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Order your 2023 Scenes of South Dakota Calendars!
The SDBA is now taking orders for the 2023 Scenes of South Dakota Calendars! Orders placed by September 1 will receive the low price of $1.55 per calendar. After September 1 price will be $1.75 per calendar. Each order will have an additional $25.00 production charge (layout for press run, in-house press proof, boxing, labeling), plus shipping. Orders cannot be accepted after September 15. Save the Date for the South Dakota Land and Lending ConferenceThe second annual South Dakota Land and Lending Conference will take place Sept. 8 at the Denny Sanford PREMIER Center in Sioux Falls. The one-day event is organized by the Land Valuation and Rural Real Estate Affinity Group of South Dakota State University’s Ness School of Management and Economics. Doors open at 8:30 a.m. The event ends at 6 p.m. In addition to discussions on economics, including real-estate markets and policies, panels will be held on cybersecurity, property management, construction and property appraisals. “Conference attendees represent the wide range of real-estate industry professionals, including land and real-estate appraisers, lawyers, mortgage bankers, brokers and property and land managers. Thanks to the tireless and visionary efforts of my colleague, Ryan McKnight, we are hosting this conference to afford the industry an opportunity to exchange ideas and to network,” said Joe Santos, a professor of economics and the Ness Director of the Ness School of Management and Economics.
Registration Open for GSB Sales and Marketing SchoolGSB's popular Sales and Marketing School will be held September 26-30 at the Fluno Center for Executive Education in Madison, Wisconsin. This innovative program will tie together the key elements of effective marketing, sales and relationship banking with your bank's overall business strategy. The enrollment deadline is August 26, so we encourage you to apply now while limited space remains. This popular school from the Graduate School of Banking includes a mix of lecture, small group exercises and individualized application sessions to incorporate practical, hands-on content. The program’s curriculum features two core areas of study—the business of banking and sales and marketing management. Veteran marketing/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 also gain a better understanding of the marketing and sales synergies needed to be competitive today and into the future. To find out more or to register click here. Plains Commerce Bank Announces Free Cryptocurrency WebinarPlains Commerce Bank will be hosting a free webinar on Thursday, August 25, 2022: Shifting the Tone: Custody of Crypto Assets. This webinar will discuss the importance of trust and security with cryptocurrency and digital assets. When asked about the webinar: Custody of Crypto Assets, Kyle Pickner, Chief Trust Officer at Plains Commerce Bank said that this webinar is a chance for people to educate themselves on how to protect their digital assets. They can ask questions live and get information not easily available through other channels. Custody for digital assets (as opposed to cash, securities, or precious metals) requires a new kind of technological infrastructure that is independent in every sense of the word. Cryptocurrencies are created and managed using specialized technologies which come with their own unique considerations for storage and security. Join Kyle Pickner, along with special guests from Brane Inc., Matt Pierce, Interim President and Chris Desjardins, Vice President of Product as they dive into how to protect your digital assets. Registration now open for the free webinar. Shifting the Tone Webinar Series is an initiative developed by Plains Commerce Bank to dive into the intricate world of money and finance. Full information and marketing assets can be found on the website by clicking here. CISA News: Recent South Dakota Attacks1. Microsoft Office USB Scam Victims of this exploit think they're receiving a free copy of Microsoft Office in the mail but the USB drive is loaded with ransomware. This is a very dangerous attack method. If you encounter anything similar (it doesn't have to be a Microsoft product), please contact your IT team immediately. The cybersecurity lesson here is to never place unidentified media of any kind into a computer. (Flash drives, CD ROMs, DVDs, floppy disks, VHS tapes, 45 rpm records, etc.). 2. ZixCorp Secured Mail Impersonation ZixCorp is a secured email platform. FIS is a very popular banking application. This is a live server launching phishing messages! The cybersecurity lesson here is to always confirm the email addresses of senders with questionable requests. If in doubt, ask your IT team to analyze the message. If you come across scams or malware of interest, feel free to pass them on. We are all on the same team regarding cybersecurity.
