The South Dakota Bankers Foundation has allocated $90,000 for the High School Scholarship Program for 2018. Matched by recipient banks, the program will result in a total of $180,000 in high school scholarships awarded to high school seniors throughout South Dakota in 2018.
Scholarship are available in $500 increments to the first 180 banks/branches who agree to match an equal amount. Banks who participated in the High School Scholarship Capital Campaign are eligible to apply for funding.
Students who receive the scholarships must be high school seniors who plan to attend an accredited South Dakota college, university, vocational technical school or community college on a full-time basis. Winners must agree to have their names released to the media. Other scholarship eligibility requirements may apply as determined by the sponsoring bank. The deadline for SDBA banks to apply for high school scholarship funding is Dec. 22, 2017. Learn more and apply.The South Dakota Division of Banking has received a certificate of accreditation from the Conference of State Banking Supervisors (CSBS). This latest accreditation is the Division’s third consecutive five-year accreditation.
“South Dakota has an experienced team of banking regulators,” said state Labor and Regulation Secretary Marcia Hultman. “The Division practices the highest standards while serving the public and our banks, trust companies and other financial institutions.”
As lenders continue to raise concerns about a lack of certified appraisers, particularly in rural areas, the Appraisal Qualifications Board last week released a fourth exposure draft of a proposal to change the qualification criteria for real property appraisers.
Importantly, the AQB proposed to remove college degree requirements for licensed residential appraisers and provide alternatives to the bachelor’s degree requirement for certified residential appraisals. The proposal also outlines an alternative track for licensed residential appraisers to become certified without obtaining a bachelor’s degree. In addition, it would reduce the number of field hours needed from 2,000 to 1,000 for licensed appraisers and 2,500 to 1,500 for certified appraisers.
ABA has previously called for changes to the appraiser qualifications as part of its ongoing effort to address the appraiser shortage in rural areas and welcomed the proposal. Comments on the proposal are due Jan. 12. View the proposal. For more information, contact ABA's Sharon Whitaker.
Farm profitability continued to decline in the first half of 2017, according to the latest agricultural lenders survey conducted by ABA and Farmer Mac. While the overwhelming majority of ag lenders--82 percent--reported declines in profitability, that figure was down seven points from six months before. The approval rate for ag loans was 84 percent.
“We were encouraged to see that lenders remain ready to assist farmers and fulfill their credit needs despite the drag in the agricultural economy,” said Brittany Kleinpaste, director of economic policy and research at ABA. “Overall, the data showed that agricultural lenders are a little more optimistic about what’s ahead for their customers than they were in December of 2016.”
Just over half of the lenders surveyed reported an increase in demand for agricultural operating loans, and 53 percent said they expect that trend to continue over the next six months. Lenders were also more confident in stable land values than in the previous survey.
Commodity prices continued to be a top concern among 93 percent of ag lenders, particularly grain and dairy, the survey found. In addition, 87 percent said they were concerned about liquidity, 85 percent were concerned about farm income and 77 percent were concerned about farm leverage. View the survey results.
The Consumer Financial Protection Bureau yesterday issued nine guiding principles for protecting consumers that choose to share their financial data with third parties and data aggregators. The principles were released after the CFPB last year conducted a formal investigation into “screen scraping,” a process in which consumers provide their online banking credentials to a third-party app or tool. The principles do not reflect new or alter any existing guidance.
While the CFPB affirmed that consumers should generally have the ability to share their financial data, it noted that consumers should not be required to give up their banking credentials to do so. The principles establish that third parties that are granted access to customer data should use it only to the extent necessary to provide the products and services selected by the customer, and that the data should be accessed, stored and used safely and securely. In addition, the CFPB emphasized that consumers should have the ability to quickly review who has access to their data and have disputes over unauthorized access resolved in a timely manner.
ABA welcomed the CFPB’s commitment to protecting consumer financial data as new technologies continue to emerge and noted that the principles incorporate several recommendations the association made in previous comments to the bureau. “Customers deserve bank-level security wherever they share their financial information, and the CFPB principles pay particular attention to protecting this sensitive data,” said ABA VP Rob Morgan. “ABA believes customers should understand and control how third parties use their information.”
Morgan added that per ABA’s recommendation, “CFPB recognized that customers should not be required to share their online banking username and password to facilitate data sharing. There are technologies that can facilitate more secure access, and the banking industry will continue to work closely with technology companies to give customers the ability to share their financial data securely.” View the principles. For more information, contact Morgan.
National Cyber Security Awareness Month (NCSAM), now in its 14th year, dedicates October to reminding all digital citizens and businesses that protecting our computers and networks is “Our Shared Responsibility” and that everyone plays a critical role in promoting safe computing.The NCSAM is led by the National Cyber Security Alliance (NCSA) and the U.S. Department of Homeland Security (DHS).
