Filtered by author: Natalie Likness Clear Filter

Schaefer Honored by American Bankers Association with Inaugural Emerging Leader Award

Schaefer Honored by American Bankers Association with Inaugural Emerging Leader Award

 

PIERRE, SD – Sept. 28, 2022 – Kristina M. Schaefer, executive vice president, chief risk officer & chief administrative officer, general counsel, First Bank & Trust, Sioux Falls, S.D., was honored by the American Bankers Association as a recipient of its inaugural ABA Emerging Leader Award. This new award recognizes the next generation of bank leaders who are committed to the highest standards of achievement and service to both their industry and their local communities. Schaefer and 10 other winners will be recognized together during next week’s ABA Annual Convention.

Read More

CSBS Announces Passing of John W. Ryan

It is with great sadness that we announce that John W. Ryan, President and Chief Executive Officer of CSBS, died unexpectedly late Monday in Washington, D.C.

“On behalf of the CSBS Board of Directors, executive team, staff and membership, we extend our deepest sympathies to John’s family and everyone who knew and worked with John over his more than 30-year career. John was an inspirational and humble leader who brought incredible dedication, intellect and passion to CSBS, the state regulatory system and financial services more broadly,” said Melanie Hall, Chair of the CSBS Board of Directors.

Read More

Treasury releases 2022 plan for combating terrorist funding

Last Friday, the Treasury Department issued its 2022 strategy for combating terrorist financing and other illicit funding.

Recent risk assessments highlighted threats posed by the abuse of legal entities, the complicity of professionals that misuse their positions or businesses, small-sum funding of domestic violent extremism networks, the effective use of front and shell companies in proliferation finance, and the exploitation of the digital economy. To combat these issues, the Treasury’s strategy identifies four priorities to address the most significant illicit finance threats to the U.S. financial system.

Read More

Meet Haley Juhnke, SDBA's New Communications Coordinator!

Haley JuhnkeHaley joined the SDBA on Monday, May 9. She grew up in Vivian, S.D., on a 4th generation farming and ranching operation. She always felt as though she was missing out on what the “town kids” got to do. But looking back now, she wouldn’t have it any other way because of the appreciation she gained over the years for the beautiful wide-open spaces and lessons learned on the family farm. “I found a love for all animals, but especially horses and had the typical love/hate relationship with my only comrades in the country, my brother and sister,” Haley said. “My grandparents only lived two miles down the road, so the closeness allowed for a special bond to be formed with them.”

Outside of work, Haley enjoys spending time with her family, friends, and her rescue dog, Dax, and enjoys travelling and exploring new places. She likes to be out in God’s creation and one of her favorite places to go is the Black Hills. In her free time, Haley also reads or listens to audiobooks and podcasts.

Read More

Banking groups call for changes to SEC cyber incident reporting proposal

On Monday, American Bankers Association and a coalition of financial services groups called for extensive changes to a proposal by the Securities and Exchange Commission that would create new requirements for public companies regarding the disclosure of cybersecurity incidents. Among other things, the SEC would amend Form 8-K to require that registrants “disclose information about a material cybersecurity incident within four business days after the registrant determines that it has experienced a material cybersecurity incident.”

Among other things, the groups called for changes to the timing of disclosure to “four business days after the registrant has reasonably determined that the cybersecurity incident is no longer ongoing, and that public disclosure of the incident will not seriously jeopardize the security of the registrant,” emphasizing that the current proposal’s requirements lack “sufficient regard for the security risks and harms that such disclosures may pose in certain circumstances.”

Read More

Survey: Banking outpaces other industries in preparing to combat fraud and corruption

The banking sector is among the most prepared industries to combat fraud, corruption and illicit activity, according to a recent report. According to the results of a recent survey of more than 1,330 senior risk-strategy decision-makers across multiple industries, 84% of respondents in the banking sector reported they had conducted an internal investigation in the last three years—more than any other sector surveyed. In addition, 89% of respondents in the banking sector reported their organization had been significantly affected by serious misconduct—the second highest behind travel and tourism.

The report, conducted by risk and compliance technology firm Kroll, noted that the costs associated with investigating fraud and illicit activity have increased, particularly for organizations with revenue of more than $15 billion. The survey also indicated that risk professionals believe that some investigative services firms fail to deliver value, suggesting that many external providers may not employ the most up-to-date technology to find relevant information in massive volumes of structured and unstructured data.

