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ABA: Supreme Court Ruling to Have Major Regulatory Impact on BanksLast month, the US Supreme Court reversed a 40-year-old decision that granted federal agencies broad regulatory power, limiting their authority to issue regulations unless Congress has explicitly authorized them. This ruling, stemming from a pair of related cases, is a significant victory for the business community, which has long sought to reign in federal regulators abuse of their statutory authority. Critics of the Chevron doctrine argue that it grants unelected federal bureaucrats excessive power in crafting regulations impacting major areas of American life, including the workplace, environment, and healthcare. "Chevron is overruled. Courts must exercise their independent judgment in deciding whether an agency has acted within its statutory authority, as the [Administrative Procedure Act] requires," Roberts wrote for the court. He described the earlier decision as a "judicial invention that required judges to disregard their statutory duties." Previously, the framework required courts to defer to an agency's reasonable interpretation of laws passed by Congress. Calls for overturning this doctrine came not only from conservative legal scholars but also from some justices who argued that courts were abdicating their responsibility to interpret the law. This ruling will likely have a significant impact on the dozens of pending legal challenges filed by the banking industry. We have long argued federal banking regulators are abusing their statutory authority and this ruling will allow judges to better reign in rouge regulators. Tech Crunch: AI-powered Scams and What You Can Do About ThemOn this episode of the ABA Banking Journal Podcast, ABA economist Jeff Huther discusses recent dynamics with the Secured Overnight Financing Rate, the “world’s most important number.” Huther delves into topics in his his new ABA DataBank essay, exploring how quantitative tightening has pushed SOFR toward the upper end of the Federal Open Market Committee’s rate target range, the effects of monetary policy mechanisms like the Overnight Reverse Repo Facility, and how banks and other SOFR users can manage volatility that may emerge in the rate.CISA NEWS: 10 Billion Passwords Leaked in the Largest Compilation of All TimeJuly 4, 2024
The largest password compilation with nearly ten billion unique passwords was leaked on a popular hacking forum. The Cybernews research team believes the leak poses severe dangers to users prone to reusing passwords. The king is dead. Long live the king. Cybernews researchers discovered what appears to be the largest password compilation with a staggering 9,948,575,739 unique plaintext passwords. The file with the data, titled rockyou2024.txt, was posted on July 4th by forum user ObamaCare. “In its essence, the RockYou2024 leak is a compilation of real-world passwords used by individuals all over the world. Revealing that many passwords for threat actors substantially heightens the risk of credential stuffing attacks,” researchers said. Credential stuffing attacks can be severely damaging for users and businesses. For example, a recent wave of attacks targeting Santander, Ticketmaster, Advance Auto Parts, QuoteWizard, and others was a direct result of credential stuffing attacks against the victims’ cloud service provider, Snowflake.“Threat actors could exploit the RockYou2024 password compilation to conduct brute-force attacks and gain unauthorized access to various online accounts used by individuals who employ passwords included in the dataset,” the team explained. Not the first rodeoThe RockYou2024 compilation did not just fall from the sky. Three years ago, Cybernews published a story about the RockYou2021 password compilation, the largest at the time, with 8.4 billion plain text passwords. According to the team’s analysis of RockYou2024, attackers developed the dataset by scouring the internet for data leaks, adding another 1.5 billion passwords from 2021 through to 2024 and increasing the dataset by 15 percent. The RockYou2021 compilation, an expansion of a data breach from 2009, included tens of millions of user passwords for social media accounts. Since then, however, the compilation has ballooned exponentially. Most likely, the latest RockYou iteration contains information collected from over 4,000 databases over more than two decades. The Cybernews team believes that attackers can utilize the ten-billion-strong RockYou2024 compilation to target any system that isn’t protected against brute-force attacks. This includes everything from online and offline services to internet-facing cameras and industrial hardware. “Moreover, combined with other leaked databases on hacker forums and marketplaces, which, for example, contain user email addresses and other credentials, RockYou2024 can contribute to a cascade of data breaches, financial frauds, and identity thefts,” the team said. ABA Banking Journal: Federal Court Issues Partial Injunction Against Labor Department Overtime RuleJune 30, 2024
A federal court in Texas on Friday issued a preliminary injunction partially blocking the Department of Labor’s overtime final rule. The state of Texas had filed a lawsuit challenging the rule, and the court blocked enforcement of the rule against Texas (as an employer) only. A group of nonfinancial employer-side trade associations had filed a separate lawsuit. The court did not rule on that lawsuit, which had not sought a preliminary injunction to enjoin the July 1 salary increase. Consequently, unless there is further judicial action, the rule takes effect today with respect to all private employers, including banks. The rule increases the salary level below which an employee is automatically subject to the Fair Labor Standards Act’s overtime and minimum wage requirements. As of July 1, the existing $35,568 salary level increased to $43,888. Therefore, if a bank has exempt employees who make between $35,568 and $43,888, the bank will need to reclassify the employee as nonexempt—and therefore subject to federal overtime and minimum wage requirements—or increase the employee’s salary to $43,888. Previously, the American Bankers Association joined other trade associations in urging the DOL to extend the July 1 implementation date to at least Sept. 1. They also urged the DOL to stay implementation of the rule to allow for judicial review. The agency has not responded to the requests.
2025 South Dakota Bank Directory
SDBA EventsAg Credit Conference | July 17-18 | PierreIntroduction to HSAs Webinar | August 1 | ZoomFraud Academy | August 6-8 | VirtualDigital Innovations Conference | August 27 | Sioux FallsBank Trainers' Conference & Expo | October 9-11 | St. Louis, MO2024 Lead Strong: Women in Banking Conference
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All member banks have been contacted by NFR (our publisher for the SD Bank Directory) regarding any updates your bank may have. Please complete the form and send it back to them so that our 2025 directory can be as current as possible.
September 25-26 | Sioux Falls
