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ABA Banking Journal: FDIC seeks more oversight over change in bank control requestsJuly 30, 2024
Currently, no person may acquire control of an insured depository institution without providing at least 60 days prior written notice to the appropriate federal banking agency, according to the FDIC. However, the agency’s regulations exempt transactions from the notice requirement in cases where the Fed reviews a Change in Bank Control notice. Also, in practice, the FDIC has waived the notice requirement when the Fed has accepted “passivity commitments” from an investor. The proposed rule would remove the exemption, override the practice and request further public comment regarding the FDIC’s overall approach to changes in control affecting FDIC-supervised institutions. The policy change was proposed by board member and Consumer Financial Protection Bureau Director Rohit Chopra, who said it would delete an “odd provision” that eliminates the FDIC’s review of changes in control for many transactions involving insured banks. “I think it’s highly inappropriate for the FDIC to abdicate the responsibility Congress entrusted to us to safeguard the ownership and control of the banks we supervise,” he said. ABA Banking Journal Survey: More Americans turning to AI to manage financesJuly 29, 2024
A growing number of Americans are using artificial intelligence to help manage their finances and investments, with use of the technology most pronounced among young people, according to a new survey by BMO. Thirty-seven percent of Americans use AI to help manage their finances, according to the survey. The most common uses include learning more about personal finance topics (49%), creating and/or updating household budgets (48%), identifying new investment strategies (47%), building savings (47%) and creating and/or updating their financial plans (46%). Still, despite the growing use of the technology, around two-thirds of respondents (64%) said AI cannot understand how emotions influence financial planning. Gen Z—usually defined as individuals ages 27 or younger—were the most likely to use AI to ask questions about topics of interest (82%), create written drafts (75%), build business, travel, exercise and/or meal plans (67%) and manage their finances and investments (61%). More than half of Gen Z respondents (58%) believe AI can help people make more informed financial decisions, and roughly the same amount (55%) are confident AI tools can help them make real financial progress. CrowdStrike PodcastsCheck out the podcasts below for a little insight on how Windows operates, in regards to the recent CrowdStrike outage. CrowdStrike IT Outage Explained by a Windows Developer - 13 minutesCrowdStrike Update: Latest News, Lessons Learned from a Retired Microsoft Engineer - 17 minutesFDIC Releases FAQ on New Signage Rule Below are answers to a collection of questions about the FDIC Official Signs and Advertising Requirements, False Advertising, Misrepresentation of Insured Status, and Misuse of the FDIC’s Name or Logo Final Rule (“final rule”), 12 CFR part 328 (“part 328”). This collection of questions and answers will be periodically updated on the FDIC’s website.ABA Newsbytes: Nichols discusses regulatory tsunami, fintechJuly 29, 2024
“Regulations are super important, and you just want to get that calibration right,” Nichols said. “You don’t want it to be too loose, obviously, but you don’t want it to be too tight, which would impact credit deployment and capital formation.” Nichols listed several regulatory challenges currently facing the banking industry, including the Basel III endgame capital rule proposal, possible congressional action on credit cards and a Federal Reserve proposal to lower the cap on debit card interchange fees. On the latter, Nichols countered an argument from merchants that lowering the cap would mean the savings could be passed on to consumers. There is no evidence that happened following the creation of the cap in the Dodd-Frank Act, he said. “Every other industrial sector can charge fees for services,” Nichols said. “We think it’s important that banks should be able to do that too. Those revenues help keep the financial system safe and sound, which is critically important to the American people.” Nichols was also asked about the relationship between banks and nonbank financial technology companies. He said that if fintech firms want to engage in banking activities, then they need to be regulated like banks. But he also noted that many banks work with fintech companies to enhance their customer experiences. “If they want to do something bank-like, we’re all for competition, we just want a level playing field,” he said.
Order Your 2025 Scenes of South Dakota Calendars!The SDBA has opened up orders for the 2025 Scenes of South Dakota Calendar! This calendar features photos of South Dakota submitted by South Dakota bankers, their family members and customers. These calendars are a great opportunity to thank your customers for their business and promote your bank or business. Your bank, branch or business' logo and name can be printed on each calendar to display in homes and businesses all year long. The SDBA logo is also included to emphasize the strength and security of South Dakota’s banking industry. The Scenes of South Dakota Calendar is exclusive to SDBA member banks and associate members. Place your order here for the 2025 Scenes of South Dakota Calendar! Orders placed by September 1, 2024, will receive the early-bird rate. After September 1, 2024, prices will increase. If you have any questions, email Laura Norton or call the SDBA Office at 605.224.1653. 2024 IRA SchoolSeptember 17-19, 2024 | Ramkota Hotel, Sioux Falls
Hotel block will release on August 19, 2024. 2024 Lead Strong: Women in Banking Conference
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The FDIC board today voted 3-2 to move ahead with 
IRAs are one of the most complicated areas of bank personnel responsibility. Working with them is a process and must begin with a strong foundation. This IRA school can provide such a foundation through an extensive curriculum, covering both new and current IRA material, along with previous topics covered at the school that will be expanded on. This program is the quickest, easiest, and most comprehensive coverage of IRAs and HSAs.
September 25-26 | Sioux Falls
Bank Trainers Conference is OnCourse Learning’s three-day conference dedicated to the latest trends and tactics in training, learning and development (L&D), professional growth, and more. With inspiring keynotes, educational breakouts, hands-on workshops, and unique networking and entertainment experiences, it’s a can’t-miss event for anyone in the industry looking to connect, collaborate, and elevate.
Banking Matters Podcast