SDBA eNews: November 3, 2016

In This Issue

Learn to Adopt a Performance Mindset to Drive Results


Deluxe Financial Services is offering a free webinar "Proven Strategies for Creating a Performance-Driven Culture in Your Institution" on Tuesday, Nov. 15, at 1 p.m CDT.

Heath Fountain, CEO at Planters First Bank, and Amiee Ball, Deluxe, will discuss how implementing a performance management culture will not only give bankers a more accurate, forward-looking view of their business, but also help them outperform the competition.

Fountain and Ball will share ideas on the following. Learn how to enhance visibility and foster better decision-making using a single view of data. Use performance management technology to transform your business. Better communicate strategy and targets throughout the organization Increase accountability by providing staff with the information they need to take ownership of their performance. Find the right metrics to measure.

Learn more and register.


GSB Offers 2017 Bank Technology Management School


As the technologies used to support banking become more important, and as banking products demand more sophisticated technology solutions, it's vital that IT professionals and information security officers understand how to effectively choose, deploy and lead the use of current and emerging technologies to meet business goals and regulatory requirements.

Don't miss the Graduate School of Banking at the University of Wisconsin's 2017 Bank Technology Management School that's designed by, and especially for, IT professionals and information security officers in the financial industry. This state-of-the-art program will broaden understanding of the business of banking including key drivers of bank profitability, along with an in depth and interactive study of information technology management.

The school will be held March 19-24, 2017, at the University of Wisconsin-Madison. Learn more and register.


Question of the Week

We have a loan that is for the purchasing a vacation home. Does the SAFE Act apply?

Answer: Yes--it's a consumer loan secured by security on a dwelling. From 12 CFR §1007.102:

"Residential mortgage loan means any loan primarily for personal, family, or household use that is secured by a mortgage, deed of trust, or other equivalent consensual security interest on a dwelling (as defined in section 103(v) of the Truth in Lending Act, 15 U.S.C. 1602(v)) or residential real estate upon which is constructed or intended to be constructed a dwelling, and includes refinancings, reverse mortgages, home equity lines of credit and other first and additional lien loans that meet the qualifications listed in this definition. This definition does not amend or supersede 12 CFR 613.3030(c) with respect to Farm Credit

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

Compliance rules and regulations change quickly. For timely compliance updates, subscribe to Compliance Alliance’s email newsletters.

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.


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Questions/Comments

Contact Alisa DeMers, SDBA, at 800. 726.7322 or via email.

First PREMIER Bank in News for Positive Story on Workforce Development

 
First PREMIER Bank was featured in the Sioux Falls Argus Leader yesterday with a story on finding success with a diverse team of employees making up the bank's payment services group.

Taken from the Argus Leader: Their work day starts when the mail arrives and ends when it all has been handled, says reporter Jodi Schwan. They sort, scan and send an average of 1.1 million items per month from a nondescript office building on the east side of Sioux Falls, in an area deliberately separated for security. These 10 full-time and one part-time workers make up the payment services group at First PREMIER Bank.

And while their tasks might seem a routine part of the corporate ecosystem, their story could be a case study in workforce development. Two team members are from Bosnia. One is from China; another is from Vietnam. A longtime co-worker is hearing-impaired. Together, they have become top performers for their company both in customer service and employee satisfaction.

“I think it provides a great example of what’s possible,” First PREMIER Bank President Dave Rozenboom said. “And that’s true within our organization but also outside our organization, for other employers.”

Read the full Argus Leader story.


New SD Online Business Filing System Going Live November 14


The South Dakota Secretary of State’s new online business filing system will go live live and operational on Monday Nov. 14. The office, along with its development team, is working to make the transition as seamless as possible.

The SD Secretary of State's business services website will be turned off Thursday, Nov. 10, 5 p.m. CST. Business entity data will be unavailable over the weekend as it is transferred to the new system, including PAD accounts, subscriber login information and business entity details.

On Monday, Nov. 14, 8 a.m. CST, the new business filing system will be turned on and users will be able to file and search online. Functions that will be available for online processing are LLC formations, filing of annual reports, statements of change of registered agent or registered office, certificates of good standing/existence, searches and name availability searches. If these filings are mailed as a paper filing after Nov. 14, they will incur an additional $15 paper processing fee.

Services coming soon for online processing are corporation formations, nonprofit formations, reinstatements and certified copies.

Questions, contact the SD Secretary of State's Office at 605. 773.3537 or via email.


ABA Launches Student Debt Repayment Benefit for Employees

 
ABA yesterday announced that it is offering a student debt repayment benefit for employees. Starting in December, the association will pay up to $1,200 per year toward employees’ student loan balances, with a lifetime cap of $10,000. According to an annual survey from a national human resources group, only 4 percent of employers nationwide offer this kind of benefit.

The new benefit is the first step of a broader ABA strategy to mitigate the burden of student loan debt in America. The association’s Endorsed Solutions group is currently reviewing vendor options to help ABA member banks who are interested in offering a similar benefit to their own employees.

“We’re encouraging our members to consider offering a benefit like this to help attract and retain millennials in their individual markets,” said ABA President and CEO Rob Nichols. “Since so few employers currently offer such benefits, we see this as an opportunity for banks to uniquely position themselves to attract and retain young talent.” Read more.


ABA Comments on IRS Rule Limiting Valuation Discounts


ABA yesterday commented on a proposal by the IRS that would limit valuation discounts of family interests in certain family entities for estate, gift and generation-skipping transfer tax purposes. ABA argued that the IRS does not need to distinguish, as the proposal does, between loans extended by “publicly held” banks and other institutions due to bank regulations that govern activities with related parties.

“The IRS’s concern about potential conflicts of interest in loan terms has been mitigated by these important regulations,” ABA said, adding that “it would be inherently unfair to families, otherwise unrelated to the bank, to be penalized under these valuation rules simply because they seek financial and fiduciary services with a bank that is not ‘publicly held.’” Read the letter. For more information, contact ABA’s Phoebe Papageorgiou.


DoJ Ramps Up Servicemembers Civil Relief Act Enforcement Efforts, Enlists JAGs

 
The Department of Justice yesterday announced a pilot program to ramp up efforts by federal prosecutors to enforce the Servicemembers Civil Relief Act (SCRA).

Under the program, DoJ will fund assistant U.S. attorney and trial attorney positions to provide targeted support on SCRA-related cases in districts with major military bases, and military judge advocate officers serving as legal assistance attorneys will be able to be designated as special AUSAs for purposes of assisting with SCRA litigation. Read more. For more information, contact ABA’s Rob Rowe.


OCC Discloses Data Breach

 
A former Office of the Comptroller of the Currency (OCC) employee downloaded at least 10,000 encrypted files onto two thumb drives, took them off the premises and has not returned them to the agency, the OCC said on Friday in a notification to Congress of a “major information security incident” as required by federal law. “Based upon currently available information, there is no evidence to suggest that any non-public OCC information, including any personally identifiable information or controlled unclassified information has been disclosed to any member of the public or misused in any way,” the agency said.

The official took the files in the week prior to his retirement in November 2015, but the incident was not detected until Sept. 1, 2016, when the OCC was conducting a review of employee downloads to removable media. When contacted, the retiree was unable to find or return the thumb drives. The agency did not describe the data lost beyond the quote above.

The FDIC has also been plagued by employee-driven data breaches. A congressional investigation earlier this year identified major lapses at that agency, with current or former employees removing devices containing personal information of more than 160,000 people, as well as confidential bank supervisory information. Read more.