SDBA eNews

September 3, 2020

Karl Adam Hired as New SDBA President

Karl AdamSDBA Chair Steve Bumann announced on Tuesday the hiring of Karl Adam as the 11th president of the SDBA.

Following his attainment of undergraduate and graduate degrees from the University of South Dakota in Vermillion, Adam spent four years with the U.S. Department of Commerce in Washington, D.C. Upon his and his wife, Joan’s, return to South Dakota, Adam spent three years working in business recruitment, development and financing at the South Dakota Governor’s Office of Economic Development in Pierre.  

In 1995, Adam started what would be a 25-year career as a community banker, serving as an insurance agent, bank officer and president and CEO of Dakota State Bank in Blunt. After selling the bank, Adam spent the past five years as market president of First Dakota National Bank in Pierre.

Adam has been closely involved with the public policy work of the SDBA since 2002, when he was first elected to the SDBA Board of Directors. He served as SDBA chair in 2018-2019.

"Karl Adam will be a great leader and spokesperson for South Dakota’s diverse, strong banking industry in Pierre and in Washington, D.C.," Bumann said. "Once the COVID-19 cloud finally lifts, I know that Karl is looking forward to discussing industry priorities and association business matters with you face-to-face."

After current SDBA president, Curt Everson, publicly announced in mid-June his intention to retire at the end of the year, at the SDBA Board’s direction Bumann appointed a five-member selection committee to review candidate applications. The committee interviewed several quality candidates and ultimately decided to recommend Adam to the full Board. Adam's selection was approved unanimously by the SDBA Board of Directors. 

In the coming months, Adam will work with Everson during a transition period.

South Dakota Bankers Invited to Take Part in Virtual Washington Fly-in

Virtual Washington Fly-in Midwest RegionSouth Dakota bankers are invited to join bankers and industry leaders from across the Midwest for a virtual meeting with agency leadership and lawmakers. A Virtual Washington Fly-in for bankers in the Midwest Region (Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, North Dakota, Ohio, South Dakota and Wisconsin) is set for Oct. 5, 6 and 8.

In partnership with the state bankers associations, the ABA is hosting this year’s Virtual Washington Fly-in to ensure policies crucial to the banking industry remain front and center and to provide a forum for critical questions from your bank. You will not want to miss out on this opportunity to speak directly to regulators about the need for commonsense policies and smart reform that will help America’s banks better serve their communities and grow the economy.

Monday, Oct. 5
11 a.m.-12:30 p.m.: ABA Federal Issues Briefing
1-2 p.m.: FDIC Briefing with Chair Jelena McWilliams

Tuesday, Oct. 6
2:30-3:30 p.m.: OCC Briefing with Acting Comptroller Brian Brooks

Thursday, Oct. 8
8-9 a.m.: Federal Reserve Board Briefing with Governor Michelle Bowman
* The date and time of the meeting with CFPB Director Kathy Kraninger has not been confirmed.

Bankers who plan to participate are asked to complete a survey in advance of the meetings. Complete the survey and register to participate

Register to Join #BanksNeverAskThat Anti-phishing Campaign

#BanksNeverAskThatBanks of all sizes are suffering significant monetary and reputational losses from increasingly-sophisticated phishing scams targeting their customers. We want to change that.

The ABA is calling on all banks across the country—members and nonmembers alike—to register for the #BanksNeverAskThat anti-phishing campaign—a fresh, bold, plug-and-play campaign created to educate consumers about phishing scams and how to thwart them.

Register your bank today and receive a robust toolkit full of ready-to-use assets including videos, GIFs, social posts, printables and more. The campaign is entirely FREE (including for non-ABA members) and can be co-branded, bank-branded or ABA-branded.

It’s time to put scammers in their place, protect your customers and reduce the financial damage to our industry from phishing. Register today, then join us in kicking off your #BanksNeverAskThat campaign on Oct.1—as part of National Cybersecurity Awareness Month.

