SD Public Depository Quarterly Reporting Form Changes Proposed
The South Dakota Public Deposit Protection Commission will discuss possible changes to South Dakota’s Public Depository Liability Return Quarterly Reporting Form and related changes in state statutes to enable those changes.
The Commission will meet on Monday, Jan. 12, at 2 p.m. The meeting will be held at the Division of Banking, 1601 N. Harrison Ave., Suite 1, in Pierre. View the agenda.
On Dec. 11, the SDBA Legislative Committee discussed the potential changes. Bankers have suggested that the current SD Public Depository Liability Return Form requires banks that hold public deposits, state or local, to gather and report duplicative, unneeded information.
It has been suggested that items 6a, 6b, 7a and 7b could be eliminated from the quarterly report (view changes). Instead, banks holding public deposits would be required to submit the data per Items 9a, 9b, 12a and 12b.
In addition to changes related to the quarterly form, the Commission will discuss possible statutory changes allowing the pledging of fully insured certificates of deposit held by another bank. One other concept that will be discussed is the advisability of allowing a bank to pledge loans as collateral for public deposits in lieu of a letter of credit, the issuance of which is ultimately backed by loans held in a bank’s portfolio. View bill draft.
2015 South Dakota Legislature To Open Tuesday
The 2015 South Dakota Legislature will open on Tuesday, Jan. 13, at noon, with Gov. Daugaard giving his State of the State address shortly thereafter.
Bankers can stay current on legislative issues of importance to the banking industry by reading the SDBA’s Legislative Update and Legislative Bill Watch. The Legislative Update is a recap of weekly key legislative action. The Legislative Bill Watch tracks the status of bills the SDBA is monitoring.
Publications will be distributed electronically each Friday during session and posted online. To receive the publications electronically, create a profile or log in to the SDBA’s website and select which publications you would like to receive.
Questions, contact SDBA Communications Coordinator Alisa DeMers via email or call 800.726.7322.
Washington Journalist Featured Speaker at SDBA State Legislative Day
Kenneth T. Walsh--an award-winning political journalist, Washington insider and an expert on American presidents--will speak about the implications of the midterm elections at the SDBA's 2015 State Legislative Day on Feb. 11 in Pierre.
Walsh has covered the presidency, presidential campaigns and national politics for U.S. News & World Report since 1986. His work has spanned the presidencies of Ronald Reagan, George Herbert Walker Bush, Bill Clinton, George W. Bush, and, currently, President Barack Obama. His political commentary currently appears in Ken Walsh’s Washington, his blog for the magazine’s online edition.
Respected for his extensive political reporting, he has won the two most prestigious awards for White House coverage: the Aldo Beckman Award in 1991 and 2007 and the Gerald R. Ford Prize for Distinguished Reporting on the Presidency in 1992, 1998 and 2009.
The day will also include a luncheon and banking legislation review, chance to visit with legislators at the state capitol, and an evening reception and dinner with legislators and constitutional officers. The Governor has also been invited to speak. Learn more and register.
ABA Highlights Government Relations Priorities for 2015
ABA on Tuesday released the Association’s banker-identified advocacy priorities for 2015. The priorities, organized into five broad areas, “represent ABA’s overarching focus on helping banks serve their customers and grow the economy,” said Government Relations Council Chairman Laurie Stewart, president and CEO of Sound Community Bank, Seattle.
The priority areas are:
- Leveling the playing field with credit unions and the Farm Credit System and preserving charter choice.
- Removing regulatory impediments to serving customers.
- Enhancing cybersecurity and rebalancing data breach liability.
- Protecting the integrity of the payments system.
- Achieving tailored regulation that matches a bank’s risk profile and business model.
Several issues are identified under each category, including regulatory relief, credit union and Farm Credit System competition, data breach liability and arbitrary asset thresholds.
The 70-member GRC Administrative Committee -- made up of banks of all sizes and charter types -- developed these priorities at its December meeting and recommended them to the ABA Board. Although the list focuses on topics deserving special emphasis in 2015, ABA staff will continue to work aggressively with the Hill and the bank regulatory agencies on other important issues beyond those on this list. View the priorities.
CFPB Backs DoD's Proposed Tighter Military Lending Act Restrictions
The Consumer Financial Protection Bureau last week endorsed the Defense Department’s proposed expansion of credit categories subject to the Military Lending Act.
“The products that have been marketed and extended to service members while the current Military Lending Act regulations have been in place underscore the limitations of those regulations in protecting service members and their families across the credit marketplace,” the CFPB said.
ABA and other groups recently urged DoD to exempt depository institutions from the rule. The proposed restrictions, ABA said, would constrict mainstream credit options for service members and their families and create technological and compliance hurdles that could force banks out of the military market. Read more. Read ABA’s comment letter.
Agencies Raise Exemption Threshold for Appraisal Requirements
The Consumer Financial Protection Bureau, Federal Reserve and OCC on Dec. 23 increased the threshold at which higher priced-mortgages become subject to special appraisal requirements. In line with inflation, the exemption threshold for 2015 was raised to $25,500. Read more.
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