SDBA eNews: December 1, 2016

In This Issue

Hacker Hour: SBS Annual Cybersecurity Predictions


At the end of each year Secure Banking Solutions staff look into their magic crystal ball and make predictions of what the world will see in the cybersecurity industry throughout the next year. Join them for this one hour session as they review which 2016 predictions came true and announce their 2017 predictions.

The free webinar will be held Wednesday, Dec. 28,  2 p.m. CST. Register for the webinar.


Free SSA Benefit Fraud Seminar to be Held in Watertown

 

Due to medical advances, the U.S. has a drastically aging population (as a generation) that will outlive their personal assets. Ultimately, Social Security and other government benefit programs will be the only revenue steam in which the elderly population can utilize for day-to-day existence. Current trends show an alarming increase in elder financial abuse and benefit fraud that not only impacts the individual victim but also the taxpayers which fund these programs.

View the Flyer

This FREE training related to SSA benefit fraud covers:

  • Title II, Retirement Survivors Insurance (RSI)
  • Title XVI, Supplemental Security Income (SSI - Federal Welfare)
  • Title XIX, Medicaid

The intended audience of this event includes nursing homes, group homes, hospitals, social workers, financial planners, banks, credit unions, legislators, prosecutors and law enforcement.

The speakers, Special Agent Jason Piercy and SSA Program Specialist Miranda Casteel, will be conducting this training on a quarterly basis in different zones across South Dakota. The December 6th training will target the following northeast counties:

  • McPherson
  • Edmunds
  • Faulk
  • Hand
  • Beadle
  • Spink
  • Brown
  • Marshall
  • Day
  • Clark
  • Roberts
  • Grant
  • Duel
  • Hamlin
  • Codington

Question of the Week

For HMDA purposes, are condominium buildings reported as one- to-four-family dwellings or multifamily properties?

Answer: It depends on the ownership of each unit. Generally, condominium buildings comprise individual ownership-deeded property and so should be reported as one- to-four-family dwellings and not multifamily properties. If the units are not owned individually, however, the building would be reported as a multifamily dwelling, assuming it houses five or more families.

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.


Upcoming Events

View all SDBA events

Advertising Opportunity

Learn more about sponsoring the SDBA eNews.


Questions/Comments

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

IBFed: Basel Must Not Rush to Revise Capital Standards

 
As the Basel Committee on Banking Supervision continues work on a new round of capital standards -- an effort often described as “Basel IV” -- the International Banking Federation yesterday cautioned Basel and the Group of 20 advanced economies to keep focused on economic growth and avoid major regulatory changes that could dampen it.

“[E]conomic growth should be the first priority of the G20, and as a result, the BCBS should not rush towards concluding on the standards at any cost,” IBFed said. “While the changes to the Basel framework have the objective of enhancing bank resilience and strengthening financial stability, we note that growing economies tend to accomplish both of these aims. As such, it is important to preserve rather than inhibit the ability of banks to carry out their role in promoting growth in the economy.”

IBFed -- an alliance of national banking associations of which ABA is an active founding member -- added that Basel should carefully review the results of past capital framework changes before proceeding with new standards. “There should be an acknowledgement from both the Committee and the G20 that we are at the end of the process of establishing new regulatory standards prompted by the global financial crisis, and that we are now at the point to review the performance of these standards individually and as a whole in terms of their impact on economic growth,” the group said. Read the letter. For more information, contact ABA’s Cecelia Calaby.


Graduate School of Banking at Colorado Releases 2017 Future Leaders Scholarship Information

 

GSBC is pleased to announce the details of the 2017 Future Leaders Scholarship!

The Future Leaders Scholarship is a benefit to GSBC's partnering state banker associations. This award is given in your organization's name to a qualified applicant of your choosing, and is entirely funded by GSBC. The award is for $1,360 per year of our Annual School Session, and is available to first year students only (second year direct students do not qualify). 

You may use the following resources to inform your members of this opportunity:

If you have not taken advantage of this opportunity in recent years, GSB Colorado hopes you will consider doing so in 2017! Please contact Josie Bunch directly for more information or questions. Thank you for supporting GSBC.


FS-ISAC Announces New Cyber Resilience Initiative

 
The Financial Services Information Sharing and Analysis Center yesterday unveiled its “Sheltered Harbor” initiative -- an industry effort to improve sector-wide resilience in the face of a cyberattack.

Sheltered Harbor enables banks to store encrypted customer account information in secure “data vaults” so that it can be quickly accessed and restored after a cyber incident. In the event that an institution is unable to recover in a timely manner, Sheltered Harbor also allows data to be made available to customers through a service provider or other financial institution.

“This industry initiative will allow banks and important service providers to more fully support each other’s operations if necessary, increasing the security and convenience of customer accounts,” said ABA SVP Doug Johnson.

Led by FS-ISAC, Sheltered Harbor is a collaboration between a number of financial trade associations, including ABA. Participating institutions currently represent almost 60 percent of all U.S. retail banking and brokerage accounts.

Sheltered Harbor members have access to industry data storage and recovery standards, and are acknowledged as being “Sheltered Harbor Ready” once they have implemented the appropriate processes. As Sheltered Harbor becomes fully operational in 2017, FS-ISAC expects to see even greater industry-wide participation. Learn more about Sheltered Harbor. For more information, contact ABA's Doug Johnson


CFPB Releases 2017 Lists of Rural, Underserved Counties

 
The Consumer Financial Protection Bureau yesterday released lists of rural counties and rural or underserved counties to use in 2017 in conjunction with the bureau’s Ability-to-Repay, escrow, HOEPA and appraisal rules. Rural counties were generally defined by using a U.S. Department of Agriculture classification system and underserved counties were defined by data collected under the Home Mortgage Disclosure Act, the CFPB said. Lists are available for download as Excel, CSV or PDF files. Download the lists.


Curry: OCC 'Should Consider' Separate CEO, Chairman Roles

 
The OCC may examine whether national banks should separate the roles of chairman and chief executive officer, Comptroller of the Currency Thomas Curry said at an industry event yesterday. “The OCC’s heightened standards require that a percentage of national banks board members be independent. This is one area that may require further work.”

He pointed out that “some national banks have split the roles of board chairman and chief executive officer to clearly delineate roles and governance of the institution and eliminate potential conflicts of interest that exist when the same individual serves in both roles,” adding that “we should consider whether this structural change by some national banks makes sense for all federally supervised banks, or at least the largest most complex ones.” Read Curry’s speech.


CFPB Updates Rulemaking Agenda for 2017


The Consumer Financial Protection Bureau yesterday updated its rulemaking agenda for 2017. According to the agenda, the bureau expects to issue a final rule on arbitration in consumer financial agreements around February and to finalize proposed tweaks to the TILA-RESPA integrated disclosures around March. The bureau is also continuing with its early-stage rulemaking activities on overdrafts, debt collection and lending to small businesses. View the agenda.