ABA’s annual Washington Summit and several related programs began Monday, with more than 1,300 attendees, including bankers from South Dakota. The formal Summit program opened Tuesday morning with keynote presentations by House Financial Services Committee Chairwoman Maxine Waters (D-Calif.), Chairman of the White House Council of Economic Advisers Kevin Hassett and  Senate Banking Committee Chairman Mike Crapo (R-Idaho). 

Ag bankers can learn about positioning for success in the economic reset at the SDBA's Agricultural Credit Conference next week in Pierre.

The conference will open Wednesday, April 10, with pre-conference workshop "Implementing Farmer Mac as Part of Your Ag Lending Strategy in South Dakota." Learn about Farmer Mac’s tools available, including its new AgXpress scorecard program, a simplified loan application process with minimal documentation and attractive pricing. Farmer Mac will also review popular products, the current interest rate environment, and dive into some recent South Dakota loan sale transactions. The workshop will be followed by a reception with exhibitors. 

Recognizing the serious effects of flooding in the Midwest and Great Plains, federal and state financial regulatory agencies on Monday issued a joint statement reminding banks of supervisory expectations related to disaster recovery. Regulators encouraged banks to work constructively to meet the financial needs of their communities.

Rep. Steve Watkins (R-Kan.) on Tuesday introduced the Enhancing Credit Opportunities for Rural America Act (H.R. 1872), which would end taxation of interest earned from agricultural real estate loans. This ABA-advocated bill would provide rural bankers with the same tax status as Farm Credit System lenders when making loans secured by ag real estate, thus leveling the playing field between banks and the tax-advantaged FCS.

“Small town lenders are crucial to the viability of rural America. Community banks and their ag customers have unfortunately had to adjust to years of weak commodity prices while family farm debts have become increasingly highly-leveraged. In fact, farm delinquencies are sadly at their highest rate in nine years. This timely legislation would give greater certainty to small town folks by enhancing and expanding rural access to credit,” said Congressman Watkins.

SDSU Extension is inviting ag loan officers to participate in its 2019 Ag Land Value Survey. Data collected from this survey is compiled and used by many industry professionals and producers alike. The survey, which has been ongoing since 1991, will be open through April 14.

As the House Financial Services Committee yesterday held a hearing on financial crimes, ABA joined eight other financial trade organizations in a letter to committee leaders highlighting the need for a national beneficial ownership registry.

The hotel block for the SDBA's Agricultural Credit Conference to be held on April 10-12 at the Ramkota Hotel & Conference Center in Pierre will be released on Monday, March 18.

This conference focuses on the unique needs of ag bankers and the need for quality information and training to better serve their customers. The SDBA has lined up speakers on a variety of timely topics to help ag bankers navigate through challenging times. Experienced and new ag lenders, as well as CEOs, will all benefit from this conference.

In response to the growing need for well-trained cybersecurity experts across the industry, U.S. Bank grants cybersecurity scholarships each year to educate future technology leaders. Twelve such scholarships were recently awarded, providing funds for education and training in all areas of cybersecurity—from information security, to big data, business and beyond.

The Consumer Financial Protection Bureau on Monday requested public feedback on Property Assessed Clean Energy (PACE) loans, a controversial type of financing that allows homeowners to pay for energy-efficient retrofitting—such as solar panels and high-efficiency air conditioners—through their property tax assessments, and which often take lien priority over the first mortgage lien.

Elections for the SDBA’s Board of Directors are scheduled for April. Two directors have terms that expire on April 30, 2019, in addition to a vacancy. Elections will take place in Groups 1, 3 and 4.

Terms for Kristina Schaefer, First Bank & Trust, Sioux Falls, (Group I) and Dave Nelson, First Fidelity Bank, Platte, (Group III) will expire on April 30. Both have served one, three-year term and are eligible to run for a second, three-year term. The Group IV seat is currently vacant as this seat was previously held by SDBA Vice Chairman Steve Bumann, BankWest, Pierre. 

Craig Hansen with Citibank, N.A., Sioux Falls, has been appointed to the SDBA Board of Directors as the director representing banks in the Credit Card Bank Category. He fills a seat previously held by Rick Nath.

As the interim site president of Citi in Sioux Falls, Hansen is responsible for driving and executing site governance, people strategy, site culture and community involvement. In addition to his duties as site president, he is also a managing director responsible for the global digital software architecture in the consumer bank. In addition to U.S. sites, Hansen also has teams in Mexico City and Singapore responsible for the regional design and governance of Citi’s strategic digital programs.

The SDBA invites its business partners to FOCUS FORWARD at the 2019 SDBA/NDBA Annual Convention on June 2-4 at the Sioux Falls Convention Center & Sheraton Sioux Falls.

The SDBA will hold the 2019 Agricultural Credit Conference on April 10-12 at the Ramkota Hotel & Conference Center in Pierre.

Black Hills Federal Credit Union and a Wisconsin-based insurance company, CMFG Life Insurance Company, have agreed to pay $3 million to settle allegations that they improperly raised insurance premiums on thousands of loans, according to The Associated Press on Monday.

The proposed settlement to be considered by a judge later this month would resolve an eight-year-old class action lawsuit initially filed by a Rapid City couple.

The South Dakota Department of Labor and Regulation on Wednesday cautioned consumers about unlicensed money lenders, both online and in-person.

All lenders providing payday loans, short-term consumer loans, title loans or installment loans to South Dakota residents must be licensed by the South Dakota Division of Banking per SDCL 54-4-52, unless specifically exempt in SDCL 54-4-37.

Are you interested in becoming an officer of the South Dakota Bankers Association? 

The SDBA invites you to FOCUS FORWARD at the 2019 SDBA/NDBA Annual Convention on June 2-4 at the Sioux Falls Convention Center & Sheraton Sioux Falls. Rooms have been reserved at four Sioux Falls hotels: Sheraton Sioux Falls, Ramada, Best Western Plus Ramkota Hotel and Holiday Inn Express. When making a reservation, ask for a room from the SDBA block. See accommodation details. 

Rep. Dusty Johnson (R-S.D.) has been appointed to serve on the U.S. House Committee on Agriculture.