by submitting the appropriate check fraud claim contacts for their institution. Please provide contact information that will not be affected by personnel changes within the bank. ABA will verify all submissions before uploading them to the directory. We expect this process to take 5-10 business days but in rare instances there may be a longer delay. We will email you once your information is verified and your bank has been added to the directory. ABA member and non-member banks are encouraged to join this industry-wide effort to more efficiently resolve check warranty breach claims. Join the ABA Check Fraud Directory here. SDBA Adds New Peer GroupsThe newest addition to the SDBA Peer Groups includes Bank Trainers/Education as well as CRE and C&I. The SDBA now offers the following Peer Groups:
If you are interested in joining a Peer Group, contact the SDBA at [email protected]. SDBA Welcomes New Endorsed VendorThe SDBA welcomes a new endorsed vendor: BPR Services. The Bank Performance Report is now available through your membership with South Dakota Bankers Association. Utilizing data from the quarterly FFIEC Call Reports, the BPR ranks overall performance of each bank headquartered in that state. The overall performance ranking is based on each bank’s average ranking across 8 different performance categories – Net Interest, Non-Interest Income, Non-Interest Expense, Efficiency, NPA’s/Equity & Reserve, Asset Quality Index, Return on Assets and Return on Equity. The BPR has been a proven strategic planning tool for the last 20 years serving multiple uses, including:
They offer a wealth of benchmarking data that can assist in helping banks identify areas for improvement and ultimately improve their overall performance. The standard annual BPR subscription includes a quarterly printed, bound, and tabbed report, plus two electronic reports (PDF and Excel versions). Electronic versions of the report will allow you to share the data with other members of your team and to promote further data-sorting and analysis for your own purposes. The annual subscription fee includes four (4) quarters, with your first report being the next quarter published upon subscribing. Custom reports are also available, pricing to be commensurate with request complexity. If you are not already a subscriber and would like to sign up, please complete and return the linked Purchase Order to [email protected]. Should you have questions, please feel free to contact us at [email protected] or 605.224.1653. Bank CEOs Warn Proposed Capital Standards Will Hurt Consumers, BusinessesProposed capital requirements for banks with more than $100 billion in assets would have trickle-down effects on the rest of the economy, potentially limiting credit access to consumers and businesses and driving customers to unregulated nonbanks, the CEOs of eight of the nation’s largest banks said today. During the Senate Banking Committee’s annual oversight hearing of large banks, the executives warned that the interagency proposal to implement the so-called Basel III endgame would have consequences for consumers that regulators have not fully studied. “We’re beginning to see some concerning signs in the lower FICO score segment of our customers, and this is unfortunately the very same group that feels any tightening of credit first,” Jane Fraser, CEO of Citigroup, told committee members. “Raising capital requirements by as much as 20% on an industry that all participants believe is well capitalized is a bad idea in any environment, but it becomes even more problematic with economic uncertainty ahead. Almost every element of the Basel III endgame proposal would make lending and other financial activities more expensive, especially for smaller companies and consumers.” The Basel III endgame was conceived as a common set of international capital standards that would not raise the aggregate amount of capital, but the U.S. proposal does exactly the opposite, Goldman Sachs CEO David Solomon said. “It is significantly more stringent than any other jurisdiction and would increase our capital requirements by about 25%,” he said. The rule would have “predictable and harmful” outcomes for the economy in ways the Federal Reserve has not studied or shared, JPMorgan Chase CEO Jamie Dimon said. Mortgages and small-business loans would be more expensive and harder to access, particularly for low to moderate-income borrowers, he said. Savings for retirement and college would yield lower returns, and government infrastructure projects would become more expensive. “Ironically, a proposal meant to mitigate risk will actually increase risk,” he said. “This rule will result in increased shift away from regulated markets to less regulated markets.” Among committee Democrats, Sen. Mark Warner (D-Va.) said he worried about the timing of the proposed capital standards given high interest rates and concerns from the civil rights community about the potential effects on affordable housing. Committee Republicans largely painted the proposal as one of regulatory overreach, noting it comes as banking regulators have proposed new rules on everything from credit card fees to climate risk disclosure. “What we have here, regretfully, is regulators who are in a competition with bureaucrats in other jurisdictions,” Sen. Bill Hagerty (R-Tenn.) said. “They seem to be regulating for regulation’s sake.”
Ag Sector’s Current Realities Mean a Shift for Bankers, New Farm Bill PrioritiesA new Farm Bill in 2024 has the potential to reshape how banks do business in the agricultural sector, ABA SVP Ed Elfmann said during an interview with an Indiana-based radio station. “The big things that have changed for us is how we deal with the large ag transition that’s going to happen in the next few years,” Elfmann said, adding that the credit title of the Farm Bill—which covers federal loan programs designed to help farmers access the financial credit—is one of the top priorities for the banking industry, as many farms over the next decade may be switching hands as older farmers retire. Increasing farm ownership and operating loan programs from the USDA’s Farm Service Agency is a priority, Elfmann said. “They’re currently a lot smaller than we’d like them to be,” he explained. “They’re about $2 million, but we want to increase them to $3.5 million on ownership and $3 million on operating.” It costs more to get ag operations up and running, and “we’re trying to set up our credit to make sure that we can help beginning farmers” get into farming and agriculture,” Elfmann said. Because of this, Elfmann said that some of the rules regarding beginning farm loans need to be restructured. “We have a lot of issues … around beginning farmer loans and how they’re set up,” he explained. “If a farm was put into a trust 20 years ago and the farm owner has died, now there are 20 people involved in that trust. If you try to get a beginning farmer loan, you can’t because you have to lend against the trust. That’s a barrier to entry and we want to … make it easier for beginning farmers.”
CISA News: SMS + PhishingAre You Being 'Smished'? Here's How To Spot The Latest Texting Scam. Protect Yourself From 'Smishing' Scams | HuffPost Life
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