2015 South Dakota Bank Directory Now Available
 The SDBA's 2015 South Dakota Bank Directory is now available.
All SDBA member banks and branches will next week receive one complimentary copy. Associate members will receive a complimentary copy when they pay their 2015 membership dues. Additional copies are also available for purchase.
The South Dakota Bank Directory provides detailed information on all South Dakota banks, including addresses, telephone and fax numbers, important contact names and additional pertinent information. The directory also contains information on the SDBA, banking associations, regulatory agencies, endorsed vendors, associate members and South Dakota officials.
Order additional copies.
Sen. Coburn Calls for End to Credit Union Tax Subsidy
Sen. Tom Coburn (R-Okla.) on Tuesday said that Congress should end several special interest tax breaks -- including the one enjoyed by credit unions, which he noted will cost taxpayers $2.1 billion in fiscal year 2014 and $11.9 billion through FY 2018.
Credit unions’ tax exempt status is “a skewed policy that benefits a select few at the expense of the many,” Coburn said in the 300-plus page report that illuminates more than $900 billion in annual tax expenditures for businesses and individuals.
“Congress has diluted the original statutory intent and it is clear credit unions no longer have to subscribe to a common bond [and] no longer have the unique purpose of serving the needs of those with modest income,” the report found, adding that the credit union tax exemption “distorts competition within similar institutions and has no economic justification to exist.” Read the report.
NACHA Proposes Same-Day ACH Settlement
NACHA, the electronic payments association, on Tuesday proposed a rule change that would accelerate ACH settlement. Under the current system, settlement occurs overnight in batches. NACHA’s proposal would introduce two extra windows during weekdays -- morning and afternoon -- for credit transactions. It also calls for debit transactions to be eligible for same-day settlement.
The proposed rule -- part of broader industry efforts to move forward with a faster payments system -- would help banks’ business customers pay and receive invoices faster and make same-day payrolls, as well as giving consumers additional time to make on-time bill payments, receive faster crediting of late payments, and access funds transferred between accounts faster.
NACHA’s rule would be mandatory for all financial institutions that use ACH. Depository institutions would receive an 8.2 cent fee per transaction from the originating institution to fund the cost of the quicker settlements. Same-day credit transactions will begin phasing in during September 2016, with debits following a year after. Comments are due to NACHA by Feb. 6, 2015. Read more. For more information, contact ABA’s Steve Kenneally.
New ABA-Led Campaign Raises Pressure on Farm Credit
ABA is spearheading a new campaign to increase awareness of the risks posed by the Farm Credit System. The campaign includes a new website, ReformFarmCredit.org, that was unveiled Tuesday.
The website puts in stark, easy-to-understand terms the risks posed by the FCS’ implicit Treasury backing, the waste generated by its unfair tax advantages and the missed opportunities resulting from the FCS’ neglect of its core mission.
The campaign includes broader outreach encouraging policy organizations in Washington to focus on Farm Credit issues, as well as continued efforts to feature discussions of Farm Credit in local media outlets. For example, bankers recently discussed the FCS during radio interviews in Texas and Alabama. Check out ReformFarmCredit.org.
Ad Campaign Spotlights 'America's Hometown Bankers'
 ABA has unveiled a new ad campaign starring bankers. Airing during morning talk shows on ABC, CBS, CNN, Fox and NBC this past Sunday -- and on business and policy programs later in the week -- the ads’ tagline is: “We’re America’s hometown bankers, and we’re here to help you realize your dreams.”
The ad campaign capitalizes on polling data this year showing that public perception of banking has returned to a net positive for the first time since the financial crisis.
Featuring bankers from Colorado, New Mexico, Oklahoma, South Dakota and Virginia, the ads showcase the ways bankers help their customers achieve their dreams, from buying a first home to growing a small business. It also showcases bank technology that makes customers’ lives more convenient and secure, from 24-hour fraud monitoring to mobile check deposits. Watch the ads.
New Congress, New Opportunities
With new members of Congress come new opportunities to bring to light the key policy issues faced by banks. The ABA Government Relations Summit is your chance to show—together with more than a thousand fellow bankers—our industry's continued tradition of political engagement.
Join the ABA and SDBA in Washington, March 23-25, 2015, and tell Congress and regulators about the vital role banks play in their communities.
The SDBA offers a $250 stipend to help with the travel expenses of one individual from each SDABA member bank to attend.
|
