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Court Rebuffs Efforts to Appeal Decision Vacating Fiduciary Rule

The Fifth Circuit Court of Appeals yesterday blocked third-party efforts to appeal its March ruling that vacated the Department of Labor’s fiduciary rule in its entirety. A group of state attorneys general and AARP had filed petitions to be granted standing to appeal the decision. DOL declined to appeal the ruling by the April 30 deadline, making it highly unlikely that the Fifth Circuit ruling will now be overturned.

The rule, which was finalized under the Obama administration, had greatly expanded the definition of “fiduciary” under the Employee Retirement Income Security Act and the Internal Revenue Code. The rule required banks and other financial institutions to reassess whether and how they will continue to market and sell their retirement products and services to employee benefit plans and to individual retirement accounts.

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David Bangasser, Dylan Clarkson, Jeff Davis and Brad Seaman Elected to SDBA Board of Directors

The South Dakota Bankers Association (SDBA), the professional and trade association for South Dakota’s financial services industry, recently held elections for four of the nine seats on its Board of Directors. Elected to serve on the SDBA Board of Directors were:

  • David Bangasser, Southern Region President, Dacotah Bank, Sioux Falls
  • Dylan Clarkson, President/CEO, Pioneer Bank & Trust, Belle Fourche
  • Jeff Davis, President/CEO, Bryant State Bank, Bryant
  • Brad Seaman, President, First State Bank of Warner, Aberdeen

This is Clarkson’s first term on the SDBA Board of Directors and Bangasser, Davis and Seaman’s second terms. They started their three-year terms on May 1, 2018.

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SDBA to Hold First Women in Banking Conference

Lead Strong: Women in Banking

Save the date for Lead Strong: Women in Banking set for Oct. 2, 2018, at the Hilton Garden Inn South in Sioux Falls. The event is the SDBA's first one-day conference for women in banking. 

The day will include sessions on fierce female leadership, personal branding, and a panel discussion featuring four female bank leaders from across the state. Attendees will also hear from Laurie Stewart, 2017-2018 ABA Board of Directors vice chair and president and CEO of Sound Community Bank in Seattle, Wa.

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ABA Welcomes More Than 1,200 Bankers to Washington for GR Summit

SDBA President Curt Everson and Sen. Mike RoundsABA’s annual Government Relations Summit and several related programs began on Monday with more than 1,200 bankers in attendance. ABA Monday night kicked off its Mutual Community Bank Forum, which continued Tuesday, along with ABA's Emerging Leaders Forum. On Wednesday, ABA held its annual Women's Leadership Forum.

The formal GR Summit program opened on Tuesday morning with keynote presentations by Consumer Financial Protection Bureau Acting Director Mick Mulvaney, Sen. Mark Warner (D-Va.) and Reps. Blaine Luetkemeyer (R-Mo.) and Patrick McHenry (R-N.C.). Tuesday's agenda also included a session with senior personnel from the FDIC, OCC and Federal Reserve, as well as an advocacy update from a panel of ABA leaders.

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ABA, ICBA Write to Lawmakers in Support of 2018 Farm Bill

In a joint letter with the Independent Community Bankers of America on Tuesday, the American Bankers Association wrote to leaders of the House and Senate Agriculture Committees thanking them for their efforts to craft the 2018 Farm Bill. “Given the sharp reduction in the net farm income of more than 50 percent since 2013, a new Farm Bill is vital to the economic viability of our nation’s farmers and ranchers and our rural communities,” the associations said. 

Acknowledging that many changes are likely as the bill moves through Congress, ABA and ICBA noted their support for a strong and robust commodities title, protecting and improving the crop insurance program, and enhancements to and greater flexibility for the United States Department of Agriculture’s guaranteed farm loan programs. They also urged the committee not to consider any expansion for the Farm Credit System in the bill. Read the letter

Innovate, Inspire, Ignite at 2018 NDBA/SDBA Annual Convention

2018 NDBA/SDBA Annual ConventionAs the banking industry continues to evolve, there is increasing pressure on banks to remain competitive. To chart the course for the future, bankers must explore new pathways, seek innovative partners and motivate people--all while focusing on bottom-line performance.

The 2018 NDBA/SDBA Annual Convention on June 10-12 in Fargo will offer new ideas in new formats and an opportunity for all to engage in finding practical, real-world solutions for success in today's environment. Join with counterparts from the Dakotas for three days of learning, networking, fun and friendships. You'll go back to work with a refreshed perspective and a renewed passion for banking. 

