ABA Foundation Releases Free Guide to Partnerships that Protect Senior Customers

To mark World Elder Abuse Awareness Day on Friday, the ABA Foundation is this week releasing a free new guide to help bankers combat financial exploitation of seniors. Seniors currently lose an estimated $2.9 billion per year to financial abuse, and with a growing number of baby boomers retiring, scams targeting the elderly are growing.

The new guide provides an overview of the state of financial exploitation; addresses top scams currently in play; examines what banks can do, including how to report suspected fraud; and outlines the distinct roles of law enforcement agencies and adult protective services and how to partner with them. It also includes several sample resources, including introduction letters to law enforcement, APS, senior-focused nonprofits and senior living facilities.

The guide is part of a broader set of ABA Foundation resources to help bankers protect their senior customers. Through aba.com/seniors, bankers can register for FinEdLink, a free platform that connects participating banks with senior-focused community groups and agencies that would like a banker-led presentation on senior financial safety.

SDBA Membership Elects New Officers

SDBA 2018-2019 Officers

SDBA membership elected new officers for 2018-2019 at the SDBA's annual business meeting held June 12 during the 2018 Annual Convention in Fargo. (Pictured left to right are Shawn Rost, Karl Adam and Dave Rozenboom; not pictured is Steve Bumann.)

The new officers are Chairman Karl Adam, market president, First Dakota National Bank, Pierre; Chairman-Elect Shawn Rost, South Dakota market president, First Interstate Bank, Rapid City; Vice Chairman Steve Bumann, CFO, BankWest, Pierre; and Immediate Past Chairman Dave Rozenboom, president, First PREMIER Bank, Sioux Falls.

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IRS To Offer Two Web Conferences on Virtual Currency, Dark Web

The IRS' Criminal Investigation Division is offering two free web conferences on Thursday, June 14, on understanding the basics of virtual currency and understanding the basics of the dark web.

"Understanding the Basics of Virtual Currency" will provide an overview of virtual currency, how virtual currency transactions work and blockchain. This web conference will be held at 10 a.m. CDT.

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SDBA Opens Registration for 2018 IRA School

IRAs continue to be an essential part of a person’s retirement planning. IRA rules are always changing, and more changes are expected in the near future. It is important to be informed and prepared.

The SDBA is offering its 2018 IRA School Sept. 5-7 at the Clubhouse Hotel & Suites in Sioux Falls. You can attend as many one-day IRA seminars as you want, but it will not equal what is covered in a three-day IRA school. This is the most comprehensive IRA course offered.

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CFPB, FinCEN to Host Webinar on Combating Elder Financial Abuse

The Consumer Financial Protection Bureau and the Financial Crimes Enforcement Network will host a briefing on Thursday, June 7, at 1 p.m. CDT on their joint memorandum encouraging coordination among financial institutions, law enforcement and adult protective services to protect older Americans from financial exploitation. The webinar will focus specifically on the role of Suspicious Activity Reports in assisting law enforcement’s investigation of elder financial exploitation. Registration is required. 

As banks continue the fight against elder abuse, the ABA Foundation has compiled a number of resources bankers can use to raise awareness about financial exploitation among older Americans. ABA’s Safe Banking for Seniors program provides free presentation lessons, activities and other materials to educate older Americans and their caregivers about how to bank more securely. The foundation also recently launched FinEdLink, which connects registered banks with community organizations or agencies to provide banker-led presentations in the community. To learn more, visit aba.com/seniorsRegister for the CFPB/FinCEN webinar

SDBA Seeking Photos for 2019 Scenes of South Dakota Calenda

The SDBA is creating a customized calendar from photographs of South Dakota submitted by South Dakota bank employees, their family members and customers. If you are an amateur photographer and would like the opportunity to have your creativity displayed in the 2019 Scenes of South Dakota Calendar, this is your chance.

Send the SDBA your photos of farms, barns, agricultural activities, historical South Dakota locations, county fairs, carnivals, parades or festivals, fall colors, winter snowfalls, spring flowers, or summer fun. Any photo that shows the history and beauty of the great state of South Dakota qualifies. All photos submitted will be judged and the top photos will be featured throughout the 2019 Scenes of South Dakota calendar. The deadline to submit a photo is July 28. Photo submission form

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OCC Announces Policy Shift on Small-Dollar Lending

Signaling a significant shift in the OCC’s approach to small-dollar lending, the agency yesterday issued a bulletin encouraging banks to make “responsible short-term, small-dollar installment loans, typically two to 12 months in duration with equal amortizing payments” to help meet the credit needs of their customers. 

