- Education & Events
- Advocacy
- Products & Services
- Membership
- Resources
- SDBANKER Magazine
- SDBA eNews
- SDBA eNews Archives
- Legislative Update/Bill Watch
- South Dakota Bank Directory
- Women in Banking
- Scenes of South Dakota Calendar*
- Holiday Signs
- Regulatory Report
- South Dakota Banking Code
- Record Retention Manual
- Advertising & Sponsorship Guide
- COVID-19 Resources
- Mental Health and Crisis Prevention
- About
|
ABA Banking Journal: House lawmakers call on FDIC to withdraw brokered deposits proposalNovember 26, 2024
The FDIC board voted 3-2 in July to advance a proposed rule that would expand the definition of “deposit broker,” capturing many deposits that critics of the proposal say do not pose enhanced liquidity or other risks. In the letter to FDIC Chairman Martin Gruenberg, the lawmakers said the rulemaking was arbitrary and would “unjustifiably reverse adjustments to the treatment of brokered deposits that were finalized by the FDIC in 2020 following substantial research and analysis.” The lawmakers also faulted Gruenberg for citing the failure of fintech firm Synapse and last year’s bank failures as reasons for rule change, saying such justifications “are disingenuous as neither of these situations were caused by brokered deposits.” “This proposal will also have negative consequences for banks and everyday investors,” the lawmakers said. “Without justification, the proposal would likely force banks, including ones that do not face restrictions on acceptance of brokered deposits, to significantly alter their liability structures. By increasing the share of deposits for many banks that would be classified as brokered deposits, the proposal also promises to unnecessarily increase deposit insurance assessment rates for those banks.” Earlier this month, the American Bankers Association and nearly 60 national and state bankers associations sent the agency a trio of letters arguing that it had failed to justify the need for the proposal changes, that the proposal does meet the legal standards required of new rulemakings, and that it raises numerous policy concerns. They urged the agency to withdraw the proposed rule. CISA News: US seizes PopeyeTools cybercrime marketplace, charges administratorsNovember 21, 2024 | Bill Toulas
Apart from the seizure of multiple domains associated with the cybercrime platform, the authorities have also confiscated $283,000 worth of cryptocurrency linked to illicit operations. PopeyeTools was a clearnet marketplace dedicated to facilitating cybercrime by selling stolen financial and personal data, along with tools for conducting fraud and cyberattacks. Launched in 2016, the platform served as a hub for thousands of users worldwide, including those involved in ransomware activities and other sophisticated cybercrimes. According to the authorities, PopeyeTools generated an estimated revenue of $1,700,000 through the sale of personal and financial information of at least 227,000 individuals. The services offered in the marketplace include:
The platform also offered refund policies and replacements for purchased data found not to be working, striving to maintain a high level of customer service to attract and retain users. Today, the authorities announced the seizure of the PopeyeTools.com, PopeyeTools.uk, and PopeyeTools.to domains, with the latter being the latest hosting the cybercrime platform. Visitors to these URLs will now see the following banner, warning them that information on the platform's members is now in the hands of law enforcement investigators. Administrators chargedThe three suspected administrators, Ghaffar, 25, from Pakistan, Sami, 35, from Pakistan, and Mirza, 37, from Afghanistan, are accused of operating PopeyeTools. The three face charges of conspiracy to commit access device fraud, trafficking access devices, and solicitation for the purpose of offering access devices. If convicted, each charge carries a maximum penalty of 10 years in prison. However, no arrests have been made at this time, and it's unclear where the suspects reside and if an extradition can be requested. Nonetheless, approximately $283,000 worth of cryptocurrency linked to Abdul Sami has been seized. ABA Banking Journal: Prepare your bank for the FDIC’s new signage ruleNovember 25, 2024 
The use of the FDIC logo at teller windows, on bank doors and in other places — not to mention the disclosure of “Member FDIC” in advertising — is a staple of how banks present the deposit insurance guarantee to their customers and the public. On May 1, these practices will receive a major update, and banks need to figure out how to comply. The rule changes how banks display the FDIC logo online, on apps and at branches and ATMs. It also bars the logo’s use in advertising and marketing that misrepresent deposit insurance coverage. The ambiguity in the rule’s language is a headache for banks as they work on implementation, according to Ashtyn Landen, senior director of prudential regulation at ABA. “One of the confusing terms was ‘continuously,’” Landen says. “What does it mean to have the FDIC sign continuously on your website? Does that mean when you scroll, the sign follows you down the screen? Does it mean it pops up in different places?” Take advantage of FDIC resourcesDespite the time crunch and lack of clarity, industry experts say banks must do everything they can to proactively prepare for implementation. Landen suggests rereading the rule, looking at the FDIC’s questions and answers, and attending the agency’s webinar series about rule requirements. At these webinars, the FDIC will “discuss additional questions regarding the rule” and could “clear up any confusion around what exactly is required for the website and mobile apps,” she says. The session on May 30 reviewed subparts A and B, including the major requirements and objectives, and answered common questions. The second, on July 31, discussed requirements and offered details on FDIC signage on websites — including when signage is not required — and examples of violations. (Visit the FDIC’s site to view the earlier presentation slide decks and for updates.) Not one size fits allQuestions about integrating the new rule will differ depending on the bank, according to Leslie Callaway, senior director for compliance, outreach and development at ABA and the team lead for ABA’s members-only Compliance Hotline. “The bigger banks are looking at this and have been since day one. Smaller banks that don’t have the resources are struggling a little bit more. It really depends on the size of the bank [and] the resources they have,” she says. “There’s a lot of rules around ATMs, so how many ATMs do you have? How many new ATMs are you going to have? There’s a lot of moving parts.” Since implementation challenges will vary, it’s important for banks to communicate with their examiner for help with the changes and to ensure readiness for May 1, says Therese Kieffer, specialized consulting manager at Wolters Kluwer. “Where you’ve got the non-deposit product that you’re also offering in your branch and you want to put it up on digital display, it might be worthwhile having a conversation with your examiner as to what they would recommend [in terms of appropriate disclosure] in that kind of situation,” Kieffer says. “You might want to run some of your drafts of your mobile app page or some of your designs past your examiner.” FinCEN Releases Commercial on Beneficial Ownership Information Reporting |
In a letter yesterday led by Reps. Andy Barr (R-KY) and French Hill (R-AR), 20 House lawmakers called on the FDIC to withdraw its proposed rule to expand the definition of brokered deposits, saying the changes under consideration would harm banks and consumers.
The Financial Crimes Enforcement Network today announced 
The South Dakota Bank Directory provides detailed information on all South Dakota banks including addresses, telephone numbers, important contact names and additional pertinent information. The directory also contains information on the SDBA, banking associations, regulatory agencies, endorsed vendors, associate members and South Dakota officials.
Participants will learn how to assess and analyze a bank’s financial performance by working with data from real institutions. Using financial statements from one sample financial institution along with statements from their own banks, participants will become familiar with the ins and outs of balance sheets and income statements and learn how to apply key performance metrics to the data presented in these documents.