The ABA will host a free informational webinar on Tuesday, Sept. 8, at 1 p.m. CDT at which attendees will hear about the importance of joining this nationwide campaign to educate consumers about phishing scams, the benefits to your bank and your customers, best practices for deploying the ready-made assets on your social media platforms and more. Register for the webinar. Register for the campaign

IRS Issues Guidance on Optional Payroll Tax Deferral

The IRS last Friday issued guidance for employers for the optional deferral of employee payroll taxes pursuant to an Aug. 8 executive order from President Trump. Described as optional for employers by Treasury Secretary Steven Mnuchin earlier this month, the deferral is available between Sept. 1 and Dec. 31, 2020, for the employee portion of Social Security tax withheld on those employees who earn less than $4,000 on a pretax basis during any biweekly pay period.

Under the guidance, the amount deferred is to be collected ratably by the employer over the period from Jan. 1 though April 30, 2021. A number of questions, including what happens when an employee leaves the employer during the deferral period, are not addressed in the guidance and are expected to be the subject of additional discussion. Read the guidance. For more information, contact ABA's John Kinsella

FHFA, FHA Extend Foreclosure, Eviction Moratoriums to Year End

The Federal Housing Finance Agency announced last Thursday that it would extend through Dec. 31, 2020, a moratorium on foreclosures and evictions for single-family mortgages backed by Fannie Mae or Freddie Mac. The current moratorium was expected to expire on Aug. 31. The Federal Housing Administration similarly extended through Dec. 31 its foreclosure and eviction moratorium for homeowners with FHA-insured single-family mortgages. Read FHFA's announcement. Read FHA's announcement.

Advertising Available in 2021 South Dakota Bank Directory

The SDBA is currently offering advertising in its 2021 South Dakota Bank Directory, which is an indispensable reference tool for financial executives and those conducting business with financial decision makers in South Dakota. The directory reaches all South Dakota banks and branches, associate members and other financial industry leaders. 

A limited number of full-color ads are available on the directory's tabbed divider pages. Full-page and half-page black-and-white ads are also available in the front section of the directory. The deadline to place an ad is Oct. 2, and ads are due Oct. 16. More information and the advertising form.

SDBA to Hold Virtual Bank Tech Conference Next Week

There is still time to register for the SDBA's Virtual Bank Technology Conference next Wednesday and Thursday, Sept. 9-10, via Zoom. The conference is designed to provide support as you keep on top of technology trends and scams, navigate the business of banking, and build and sustain your bank’s technology strategy. Join host and emcee, Trent Fleming, as we discuss timely technology topics that can help you as you make decisions that impact your bank, your staff and your customers. 

On Wednesday, Sept. 9, from 10 a.m. to noon CDT, Fleming will present "Operational Efficiency Self-Assessment," followed by "Business Continuity and FFIEC Appendix J: Be Prepared and Compliant" by Jim Rumph with WIPFLI. On Thursday, Sept. 10, from 2-4 p.m. CDT, Jon Waldman with SBS CyberSecurity will present "How to Build a Valuable Incident Response Plan," followed by "Bank Technology and Customer Expectations" by Lisa Gold Schier with the American Bankers Association. 

The fee is $300 per person for members of a state banking association, or $400 per person for non-members. Sessions will also be recorded and available for pre-registered attendees to watch at their convenience if they cannot make one of the sessions. Learn more and register.

GSB Virtual Sales and Marketing School Enrollment Deadline Nearing

The Sales and Marketing School from the Graduate School of Banking Wisconsin is being offered virtually in 2020starting Sept. 30for a high energy, engaging opportunity that's ideally suited for sales and marketing teams and senior managers from the bank to attend together. The travel-free online format makes team participation more affordable than ever, although individual participants will also benefit.

The school will be held over nine engaging sessions and recorded for scheduling convenienceand additional opportunities for application sessions will provide meaningful peer networking and the opportunity to develop relationships.

Veteran marketing and sales officers as well as those newly promoted or new to banking will benefit from this powerful program. Community bank CEOs, regional sales managers, retail managers and business banking professionals will also gain a better understanding of the marketing and sales synergies needed to be competitive in today's rapidly changing environment.

The enrollment deadline is Sept. 15. Learn more and register.

 Compliance Alliance

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 and ask for our Membership Team.

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Contact Alisa Bousa, SDBA, at 605.224.1653 or via email.