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SDBA Seeking Bankers to Serve on Committees for 2018-2019

The SDBA will appoint standing committee members for the upcoming year in May. SDBA committees are: Agricultural Credit Committee, Credit Card Committee, Legislative Committee and Trust Committee. Committee terms are one year beginning May 1, 2018, and ending April 30, 2019, except for the Legislative Committee which is a three-year term. Legislative committee members can serve two, consecutive three-year terms.

As volunteers for the Association, those who serve on the SDBA's committees are contributing to a stronger banking industry. The SDBA respects the time commitment that each committee member has made and works hard to ensure the meetings are well run and productive. Committees meet once or twice a year to initiate activities and recommend policy. 

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Deadline to Apply for GSB Wisconsin Scholarship is April 25

The Graduate School of Banking (GSB) at the University of Wisconsin's 2018 school session will be held July 29 to Aug. 10 at the University of Wisconsin-Madison. Prochnow Educational Foundation/SDBA scholarships will be awarded to two South Dakota bankers attending the 2018 school.

The scholarship amount is $1,500 for each year of the student’s attendance (approximately one-third of the annual tuition fees), for a total value of $4,500. This scholarship is for people who will be entering their first year at GSB. The deadline to apply for the scholarship is April 25, 2018. View the scholarship application

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Registration Deadline Extended for Dakota School of Lending Principles

The deadline to register for the SDBA's Dakota School of Lending Principles has been extended to April 18, and the fee for late registrations will be waived.

Hosted by the SDBA and co-sponsored by the NDBA, the Dakota School of Lending Principles on April 24-27 in Aberdeen is a learning event with one foot grounded in the classroom and one foot in the bank. This school allows students to learn the theory and process of basic lending and then put this knowledge to work in actual nuts and bolts sessions. 

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Ag Bankers Working with the State's Producers, SDBA Ag Credit Conference to Start Next Week

Despite the cold, snowy weather, ag producers are getting ready to head into the fields as soon as they can. Ag bankers have been working with producers to help finance their operations this year, SDBA President Curt Everson recently told WNAX Radio. 

"There has been a considerable amount of restructuring going on of operating debt maybe current year or short-term operating loans being restructured into the longer-term debt just to try and create a little better cash flow situation for producers," Everson said. "So bankers have been working on those kinds of things customer by customer."

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Wells Fargo Moving 100 Aberdeen Jobs to Other States

Wells Fargo is moving 100 jobs from Aberdeen to cities in other states, including Minneapolis, according to The Associated Press. The decision affects auto finance workers and those in student loan collections.

Company spokeswoman Staci Schiller says the move over the coming months is designed "to meet the needs of customers and the marketplace." She says workers in Aberdeen who want to move with their jobs will be offered relocation assistance. Those who don't want to move will be given severance packages.

Other cities where jobs are being moved are in Arizona, Texas, North Carolina and Utah. The Aberdeen location is expected to close by the end of the year.

Early Deadline Nearing to Sponsor at 2018 Annual Convention

Banking business partners' knowledge, ideas and involvement help create a learning environment focused on the future of banking. The SDBA and NDBA's banking business partners are invited to join Dakota bankers June 10-12 at the Delta by Marriott in Fargo, N.D., to Innovate. Inspire. Ignite.

Information is available on sponsoring and exhibiting at this year's convention. 

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FDIC Board Approves Appraisal Threshold Increase for CRE Transactions

The FDIC board of directors yesterday approved a final rule to raise the appraisal thresholds for commercial real estate transactions from $250,000 to $500,000--an increase from the original proposal, which called for the appraisal threshold to be raised to $400,000. The threshold for loans secured by one-to-four family residential properties will remain at $250,000; however, residential construction loans secured by multiple one-to-four residential properties would be considered CRE transactions. The final rule must now be approved by the Federal Reserve and the OCC; once approved by the agencies, it will be effective 30 days after publication in the Federal Register.  

ABA has long supported an increase to the CRE appraisal threshold, noting in previous comments that doing so would provide immediate relief to banks that are currently struggling with a shortage of certified appraisers--particularly in rural areas--and long appraisal turnaround times. Read more. For more information, contact ABA's Sharon Whitaker

SDBA, Banks Support SD Ag Foundation's $4 Million Challenge

On National Ag Day on Tuesday, the South Dakota Agricultural Foundation accepted a five-year challenge to raise $4 million for future support of South Dakota’s agriculture industry. Funds raised by the SD Ag Foundation will be matched by an additional $1 million in funds from the State of South Dakota and South Dakota Community Foundation.

“We take pride in agriculture here in South Dakota, and to see SD Agricultural Foundation’s commitment to invest in the future of agriculture is commendable. This challenge will ensure growth in the industry, while highlighting the need for philanthropy in agriculture,” said Gov. Dennis Daugaard. 

