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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Applications for Conservation Stewardship Program Due March 2

Are your ag customers being challenged to create a positive cash flow this year? Look into the Conservation Stewardship Program (CSP) at your local Natural Resource Conservation Service (NRCS) office. Since 2010, the CSP has been helping farmers and ranchers not only make ends meet but also implement soil health practices that pays for years and years. 

The CSP helps farmers and ranchers build on their existing conservation efforts while strengthening their operations. Whether a producer is looking to improve grazing conditions, increase crop yields or develop wildlife habitat, the NRCS can custom design a CSP plan to help meet those goals. The NRCS can help schedule timely planting of cover crops, develop a grazing plan that will improve forage base, implement no-till to reduce erosion or manage forested areas in a way that benefits wildlife habitat.

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Hotel Registration Open for 2018 NDBA/SDBA Annual Convention

Bankers and business partners can now make their hotel room reservations for the 2018 NDBA/SDBA Annual Convention June 10-12 in Fargo.

This year’s convention will be held at Delta by Marriott at 1635 42nd St. SW in Fargo. Room prices are $92 and $105. The deadline to reserve a room from the annual convention block is May 10. To make a reservation, call Delta by Marriott at 701.277.9000.

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SDBA Taking Orders and Photo Submissions for 2019 Scenes of South Dakota Calendar

Scenes of South Dakota CalendarThe SDBA is offering the 2019 Scenes of South Dakota Calendar. This calendar will feature photos of South Dakota submitted by South Dakota bankers, their family members and customers. These calendars are a great opportunity for banks and associate members to thank their customers for their business and promote your bank or business.

A bank, branch or business' logo and name can be printed on each calendar to display in homes and businesses all year long. The Scenes of South Dakota Calendar is exclusive to SDBA member banks and associate members. Calendar orders are due by Sept. 1, 2018, to get the low price of $1.19 per calendar. Calendar order form

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SD Secretary of State Provides Document to Better Understand UCC Terminations, Notification Process

The SDBA, along with representatives of the ICB of South Dakota, have been actively discussing ways to better assure the ongoing accuracy of UCC filings with the South Dakota Secretary of State. 

The Secretary of State's Office has compiled a slideshow walking through the UCC verification, termination and auditing procedures that are currently available in the central filing system. The slideshow is intended to give users of the system a better understanding of how the system currently works and provides for filings as well as notifications. View the slideshow

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South Dakota Banks Make a Difference in Our Communities

South Dakota Banks Make a Difference ProjectThe SDBA unveiled the latest results of its Banks Make a Difference Project during its State Legislative Day yesterday in Pierre. Copies of the promotional handout were provided to all attendees and to all state legislators. Copies will also be mailed to all member banks and branches.

Each January, the SDBA surveys its member banks and collects data on the importance of banks to their local communities and to the state as a whole. The annual project is just a glimpse of how banks work every day to help South Dakotans grow and prosper.

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Bankers Meet with Neel Kashkari in Pierre

Photo of Neel KashkariSouth Dakota bankers today in Pierre had the chance to share with Federal Reserve Bank of Minneapolis President Neel Kashkari what they are currently seeing in their local economies and how those conditions are impacting their banks and their clients. Kashkari met with bankers this morning prior to holding a Town Hall Forum open to the public at 8 a.m. at the Ramkota Hotel in Pierre. 

"The tax change was probably one of the biggest surprises of the year, and not in terms of the fact that they did it, but it seems like it has led to a lot of optimism and enthusiasm," Kashkari told bankers. "Now whether that enthusiasm then translates into more investment and more expansion, I am interested in hearing what you are all seeing."

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Registration Open for SDBA 2018 Agricultural Credit Conference

The SDBA will present the 2018 Agricultural Credit Conference April 11-13 at the Ramkota Hotel & Conference Center in Pierre. 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.

The event will kick off Wednesday afternoon with a pre-conference session by Farmer Mac titled "Winning Secondary Market Strategies for South Dakota Ag Bankers." Learn about Farmer Mac’s ag lender tools available to compete and attract new business. Farmer Mac will also review the current  interest rate environment and dive into some recent South Dakota loan sale transactions. 

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Secret Service Issues Warning about ATM ‘Jackpot’ Attacks

The U.S. Secret Service has issued an alert warning ATM owners and operators of cash-out criminals conducting “jackpotting” attacks on standalone front-loading ATMs located in drive-throughs and retail outlets in multiple locations across the United States. Jackpot attacks, also known as “logical attacks,” combine physical intrusion and malware to command ATMs to empty themselves out in a matter of seconds.

