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Message from Bret Afdahl, Director of South Dakota Division of Banking, re: last week's storm damage
Good morning. Many South Dakota communities, businesses, and farms were impacted by last Thursday’s storm, including several banks. I encourage you to continue to provide essential financial services in your communities and to work with impacted customers in a safe and sound manner. Reasonable loan modifications to impacted borrowers will not be criticized by our examiners. If you need to adjust branch or drive-up hours due to property damage, staffing shortages, or power outages, please notify our office of the change via [email protected]. Please contact our office if you need to operate out of temporary locations; a phone call or email will suffice initially and we will work to formalize these requests in an expediated manner. CSBS Announces Passing of John W. RyanIt is with great sadness that we announce that John W. Ryan, President and Chief Executive Officer of CSBS, died unexpectedly late Monday in Washington, D.C. “On behalf of the CSBS Board of Directors, executive team, staff and membership, we extend our deepest sympathies to John’s family and everyone who knew and worked with John over his more than 30-year career. John was an inspirational and humble leader who brought incredible dedication, intellect and passion to CSBS, the state regulatory system and financial services more broadly,” said Melanie Hall, Chair of the CSBS Board of Directors. “Our hearts are broken upon learning of the passing of John Ryan,” said ABA President and CEO Rob Nichols. “As president and CEO of the Conference of State Bank Supervisors, John was a thoughtful and collaborative leader who understood the important role the banking sector plays in our economy and was a respected partner to both state and federal stakeholders. We will miss his visionary leadership, warmth and friendship.” The CSBS Board of Directors has named James Cooper, EVP of Policy and Supervision, as the acting CEO of CSBS.
New Issue of ABA Banking Journal Includes Special Report on ESG IssuesThe recently released May/June issue of the ABA Banking Journal—available now online and in mailboxes—includes a special report on environmental, social and governance (or ESG) issues, including how community banks in energy-rich towns are grappling with the future of climate risk supervision, how to discuss climate change with senior management and executives, how to prepare for investors’ questions on diversity, and the role of bank risk professionals in ESG. Other articles in this issue cover sanctions risk, how community banks can grow and retain business relationships. and how a shorter trade settlement cycle affects banks’ brokerage services. Read the ESG special report here. ABA, FBI Webinar to Address Elder Justice IssuesThe ABA Foundation, Federal Bureau of Investigation and other industry partners will host the final webinar in a three-part series on protecting older Americans from scams and fraud on Monday, May 23 at 11 a.m. CDT. The webinar will review factors that increase seniors’ vulnerability to scams, describe the emotional toll fraud can take on victims and families and provide concrete steps that banks and other can take to help protect older Americans in their communities. The ABA Foundation offers resources for banks to help educate consumers on elder fraud and other scams through its Safe Banking for Seniors program. Register for the webinar. Treasury releases 2022 plan for combating terrorist fundingLast Friday, the Treasury Department issued its 2022 strategy for combating terrorist financing and other illicit funding. Recent risk assessments highlighted threats posed by the abuse of legal entities, the complicity of professionals that misuse their positions or businesses, small-sum funding of domestic violent extremism networks, the effective use of front and shell companies in proliferation finance, and the exploitation of the digital economy. To combat these issues, the Treasury’s strategy identifies four priorities to address the most significant illicit finance threats to the U.S. financial system. The recommendations are to: close legal and regulatory gaps in the U.S. anti-money laundering framework that are used to anonymously access the U.S. financial system through shell companies and all-cash real estate purchases; make the U.S. anti-money laundering/counter terrorism financing regulatory framework for financial institutions more efficient by providing clear compliance guidance, sharing information appropriately, and fully funding supervision and enforcement; enhance the operational effectiveness of law enforcement, other U.S. government agencies and international partnerships; and better enable technological innovation to stay ahead of new avenues for abuse through virtual assets and other new financial products, services and activities. “We need to close loopholes, work efficiently with international partners, and leverage new technologies to tackle the risks posed by corruption, an increase in domestic violent extremism, and the abuse of virtual assets,” said Elizabeth Rosenberg, the Treasury’s assistant secretary for terrorist financing and financial crimes.