The month’s primary goal is to provide Internet users and businesses with the information and tools they need to be safer and more secure online, including education about how to protect personal information in today’s highly-connected world. Everyone can join in and be a part of the something big by becoming a NCSAM 2017 Champion. Hundreds of organizations and individuals have officially signed on as champions to support the month. NCSAM Champions strengthen and boost the greater effort by spreading the word and host NCSAM partner events about online safety at home, at work and in the community.
Sen. John Thune, chairman of the Senate Committee on Commerce, Science and Transportation, will host a roundtable with cybersecurity experts on Friday at 11:30 a.m. CDT in the Straatmeyer Auditorium of Dakota State University (DSU) in Madison.
The roundtable will serve as an opportunity to highlight the cybersecurity challenges facing U.S. companies, as well as relevant academic and research initiatives at DSU. DSU has a nationally-recognized cybersecurity education program and is in the midst of an effort to construct a state-of-the-art-facility designed to foster economic development and expertise in addition to classified cybersecurity research and cybersecurity operations.
The ABA last week expressed support for legislation introduced by Sen. Mike Rounds that would increase the lending limit and overall funding for the Farm Service Agency’s guaranteed farm ownership and operating loan programs. The bill calls for the programs’ total funding to be increased to $8 billion and for the lending limit to be increased from $1.4 million to $3 million.
ABA noted that these programs are vital for providing credit to agricultural borrowers--particularly young, beginning and small farmers--and that the proposed increases would help reduce the likelihood of a funding lapse in the future.
“With this additional funding, lenders would be able to help many more borrowers through potentially tough times in the agricultural economy,” the Association said. Read the letter.
Agriculture lenders are invited to attend one of three Ag Lender Conferences hosted by SDSU Extension throughout the month of October in Sioux Falls, Watertown and Rapid City.
“SDSU Extension understands the relationship agriculture producers have with their lender and its impact on the success of their operations,” said Jack Davis, SDSU Extension crops business management field specialist. “By providing lenders timely market, financial and production information, they are better able to assist agriculture producers.”
Join SBS on Friday, Sept. 15, for a special Hot Topic Hacker Hour webinar: Equifax Data Breach: Lesson Learned. SBS will discuss the current facts of the breach, what lead up to it and what you should think about in response. To ensure you get all the information you need, time will be provided for you to ask any questions you may have.
The free webinar will begin at 11 a.m. CDT. Learn more and register.
Are you an emerging leader at your bank? Would you like to become more engaged with the banking industry in South Dakota? Don't miss your opportunity to connect with other bank leaders of today and tomorrow.
The SDBA will hold the first of four Emerging Leaders Networking Meetings in Sturgis next Thursday, Sept. 28. The SDBA will follow up with meetings in Aberdeen on Oct. 2, Humboldt on Oct. 4, and Pierre/Fort Pierre on Oct. 11.
The Association will also match all ABA employee contributions to Irma relief efforts. ABA consulted with the Florida Bankers Association in directing its donation to the Florida Disaster Fund. However, ABA is matching employee contributions to hurricane relief in any area affected by Irma, including Georgia, Puerto Rico and the U.S. Virgin Islands.
In the wake of Harvey, ABA employees contributed $21,000 for relief, which ABA will match--bringing the total contribution from ABA and its employees to more than $142,000. Learn more about and donate to the Florida Disaster Fund.
Professional counselors with Catholic Social Services (CCS) are reaching out to drought-impacted families in western South Dakota by offering a listening ear. Services can be accessed either through offices or via telehealth.
Jim Kinyon, CSS executive director, has been hearing from pastors, families and local businesses seeking support. “Families are stressed, and we would encourage families needing a listening ear or a place to talk to contact our office," he said.
The SDBA is looking to attract, develop and engage the next generation of banking leaders in the state. The SDBA is hosting four Emerging Leaders Networking Meetings across the state this fall.
Sturgis, Buffalo Chip Shooting Complex: Sept. 28
Aberdeen, Aberdeen Gun Club: Oct. 2
Humboldt, Hunters Pointe Shooting Complex: Oct: 4
Pierre/Fort Pierre, View 34 and Willow Creek Wildlife Inc.: Oct. 11
The SDBA is currently selling advertising in its 2018 South Dakota Bank Directory. The South Dakota Bank Directory is an indispensable reference tool for financial executives and those conducting business with financial decision makers in South Dakota.
A limited number of full-color ads are available on the directory's tabbed divider pages, as well as the inside back cover. Full-page and half-page black and white ads are also available in the front section of the directory. The deadline to place an ad is Friday, Sept. 29. Ads are then due Oct. 13. More information and the advertising form.
American Banker Magazine on Monday published its fifth annual list of the 75 best banks to work for. South Dakota's First Bank & Trust in Brookings and Sioux Falls was named number 20, and First PREMIER Bank in Sioux Falls was named number 61. SDBA associate member Bell Bank in Fargo was named number five.
First Bank & Trust each year hosts a 5K for employees and their families that raises money for charity, and the bank's Community Brigade program authorizes employees to provide up to $150 to a person in need, reimbursed by the company. The bank's "Be the 1" program provides cash rewards for employees who think on their feet and make decisions.