FDIC Directors' College | Register Today!

The FDIC, in partnership with the South Dakota Bankers Association, will hold the 2024 Bank Directors’ College May 8 at the Ramkota Hotel in Sioux Falls. This one-day educational seminar was designed with outside directors in mind, but the presentations will include up-to-date information on various emerging issues relevant to all bank directors. The presentations will be delivered by a group of experienced FDIC speakers and subject matter experts. Please consider this unique opportunity to interact with your bank’s regulators and enhance your board’s experience and knowledge.

HOTEL INFORMATION

A block of rooms has been reserved at the Ramkota Hotel for the evening of May 7. Call 605.336.0650 and request a room in the SDBA block at the rate of $119 per night.

The block will release on April 8, 2024.

Learn more and register HERE.

"This is How We Roll"...plus a FREE LUNCH!

DID WE MENTION THESE EVENTS ARE FREE?!?

We will need a final count for lunch so REGISTRATION IS REQUIRED.

ABOUT

The South Dakota Bankers Association is hitting the road again and we’re coming to a town near you for the 2024 edition of ‘This is How We Roll!’ Join SDBA President, Karl Adam, when he presents the following key topics:

The who, what, where, when and why of the SDBA, and how you play a key role
99th Session of the South Dakota Legislature Recap
2024 Election Cycle
Current banking-related topics affecting/impacting South Dakota

Plan to join the SDBA for the short program laid out above, then stick around for lunch. These ‘Roll’ events are FREE and open to all bankers, frontline to CEO.

Register for Aberdeen!

Register for Sioux Falls!

Register for Rapid City!

ABA Newsbytes: ABA, State Associations Urge CFPB to Withdraw Overdraft Proposal

Warning that “consumers will lose” if the CFPB’s overdraft proposal is finalized, ABA and 52 state bankers associations yesterday urged the CFPB to withdraw it. The proposal would re-classify overdraft as “credit,” despite Congress’ determination 50 years ago to the contrary, and would permit financial institutions to offer overdraft under the existing Regulation E framework only if their overdraft fee is below a “breakeven” fee or a “benchmark” fee set by the agency. Charging a fee that exceeds this government price cap would subject overdraft services to the requirements of the Truth in Lending Act and Regulation Z.

The associations noted that if finalized, the proposal would lead many banks to stop offering—or significantly reduce access to—overdraft, depriving consumers of a valued and needed form of short-term liquidity. The groups warned that banks that continue to offer overdraft under this framework may reduce or eliminate pro-consumer overdraft features like grace periods and de minimis thresholds for charging an overdraft fee.

While the proposal purports to only apply to banks and credit unions with more than $10 billion in assets, the groups emphasized that all depository institutions and their customers will be affected, as all will face market pressure to confirm their overdraft practices with the rule. The groups further noted that TILA provides the CFPB with no authority to engage in this arbitrary line-drawing.

“Fewer consumers will have access to low-cost, full-service deposit accounts,” under the proposal, and “those that do will be required to meet higher minimum balance requirements,” said the groups. The CFPB’s proposal is “antithetical to the free-market principles that drive innovation, promote financial inclusion, and provide consumers with a robust set of choices from which they can select the financial products and services that best meet their needs.”

Read the CFPB’s proposal.

2024 Tri-State Trust Conference | April 23-25 | Fargo, ND & Online

The 2024 Tri-State Trust Conference will be held April 23-25, 2024 in Fargo ND and online.

Early registration deadline is April 5.

Highlights:
• Samuel A. Donaldson: Federal Tax Update
• Sandra Ottinger: Importance of Creating and Maintaining a Sales Culture
• Dave Specht: Becoming a Family Business Whisperer
• Plus meet with over 30 companies in the exhibit hall!

Continuing Education Credit: Conference content has been submitted for continuing education credits.

CTFA: 12 credits
CFP: 7.5 hours
ND/SD Insurance: 9 hours
ND CLE: 8.5 credits

Hotel Reservations
Delta by Marriott, Fargo ND
Room block deadline: March 25
Conference rate: $149
Book online: Trust Conference Rate or call 701.277.9000.

For more information and to register, click HERE.

SDBA Committee/Work Group Appointment Requests:

Due April 30

The SDBA will appoint standing committee members for 2024-2025 in May. SDBA committees are: Agricultural Credit, Credit Card, Legislative and Trust committees. The SDBA is also seeking members for four work groups: Education, Emerging Leaders, Technology and Women in Banking. Committee terms are one year beginning May 1, 2024, and ending April 30, 2025. The deadline to request appointment is Tuesday, April 30.

Current committee members will be contacted via email and asked if they would like to be re-appointed to their respective committee(s)/work group(s) for 2024-2025.

If you are interested in serving on a committee or work group, please fill out the form below.

Request appointment.

Registration Now Open for 2024 NDBA/SDBA Annual Convention

June 3-5 | Delta by Marriott | Fargo, ND

Limitless

Bankers strive tirelessly to positively impact people and communities despite regulatory challenges, economic uncertainties, and technology shifts.

Bankers throughout North and South Dakota know the boundless pursuit of doing good. While rapid change is certain, banking as a people business remains the same. Bankers face headwinds, solve problems, and see hope...always.

Thank you for being an NDBA/SDBA member. By working together, we become limitless.

Join us in Fargo this summer for the 2024 NDBA/SDBA Annual Convention and let’s inspire each other! - www.ndba.com

CONVENTION ATTENDEES: REGISTER HERE!

Click here to view Convention Brochure
Click here for all registration forms (PDF to print, scan and send)
Click here for Delta Hotel by Marriot reservations

CISA NEWS: April is Emergency Communications Month

This April, as we celebrate Emergency Communications Month, we are prioritizing the people who support the systems on which we rely and highlighting the role of emergency communications as a vital function. This year’s theme, Resilient Together, highlights both the importance of emergency communications in building resilient critical infrastructure and the need to work together. CISA is also encouraging all emergency communications partners to enroll in the agency’s free priority telecommunications services. - www.cisa.gov

Full article here.

Compliance Alliance logo

Q: For OFAC purposes, are both rejected and blocked transactions placed in interest-bearing accounts?

A: A rejected transaction would not go into an interest-bearing account and would instead go back to the sender. A blocked transaction would need to go into an interest-bearing account. See: https://ofac.treasury.gov/faqs/topic/1601 Generally, if a transaction is with a prohibited party (for example, the government of Iran), it would be a blocked transaction that would go into an interest-bearing account. On the other hand, if it is with a party who is not a blocked person, but it is still not a permitted transaction, then it is a rejected transaction and it would go back to the sender. See the following FAQ for additional details and examples: https://ofac.treasury.gov/faqs/36

We have a useful OFAC summary available here: https://compliancealliance.com/find-a-tool/tool/office-of-foreign-asset-control-ofac-summary/

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.

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