Registration Open for SDBA 2019 Compliance Workshop

compliance photo With so much up in the air in this regulatory environment, one thing that remains constant is the need for a commitment to compliance. Therefore, a strong understanding of the continually shifting landscape is essential. More regulations? Less regulations? You and your compliance staff can handle it by using knowledge learned from attending the SDBA 2019 Compliance Workshop. The training is geared toward compliance professionals including those who may run their compliance program alone and/or wear many hats at the bank.

This comprehensive day-and-a-half workshop, which will be held Oct. 15-16, 2019, at the Hilton Garden Sioux Fall South in Sioux Falls, will be led by Compliance Alliance. The workshop will cover deposits and operations topics to give a well-rounded view of the compliance landscape. Sessions will include 2019 hot topics, a regulatory panel, an SDBA compliance law update, fair lending top issues, S. 2155, ADA compliance, CRA/reasonable expected market area and a flood update.

Attendees will have extensive opportunities to network and discuss common issues with their community banking peers. Compliance officers, internal audit staff, and any employee who assists with compliance management, monitoring, audit, review or training should attend this training. Learn more and register to attend.

Photo Submission Deadline Nearing for 2020 Scenes of South Dakota Calendar

If you are an amateur photographer and would like the opportunity to have your creativity displayed in homes and businesses across South Dakota, this is your chance.

The SDBA is offering the 2020 Scenes of South Dakota Calendar which will feature photos of South Dakota submitted by South Dakota bankers, their family members and customers. Send us your photos of farms, barns, agricultural activities, historical South Dakota locations, county fairs, carnivals, parades or festivals, fall colors, winter snowfalls, spring flowers, summer fun, etc. Any photo that shows the history and beauty of the great state of South Dakota qualifies.

All photos submitted will be judged and the top photos will be featured throughout the 2020 Scenes of South Dakota calendar. The deadline to submit a photo is Monday, July 29. Photo submission form.

The SDBA is also taking orders for the 2020 Scenes of South Dakota Calendar, which are exclusive to SDBA member banks and associate members. Calendar orders are due by Sept. 1. Calendar order form.

Bankers: Ask Lawmakers to Support CECL Stop and Study Bills

As a result of ongoing advocacy by the industry to communicate the significant operational challenges and potential economic consequences arising from the current expected credit loss standard, the Financial Accounting Standards Board voted last week to delay the implementation of CECL for some—but not all—companies.

The ABA is calling on FASB to expand the extension to include banks of all sizes and continues to urge bankers to contact their lawmakers to support legislative efforts that would delay CECL’s implementation. Congress is currently considering two bills—S. 1564 and H.R. 3182—that would delay the standard so that a quantitative impact study can be conducted to determine the full implications CECL will have on the availability of credit in communities nationwide. Contact your lawmakers now.

Colorado Banker Highlights Public Benefits of Banking Legitimate Cannabis Businesses

In testimony on Tuesday before the Senate Banking Committee, ABA banker Joanne Sherwood urged lawmakers to pass the bipartisan SAFE Banking Act, which would allow financial institutions to serve cannabis-related businesses in states that have legalized the drug.

Sherwood, who is president and CEO of Citywide Banks in Denver, Colo., highlighted several challenges communities face when legitimate cannabis businesses are unable to access the banking system. For example, these businesses are often forced to operate only in cash, and in Denver alone, cannabis businesses—which make up less than 1% of all local businesses—accounted for 10% of all reported burglaries from 2012-2016.

She added that there would be significant public benefits to allowing financial institutions to serve cannabis businesses—many of which were highlighted in a white paper released this week by ABA. “Although the SAFE Banking Act does not cure all of the cannabis-related banking challenges, it would help the 33 states that have legalized cannabis in some form to make their communities safer, collect their taxes and regulate their cannabis markets effectively,” Sherwood said. Read Sherwood’s testimony. Read ABA’s white paper.

ABA Offers Feedback on Illicit Cash Act Draft

In a letter to Sens. Tom Cotton (R-Ark.), Mark Warner (D-Va.), Mike Rounds (R-S.D.) and Doug Jones (D-Ala.) last Friday, ABA offered feedback on the draft legislation known as the Illicit Cash Act. The bill is designed to improve coordination, establish beneficial ownership reporting and modernize AML/CFT laws to respond to new threats, encourage technological innovation and reinforce a risk-based approach.

ABA wrote that “the draft legislation is a step in the right direction to make our anti-money laundering/combating the financing of terrorism (AML/CFT) more efficient.” The association also applauded the bill’s efforts to improve communications and feedback from law enforcement and to adapt new technologies to AML/CFT efforts.

ABA also recommended changes to the bill, including revisions that would improve consistency and specificity and foster two-way communications among financial institutions and law enforcement, as well as improve the AML/CFT model validation and examination process. Read ABA’s comment letter. For more information, contact ABA's James Ballentine.

Podcast: Church Lending and Other Ways to Renew Urban Neighborhoods

As urban areas across the country grow and change, community development financial institutions like Metro Bank in Louisville, Ky., are meeting the unique needs of these evolving neighborhoods. On the latest episode of the ABA Banking Journal Podcast, Pedro Bryant—president and CEO of Metro Bank, Kentucky's only bank designated as a CDFI—discusses:

How Metro Bank employs New Markets Tax Credits to finance significant projects in its target Louisville and Jefferson County neighborhoods.
Metro Bank's customized loans to churches, which provide critical funds to grow facilities and programs at organizations uniquely situated to support community revitalization.
Key underwriting factors bankers should consider when lending to houses of worship.
The need for bankers to participate in the policymaking process to encourage growth and economic development, especially in rural areas and small towns.

Listen to the episode.

Hacker Hour: Critical Responsibilities of an Information Security Officer

The past five to 10 years have brought such big changes to the roles and responsibilities of the information security officer (ISO) that many small to medium-sized organizations struggle to define the most critical responsibilities. Guidance tells us that management should designate at least one ISO to be responsible and accountable for implementing and monitoring the information security program. But what does that mean?

Join SBS CyberSecurity for the free webinar Hacker Hour: Critical Responsibilities of an Information Security Officer on Wednesday, July 31, at 2 p.m. CDT. SBS will discuss the most critical responsibilities of the information security officer and share some insight on what small to medium-size organizations can do to fulfill the ISO's most critical responsibilities.

True Due Diligence for Lenders Webinar

Capital Lien is offering the webinar True Due Diligence for Lenders: Insights From the Trenches on Aug. 20 at 10 a.m. CDT. Participants will hear war stories and insights shared from decades of research. Everything from property and corporate-related issues to the elusive UCC will be tackled in this session to assist lenders.

Capitol Lien is a due diligence source for definitive information to help lenders make decisions with confidence. They offer a wide array of services to streamline your process involving UCCs, liens, real estate research, court research and corporate services.

Learn more and register for the free webinar.

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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.