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SDBA Call to Action: Close the Stablecoin Loophole
Thank you to everyone who has already contacted Senators John Thune and Mike Rounds regarding the CLARITY Act. We appreciate your engagement and advocacy on this important issue. With the Senate expected to hold a cloture vote on Tuesday, September 15, we have a critical window to make sure our senators hear from South Dakota bankers before the Senate returns and begins consideration. Please take a few minutes to send one more message to Senators Thune and Rounds urging them to close the stablecoin loophole and ensure the CLARITY Act does not allow interest-like payments or yield simply for holding stablecoins. Your voice matters. Senators need to hear directly from the community bankers whose deposits fund lending to families, farmers, ranchers and small businesses across South Dakota. TAKE ACTION TO CLOSE THE STABLECOIN LOOPHOLE. Accompanying article: ABA Banking JournalHill: FDIC on track to issue stablecoin rulemaking by year’s end Back to TopABA Banking Journal: FCC releases draft order to protect fraud alertsSeptember 9, 2026
Under the Telephone Consumer Protection Act, or TCPA, with limited exceptions, a bank or other business can place an autodialed or prerecorded voice call or text message only with the prior express consent of the called party. Called parties have the right to revoke their consent to receive the calls. Under the revoke all rule, a bank or other business is required to treat a consumer’s revocation of consent under the TCPA to receive one type of call or message as a revocation of all consented-to calls and messages, even if that was not the consumer’s intent. Consequently, if a consumer responds ‘STOP’ to a text message from their bank on any topic – such as marketing messages – the rule would effectively require the bank to stop sending them all messages, including fraud alerts notifying them of potentially suspicious activity on their account. The rule also requires a caller to treat any possible expression of revocation as a revocation under the TCPA if a “reasonable person” would understand the words to have conveyed a request to revoke consent. Revoking consentThe FCC’s draft order would allow banks and other callers to designate any one of the following as the exclusive means for the recipient to revoke consent as long as the caller “clearly and conspicuously” disclosed the designated method to revoke consent: an automated, interactive voice or key press-activated opt-out mechanism on a call; replying to an incoming text message with “stop,” “quit,” “end,” “revoke,” “opt out,” “cancel,” or “unsubscribe”; and/or using a website or telephone number designated by the caller to process opt-out requests. In addition, the draft order would allow callers to interpret a revocation request made in response to an informational call or text message as applying only to the specific category of informational automated calls and text messages to which the revocation was directed and not to all communications. In June, ABA joined with the National Consumer Law Center and ACA International in proposing a rewrite of the revoke all rule that would allow the caller to interpret a revocation request as applying only to the category of messages to which the revocation was directed. The groups’ proposed revisions also would allow a caller to designate a prescribed list of exclusive, reasonable means of revocation in the message sent to the called party. ‘Provided number’ conditionThe draft order also would modify the “provided number” condition that allows banks and other financial institutions to place calls under an existing exemption for fraud alerts only to numbers that were provided by the customer. It would allow institutions to place calls under the exemption to any wireless telephone number obtained from a “reliable source,” which the FCC would define as a number supplied by a spouse or other family member who is authorized to be on the account, obtained when the customer calls the financial institution, or included in records obtained from another financial institution (such as through a merger or acquisition). In comments submitted in January, ABA stated that in many cases a “bank may have acquired a customer’s number through reliable means,” including through the three “use cases” described in the draft order. Back to TopABA Banking Journal: Hitting HomeSept. 11: Reflections 25 years later
There are places in our lives that become part of our identity long before we realize it. For me, in the late 1990s and early 2000s, the World Trade Center was one of those places. Two World Trade Center wasn’t just my home away from home for the time I spent there. But because of what it gave back to me: a sense of pride, colleagues who became friends and time with my sister, Heather, who worked in the same tower just eight floors above. Truth be told, I knew the significance of working in those buildings from the first day that I set foot in the South Tower. I just didn’t know the indelible mark it would leave on me (and the rest of the world) in the long run. The world we worked inBy the late ’90s, the financial industry was in the middle of a transformation. Technology was rewriting the rules. Digital platforms were emerging. Markets were shifting. I was working in the interactive marketing department at Morgan Stanley on the 64th floor of the WTC’s South Tower. At the time, my department had rolled out an online blanking platform for private clients. It felt like standing at the edge of something new, exciting and full of possibility. And