AARP Offers New Training to Help Banks Fight Financial Exploitation of Older Customers

Fight Financial Exploitation: Become BankSafe Today AARP has developed and launched a new training program to help banks detect and report financial exploitation of older customers. BankSafe is a free online platform designed to empower financial institution employees with the knowledge, skills and confidence they need to better understand and interact with older customers, identify signs of financial exploitation and take the right steps to protect the assets of older Americans.

Tailored to meet the unique needs and demands of frontline staff, the platform is an interactive, 60-minute training that employees can complete in one sitting or at their own pace as they choose among more than 25 education and training modules. As part of the BankSafe program, financial institutions can apply to have AARP verify that at least 80% of their frontline staff successfully passed the BankSafe training and confirm that they have a financial-exploitation escalation or reporting policy.

AARP will hold a live national webinar on Thursday, Oct. 3, at noon CDT for banks to learn about the BankSafe training. Participants will get a sneak peek of the training’s interactive learning modules and tools, including games, interactive videos, real-life scenarios and state-specific resources. Sign up for the webinar. Learn more about BankSafe.

Hotel Blocks Added for SDBA LEAD STRONG: Women in Banking Conference

Additional hotel blocks have been added for the SDBA's LEAD STRONG: Women in Banking Conference set for Oct. 9-10 at the Sioux Falls Convention Center in Sioux Falls.

If you plan to attend the conference and have not reserved a hotel room, the SDBA has added a block of rooms for the evening of Oct. 9 at the Holiday Inn & Suites Sioux Falls--Airport at 2040 W. Russell St. The rate is $129 per room, and the block will be released on Sept. 25. Visit the hotel block link or call the Holiday Inn at 605.331.2040.

The Sheraton Sioux Falls at 1211 N. West Ave. has also added club level rooms at $139 per room to the SDBA's block. The block release date at the Sheraton has been extended to Sept. 18.

The LEAD STRONG: Women in Banking Conference is designed to encourage, support and inspire women to succeed in the workplace. This event will benefit all levels of staff interested in the enhancement and career growth of women in South Dakota banking. See the full agenda and register to attend.

ABA Launches New Video Series on Careers in Banking

The ABA on Tuesday launched a new series of videos highlighting the diverse and rewarding career opportunities available in banking today. The videos—profiling eight employees working in different jobs at banks of all sizes across the country—are available on ABA’s new Careers in Banking webpage, which also features job boards, training and other resources for those considering a banking career.

“The impressive bank employees we profile in this series really demonstrate what it means to be a banker these days,” said ABA President and CEO Rob Nichols. “Whether they work in farm lending, wealth management or artificial intelligence, they all share the same passion for serving their customers and communities. We hope they inspire others to recognize the incredible promise and possibilities of a banking career.”

ABA encourages its members and state bankers associations to use the video series in their industry recruiting efforts, including at job fairs and on college campuses. In addition, a new online social media toolkit offers four short teaser videos created specifically for social media, plus sample posts and tweets. Bankers can post the videos on their own social media channels—and are encouraged to share ABA Facebook, Twitter and LinkedIn posts in the coming weeks and months. View the webpage and videos. Access the toolkit.

CFPB Issues New Policies Intended to Foster Innovation

As part of its ongoing effort to foster financial services innovation, the Consumer Financial Protection Bureau on Tuesday issued three new policies to help banks safely and compliantly develop innovative products and services. The bureau published an updated no-action letter policy, a trial disclosure program policy and a compliance assistance sandbox policy. It also issued its first no-action letter under the new policy.

The no-action letter policy makes improvements to the bureau’s existing 2016 policy, establishing a more streamlined review process, among other things. The trial disclosure program policy enables institutions to conduct in-market testing of alternative disclosures for a limited time, subject to CFPB approval. Finally, the sandbox will provide a safe harbor for banks to test products or services that have been approved by the bureau.

ABA supported these efforts in previous comments and welcomed the bureau’s action. “Regulatory uncertainty can hinder the development of innovative products and services that benefit consumers and expand access to the financial system,” said Rob Nichols. “The trial disclosure program, compliance assistance sandbox and no-action letter policies announced today will contribute to an environment where innovation can flourish.”

The CFPB also announced the creation of the American Consumer Financial Innovation Network—a partnership with several state bank regulators to enhance coordination and facilitate innovation. “This collaboration will further reduce regulatory uncertainty, promote innovation and increase competition that benefits consumers,” Nichols added. View the policy documents. Learn more about the ACFIN.

ABA to Bankers: Ask Congress to Pass SAFE Banking Act

With cannabis now legal in some form in 33 states, ABA continues to urge lawmakers to address the discrepancies between federal and state laws that inhibit banks from serving legitimate cannabis businesses. ABA is calling on bankers to contact their lawmakers and ask them to pass the SAFE Banking Act, a bipartisan solution that will allow banks to serve cannabis-related businesses in states where the activity is legal and prohibit federal regulators from taking action against a bank solely because cannabis is involved. Contact your lawmaker.

Podcast: Surprising Places to Understand Financial Risk

Allison Schrager's career as an economist and journalist seeking to understand financial risk has taken her from Kentucky stud farms and surfing conventions in Hawaii to cruise lines in Florida and the world of the New York paparazzi. On the latest episode of the ABA Banking Journal Podcast—sponsored by RIVIO Clearinghouse, the future of financial information interchange—the author of the recent book “An Economist Walks into a Brothel and Other Unexpected Places to Understand Risk” shares her unique perspective on:

The importance of understanding risk-free alternatives and how that might encourage people to take appropriate risks.
How bankers—whose business model is entirely about risk management—can help their customers better understand risk.
Why the choices faced by top big-wave surfers perfectly illustrate systemic financial risk.
How buyers of basic economy airline tickets receive a premium in exchange for reducing the airline's risk.

Listen to the episode.

SDBA Reminds Member Banks to Complete 2020 Bank Directory Questionnaire

The SDBA works with M. Lee Smith Publishers, a division of BLR, to publish the 2020 South Dakota Bank Directory. In August, BLR sent a questionnaire to each SDBA member bank to obtain data about the bank including correct address, telephone numbers, officers and directors.

The deadline for banks to submit their updates for the 2020 South Dakota Bank Directory is Sept. 23. If you received your bank's update questionnaire but are not the proper contact person, please forward the information to the correct person at your bank.

If you have any questions about your bank's changes for the 2020 South Dakota Bank Directory or need your bank's questionnaire to be resent, please contact Rhonda Rankin with BLR at 615.661.0249 ext 8081 or Alisa Bousa with the SDBA at 605.224.1653.

Hacker Hour: Vendor Risk Assessment and Classification

Vendor management is one of the most critical components of an effective information security program. It is also the most challenging for organizations to manage effectively. From the amount of time and energy it entails and knowing which questions to ask, there's a lot to sift through. Conducting a vendor risk assessment sets the foundation of a well-managed program, however, this step often gets skipped.

Join SBS CyberSecurity for the free webinar Hacker Hour: Vendor Risk Assessment and Classification on Thursday, Sept. 19, at 2 p.m. CDT. SBS will dive into conducting a vendor risk assessment and classification and discuss how these activities drive the overall effectiveness of your third-party vendor program. Sign up for the webinar.

Question of the Week

Question:

I have a list of reasons for denial on a loan, but is there a separate list of reasons for denying a deposit that are standard reasons?

Answer: Unfortunately, there is not a model list of reasons for deposit accounts. The bank may be able to modify some of the reasons in the model forms for credit accounts though, and you can find those in Regulation B here: https://www.consumerfinance.gov/policy-compliance/rulemaking/regulations/1002/C/.

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.