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Fedgazette Article Recaps Neel Kashkari's Visit to Pierre

"Small, town, but not small talk" was the headline of a story published in fedgazette about Federal Reserve Bank of Minneapolis President Neel Kashkari's visit to Pierre on Feb. 7.

"Despite its small economy, the seat of state government offers a unique stethoscope to listen to the state’s economic and policy heartbeat. While in Pierre, Kashkari met with a variety of stakeholders to hear about the opportunities and challenges faced by businesses and workers in the region and state, as well as to learn about priorities during the current legislative session. Foremost among stakeholders were Gov. Dennis Daugaard, Lt. Gov. Matt Michels and other cabinet-level officials, along with Legislative leaders from both political parties."

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SDBA Thanks Sen. Rounds, Thune for Support of Regulatory Reform

As U.S. Senate leaders work with the House to get S. 2155, the bipartisan regulatory reform bill, to the President’s desk for his signature, South Dakotans should be thanking the lawmakers who made it happen, especially Senators Mike Rounds and John Thune. Their support was critical to moving this legislation forward.

"We thank Sen. Rounds, who co-sponsored the legislation, successfully staking out the middle ground and helping build support for the overwhelming majority this bill secured. He is showing that Congress can get things done when lawmakers of different parties put aside politics and work together to solve real problems," the SDBA said in an op-ed sent to South Dakota newspapers today.

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Ag Lenders Asked to Complete SD Farm Real Estate Market Survey

Ag lenders are invited to participate in SDSU Extension's 2018 South Dakota Farm Real Estate Market Survey. The principal purpose of the survey is to obtain market value and cash rental rate information, by type of agricultural land, in different regions of South Dakota. SDSU Extension is requesting that appraisers, assessors, realtors, agricultural lenders and extension field specialists complete this survey. 

The results from the survey serve as an invaluable tool for the people of South Dakota to gain knowledge of the current agricultural land trends throughout the state. Farmers, landowners, investors, lenders, real estate professionals and public officials are the majority users of the data provided by the survey. 2018 marks the 28th annual South Dakota Farm Real Estate Market Survey.

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Senate Takes Key Procedural Step on Reg Reform Bill, Call Senators Now on S. 2155

The U.S. Senate on Tuesday voted to open debate on S. 2155, the bipartisan regulatory reform bill championed by Senate Banking Committee Chairman Mike Crapo (R-Idaho) and four of his Democratic colleagues. Sen. Crapo last night released a revised version of the bill, which is thought to reflect bipartisan negotiations, includes several clarifications and a number of additional provisions. 

One clarification appears to respond to a talking point of S. 2155 opponents related to the Federal Reserve’s enhanced prudential standards and authority for foreign banking organizations with total assets over $100 billion. Additions to the bill include a set of capital access proposals that have passed the House with bipartisan majorities and new provisions related to student loan borrowers. The revised bill also includes a new provision creating a database to help financial institutions fight synthetic identity fraud and a bipartisan measure introduced in both houses of Congress that would clarify the regulatory treatment of high-volatility commercial real estate loans.

ABA staff will closely review the revised bill text as debate continues. The Senate is expected to begin voting today on amendments to the bill, which includes numerous provisions long advocated by ABA as part of its Blueprint for GrowthRead the revised version of S. 2155

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SDBA Seeking Candidates for Board Elections

Elections for the SDBA’s Board of Directors are scheduled for March and April. Three directors have terms that expire on April 30, 2018, in addition to a vacancy in Group 5. Elections will take place in Group 2, Group 5, Country Bank Category and Large Commercial Bank Category.

Terms for Jeff Davis, Bryant State Bank, Bryant representing Group II; Brad Seaman, First State Bank of Warner, Aberdeen, representing the Country Bank Category; and David Bangasser, Dacotah Bank, Sioux Falls representing the Large Commercial Bank Category will expire on April 30, 2018. All three individuals have served one term and are each eligible to run for a second, three-year term. The Group V seat became vacant when Shawn Rost, First Interstate Bank, Rapid City, moved into the position of SDBA vice chairman last year.

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Learn How Financial Institutions Serve as a Frontline Defense in Human Trafficking Detection

Billions of transactions per day are managed by financial institutions. Yet it’s the unique transactions surrounding some customers’ accounts that could help financial services professionals serve as a key deterrent against human trafficking.

OnCourse Learning will host the free nationally-accredited webinar “How Financial Institutions Serve as Frontline Defense in Human Trafficking Detection” at 11 a.m. CT March 20 featuring human trafficking survivor, author and social advocate Timea E. Nagy. She has trained professionals in more than 1,500 banks and financial institutions throughout North America, along with thousands of law enforcement officers.

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