Read More

Keeping Your SDBA Member Profile Current

One of the best ways to stay current with the SDBA is to make sure your member profile is current and accurate. You can easily review this information by clicking here and logging into your profile. Forgot your password and/or username? No problem--you can request a password reset from the SDBA so you can quickly access your account. Key items to check up on are: Title, Job Function, Bank, and Contact Information (phone, address and email.) Additionally, you can subscribe to correspondence with the SDBA that you may not already be subscribed to. What about Protective Alerts, Legislative Updates, and Education Updates? If you're not already receiving these and would like to start, please email [email protected] to request being added to the distribution lists. The best way for you to engage with the SDBA, and therefore advocate for our industry, starts with a current member profile!

Fed Announces 50 Basis Point Rate Hike

In a significant move yesterday, the Federal Reserve announced that it will increase the target range for the federal funds rate to 0.75 to 1%, and signaled that “ongoing increases in the target range will be appropriate.”

“Assuming that economic and financial conditions evolve in line with expectations, there is a broad sense on the committee that additional 50 basis point increases should be on the table at the next couple of meetings,” Fed Chairman Jerome Powell said in a press conference following the announcement, though he noted that 75 basis point hikes were not currently being contemplated by the Fed. “We will make our decisions meeting by meeting, as we learn from incoming data and the evolving outlook for the economy.”

Read More

Binance backing for Musk bid emboldens crypto visionaries' dreams of a 'decentralized' Twitter

Bitcoin exchange Binance's move to participate in Elon Musk's $44 billion takeover of Twitter could boost digital currency evangelists' hopes for the development of a more "decentralized," crypto-friendly social media platform. 

Binance plans to invest $500 million in equity funding as part of a $7 billion financing pledge to support the Tesla CEO's bid to buy Twitter. Oracle co-founder Larry Ellison and venture capital firm Sequoia are among the other investors involved.

Read More

Last Call: Service and Memorial Awards for Annual Convention, Deadline Friday, May 13

The SDBA will honor and recognize those bankers with 40 or 50 years of service in banking during its Annual Business Meeting on Wednesday, June 15, 2022, at the Annual Convention in Bismarck, ND. Years of service awards can also be awarded at the bank. To request an award for someone who has been in banking for 40 or 50 years, please complete the form. The deadline is submit an award to be presented at the 2022 Annual Convention is May 13, 2022. Bankers who have passed away since the last Annual Convention (June 2021) will be remembered during the SDBA's Annual Business Meeting on June 15, as well. The deadline to submit a name for the memorial service is also May 13. Questions, contact the SDBA Office at 605.224.1653 or [email protected].

Bankers: Tell Congress to Pass Safe Banking Act

As more states allow some form of cannabis legalization, small businesses, banks and the communities they serve continue to be stuck in the middle of the divide between state and federal cannabis law. Congress has an opportunity to do something about it by passing the SAFE Banking Act, which would provide state-licensed cannabis businesses with a transition into the regulated banking system. The SAFE Banking Act has passed the U.S. House six times with strong bipartisan support and it’s now being considered for inclusion as part of the broader COMPETES Act.

The House and Senate are actively working out differences in the COMPETES Act and are expected to vote on it in the coming weeks. Write to your members of Congress today and ask them to weigh-in in favor of including the SAFE Banking Act in the final COMPETES bill. Learn more here.

CISA News: Scammers Scammed!

The following is from Jim Edman, CISA Cybersecurity Advisor for South Dakota

From the desk of long-time listener, first time submitter Andrew J. Ogan,  a call recorded with a group of scammers in India. The investigator does a great job of identifying and frustrating the scammers over the phone.  It’s a 14-minute video but he does a good job of explaining each step along the way on his call. The initial scam is in regards to an expired Norton anti-virus subscription with the ultimate goal of the scammers to empty his bank account. Unfortunately, far too many Americans fall for these types of scams. https://youtu.be/j0c_I7MWB1U 

Register Today for the NDBA/SDBA Annual Convention in Bismarck, ND - June 14-15

Join North and South Dakota bankers, June 14-15, for an incredible convention in Bismarck, as the community celebrates 150 years. We will be reminded in all of the best ways why we do what we do, why we do it together, and why we are grateful to make a difference in our hometowns throughout the Dakotas. A dynamic convention program awaits with many top-of-mind topics: leadership, employee retention, the economy, cryptocurrency and cybersecurity. The challenges of today create opportunities for tomorrow. As generations before us blazed trails, let’s gather together and continue to shape the future. Onward!

