SDBA eNews

January 25, 2024

 

REGISTRATION OPEN: GSBC's Executive Development Institute for Community Bankers® | April 21-24, 2024 | Westminster, CO

The Graduate School of Banking at Colorado’s Executive Development Institute for Community Bankers® is a program for up-and-coming C-level executives whose work efforts influence the future direction of their banks. Participants attend four 4-day sessions in Colorado every six months, and may begin in April or October. A dual curriculum of advanced leadership and bank management strategies prepares participants for the challenges associated with leading a community bank in today’s increasingly competitive environment. Click here to learn more and register!


Add SDBA to your Safe Sender List!

As members of the South Dakota Bankers Association, staying in contact with you is one of our main priorities! It’s times like right now during Legislative Session, when we request our bankers’ engagement to inform, influence and educate our lawmakers, that our messages make it into your inbox! Sometimes, the SDBA will send e-blasts out to our members from Microsoft Outlook, and our domains will be @sdba.com. But sometimes we like to tailor our messages to certain groups through our database, and those messages tend to get hung up in junk or don’t make it into your inboxes at all—they go to the land of lost emails!

We never want you to feel left out of the loop, so an easy way to help our messages make it to your inbox is by adding our [email protected] domain to your Safe Sender List, too! If you’re concerned our messages aren’t coming through, or maybe your colleagues aren’t receiving our messages, please consider working with your banks’ IT team to add @sdba.com and [email protected] to your bank's Safe Sender List. That way, you won’t miss a beat with the SDBA!

If you have questions or need more information, please contact [email protected] and we can review your member profile to see what messages you may be missing.

One final plug: while we’re on the topic of member profiles, have you logged into yours lately to make sure it’s all current? Do you need to reset your password? Or maybe someone on your team needs to create a member profile! This can all be done by going to https://sdba.memberclicks.net/login#/login. And again, if you have questions about your profile and its settings, please reach out to Natalie Likness, SDBA’s Member Services Coordinator, at [email protected]


ABA Foundation Launches 2024 Financial Education Campaigns, Continues Initiative to Reach 5 Million Americans

The ABA Foundation yesterday launched its 2024 financial education campaigns and encouraged banks across the country and their more than two million employees to participate in these industry efforts to help consumers improve their financial well-being. The launch continued the foundation’s three-year, industry-wide commitment to reaching five million Americans with financial education courses through its campaigns. The foundation last year made significant progress with 35,000 bank volunteers from 816 banks reaching 1.23 million people.

The ABA Foundation offers four national initiatives designed to equip banker volunteers with the tools necessary to share essential financial knowledge in their local communities: Teach Children to Save, Get Smart About Credit, Safe Banking for Seniors and the Lights, Camera, Save! video contest. This year, the foundation will roll out new resources and revamped content for several of its programs to help bankers cultivate connections with customers of all ages, deepen partnerships with community organizations and build a more inclusive economic future. All of the programs are free to both ABA member and non-member banks.

“The ABA Foundation programs offer a meaningful way for bankers to support the communities they serve and make a positive impact,” said Lindsay Torrico, executive director of the ABA Foundation. “We hope our industry colleagues will join us in participating and help us in our continued efforts to reach millions of Americans with these critical resources to improve their overall financial health.” Read more.


ABA Webinar: Mitigating Check Fraud: Tips from USPIS | Thursday, February 1, 1:00-2:00 p.m. CST

Check fraud attempts continue to rise creating greater risks for banks. ABA and the United States Postal Inspection Service are partnering to combat the growing threat.

Join this free webinar, moderated by ABA’s Paul Benda and featuring USPIS experts, to learn what to look for, what to do with the evidence, postal inspection service efforts, and ways that banks can support investigations. This webinar is available to ABA bank members and to non-member banks. Sign in for access to the webinar registration link. Click here for details.


Nichols Shares 2024 'Blueprint for Growth'

Even as ABA continues to resist a “regulatory tsunami” of harmful bank policy coming out of Washington, D.C., it is promoting a positive regulatory and legislative agenda, ABA President and CEO Rob Nichols said yesterday in a policy update shared with member bank CEOs.

At the beginning of the year, the ABA board approved the association’s policy priorities, known as the 2024 Blueprint for Growth, Nichols said. In the document, ABA calls on policymakers to drive a healthy and inclusive economy, support robust and holistic analysis of banking regulation, and foster a competitive financial services market.

“The Blueprint includes several proactive pieces of legislation—like the ACRE Act to support rural and farm economies, the SAFER Banking Act to finally allow banks to provide financial services to state-legal cannabis businesses, and proposals to bring stablecoins inside the bank regulatory perimeter,” Nichols said. “It also highlights the importance of continuing to study the economic impact of regulations and leveling the playing field across the financial services sector.”

At the same time, ABA is combating a wave of proposed bank regulation, such as the CFPB’s recent effort to redefine overdraft services, the Federal Reserve’s attempt to slash the cap on the debit interchange fees, and new capital requirements as part of the U.S. implementation of the Basel III “endgame,” Nichols said.

“Each one of these misguided rules—and others—are problematic on their own,” he said. “But we are particularly focused on how regulators have failed to consider their cumulative impact and the potential damage they could do to the communities we serve and the broader economy.”

Read the 2024 Blueprint for Growth
Register for the ABA Washington Summit, March 18-20 in Washington, D.C.


The Points Guy founder, political analysts to speak at ABA Washington Summit

Brian Kelly—founder of the travel and credit card rewards program blog The Points Guy—will speak at the ABA Washington Summit, March 18-20 in Washington, D.C. Kelly will join ABA President and CEO Rob Nichols for a discussion on the proposed Credit Card Competition Act by Sens. Dick Durbin (D-Ill.) and Roger Marshall (R-Kan.), which threatens rewards programs by undermining the credit card interchange framework.

Political analysts Donna Brazile and Mike Murphy will also speak at the summit. Brazile is the former interim chair of the Democratic National Committee and is currently a member of the DNC Rules and Bylaws Committee. Murphy is a longtime Republican strategist, having served on both John McCain’s first campaign for president and Arnold Schwarzenegger’s election as governor of California.

Other summit highlights include a Federal Housing Finance Agency discussion on the Federal Home Loan Banks and Fannie Mae and Freddie Mac, plus the Mutual Community Bank Forum, Emerging Leaders Forum and Women and Allies Forum.


CISA News: CISA 2023 Year in Review

It was quite a year for CISA. Take a few minutes to read through the summaries for the different missions of CISA. Click here to read.


  Compliance Alliance logo

QUESTION OF THE WEEK

Q: Are UDAAP audits required annually?
A: While it does not require an annual audit, regulators will look at whether or not banks do a periodic review of policies and processes to comply with UDAAP.

“1. Identify potential UDAAP concerns by reviewing all relevant written policies and procedures, customer complaints received by the entity or by the CFPB, internal and external audit reports, statistical and management reports, and examination reports. Determine whether: …

The entity’s compliance program includes an established process for periodic analysis and monitoring of all decision-making processes used in connection with consumer financial products or services, and a process to take corrective action to address any potential UDAAP concerns related to their use, including discrimination.”
https://files.consumerfinance.gov/f/documents/cfpb_unfair-deceptive-abusive-acts-practices-udaaps_procedures.pdf 

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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