South Dakota Banks: Making a Difference in Our Communities
 The SDBA unveiled the latest results of its State Banking Data Collection Project during its State Legislative Day yesterday in Pierre. Copies of the promotional handout were provided to all attendees at the legislative dinner and to all state legislators. It will also be mailed to all SDBA member banks and associate members.
Each January, the SDBA surveys its member banks and collects data on the importance of banks to their local communities and to the state as a whole. The annual project demonstrates that banks are great corporate citizens and serve as “stewards” of their communities and the state in ways beyond routine banking services.
The document is a great tool that banks can use to promote all of the things they do for their communities. Banks are encouraged to use the document in their promotional efforts, make copies as needed and link the document on their websites. Download a high resolution copy for printing.
If you have questions about the survey or if you need the handout in a different format, contact Alisa DeMers, SDBA, at 800.726.7322 or 605.224.1653.
Sens. Moran, Heitkamp Introduce Privacy Notice Bill
Sens. Jerry Moran (R-Kan.) and Heidi Heitkamp (D-N.D.) on Tuesday introduced an ABA-advocated bipartisan bill to eliminate duplicative and unnecessary privacy notice mailings. S. 423 would require financial institutions to alert customers only when their privacy policies and information sharing practices have changed while making the information publicly available on their websites.
The Senate bill has 11 additional cosponsors from both parties. A companion measure recently introduced in the House, H.R. 601, currently has 36 cosponsors.
ABA strongly supports the legislation, which was introduced as part of its Agenda for America's Hometown Bankers. Those attending the ABA Government Relations Summit -- March 23-25 in Washington, D.C. -- will advocate for this bill as part of their meetings with lawmakers. Read more. Read ABA's 2015 guide for Congress.
Obama to Create New Central Cybersecurity Agency
The White House on Tuesday revealed that President Obama will create a new federal entity to address cyber threats and promote information sharing. The Cyber Threat Intelligence Integration Center will aim to coordinate efforts between existing departments and agencies to better “connect the dots” among cyber attacks and intelligence, White House official Lisa Monaco said in a speech Wednesday.
The dynamics of interactions between the new agency -- modeled after the post-9/11 National Counterterrorism Center -- and other cyber threat entities, such as the National Cybersecurity and Communications Integration Center, remain to be seen.
The initiative comes as President Obama prepares to host a national summit on cybersecurity at Stanford University on Friday. ABA Chairman John Ikard will represent ABA at the event, speaking on a panel about the importance of effective cyber threat information sharing. Read more about the cybersecurity summit.
Agencies Release Capital Calculator for Securitization Exposures
To help banks calculate the capital levels required for their securitization exposures under Basel III, the banking agencies yesterday released a downloadable, Excel-based calculator.
The tool is designed to facilitate the calculations for banks that use the agencies’ Simplified Supervisory Formula Approach, which applies relatively higher requirements to riskier junior tranches that are the first to absorb losses, and relatively lower capital requirements to more senior tranches.
In a Financial Institution Letter accompanying the calculator, the FDIC cautioned that it “continues to expect community banks to have a comprehensive understanding of their securitization exposures and to meet all due diligence requirements.” Read more. Download the calculator.
Agencies Issue New Resources on Third-Party Cyber Resilience
The federal banking agencies on Friday issued a new resource to help bankers manage third-party risks and ensure their vendors are capable of withstanding cyber attacks.
The resource, an appendix to the business continuity planning booklet in the Federal Financial Institutions Examination Council’s IT exam handbook, covers third-party risk management, the impact of a disruption on a third party’s ability to serve clients, how to conduct testing with vendors and other cyber resilience issues. Read more.
House Majority Leader McCarthy to Keynote ABA Summit
House Majority Leader Kevin McCarthy (R-Calif.) has been added as a keynote speaker at the ABA Government Relations Summit, March 23-25 in Washington, D.C. McCarthy joins House Financial Services Committee Chairman Jeb Hensarling (R-Texas) and “Meet the Press” host Chuck Todd on the speaker roster for the largest gathering of banking industry leaders in the nation’s capital.
Bank employees and directors are invited to register for free. Directors are especially encouraged to attend, as their roles in their hometowns position them well to explain to lawmakers the value banks bring to local economies. The SDBA will provide a $250 stipend to SDBA members who attend the event.
ABA also encourages bankers to bring younger bank employees with them to introduce them to advocacy early. This year’s Summit will include the second annual Emerging Leaders Forum and an orientation to make the most of a Capitol Hill visit. Register now.
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