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Action Needed: Ask Congress to Oppose S. 4674 & H.R. 8874!Back in August, SDBA President Karl Adam called on SDBA members to contact their lawmakers, urging them to oppose the Credit Card Competition Act, S. 4674, also known as the Durbin Expansion Bill. As a reminder, Sens. Roger Marshall (R-Kan.) and Dick Durbin (D-Ill.) introduced the controversial bill that would create new credit card routing mandates that will affect banks that issue credit. As such, the SDBA, in partnership with the ABA, called on all bankers to continue contacting their lawmakers to urge opposition of the measure. At the time, South Dakota was among many state banking associations that co-branded with the ABA in the fight to defeat this poor legislation. Out of that partnership, more than 12,000 letters were sent to our nation's congressional delegates, urging opposition to the Durbin Expansion Bill. SDBA President Karl Adam is proud of the position bankers in South Dakota, and across the country, have taken to advocate for the banking industry and for their customers. But the fight isn't over. Recently, Representatives Lance Gooden (R-TX) and Peter Welch (D-VT) have introduced a companion bill in the House, H.R. 8874. Now, this new legislation would impose even more restrictive government mandates on credit card transactions. Rather than allowing banks to choose networks offering the best customer experience, security, and resiliency, they would be forced to choose among options set by the Federal Reserve. This means banks would be forced to do business with companies that may be less safe and reliable. This bill would also require banks accept all types of transactions a merchant requests, which would force banks to frequently reissue cards to meet new retailer demands. Community banks, which tend to have a lower volume of credit card transactions, may be forced to no longer offer credit cards, as their options and negotiating power would be altered by this government intervention into private business decisions. SDBA President Karl Adam is calling on the SDBA membership again to contact our lawmakers ASAP to urge them to fight against these government mandates. Ask them, please, to oppose S. 4674/H.R. 8874, the Credit Card Competition Act. Reminder: Breaking into Banking 101 to be Held Virtually on October 26
Virtual Event via Zoom
To register or for more information, visit the event page for Breaking into Banking 101! Reminder: Annual Security Seminar to be Held in Sioux Falls on October 27The Annual Security Seminar will be held on October 27, 2022 in Sioux Falls, S.D. at Hyatt Place Sioux Falls South. This well-rounded seminar presented by Barry Thompson focuses on a range of issues of concern to security officers, facility personnel, and management. Using current trends and examples, a variety of topics will be covered:
Security officers or directors, operations managers, auditors, HR directors, legal staff, loan officers, disaster recovery managers, collection staff and fraud investigators would benefit from this seminar. Registration can be found by clicking here. Save the Date: Legislative Day to be Held on February 15The State Legislative Day held annually in Pierre is an opportunity to stay up-to-date on legislation which could affect the banking industry, visit with state legislators and constitutional officers, and make sure the industry is heard. It includes sessions specifically for emerging bank leaders. The 2023 SDBA State Legislative Day will be held in Pierre on Wednesday, Feb. 15. Infographic Available on Avoiding Student Loan Forgiveness ScamsThe American Bankers Association Foundation today released a new infographic providing consumers with information on the prevalence of student loan debt forgiveness scams and red flags they can look out for to avoid falling victim. It is the second of four planned infographics that highlight scams targeting college students as part of the foundation’s Get Smart About Credit campaign. The first infographic was released in September. According to the new infographic, 43 million Americans have outstanding federal student loans, totaling more than $1.6 trillion. Scammers target these individuals with deceptive marketing tactics that promise student loan debt forgiveness. In 2017, a partnership between the Federal Trade Commission and state law enforcement offices uncovered more than $95 million lost to student loan debt forgiveness schemes. Banks of all sizes participating in the Get Smart About Credit campaign are encouraged to share the infographics with their customers and distribute the information in the communities they serve. “We know many consumers across the country are in the process of exploring the student loan debt forgiveness opportunities following the Biden administration announcement in late August,” said Lindsay Torrico, executive director of the ABA Foundation. “As they do so, it’s important they know about these scams and remain on high alert for suspicious behaviors that may indicate a criminal scheme.” Download the infographic here.
Cybersecurity Awareness Month Social Media Toolkit Includes Tips and Resources for Your BankThe ABA created free tips and resources regarding cybersecurity to be shared throughout October, Cybersecurity Awareness Month. Find the social media toolkit here. Join the #BanksNeverAskThat Anti-Phishing CampaignSince its launch at ABA's Annual Convention last week, ABA’s revamped #BanksNeverAskThat campaign website, BanksNeverAskThat.com, has received more than 61,000 page views. A new, interactive scam-spotting game called “Scam City,” which was released as part of the campaign, received more than 43,000 total views. The latest iteration of ABA’s award-winning anti-phishing campaign uses attention-grabbing humor and other compelling content to empower consumers to spot bogus bank communications asking for sensitive information like passwords and social security numbers. This year, ABA has also engaged two social media influencers—Cathy Pedrayes and Rosie Okumura—who together have garnered more than 400,000 views for their #BanksNeverAskThat posts on Instagram and Tiktok. Registration is still open for banks wishing to participate in the campaign. Banks that register will have access to a full range of free resources, including videos and social media posts, printables and more. Since the campaign was first launched in 2020, more than 2,000 banks have participated. Register to participate in the campaign. Visit BanksNeverAskThat.com.
CISA News: Cybersecurity's Weakest Link
If tech-savvy companies like Uber and Rockstar Games can get it wrong, then it can happen to anyone else too. The only option you have is to impress cybersecurity best practices on every employee through rigorous educational programs. Click here for an excellent description of Social Engineering shared by a reader. This is part of their Cybersecurity Month promotions.
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