CISA News Tip of the Week: Social Engineering - How much information are you giving away?How much information is your company freely providing to cyber threat actors (CTAs)? Cybersecurity is always a balance between customer service and security. It’s a compromise, but information you might have considered important customer service information in the past, might want to be re-evaluated given today’s environment. One study indicated that 98 percent of cyber threat actors rely on Social Engineering in some manner. What does your organization give away regarding:
Registration Open for 2022 SDBA Agricultural Credit Conference - July 20-21 in Pierre, SDThe South Dakota Bankers Association will present the 2022 Agricultural Credit Conference, July 20-21, at the Ramkota Hotel & Conference Center at 920 W. Sioux Ave. in Pierre, SD. This conference focuses on the unique needs of ag bankers, and the desire for quality information and training to better serve their customers. The SDBA has lined up speakers on a variety of timely topics to help ag bankers navigate through challenging times. New or experienced ag lenders, as well as CEOs will all benefit from this conference. Click here to view the full agenda and to register.
Meet Haley Juhnke, SDBA's New Communications Coordinator!
Outside of work, Haley enjoys spending time with her family, friends, and her rescue dog, Dax, and enjoys travelling and exploring new places. She likes to be out in God’s creation and one of her favorite places to go is the Black Hills. In her free time, Haley also reads or listens to audiobooks and podcasts. Haley’s love of design and creativity, as well as passion for helping others led her to apply for a position with the South Dakota Bankers Association. She is looking forward to learning and growing within her new role as the Communications Coordinator. Please join us in welcoming, Haley! Learn more about Haley is the forthcoming May SDBANKERS Magazine, hitting inboxes soon (hopefully!). Compliance Alliance – QUESTION OF THE WEEK: Q. If the bank agrees to make an interim construction loan but the borrower has a takeout letter from another institution, is the bank required to send a permanent loan disclosure for informational purposes? A. As set out in the CFPB guidance below, whether the bank has to provide the LE for the permanent portion depends on whether the bank "receives a consumer’s application (i.e., the six pieces of information identified in § 1026.2(a)(3)) for both the construction financing and the permanent financing": “Applying all of these concepts together, as stated in Comment 17(c)(6)-3 to the TRID Rule, a creditor has the option to disclose a multiple-advance construction-permanent loan with:
The ability to separate these transactions into two or more disclosures under § 1026.17(c)(6) is available regardless of whether the consumer initially applies for construction-only or both construction and permanent financing at application. But note that if the creditor receives a consumer’s application (i.e., the six pieces of information identified in § 1026.2(a)(3)) for both the construction financing and the permanent financing, disclosures for both phases must be given within the timing provided in § 1026.19(e) and (f). Comment 19(e)(1)(iii)-5.” TILA-RESPA Integrated Disclosures for Construction Loans, p. 6: https://files.consumerfinance.gov/f/documents/cfpb_trid-separate-construction-loan-guide.pdf 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 [email protected] and ask for our Membership Team. For timely compliance updates, subscribe to Bankers Alliance’s email newsletters. SDBA eNews Archive Advertising Opportunity Questions/Comments |
Haley joined the SDBA on Monday, May 9. She grew up in Vivian, S.D., on a 4th generation farming and ranching operation. She always felt as though she was missing out on what the “town kids” got to do. But looking back now, she wouldn’t have it any other way because of the appreciation she gained over the years for the beautiful wide-open spaces and lessons learned on the family farm. “I found a love for all animals, but especially horses and had the typical love/hate relationship with my only comrades in the country, my brother and sister,” Haley said. “My grandparents only lived two miles down the road, so the closeness allowed for a special bond to be formed with them.”