The bulletin does not define how banks should underwrite small-dollar loans, but notes that small-dollar lending programs should be consistent with safe and sound banking practices, include an effective risk management framework and be underwritten based on reasonable policies and practices, which may include analysis of internal and external data sources such as the borrower’s deposit activity with the bank. It also calls for banks to report repayment activity of small-dollar loan customers to the credit bureaus to help borrowers improve their credit scores. 

ABA has long called on regulators to remove barriers that impede banks from making small-dollar loans, highlighting in a white paper to the Treasury Department last year that there is a genuine consumer need for small-dollar credit. “Today’s bulletin is a step in the right direction to help banks offer customers a variety of short-term credit products,” said ABA SVP Virginia O’Neill. “We appreciate that the principles outlined in the bulletin are not prescriptive and encourage banks to design their own underwriting and product features that promote access and treat customers fairly.” 

ABA also welcomed the OCC’s willingness to work with the Consumer Financial Protection Bureau as it undertakes a review of its final payday lending rule, which establishes “ability-to-repay” requirements for single-payment loans and loans with a term of 45 days or less. “We look forward to working with these agencies to remove regulatory impediments that stand in the way of banks’ ability to meet consumers’ short-term credit needs,” O’Neill added. “Allowing banks to innovate will lead to more diverse products and greater consumer choice.” Read the bulletin. For more information, contact ABA's Virginia O’Neill

Annual Convention Early Registration Deadline Extended

2018 NDBA/SDBA Annual Convention

Have you been trying to decide whether to attend the NDBA/SDBA Annual Convention in Fargo on June 10-12. Of course you should! Where else would you enjoy a great program, lots of activities and the chance to connect with more than 350 bankers and business partners?

And here's another incentive to send your registration in today--you will save money. The early registration had been extended until Friday, May 25.

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Update or Create Profile with SDBA

In an effort to stay connected with our member bank employees, the SDBA is asking people to review their contact information on file with the Association. If you don't have a profile set up with the SDBA, we encourage you to do so.

There are a number of benefits of having an SDBA profile, such as receiving notification of our training and events and the ability to register online. The SDBA also provides a number of electronic publications that you can sign up to receive, such as the weekly SDBA eNews, monthly South Dakota Banker Magazine, Education Update, Regulatory Report, and Legislative Update and Bill Watch during the South Dakota State Legislature. Member bank employees can also sign up to receive protective alerts issued by the SDBA. 

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SDBA Unveils New Logo

SDBankers Association: Educate. Advocate. Grow

Educate. Advocate. Grow. This is the message of the SDBA's new logo.

As the SDBA works to engage the next generation of emerging bank leaders, inspire people to get involved and develop new programming such as the Lead Strong: Women in Banking Conference, staff decided it was time for a new look for the Association. The SDBA hired Epicosity, an ideas company from Sioux Falls and SDBA associate member, to design a new logo and position statement. 

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Seats Remain for 2018 Experienced Ag Bankers School

A few spots still remain for the National School for Experienced Ag Bankers June 25-29 in Spearfish. 

Sponsored by the SDBA, the school targets ag bankers with a strong knowledge of financial analysis in ag banking who desire further training analyzing and troubleshooting more complex and problem credits. Three to five years of banking experience is recommended. The school is also beneficial for ag loan officers, credit analysts, credit reviewers, regulators and FSA loan officers. 

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Ryan Confirms House Will Vote on S. 2155

The House will vote on S. 2155, the bipartisan financial regulatory reform bill advanced by the Senate in March, while the Senate will take up a set of additional reform bills passed by the House Financial Services Committee, according to an agreement announced by House Speaker Paul Ryan (R-Wis.) on Tuesday. Both Ryan and House Majority Leader Kevin McCarthy have previously signaled that the House could pass the bill in May, but Ryan offered no further comments on the timing of a vote.

“We’ve got an agreement to be moving different pieces of legislation,” Ryan said. “So we will be moving [S. 2155]. We’re also going to be moving in the Senate a package of bills that we think will actually add to this that the Financial Services Committee has acted on as well.” The House Financial Services Committee has passed numerous standalone measures by substantial bipartisan majorities.

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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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