First Dakota National Bank to Host AgriVisions 2017
First Dakota National Bank will hold its annual AgriVisions 2017 featuring Dr. Matt Roberts at four locations across the state next week.
AgriVisions 2017 will be held in Sioux Falls the morning of Wednesday, Jan. 25, and that evening in Mitchell. The event will be held in Pierre the morning of Thursday, Jan. 26, and that evening in Yankton.
Dr. Roberts is a highly-respected and accomplished ag commodity broker and professor at Ohio State University. He will share his outlook on grain, energy and macro markets.
To RSVP, call First Dakota at 800.657.5826 or 605.665.4904. Learn more and view the location list.
Confessions of a Hacker's Social Engineering Success
SBS CyberSecurity will hold Hacker Hour: Confessions of a Hacker's Social Engineering Success on Wednesday, Jan. 25, at 2 p.m. CST.
Social engineering is the leading cause of security and data breaches in the world today. The free webinar will share some social engineering stories that will remind bankers of how easy it can be for a hacker to compromise their business.
Learn more and register.
2016 Bank Salary & Fringe Benefit Survey Available
Each year, Eide Bailly LLP conducts a survey of South Dakota banks to obtain valuable information on compensation and fringe benefit programs in banking.
The 2016 South Dakota Bank Salary & Fringe Benefit Survey is an 83-page summation which contains information from 19 participating banks on 52 common positions in a community bank. The summation will provide you with reliable information to compare your bank’s compensation and fringe benefit programs with other comparable banks.
The cost is $300 for members, $400 for associate members and $500 for non-members. Order a copy.
Question of the Week
Does the bank have to allow HSA beneficiaries to return mistaken distributions to the HSA?
Answer: No, this is optional. So you’re not required to do so, but you may do so. If the HSA trust or custodial agreement allows the return of mistaken distributions, the bank may rely on the account beneficiary’s representation that the distribution was, in fact, a mistake.
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.
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SDBA Calls on Bankers to Advocate for Durbin Repeal
As Congress prepares to consider the Financial Choice Act, the South Dakota Bankers Association strongly urges all bankers to encourage their members of Congress to support efforts to repeal the Durbin Amendment and eliminate the government-imposed price controls on debit card interchange.
To help bankers craft their messages to lawmakers, ABA has created a customizable draft message and a fact sheet about the negative effects of the Durbin Amendment on both banks and consumers. Send a message now. View the fact sheet.
ABA Supports Consistency, Oversight in Proposed Fintech Charter
ABA yesterday offered its support for the OCC’s proposal to grant special-purpose national bank charters to financial technology firms, as long as existing rules are applied evenly and fairly and with effective oversight. In a comment letter, ABA recognized the OCC’s efforts to facilitate responsible innovation within the banking system, emphasizing that the implementation of the new charter will be critical to ensuring a level playing field for banks and fintech companies. “The OCC must ensure that the appropriate regulations apply consistently to all national bank charters and that no regulatory gaps emerge,” ABA said.
Specifically, ABA said that fintech companies applying for a limited-purpose charter must be held to the same standards as national banks in terms of governance structure, capital and liquidity requirements, compliance risk management and financial inclusion, among other things. The Association urged the OCC to work with other agencies “carefully and cooperatively to assure that no current policy lines are directly or inadvertently moved as a consequence of this action.”
ABA added that in addition to granting a limited-purpose charter to fintech firms, the OCC must also remain focused on empowering traditional banks to innovate. “Banks are the original fintech companies and have a long history of bringing innovative services to customers in a responsible manner,” said ABA VP Rob Morgan. “There are a number of steps that the OCC can take to help facilitate this. These include enabling banks to undertake limited-scale tests of innovative products and making it easier for banks to partner with fintech companies.”
ABA will continue to provide feedback to the OCC as the agency works through the details of the fintech charter in the weeks and months ahead.
OCC Launches Central Application Tracking System
The OCC on Tuesday rolled out the first phase of its new Central Application Tracking System, which will allow the banks it regulates to draft, submit and track licensing and public welfare investment applications. The system will allow OCC analysts to receive, process and manage those applications. Available through BankNet, CATS will replace existing e-Corp and CD1 Invest application tools.
With the phase one rollout, CATS may now be accessed by frequent e-Corp and CD-1 Invest filers. Phase two (for all other filers on the existing systems) and phase three (for all other banks) are scheduled to begin later this spring.
While CATS use is encouraged, banks may continue to submit paper filings. OCC staff will notify banks about which phase they will be part of and about webinars the agency is planning to help bankers learn how to use CATS. Read more.
Reports: Trump May Remove Cordray
A spokesman for President-Elect Donald Trump said last week that Trump has interviewed former Rep. Randy Neugebauer (R-Texas) for the post of Consumer Financial Protection Bureau director--indicating that Trump may be considering removing current director Richard Cordray from his post before his term expires in 2018. According to the Huffington Post, Trump met the day before with Neugebauer, and no other candidates are currently under consideration.
Neugebauer recently retired from Congress after seven terms. He served on the House Financial Services Committee and chaired the Subcommittee on Financial Institutions and Consumer Credit in the 114th Congress.
Trump would be able to take this action under the federal appellate ruling in PHH Mortgage v. CFPB, which invalidated the bureau’s leadership structure. Under the Dodd-Frank Act, the bureau director may be removed not at the president’s discretion but only “for cause,” a distinction that departs from historical practice and risks arbitrary decision-making and abuse of power, according to the court’s decision, making the director removable at the president’s discretion.
The possibility of Trump requesting Cordray’s early resignation has triggered volleys between Republicans and Democrats on Capitol Hill over the decision. Under the ruling, the president now has the power to remove the CFPB director, unless a higher court rules otherwise. ABA will continue to monitor the PHH case as the appeal proceeds.
Free Article Identifies Financial Priorities of Young Business Owners
The ranks of small business owners increasingly include members of the millennial generation--those aged 18 to 36--and these younger entrepreneurs often look outside the banking sector for growth capital. A new free article from the ABA Banking Journal explores why, and explores what bankers can do to win the commercial business of the one-quarter of millennials who own their own enterprise.
Spotlighting the experiences of different young business owners, the article identifies speed, transparency and loyalty as key factors. “We felt like underwriting was a black hole,” says Atlanta-based entrepreneur Ryan Wilson. “And if it was going to be a ‘no’ [from the bank], we wanted to get to that point quickly.”
However, for two millennials who bought a small-town insurance agency, a community banker’s bet on their business resulted in securing all of the agency’s loan, deposit and trust account business. “We probably could have gotten a little better rate somewhere else, but I wasn’t even going to talk to anyone else, he was just so good to us from the get-go,” says co-owner Dutch McNeal. Read the article.
FHFA Seeks Feedback on Manufactured Housing Pilots
The Federal Housing Finance Agency yesterday requested public feedback about its plans to boost the secondary market for manufactured housing. Specifically, the agency is seeking input on what considerations Fannie Mae and Freddie Mac should include in potential pilot programs related to chattel loans for manufactured homes, and how such programs should be designed. Comments are due by Feb. 17. Read more.
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