According to the alert, criminals dressed as service technicians use ATM access keys readily available online to gain entry via the ATM’s top hat, install malware on the ATM and take control of the machine in order to initiate ATM withdrawals. In some cases, the criminals swap out the ATM’s existing hard drive and replace it with one already infected with malware. Banks are recommended to contact their ATM service providers for the latest security updates and patches to mitigate the risk from these attacks, to ensure proper physical security controls limiting access to the machine and to monitor for communications failures and alarms.

Diebold Nixdorf, a major ATM vendor, recommended limiting physical access to the ATM; implementing protection mechanisms for cash modules; monitoring unexpected opening of ATMs’ “top hats”; and keeping operating systems, software stacks and configurations up to date. NCR, another major ATM provider, also issued an alert with specific recommendations to address common forms of logical attacks against ATMs. The Financial Services Information-Sharing and Analysis Center is also issuing information on the attacks; the American Bankers Association encourages all banks to join FS-ISAC to receive the latest security alerts.

First Dakota Hosts AgriVisions 2018

First Dakota National Bank will host AgriVisions 2018 featuring Kevin Van Trump. The event will be held Feb. 13 in Sioux Falls and Mitchell, Feb. 14 in Pierre, and Feb. 15 in Yankton. Agri-business professionals and business owners are invited to attend. 

Kevin Van Trump from "The Van Trump Report" will give an update and challenge thought processes on agricultural marketing and analysis. With more than 20 years of experience trading professionally at the CME, CBOT and KCBOT, Van Trump is able to "connect the dots" and simplify the complex moving parts associated with today's markets in a thought-provoking yet easy-to-understand format. 

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Senate Confirms Powell as New Fed Chairman

By a vote of 85 to 12, the Senate on Tuesday voted to confirm Federal Reserve Governor Jerome Powell as chairman of the Fed. Powell first joined the board in 2012 and has played a major role in bank supervision and payments system activities during his tenure. 

“We congratulate Jerome Powell on his confirmation to serve as chairman of the Federal Reserve Board,” said ABA President and CEO Rob Nichols. “His high integrity, intelligence and wealth of experience in both monetary policy and regulatory issues will serve him well in this critically important role.” Nichols added that “Chairman Powell has demonstrated his interest in reviewing and refining regulations to ensure they work to reinforce economic growth while preserving the important principles of prudential supervision.” 

Nichols also saluted outgoing Fed Chairman Janet Yellen for her leadership of the board over the past four years, noting that “her actions helped strengthen both our economy and the financial system.” 

ABA Supports Appraisal Qualifications Board Proposal to Address Appraiser Shortage

In a comment letter to the Appraisal Qualifications Board last week, the ABA offered its support for a proposal by AQB to change the qualification criteria for real property appraisers--a proposal that came after intense advocacy by ABA and bankers seeking solutions to the rural appraiser shortage. ABA noted that “the current proposal presents workable solutions that will keep the industry viable with improved residential licensing criteria, while maintaining high certification standards as the industry demands.” 

ABA fully supported AQB’s plans to reduce the college-level education degree requirements for licensed residential and certified residential appraisers, create an alternative track for licensed residential appraisers to become certified without obtaining a bachelor’s degree and reduce the number of field hours needed to obtain certification. These proposed changes would be an important step toward encouraging new entrants into the profession and addressing the appraisal issues currently facing the industry, especially in rural areas, ABA said. 

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Federal Reserve Bank of Minneapolis President to Meet with Bankers in Pierre

Photo of Neel KashkariSouth Dakota bankers are invited to a bankers-only meeting with Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, on Thursday, Feb. 8, in Pierre to discuss local and regional business conditions. The meeting will be held at 7:30 to 8 a.m. at the Ramkota Hotel & Conference Center in Pierre and in conjunction with the SDBA's State Legislative Day on Feb. 7.

Kashkari is looking for bankers to provide a sense of business conditions in the region and state which, in turn, helps inform the Fed’s monetary policy given his presence on the Federal Open Market Committee, where the Federal Reserve sets monetary policy. Kashkari will also save some time at the end of the meeting to answer a few questions from bankers, and any remaining questions can get the conversation going at a Town Hall Forum that is open to the public at 8 to 9 a.m.

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SDBA Offers Bank Holiday Signs

The SDBA is offering holiday signs that banks can print and display to notify customers when the bank will be closed.

The signs are set up to be printed on 8.5" x 11" paper and are provided as a high-resolution pdf file. Banks can print the signs and use them how they see fit.

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2018 South Dakota Legislature Opens this Week

The 2018 South Dakota Legislature opened this Tuesday, Jan. 9, with Gov. Daugaard giving his State of the State address.

Bankers can stay current on legislative issues of importance to the banking industry by reading the SDBA Legislative Update and  Bill Watch. The Legislative Update is a recap of weekly key legislative action. The Legislative Bill Watch tracks the status of bills the SDBA is monitoring. Both publications are posted online on Fridays during session. To sign up for email notifications when the publications are posted, contact Alisa DeMers.

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