Data Breaches Grow Costlier for Financial InstitutionsData breaches cost financial intuitions an average of $5.97 million in 2021 and 2022, with health care being the only sector with a higher cost per breach, according to a report released Wednesday by IBM Security. IBM commissioned a 12-month study of 550 organizations across multiple sectors as part of an annual report on data breaches. The cost of dealing with a data breach for financial institutions rose by $250,000 compared to a similar study conducted in 2020-2021. IBM defined financial services as banks, insurance and investment companies. Across all sectors studied, the global average cost of a data breach reached an all-time high of $4.35 million, with breach costs increasing nearly 13% during the last two years of the report, IBM said. Healthcare organizations paid the most per breach at an average of $10.1 million. Use of stolen or compromised credentials remained the most common cause of a data breach. One trend was an increase in the number of data breaches caused by ransomware, which accounted for 11% of breaches compared to 7.8% in last year’s report. To read more, visit: https://www.ibm.com/downloads/cas/XZNDGZKA. FDIC Releases Advisory, Fact Sheet on Deposit Insurance and CryptoThe FDIC has issued an advisory to banks regarding what it says are misrepresentations by some cryptocurrency companies that their products are eligible for FDIC deposit insurance coverage or that customers are FDIC-insured if the crypto company fails. “Over the past several months, some crypto companies have suspended withdrawals or halted operations. In some cases, these companies have represented to their customers that their products are eligible for FDIC deposit insurance coverage, which may lead customers to believe, mistakenly, that their money or investments are safe,” the agency said in the advisory. It added that in dealings with crypto companies, “FDIC-insured banks should confirm and monitor that these companies do not misrepresent the availability of deposit insurance.” The FDIC also issued a two-page fact sheet reminding the public that the FDIC only insures deposits held in insured banks and savings associations and only in the event of an insured bank’s failure. To view the advisory, visit: https://www.fdic.gov/news/financial-institution-letters/2022/fil22035.html To read the fact sheet, visit: https://www.fdic.gov/news/fact-sheets/crypto-fact-sheet-7-28-22.pdf
KBA Collecting Donations in Support of Kentucky Flood VictimsWith communities in eastern Kentucky devastated by catastrophic floods that have killed at least 35 people over the last week, the American Bankers Association is encouraging bankers across the country to support disaster relief efforts by contributing to the Kentucky Bankers Association’s Kentucky Bankers Relief Fund, which is providing direct assistance to bank employees impacted. As of Monday morning, parts of the state still remained under a flood warning and the forecast called for more rain. At least 23 bankers from six Kentucky institutions have been directly affected by the disaster. KBA has already been working to provide immediate financial assistance to bank employees, including one whose home was completely destroyed by the flooding. KBA has also sent $5,000 directly to First National Bank of Manchester to aid local relief efforts in the community. The association will continue to monitor the situation and provide relief to Kentucky communities through the fund as the full extent of the damage becomes known. In related news, the OCC today issued a proclamation allowing national banks and federal savings associations affected by the weather conditions to close. The OCC reminded banks of its supervisory guidance on natural disasters and other emergency conditions. QUESTION OF THE WEEKQ. I have heard the new Flood Insurance Interagency Questions and Answers state that resolving discrepancies of zones is no longer necessary. Does this apply only to NFIP policies, or does it also apply to private policies? A. It also applies to private policies in the sense that the bank is not required to reconcile discrepancies as they relate to private policies either. The new Flood Insurance Interagency Questions and Answers outlined below clarify that private flood insurance policies may still include the flood zone on the declarations page; however, the bank need not reconcile the discrepancy. “…ZONE 1. Does a lender need to reconcile a discrepancy between the flood zone designation on the flood determination form and the flood zone associated with a flood insurance policy? No, a lender need not reconcile or otherwise be concerned with a flood zone discrepancy. For NFIP policies issued under FEMA's Risk Rating 2.0—Equity in Action (Risk Rating 2.0),[65] premium rates are no longer determined by the flood zone in which the property is located. Moreover, the flood zone is no longer included on the declarations page for NFIP policies issued under Risk Rating 2.0. Flood insurance policies issued by a private insurer may still include the flood zone on the declarations page. Further, NFIP policies that have not been issued or renewed under Risk Rating 2.0 will include the flood zone on the declarations page.[66] In these cases, lenders also need not reconcile any discrepancy. The flood zone determination is still necessary to determine if a property is located in an SFHA. If the SFHDF indicates that the building securing the loan is in an SFHA, the lender must require the appropriate amount of insurance coverage in accordance with the Act and Regulation…” Revised Interagency Questions and Answers: https://www.federalregister.gov/d/2022-10414/p-634 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 |
