SDBA eNews

July 29, 2021

Registration Open for SDBA's LEAD STRONG: Women in Banking Conference

Photo of women in an office.The SDBA’s 2021 LEAD STRONG: Women in Banking Conference, which promises to educate, enlighten and engage, will be held on Sept. 14-15 at the Sioux Falls Convention Center in Sioux Falls. This is an opportunity to connect with one another and celebrate all we have endured since we last met.

In addition to a great lineup of speakers and ample opportunity to network, come prepared for some interactive sessions. Bring your best listening skills, your most insightful questions for our industry leader panel, and bring a book or two that you would like to exchange during the “Once Upon a Time...” session. The conference will begin Tuesday evening with a reception at R-Wine Bar followed by a full day of sessions on Wednesday at the Convention Center.

This year’s service project is Call to Freedom, which provides supportive services for victims of human trafficking and sexual exploitation. The SDBA requests attendees bring a gift card to donate, which allows Call to Freedom to direct resources according to need.

 See the full agenda and register to attendThere is also an opportunity for business partners to help sponsor the conference.

SDBA Seeking a Member Services Coordinator

We are hiring.Do you enjoy a challenging, ever-changing environment where prioritizing and multitasking are the norm? Are you proactive and forward thinking? Do you take pride in your work? Are you a natural relationship builder and collaborative problem solver?

If you answered “yes” to these questions, you may be interested in applying for the member services coordinator position with the South Dakota Bankers Association. The SDBA is the premier trade association for banks in South Dakota. In this role, you will work in collaboration with our team to ensure that our members receive exceptional customer service and support. This position is located in Pierre, S.D.

The SDBA offers a competitive salary commensurate with experience, health insurance, 401k plan, paid holidays, and vacation and wellness time. Position description is available at Email resume, references and cover letter to Administrative Vice President Halley Lee at [email protected] no later than Aug. 31, 2021. A confirmation email will be sent indicating receipt of your application. Read the full job announcement and apply

SBA Issues Guidance on Direct PPP Loan Forgiveness

The Small Business Administration yesterday released guidance on how it will accept Paycheck Protection Program loan forgiveness applications directly from borrowers—bypassing the lending institutions—for loans of $150,000 or below. The direct borrower forgiveness process is an “optional technology solution that SBA is providing to PPP lenders that will leverage SBA’s existing and proven platform,” SBA said.

PPP lenders that opt-in to the direct borrower forgiveness program will be provided with a single secure location for all of their borrowers with loans of $150,000 or less to apply for loan forgiveness through the platform using the electronic equivalent of SBA Form 3508S. Upon receipt of notice that a borrower has applied for forgiveness through the platform, lenders will review the loan forgiveness application in the platform and issue a forgiveness decision to SBA. The forgiveness platform will begin accepting applications from borrowers on Wednesday, Aug. 4, 2021. 

SBA said it will release in the coming days additional guidance on the opt-in process, how borrowers can access the platform and how lenders can access the forgiveness applications in the platform.

The guidance also allows borrowers who received second-draw PPP loans of $150,000 or less to be exempt from supplying required documentation proving a 25% revenue reduction in 2020 when compared to a comparable time in 2019. Instead, SBA will issue an alternative COVID reduction score based on a variety of inputs, including industry, geography and business size for each second-draw loan of $150,000 or below. The guidance takes effect immediately. 

ABA Urges Bankers to Encourage Lawmakers to Co-sponsor ECORA Act

The ABA is calling on bankers to encourage their lawmakers to co-sponsor the Enhancing Credit Opportunities in Rural America (ECORA) Act—a bill that would promote greater access to credit and reduce borrowing costs for ag producers.

As net farm income declines, the availability of low-cost credit is extremely important to the agricultural sector, and bankers are urged to ask Congress to co-sponsor this important bill to help the nation's farmers and ranchers and revive rural ag economies. Take action now.

ABA Releases Report on Farmer Mac, Bank Partnerships

A new report released by ABA explores the influence of Farmer Mac as the secondary market provider of agricultural credit—including first-person accounts from bankers who are using the resources it provides.

The report provides information on the history of the organization, how Farmer Mac meets demand while maintaining loan limits and how it can help manage and mitigate the unique risks in agricultural lending. The report also includes information on how Farmer Mac was able to respond to market disruptions stemming from the COVID-19 pandemic. Read the report.

ABA Seeks Participants for Agricultural Lender Survey

The ABA is seeking participants for its agricultural lenders survey, which the association conducts annually with Farmer Mac. The survey covers local farm income, land sales and delinquency expectations as well as other topics, and it should only take a few minutes to complete.

All individual financial institution data will be kept confidential, and only summary statistics will be published. To complete the online survey, click hereThe link will remain active until Aug. 31, and results will be available on For more information, contact ABA’s Tyler Mondres.

SD Department of Health to Hold Public Hearing on Medical Cannabis Rules

The South Dakota Department of Health on Tuesday announced it will hold a public hearing to consider the adoption and amendment of proposed rules for South Dakota's medical cannabis program as required by SDCL 34-20G.

The hearing will be held on Aug. 18, 2021, from 1:30 to 3:30 p.m. CDT in Conference Room 3 of the Kneip Building at 700 Governor’s Drive in Pierre. Those interested in testifying for or against the proposed rules may do so by appearing in person or remotely at the hearing.

Those wishing to testify remotely must register by Aug. 13, 2021, by clicking here. Individuals may also send written comments/materials to the South Dakota Department of Health to 600 E. Capitol Ave., Pierre, SD 57501. Material sent by mail must reach the Department of Health by Aug. 28, 2021, to be considered.

After the hearing, the Department of Health will consider all written and oral comments it receives on the proposed rules. For more information on the South Dakota medical cannabis program, visit  

USD Beacom School of Business to Hold Meet the Firms 2021

The University of South Dakota's Beacom School of Business will hold Meet the Firms 2021 on Sept. 7 for companies to engage with the school's accounting students and allow them the opportunity to learn more about participating businesses.

The Beacom School of Business will use a speed networking format. Participating businesses will have a table, and small groups of students will visit with businesses in 10-minute intervals for approximately an hour. The last 30-45 minutes of the event will be an open time for students to visit more in-depth with a business or to make new connections with a business.

The event will take place 3 to 5 p.m. in the Muenster University Center Ballroom in Vermillion. Learn more and sign up



Question of the Week

Question: We provide lines of credit to home builders using a "master note" and then use sub-notes for each specific construction loan. Our question stems from the appraisal notice that is required to be given within three days of application. Is the bank required to provide an appraisal notice for each subsequent note--or would one be sufficient when the master note is signed by the customer?

Answer: Typically, with this loan structure, each "sub-note" is its own separate extension of credit. Therefore, for Reg. B appraisal purposes, as long as an appraisal or valuation is being developed in connection with each sub-note (and of course assuming it is to be secured by a first lien on a 1-4 dwelling) then each would be subject. Regulation B, § 1005.14(a),

Not a member? Learn more about membership with Compliance Alliance by attending one of our live demos:

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.