SDBA eNews

January 5, 2023

SDBA Encourages 'South Dakota Banks Make a Difference' Survey Participation from Member Banks

The SDBA is calling on all member banks to participate in its annual state banking data collection survey: South Dakota Banks Make a Difference.

The Association requests that banks supply basic data for calendar year 2022, or for the most recent 12-month period for which the bank has data available. The SDBA will present the results at its State Legislative Day on Feb. 15, 2023, in Pierre.

The names of all banks that participate in the survey will be listed in the survey piece. All individual information will be kept confidential as to the amounts disclosed in any of the categories. 

The SDBA is also requesting short narratives and photos of banks’ community service projects. If your bank has a community service project from this past year, please submit a short narrative describing the project and email photos to the SDBA ([email protected]). During 2022, the SDBA started including Bankers in Action features within each SDBANKER Magazine publication and would love to feature some of your upcoming community service projects throughout 2023! Please email the SDBA to notify us of your upcoming projects! 

The survey link was emailed this week to all member bank CEOs and those who completed the survey last year. If your bank did not receive the survey link, contact the SDBA

View last year's survey


Virtual Midwest Economic Forecast Forum to be Held on January 12

The Midwest Economic Forecast Forum will be held on Thursday, January 12, 2023, from 10:30 a.m. - Noon CT. Prepare for 2023 by joining an economic outlook with St. Louis Fed President James Bullard during this virtual event. Then listen to Augustine Faucher, Chief Economist with the PNC Financial Services Group, as he shares what he expects in 2023 and beyond. 

Who Should Attend?

Community leaders with an interest in the economic and business environment will find value in hearing from our nationally-recognized speakers. Bankers and community leaders are encouraged to invite their business clients to virtually share these economic insights. Individual or group registration rates are available.

Registration Information: 

Registration is available individually or as a group. Take advantage of our group pricing to invite additional staff, business customers, and other community leaders to join you!

  • Individual Registration - $39/connection
  • Group Registration - up to 10 virtual connections - $149/group

Limited sponsorship opportunities are available for this multi-state event. Contact WBA's Nick Loppnow via email for more information.

Media Inquiries:

For a Media Registration for the event, please contact WBA’s Cassandra Krause at 608-441-1216 or [email protected]. Advance registration is required.

Register for the event by clicking here

Virtual Forum Agenda: 

10:30 - 11:15 a.m. CT

An Economic Discussion with Federal Reserve Bank President James Bullard

Time will be allotted for open Q&A.

11:15 a.m. – Noon CT

Recession Risks Elevated in 2023 as Fed Raises Interest Rates to Fight Inflation - Augustine (Gus) Faucher


Registration Open for 2023 SDBA State Legislative Day

The SDBA State Legislative Day on Feb. 15, 2023, at the Ramkota Hotel & Conference Center in Pierre is your opportunity to stay up-to-date on both state and federal legislation which could affect the banking industry, visit with state legislators and constitutional officers, and make sure our industry is heard. 

The day will include an SDBA Legislative Committee meeting, lunch, SDBA update, featured speaker James Nowak, Gov. Kristi Noem (invited), the chance to visit with state legislators at the State Capitol, and an evening reception with state legislators and constitutional officers.

The day will also include special sessions specifically designed for emerging industry leaders. 

Click here for more information and registration. 


Opportunity to Volunteer for Emerging Leaders

The SDBA has recently embarked upon a new partnership with the Department of Education, Career and Technical Education Division to work on increasing students’ awareness of careers in the banking industry. To that end, South Dakota FBLA (Future Business Leaders of America) is looking for industry professionals to judge competitive events at the State Leadership Conference in Aberdeen on Monday, April 3rd from 10am-4:30pm (some competitive events will take less than the full 6.5 hours). Through this volunteer opportunity you will get to see first-hand the future of South Dakota’s business professionals and debrief the students to encourage improvements for their future endeavors.

If you are interested in serving as a judge, Nikki Mark, the State FBLA Director will send all necessary documentation and event details prior to the day of events. Please reach out to the SDBA with any questions regarding this opportunity as well as any interest to judge. 


Registration Open for 2023 ABA Washington Summit

Registration is now open for the 2023 ABA Washington Summit and Forums, to be held March 20-23 at the Marriott Marquis in Washington D.C. To maximize banker participation, this will continue to be offered as a hybrid event without registration fees. To register (in-person or virtually), secure your accommodations and view the program, please visit aba.com/summit.

The Washington Summit is the opportunity for you and your peers to advocate for the changes America’s banks need to better serve their customers, form and build relationships with lawmakers and unite our industry’s voice on Capitol Hill. Our collective voice is critical as we educate policymakers on the important role banks play in economic growth and job creation.

The SDBA is currently planning to attend the Summit and would like to invite you to participate as well. Join us as we hear from top-notch speakers, connect with our congressional delegation and dine with our friends at the NDBA. You won’t want to miss this opportunity to engage on multiple levels. 

Registration is open. Find more information at www.aba.com/training-events/conferences/washington-summit


Banking Regulators Issue Warning on Cryptocurrency Risks

Events of the past year have highlighted several key risks posed by cryptoassets that banks should consider if they wish to offer crypto-related services, the Federal Reserve, FDIC and the Office of the Comptroller of the Currency said today in a joint statement. The agencies did not single out any specific event—like the FTX collapse—but instead listed several signs of the “significant volatility and the exposure of vulnerabilities in the cryptoasset sector” that such events have allegedly exposed. Among the risks cited are the possibility of fraud and scams, legal uncertainties related to custody practices and ownership rights, and the lack of maturity in risk management practices within the crypto sector.

The three agencies said they are continuing to assess how banks could provide crypto services in a safe manner. However, they added that based on their current understanding, “the agencies believe that issuing or holding as principal cryptoassets that are issued, stored or transferred on an open, public and/or decentralized network, or similar system is highly likely to be inconsistent with safe-and-sound banking practices. Further, the agencies have significant safety and soundness concerns with business models that are concentrated in cryptoasset-related activities or have concentrated exposures to the cryptoasset sector.”


CISA News: CISA Expansion

The bipartisan legislation boosts the agency’s budget by roughly $313 million, for a total of $2.9 billion. Lawmakers also want CISA to report back in 90 days about the feasibility of a public-private “cyber insurance and data analysis” working group and establishing an accreditation program for third-party cybersecurity providers that work with federal agencies, critical infrastructure operators and state and local governments.


  Compliance Alliance logo

QUESTION OF THE WEEK

Q: Does RESPA require that we collect a cushion for escrow accounts? How large of a cushion must be collected?

A: RESPA allows you to have up to 2 months' cushion in an escrow account but doesn't *require* that you have 2 months' cushion.

"Cushion or reserve (hereafter cushion) means funds that a servicer may require a borrower to pay into an escrow account to cover unanticipated disbursements or disbursements made before the borrower's payments are available in the account, as limited by § 1024.17(c)." 12 CFR § 1024.17 https://www.consumerfinance.gov/rules-policy/regulations/1024/17/#7c9dd674f7d0217d08f86c841c3a1d971624ad52b89e42ceb2f84935

"...In addition, the servicer may add an amount to maintain a cushion no greater than one-sixth (1/6) of the estimated total annual payments from the account..." 12 CFR § 1024.17(c)(

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
View past issues of the SDBA eNews

Advertising Opportunity
Learn more about sponsoring the SDBA eNews.

Questions/Comments
Contact the SDBA at605.224.1653 or via email.