SDBA Seeks Bankers to Serve on Committees and Work Groups

The SDBA is seeking bankers to serve on four standing committees and four work groups for 2021-2022.

The committees are: Agricultural Credit Committee, Credit Card Committee, Legislative Committee and Trust Committee. The work groups are: Education Work Group, Emerging Leaders Work Group, Technology Work Group and Women in Banking Work Group.

Committee and work group terms are for one year beginning May 1, 2021. Committees and work groups generally meet one to two times a year to initiate activities and to recommend policy.

If you are interested in serving on a committee or work group, complete the Committee/Work Group Appointment Form at www.sdba.com/committees by April 30. Questions, contact Alisa Bousa. 

SDBA to Recognize Bankers for Years of Service at Quad States Convention

The SDBA will honor and recognize those bankers with 40 or 50 years of service in banking at the Quad States Convention in Rapid City during the SDBA’s business meeting breakfast on Tuesday, June 15, at 7:30 a.m. MDT.

The deadline to submit a years of service award to be presented at the Quad States Convention is May 14. Years of service awards can also be awarded at the bank. Submit a years of service award for a banker.

Bankers who have passed away this past year will be remembered at the 2021 Quad States Convention in Rapid City during the SDBA’s business meeting breakfast on Tuesday, June 15, at 7:30 a.m. MDT. The deadline to submit a name for the memorial service is May 14. Submit a name for the memorial service.

ABA, Financial Trades Raise Concerns About Proposed Call Report Changes

ABA joined the Bank Policy Institute and the Securities Industry and Financial Markets Association in a letter to the federal banking agencies providing feedback on recent proposed changes to the Call Report. Among other things, the groups raised concerns that several of the new reporting items are duplicative of existing requirements, such as data on sweep deposits that firms already report in the FR 2052a.

The groups also raised concerns around the confidential treatment of Call Report memorandum items, as well as the implementation timeline. They urged the agencies to postpone the implementation of the new reporting requirements until the March 30, 2022, report date. Additionally, they urged the agencies to confirm that firms are permitted to incorporate the new brokered deposit rules starting with the June 30 as-of date, and to provide additional clarification around a requirement for firms to report data on sweep accounts that are “not fully insured.” Read the letter. For more information, contact ABA’s Alison Touhey.

Treasury Releases Details on Proposed Tax Changes

The Treasury Department yesterday provided additional details on the Biden administration’s proposed changes to the U.S. tax code. According to a report issued yesterday, the changes include: an increase of the corporate tax rate from 21% to 28%, a 15% minimum tax on book income that would apply to the largest corporations, a global minimum tax for U.S. multinational corporations, an increase to the global intangible low-taxed income rate, and the elimination of a deduction for foreign-derived intangible income.

In addition to these proposals, the administration is also calling for increased enforcement around corporate tax evasion and increased audits of corporations by the Internal Revenue Service, among other things. Read the report. ABA has an active tax committee and will engage on revenue-raising proposals that affect banks. For more information, contact ABA’s John Kinsella.

Learn How Micro-Internships Can Help Solve Bank Hiring Challenges

BankTalentHQ to Host Virtual Career Fair in April

GSB Moves to Virtual Instruction for First- and Second-Year Students

The 2021 session of the Graduate School of Banking (GSB) at the University of Wisconsin-Madison will be held virtually for freshmen and junior students, marking the first time ever that the 25-month leadership development program will be presented online. No decision has been made about the senior class, but an announcement will be made no later than April 9.

Despite the change in delivery, GSB plans to keep to its normal schedule with courses over full days Aug. 1-13 and a break over the middle weekend. Students will benefit from professional moderating services and a robust learning management system to ensure a quality experience. Tuition for first-and second-year students has been reduced for online delivery by more than 20% to $3,095. Scholarship values remain unchanged.

Following the cancellation of the 2020 session, demand for the school has been unprecedented. With just 15 seats remaining, the incoming class is nearly sold out. Bankers interested in beginning this program, which leads to a diploma in bank management from GSB and a Certificate of Executive Leadership from the Wisconsin School of Business Center for Professional and Executive Development, are encouraged to apply soon as space is extremely limited. Learn more and apply. 

GSBC Plans for In-Person and Virtual Annual School Session

The Graduate School of Banking at Colorado (GSBC) plans to host its 70th annual school session July 18-30 in person on the University of Colorado Boulder campus while giving students the option to participate in a virtual learning experience in tandem with the two-week school. 

Due to social distancing requirements, classroom sizes will be much smaller, causing a greater physical footprint on campus. GSBC’s faculty will be expanded to include instructors and facilitators to conduct small group discussions outside of the main lecture, and live-streaming technology will be used to connect multiple small groups in larger classes. A local hotel will be utilized for additional classroom space and will serve as an additional housing option for students who request it.

Virtual attendees will attend sessions live where they can interact with in-person students and instructors in a dynamic group environment. Faculty members are currently undergoing extensive training to prepare course discussions and materials for a hybrid learning environment.

Students have been asked to declare their initial attendance (in-person or virtual) preference and have until June 1 to change their plans without penalty. Additionally, a flexible cancellation policy is in place. Learn more and apply. 

Question of the Week

Question: What constitutes “demonstrable consent” when meeting ESign requirements? Are banks required to collect information that the consumer actually read the disclosure apart from just acknowledgement? 

Answer: The statutory requirement can be found in 15 USC §7001, and reads as follows:

"[T]he consumer—

(i) prior to consenting, is provided with a statement of the hardware and software requirements for access to and retention of the electronic records; and

(ii) consents electronically, or confirms his or her consent electronically, in a manner that reasonably demonstrates that the consumer can access information in the electronic form that will be used to provide the information that is the subject of the consent[.]"

https://www.gpo.gov/fdsys/pkg/USCODE-2015-title15/html/USCODE-2015-title15-chap96.htm

Technically, the statute does not require that the consumer actually read the statement of hardware and software requirements--the consumer just needs to be presented with them.

As for "demonstrable consent," typically the consumer must either first consent, or later confirm any prior consent they gave, using the same method of delivery by which they'll be receiving the disclosures. C/A considers that to be a manner that "reasonably demonstrates" a consumer’s ability to access electronic information, in accordance with the statutory requirement above. Best practice would be for the consumer to show some evidence that they viewed the actual e-SIGN disclosure (such as by including a numeric code in the document and then asking them to enter that code when providing consent), but it is not absolutely required to do that as long as the process meets the bare minimum statutory requirements.

Not a member? Learn more about membership with Compliance Alliance by attending one of our live demos:

• Tuesday, April 13, 10-11 a.m. CDT
• Thursday, April 15, 1-2 p.m. CDT

Compliance Alliance offers a comprehensive suite of compliance management solutions. To learn how to put them to work for your bank, call 888.353.3933 or email and ask for our Membership Team.

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Questions/Comments
Contact Alisa Bousa, SDBA, at 605.224.1653 or via email.