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ABA Newsbytes: Senators Introduce Resolution to Overturn CFPB Credit Card Late Fee Rule
Senate Banking Committee Ranking Member Tim Scott (R-S.C.) and 12 Republican senators on Monday introduced a Senate joint resolution to overturn the CFPB rule to lower the safe harbor amount for credit card late fees. The Congressional Review Act resolution would overturn the CFPB rule if passed by both houses of Congress and signed by the president. In a statement, Scott said the CFPB rule will decrease the availability of credit card products for those who need it most, raise rates for many borrowers and increase the likelihood of late payments across the board. “Lawful and contractually agreed upon payment incentives promote financial discipline and responsibility, and this rule shows that the CFPB is more focused on scoring political talking points than policies that protect consumers,” he said. ABA is among the supporters of the resolution. The association joined five other business groups in March in a lawsuit seeking to overturn the rule, arguing the CFPB exceeded its statutory authority and offered deficient analysis and reasoning for the rule to achieve a pre-ordained outcome. Scholarship OpportunitiesGraduate School of Banking | University of WisconsinGSB in collaboration with SDBA is a scholarship to applicants for the upcoming school session. The scholarship pays $1,500 per session toward GSB tuition for each of three GSB resident sessions, totaling $4,500. Applicants must be entering their first year at GSB. Apply for this year’s scholarship at: sdba.com/scholarships. Deadline to apply: May 10, 2024 Scholarships Offered Through Our Member BanksIn support of the South Dakota Bankers Foundation’s re-defined mission statement “Developing South Dakota Banking Industry Professionals,” the scholarship programming offered through the Foundation has been redesigned. The Foundation has created a scholarship opportunity that will more directly help to build and sustain South Dakota’s banking workforce. For more information on South Dakota Bankers Foundation scholarships, contact Foundation Executive Director Halley Lee 605-224.1653 | [email protected]. Deadline to apply: June 14, 2024 Years of Service Awards and Memorials
Years of service awards can also be ordered at any time and be awarded at the bank using the same form as above. Please just note that the award will be presented at the bank and not the Convention. Recipients who receive their awards at the bank will still be recognized at the Annual Business Meeting in Fargo. Additionally, bankers who have passed away since the last Annual Convention (June 2023) will be remembered during the SDBA’s Annual Business Meeting at the Annual Convention in Fargo, ND, as well. Upcoming Salary Survey
If you have any questions on this survey, please contact Laura Roth at 612.850.0153 or [email protected]. Stay tuned for more information! BankON Webinar | April 30 | 10:00am CT | ZoomREGISTRATION FEENo cost, but registration is required to adequately manage the Zoom account. ABOUTTargeted to banks in North and South Dakota, this webinar will discuss the need to broaden access to low cost bank accounts that meet the Cities for Financial Empowerment (CFE) Fund National Account Standards, provide an overview of the FDIC Survey of Unbanked and Underbanked Households, and highlight research from the CFE Fund. Banks that offer these accounts will discuss their experiences and best practices. Registration Open for 2024 NDBA/SDBA Annual ConventionJune 3-5 | Delta by Marriott | Fargo, ND
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
Raise Your Hand if You Want a FREE LUNCH!Registration is FREE! We just need a head count to plan for lunch.
Q: Is it permissible to open interest-bearing business accounts that are not NOW accounts? A: With the repeal of Reg. Q in 2012, businesses can now have interest-bearing demand deposit/checking accounts. However, it is worth noting that, generally, most for-profit business entities are still not allowed to have NOW accounts under Regulation D, unless they operate for certain purposes and/or are non-profit. Further, certain state laws and/or vendor agreements may also impose restrictions, so it is worth reviewing those, as well. For reference: https://www.federalreserve.gov/boarddocs/supmanual/cch/int_depos.pdf However, in the case of a sole proprietorship, there is a specific exemption for "individuals" that applies, as "individual[s] may maintain a NOW account regardless of the purposes that the funds will serve". So, a sole proprietor is also generally permitted to have a NOW account, at least under the federal rules, as suggested here: https://www.fdic.gov/regulations/laws/rules/7500-600.html#fdic7500204.130 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.
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Years of Service Awards and Memorials will be recognized at the 2024 NDBA/SDBA Annual Convention in Fargo, ND, June 3-5, 2024. During the Annual Business Meeting held during the Convention, the SDBA will honor and recognize bankers with 40 or 50 years of service in the banking industry. If you would like to order an award you’d like to see presented during the Convention, please visit 
SDBA has recently entered into a partnership with Blanchard Consulting Group as a resource for salary and benefits information for South Dakota Banks. We will be working with Blanchard on a ‘Salary and Cash Compensation’ survey which will launch in May. 
