SDBA eNews

August 29, 2019

South Dakota Farm and Ranch Stress Summit Set for Sept. 23-25

Image of FarmersThe SDSU Extension Rural Behavioral Health Team is partnering with the South Dakota Counselors Association to provide the South Dakota Farm and Ranch Stress Summit on Sept. 23-25 in Oacoma. 

The purpose of the Summit is to provide the ag community with information on working through individual stress and how to provide support to individuals dealing with stress. Including farmers and ranchers--as well as those in support positions such as counselors, bankers, consultants, clergy, crop insurance agents and other business members--in these conversations will strengthen communities across South Dakota. 

Day one will feature keynote speaker Dr. Michael Rosmann, a farmer and psychologist from Harlan, Iowa, who will address the unique stressors producers experience and their barriers to seeking and receiving help. Day one will also include breakout sessions and SDSU Extension's workshop for producers titled Weathering the Storm.

Day two will provide tools for counselors, agri-business and community members on how to recognize and aid those in the ag community experiencing chronic stress. SDSU Extension will present the Communicating with Farmers Under Stress Workshop.

Day three will focus on the Mental Health First Aid Training, an eight-hour certification for individuals across our ag and community landscapes. 

The Summit will be held at Arrowwood Cedar Shore and Conference Center in Oacoma. The SDBA is helping to sponsor the Summit. Learn more and register to attend

FFIEC Supports Industry-Developed Cybersecurity Profile

The Federal Financial Institutions Examination Council yesterday highlighted a number of available standardized tools institutions can take advantage of to assess and improve their level of cybersecurity preparedness. Among the tools referenced was the Financial Services Sector Coordinating Council’s Cybersecurity Profile, which was developed by ABA and other trades under the direction of the FSSCC.

The profile uses a questionnaire to identify a company’s risk and complexity and match it with an appropriate cybersecurity assessment. It is intended to reduce the time spent on compliance and in reconciling competing, duplicative and redundant cybersecurity examinations.

“We applaud the Federal Financial Institutions Examination Council for its support of the industry-developed Cybersecurity Profile, which is based on the National Institute of Standards and Technology’s cybersecurity framework,” said ABA President and CEO Rob Nichols. “ABA, along with the Bank Policy Institute, FSSCC and a coalition of other trades, rose to the challenge of developing this tool to help harmonize the industry’s approach to cybersecurity. Support from national and state banking supervisors should encourage more institutions to adopt the Cybersecurity Profile.” Read FFIEC’s statement.

ABA Joins FDX to Advance Industry-Led, Data-Sharing Standard

ABA has joined the Financial Data Exchange, the exchange announced yesterday. ABA is one of eight organizations, among them Mastercard, Visa and SunTrust Banks, that joined FDX this summer. “Consistent with ABA’s principles, the industry-led development of API standards is an important step in giving consumers secure and transparent control when they share their personal financial data,” commented ABA VP Rob Morgan.

FDX is a nonprofit organization dedicated to consumer control of financial data through an open banking API and technical standards that prioritize security, transparency and user experience. In June, the Open Financial Exchange joined FDX to align work on an industrywide standard. FDX’s members include America’s largest banks, as well as major nonbank fintech platforms, insurers, payment networks and trade associations. Read moreRead ABA’s Fintech Playbook white paper on APIs

Agencies to Host Joint Webinar on Model Risk Management, CECL

As banks prepare to implement the current expected credit loss accounting standard, the FDIC, Federal Reserve and the OCC will host a joint webinar on Tuesday, Sept. 3, at 1 p.m. CDT to clarify the use of model risk management with regard to CECL. The agencies noted that banks should exercise sound risk management practices in all aspects of their CECL frameworks and that models should be appropriate to the size and complexity of the institution. Learn more and registerView ABA resources on CECL

Fed Updates Exam Manual to Reflect Private Flood Rule Changes

The Federal Financial Institutions Examination Council updated its Flood Disaster Protection Act examination manual to reflect changes resulting from the new private flood rule, which went into effect on July 1, 2019. The rule is the long-awaited implementation of the 2012 Biggert-Waters Act provision that requires federally-regulated lending institutions to accept private flood insurance policies that meet certain statutory criteria, in satisfaction of the mandatory purchase requirement.

The updated manual addresses: mandatory acceptance of a private insurance policy that meets the required criteria; discretionary acceptance of a policy that does not meet the criteria; and discretionary acceptance of a plan issued by a mutual aid society in satisfaction of the flood insurance purchase requirement, if certain criteria are met.

In addition, the Federal Reserve released information on the acceptance of mutual aid society plans for Fed-supervised institutions. The agency noted that staff will “assist state member banks in determining whether a mutual aid plan meets the Federal Reserve’s conditions for acceptance.” To request a review, the bank must provide the plan, “along with any supporting state-specific regulatory information pertaining to the state in which the property is located, to its responsible Reserve Bank prior to accepting the plan.”

FEMA Publishes Mitigation Strategy for Natural Disasters

In response to recent natural disasters, the Federal Emergency Management Agency has published a national mitigation investment strategy, which is intended to provide “a national, whole-community approach to investments in mitigation activities and risk management across federal, state, tribal, territorial and local government and the private and nonprofit sectors.”

The strategy involves investments in mitigation resources and activities to reduce the potential consequences of natural disasters like floods, wildfires and hurricanes. These include: building and updating structures to the latest codes and standards; collecting and sharing data that identifies risk posed by natural hazards; and aligning funding requirements and incentives for mitigation investment. View the strategy. For more information, contact ABA’s Sarah Ferman.

ABA Improves Member Service with Brand-New Website

On Monday, the ABA launched a newly-redesigned website at that provides members tools and information to help you and your bank stay up-to-date on industry issues and connect with peers and ABA experts. While the new website includes an attractive, mobile-friendly redesign, it has also been rebuilt from the ground up with new search capabilities, improved navigation and streamlined content.

As before, an login—free to any employee or director at an ABA member bank—is required to access ABA members-only content. With the new site, the same login will also allow bankers to register for ABA events and purchase ABA products and services. Existing website users can log in using the email address associated with their account, not the username. Due to increased security standards, users may be asked to reset passwords or update profile information the first time they access the new site.

ABA encourages all bankers to browse the new site, review the content available by banking topics and access free members-only resources. First-time and previous users alike can register and sign in by visiting the new

SBA to Hold Lender Training in Aberdeen

The Small Business Administration (SBA) has scheduled a lender training in Aberdeen on Sept. 18. Topics to be covered include origination, underwriting policies, SBA resource partners, USDA programs, how to’s and Q&A’s. The SBA previously held similar lender trainings in Sioux Falls and Rapid City earlier this month. 

The Aberdeen training will be held from 8:30 a.m. to 4:30 p.m. at the Small Business Development Center at 416 Production St. North.To register, email Pamela K. Selberg.

Compliance Alliance

Question of the Week

Question: I was wondering do all checks over a certain dollar amount need to be verified for accurate signatures? Can you tell me whether there is a requirement?


Answer: There is not a particular threshold amount in the federal laws or regulations, or in the model UCC. So generally speaking, any specific threshold requirement would just be under the bank's internal policy.

Not a 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.

Northern Plains Appraisal Ad 

 SDBA eNews Archive

View past issues of the SDBA enews

Advertising Opportunity
Learn more about sponsoring the SDBA eNews.

Contact Alisa Bousa, SDBA, at 800.726.7322 or via email.