there I was, a young professional not even 30, in the middle of it all. While we skated right through the much-anticipated Y2K “crisis,” the new century found its own way to throw a wrench into our faith in technology. The dotcom bubble burst, and the optimism of the late ’90s had given way to questions about whether tech was the hero or the villain to the future of business. Still, despite the uncertainty of the markets, Heather and I would meet for lunch in the plaza or stroll to our favorite pizza place for a slice regularly. Sometimes we would go for a power walk around nearby Battery Park. We would laugh. We would gripe. When it came time for my wedding in November 2000, Heather and I decided it would be nice for our grandfather, a self-proclaimed “country bumpkin,” to see up close where we worked since he was in town. I remember watching him take it all in, proud to see how far we have come in our professional lives but overwhelmed by the shadow cast on him from the towers above. When familiar becomes unfamiliarNine months later, on Sept. 11, I arrived at my office just after 8:30 a.m. I was thinking about meetings, deadlines, the usual list of things that feel urgent until life reminds you what urgent really means. At 8:46 a.m., the world shifted. A sudden explosion from the North Tower and a rumbling in ours. Just 20 floors above us in the next building, flames shot out of several windows along with black smoke and debris. Our more senior colleagues — some of whom were present for the 1993 bombing at the WTC — reacted quickly, calling 911 and corralling us toward the stairs to exit the building. Even in uncertainty, there was a sense of calm and order in that stairwell. Perhaps if we had known what was happening outside, we would have been more hurried or frantic. My legs, on the other hand, seemed to know that we were in trouble in a way that my brain could not comprehend, because they shook furiously with every step I took. At 9:03 a.m., as I rounded the 20th floor, the building rocked again — wildly this time, knocking me to the wall. And once again (or still) my shaking legs reminded me that something scary was happening. Although the pace picked up, level heads prevailed. No matter what was going through the minds of people in the stairwell, we all checked on one another. Strangers offered reassurance. Colleagues made sure no one was left behind. The often-cutthroat world of financial services revealed itself in the most human way possible. I had the peace of mind of knowing that Heather, then in her second trimester of pregnancy, was away on vacation. To this day, I maintain that her absence is the only reason I am alive today. I would not have left the building without her, and finding her may not have been possible. Beyond that, there was a complete feeling of disorientation in a place I thought I knew better than almost anywhere. Hallways I had walked a thousand times suddenly felt foreign. Exits I had never noticed became lifelines. The building that had been part of my daily routine no longer made sense. If not for the flow of the foot traffic, I’m not sure I would have known how to get out of the building. I remember firefighters climbing the stairs as we descended, moving with a calm steadiness I still can’t fully comprehend. I don’t know their names. I don’t know their stories. But you better believe that as soon as I wrote those words, their faces flashed in my mind as clearly as I saw them that day. We were leaving. They were going in. The long walk outWhen I finally stepped outside, the world was unrecognizable. The plaza I had crossed countless times was covered in debris. The sky was gray. The eerie calm from the stairwell had gone. The crowds outside panicked. After all, they had just witnessed two planes hit the World Trade Center. Having been on the inside while it was all going on, we were none the wiser. And yet, people kept moving. “Go north or go home,” one cop directed. And so we walked away from the unimaginable and toward whatever came next. Communication came in fragments given the overburdened technology of the time. Two-way pager messages, Blackberrys, brief calls. We also relied on rumors and updates shared across crowds. One car turned up its radio to give everyone a news update and many people gathered to listen. The reporter’s voice hung in the air, a deep and solemn echo off the buildings. The further we moved uptown, the more silent the streets became. But one thing remained: a shared understanding that we were responsible for one another. Who was safe? Who had made it out? Who still needed help? That feeling has never left me. In the hours that followed, I found myself in a small office that was an ad agency used by the Morgan Stanley employee I ended up walking with, on Spring Street with colleagues — some I knew well, some I barely knew at all — listening to the radio, trying to reach loved ones, trying to understand what had happened. I called my grandfather from that office on Spring Street, the same grandfather who experienced my “home away from home” just once less than a year earlier. I don’t know what I said to his answering machine or if he ever even got the message. We never spoke of it. What banking meant then — and what it means nowWhen people talk about financial services, they often talk about systems, markets, platforms and performance. But on Sept. 11, all of that fell away. What remained was the human core of the industry — the people who checked on each other, who stayed until every colleague was accounted for, who walked what felt like miles to get someone home, who opened