SDBA eNews

February 18, 2021

Quad States Convention Sponsorship, Advertising Information Available

2021 Quad States Convention: A New DirectionAs we REIMAGINE, REINVENT and REVOLUTIONIZE in A NEW DIRECTION at the 2021 Quad States Convention on June 14-15 at The Monument (former Rushmore Plaza Civic Center) in Rapid City, S.D., the SDBA invites its business partners to explore the ways that they can participate and connect with attendees.

Due to the ongoing COVID-19 pandemic, we have made the decision to forgo the exhibit hall for 2021. Instead, the SDBA invites you to consider sponsoring, which offers a multitude of benefits to your organization. If a sponsorship doesn’t fit with your organization’s plans, we invite you to register to attend as a participant and connect with bankers through a variety of socially-distanced networking opportunities such as meal functions, breaks, golf and outings, or to explore advertising opportunities. View sponsorship and advertising details

The 2021 Quad States Convention is currently being planned in a hybrid manner. We plan to host a live event in Rapid City but will also live stream speakers for those who are unable to or uncomfortable attending in person. Safety protocols will be in place throughout the convention. In the event that the convention would need to pivot to a virtual-only platform, sponsorships will be converted accordingly.

Convention registration and the hotel blocks will open April 1. Be watching for more details to come, including the full convention agenda. 

Financial Trade Groups Offer Recommendations to Improve EIPs

As lawmakers consider a new round of direct payments as part of a new COVID-19 relief package, ABA and six other financial trade associations last week offered recommendations to the Treasury Department for improving the economic impact payments (EIPs) process.

The groups urged Treasury to implement steps to improve the accuracy of information used to create payments files, increase the use of electronic payments, improve communication with both EIP recipients and industry partners and address issues related to EIPs being used to reduce debts. The groups also urged Treasury to meet with industry stakeholders to discuss the recommendations before future rounds of EIPs.

The ABA last week hosted a meeting with Treasury officials and other trade groups to review the contents of the letter and to reaffirm that the banking industry shares the goal of moving relief funds into recipient accounts as quickly as possible. Read the letter. For more information, contact ABA’s Steve Kenneally.

SBA Releases Notice on Registration for PPP Lenders

The Small Business Administration last Friday released a notice addressing (System for Award Management) registration for Paycheck Protection Program lenders. As recipients of federal loan guarantees, all 7(a) lenders—including those participating in the 2021 round of the PPP—must register on and keep their registration active. Most banks have had no problems with this process, according to feedback received by ABA. The notice also includes guidance for submitting a lender’s unique CAGE identifier to SBA.

Due to the exigent circumstances small businesses are facing, SBA said that PPP lenders will have 30 days from the date of their first PPP loan disbursement in the second round to complete SAM registration. The notice stated Dec. 27, 2021, which appears to be a typo in a date that should read 2020. ABA staff will communicate with SBA to confirm. Read the notice.

ABA to Host Webinar on COVID-19 Vaccines

The ABA will host a webinar on Tuesday, Feb. 23, at noon CST on the COVID-19 vaccines. ABA SVP Paul Benda and VP Jonathan Thessin will discuss key details about the vaccines likely to be deployed in the next six months, including the differences between vaccines in both disease progression and reduction in transmission, as well as the latest on new more virulent variants.

Benda and Thessin will discuss when the nation will reach “herd immunity,” plans for a “return to normal,” and human resources issued surrounding requiring the vaccine, providing incentives for employees to be vaccinated and managing vaccinated and unvaccinated staff once employees return to work. Register for the webinar.

South Dakota Dropping COVID-19 Vaccination Age to 65

The South Dakota Department of Health (SDDH) announced that starting Monday, Feb. 22, the vaccination age of those who qualify to receive their COVID-19 vaccination will be dropping to age 65 and over. The announcement comes as the SDDH and Phase I vaccinators have been making significant progress within Group D of the state’s vaccination plan over the past few weeks.

“It is exciting that given our orderly and well planned vaccination strategy, coupled with the dedication of our medical professionals across our state, we are in such a strong position when it comes to vaccination efforts,” said Kim Malsam-Rysdon, SDDH secretary. “These factors, in addition to increased vaccine allocations, has allowed us to progress through Group D efficiently and open up vaccination statewide to those over 65 starting Monday.”

This follows two weeks in which the vaccination age has been dropped by five-year increments in South Dakota. Over this period, the state’s federal vaccine allocation has increased to 17,660 weekly doses—not including those received by the VA and IHS. Additionally, the Federal Retail Pharmacy Program was activated and additional new tools were unveiled for the public’s use regarding vaccination planning and general information.

Some of these tools include:

Bowman: Fed to Revisit Framework for Antitrust Analysis

In response to shifting market dynamics and increasing competition in the financial services industry, the Federal Reserve is contemplating changes to its framework for antitrust analysis, Fed Governor Michelle Bowman told attendees at ABA’s virtual Conference for Community Bankers on Tuesday.

She noted that such changes should “better reflect the competition that smaller banks face in an industry quickly being transformed by technology and non-bank financial companies,” and that the Fed is already in the process of gathering feedback from community bankers on the framework “and its impact on their business strategies and long-term growth plans.” She added that as the Fed reviews this feedback, it will be “specifically considering the unique market dynamics faced by small community banks in rural and underserved areas.”

Bowman also discussed several Fed initiatives in progress that are aimed facilitating innovation and technology integration, including “clearer guidance on third-party risk management, a guide on sound due diligence practices, and a paper on fintech-community bank partnerships and related considerations.” Read Bowman’s remarks.

ABA Joins Coalition Supporting Neighborhood Homes Investment Act

The ABA has joined the a broad coalition of finance, fair housing and community development advocates to support the Neighborhood Homes Investment Act, a bipartisan Senate bill, S. 98, introduced by Sens. Ben Cardin (D-Md.) and Rob Portman (R-Ohio).

Modeled after the Low Income Housing Tax Credit for affordable rental housing and New Markets Tax Credit for economic development, the bill would create a federal tax credit that will produce new equity investment dollars for the development and renovation of one-to-four-family housing in distressed urban, suburban and rural neighborhoods.

If enacted, the bill is expected to support the construction or rehabilitation of 500,000 homes in distressed communities, $100 billion in total development activity and more than 785,000 jobs over the next 10 years, along with $42.9 billion in wages and salaries and nearly $30 billion in federal, state and local tax revenues and fees. Learn more. For more information, contact ABA’s Corey Carlisle.

Still Time to Register for Virtual IRA Update Seminar

The SDBA will hold the IRA Update Seminar on March 2 virtually via Zoom. This seminar is designed to review two major pieces of legislation—the Secure Act and CARES Act. There have been a number of IRS notices that came out during 2020 further explaining these two pieces of legislation.

Topics that are timely for this time of year will also be discussed. Covered topics include changes in contribution eligibility, making the transition from 70.5 to 72 for required minimum distributions (RMDs) and how to calculate RMDs in 2021, beneficiary options and an update on COVID-19 distributions that were allowed in 2020. Learn more and register.

 Compliance Alliance

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.