The full schedule and registration information can be found here.

Read More

Bank Robbery Deterrent Stickers Available from the FBI

Sara Gould, Intelligence Analyst with the FBI Minneapolis Field Office, reached out to the SDBA re: the availability of Bank Robbery Deterrent Stickers. Gould says these stickers are available to member banks to utilize in lobbies and/or ATMs. If you're interested in receiving stickers, please contact the SDBA at [email protected] by Friday, April 29, 2022, with your contact information and the quantity needed, and we'll forward your request on to Sara.

SDBA Scholarships for GSB-Madison Due on May 2

Since 1945, the Graduate School of Banking at the University of Wisconsin-Madison (GSB) has helped develop banking leaders through a program of advanced management education. Today, GSB is widely recognized as the nation's leading and most progressive banking school, offering a comprehensive course of study that focuses on meeting the changing needs of today's bank manager. GSB is the only graduate banking school in the nation that relies on its alumni, Banker Advisory Board and Academic Committee to create a unparalleled learning and networking experience. GSB is sponsored and governed by the Central States Conference of Bankers Associations in partnership with the University of Wisconsin-Madison, and has been the school of choice for more than 23,000 bankers, with good reason. 

The SDBA has a scholarship available to students who are entering their first year at GSB. The total value of the scholarship if $4,500 or $1,500 for each year of attendance. Click here for full details and to apply for the scholarship. Click here to learn more about GSB, July 31-August 12, 2022 and to register.

SDBA to Host Crypto Webinar - May 9-10

Bitcoin, Crypto, Blockchain, NFTs… In the last few years, these words and concepts went from discussions had on the fringe to common, everyday conversations. Join us, in partnership with the ABA, NDBA and Wyoming Bankers Association, on May 9th and 10th as we turn to our distinguished panel of experts to help demystify the latest information surrounding the future of money and help financial services professionals navigate this new reality. To register and review the full schedule, click here.

CISA Tip of the Week: Social Engineering & Physical Security

The following tip was provided by our friend, Jim Edman, CISA Cybersecurity Advisor for South Dakota.

We spend a majority of time talking about the software and hardware vulnerabilities and related aspects of cybersecurity. It’s important that we remember the physical aspects also. Though we are a small state and considered by some to be somewhat geographically isolated, a critical aspect of cybersecurity continues to be the physical aspects. Reports surfaced this week of Russian nationals attempting to gain access to critical infrastructure facilities across the country. Recommendations for in-person and voice I/T support include:

Read More

Agencies to Host Webinar on Cyber Security Notification Rule

The Federal Reserve, FDIC and OCC will host a joint “Ask the Regulators” webinar on Thursday, April 28 at 1 p.m. CDT on the recently finalized computer security notification rule, which has a compliance deadline of May 1.

Webinar participants can email questions in advance to [email protected], and questions submitted prior to April 20 will receive priority for responses by panelists. The webinar will also be made available for future viewing. Register for the webinar.

Order Service Awards ahead of Annual Convention!

The SDBA will honor and recognize those bankers with 40 or 50 years of service in banking during its Annual Business Meeting on Wednesday, June 15, 2022, at the Annual Convention in Bismarck, ND. Years of service awards can also be awarded at the bank. To request an award for someone who has been in banking for 40 or 50 years, please complete the form. The deadline is submit an award to be presented at the 2022 Annual Convention is May 13, 2022. Contact the SDBA at [email protected] or 605.224.1653 if you have any questions.

Register for FFIEC Industry Webinar: FFIEC BSA/AML Examination Manual Updates - April 12

The Federal Financial Institutions Examination Council (FFIEC) is hosting an Industry Outreach webinar on Tuesday, April 12, from 11 a.m. to 12 p.m. CDT, for bankers and credit union management, sponsored by the FFIEC Task Force on Supervision’s Bank Secrecy Act/Anti-Money Laundering Workshop Group. The focus of this webinar is to discuss the 2021 updates to the FFIEC BSA/AML Examination Manual. The updates include revisions to the Charities and Nonprofit Organizations, Independent Automated Teller Machine Owners or Operators, and Politically Exposed Persons sections. The webinar will also discuss updates to the regulatory requirement sections published in 2021 as well as the risk-focused approach to supervision. Additionally, FFIEC and FinCEN representatives will address questions about the Manual updates. Click here for registration details.