their doors to coworkers who had nowhere to go. In the days and weeks that followed, we attended memorials and funerals. We regularly saw first responders in large groups in their dress blues heading off to mourn their own losses. We slowed down. Held doors for one another. The people of New York City and those who commuted there were simultaneously the saddest and friendliest community, continuing the unspoken accountability for one another. While the early 2000s were already a turning point for banking, the response to the events of Sept. 11 created a different kind of inflection point for New Yorkers, for the country and for society as a whole: one that told the story of the people who refused to let the story end in loss alone. And for me, I struggled for many years to find peace and closure. But 25 years later, I understand that although Sept. 11, 2001, is a defining moment in my life, it is not a story that defines me. Back to TopABA, associations urge FHA to provide clear language about eligibility for VA loan termsSeptember 8, 2026
The VALID Act – which was passed as part of the 21st Century Road to Housing Act – requires information about VA home loans to be included in the Informed Consumer Choice Disclosure required to be provided to prospective FHA borrowers. In a letter, the associations said they support the intent of the law but believe that including VA loan terms in the notice without including eligibility criteria will cause some borrowers to conclude those terms are available to them. They instead submitted an alternative draft notice that includes both the terms and clear language about eligibility requirements. “Our members are concerned that a comparison of loan products that could be misconstrued to suggest that all borrowers are eligible for the products presented will slow the origination process,” ABA said. “Lenders will need to spend more time responding to borrowers who lack the necessary military qualifications and explaining why they do not qualify for the VA terms shown. These additional steps would increase administrative burdens and delay processing without improving the disclosure’s usefulness.” Back to TopCISA News: FBI Probes Service Selling 153M+ Drivers LicensesSeptember 1, 2026A new identity theft service launched on the dark web this week is selling digital scans of more than 153 million drivers licenses from people in the United States and Canada. Based on interviews with individuals whose licenses are available for purchase on this service, it appears to be siphoning images collected by a widely-used identity verification company based in Louisiana. KrebsOnSecurity also has learned that the New Orleans field office of the Federal Bureau of Investigation (FBI) today launched an official inquiry into the source of the images.
On Monday, Aug. 31, a source alerted KrebsOnSecurity to a service advertised by a new user on the Russian cybercrime forum Exploit, offering access to digital scans of identity documents on more than 170 million people in North America. The source brought it to my attention because the proprietor of this identity theft service offered my Virginia drivers license as a free sample in their initial sales thread on Exploit. The service, dubbed Nexus, claims to have more than 153 million drivers licenses for people in the United States and Canada, as well as more than 10 million identification cards; more than three million travel documents and/or international IDs; and at least 579,000 medical cards. A quick look around Nexus finds they are likely not exaggerating about that 153 million number: Running a blank search in Nexus (with no search parameters entered) returns approximately 11.5 million pages of results, with roughly 15 results displayed per page. It includes documents from people in both Canada and the United States, but the bulk of these records are on Americans: searching for just Canadian drivers licenses returns approximately 1.1 million results, with the largest concentration from Ontario (473,673 records). Curiously, the identity records include not only drivers licenses but also marijuana dispensary cards. Some of the records list their “source” as “CDL,” presumably short for “commercial drivers license.” Other records carry the source notation of “CAC,” which may refer to Common Access Cards, government issued identity cards that grant physical access to government buildings and secure rooms. The people behind Nexus claim the license images are coming from an active breach at “a major identity verification company” whose customers include multiple Fortune 500 companies. Back to Top |
The Federal Communications Commission released a draft order that would rewrite the agency’s “revoke all” rule – an action that the American Bankers Association has long advocated. The FCC will vote on the draft order at its Sept. 30 open meeting.
The American Bankers Association today joined five associations in urging the Federal Housing Administration to provide clear language about eligibility for VA loan terms, as required under legislation recently passed by Congress.
The North Dakota Bankers Association (NDBA) announced today that President and CEO Rick Clayburgh will retire in 2027. The announcement allows for a thoughtful leadership transition while recognizing Clayburgh’s tenure and advocacy work on behalf of North Dakota’s banking industry.
Each year, the SDBA offers the Scenes of South Dakota Calendar. This calendar features photos of South Dakota submitted by South Dakota bankers, their family members, and customers.
Presented by Joseph B. Hileman, Hileman Security Training Group.
