SDBA eNews

March 28, 2024

Applications Now Open for State Investment Council

Here is an opportunity for an SDBA member banker, that is focused and trained in the field of investment and finance, to apply for an opening on the State Investment Council.

The Executive Board of the Legislative Research Council will make appointments at their April 23, 2024, and June 24, 2024, meetings. To be considered, the individual must meet the statutory requirements to serve on the group and have submitted their completed application by the deadline, April 16, 2024. Applicants may be asked to be available remotely or in person for a brief interview on those dates.

The Investment Council is responsible for investing state revenues and pension funds and determining state investment policies. Members must be trained in the field of investment and finance but not be engaged in the sale of marketable or public securities to the state. Statute requires that no more than four of the appointed members be from the same political party. This year, the appointment may be from a registered member of any political party, or no political party. Terms are for five years.

You can find the application for service on the South Dakota State Investment Council at the link below.

"This is How We Roll" a FREE LUNCH!

 Roll 2024


Pierre: Ramkota Hotel & Conference Center, 920 W Sioux Ave.


FREE! But registration is required!


The South Dakota Bankers Association is hitting the road again and we’re coming to a town near you for the 2024 edition of ‘This is How We Roll!’ Join SDBA President, Karl Adam, when he presents the following key topics:

  • The who, what, where, when and why of the SDBA, and how you play a key role.
  • 99th Session of the South Dakota Legislature Recap
  • 2024 Election Cycle
  • Current banking-related topics affecting/impacting South Dakota

Plan to join the SDBA for the short program laid out above, then stick around for lunch. These ‘Roll’ events are FREE and open to all bankers, frontline to CEO. 

Learn more and register HERE.

Industry News: How Cyber Insurance is Shaping Ransomware Risk Mitigation

Ransomware costs are at an all-time high, and as AI-powered cyberattacks unfold, threats could become more prolific and expensive. Recent findings forecast the cost of cybercrime worldwide will amount to $13.8 trillion by 2028. Businesses are progressively seeking ways to limit their liability against such attacks to avoid expensive regulatory compliance penalties and other damaging ramifications. One of the most effective methods to mitigate the impact of ransomware and enhance defenses is with cyber insurance.

Learn more HERE.

ABA Banking Journal Podcast:

The Points Guy on Why Credit Card Rewards Matter

ABA Podcast Journal“These rewards are more than just Amex, Chase, Citi,” says Brian Kelly, founder of the popular travel site The Points Guy. “Well over half of Americans have some form of rewards, often through their community banks—and to a lot of people, cash back rewards.” This bonus episode of the ABA Banking Journal Podcast—presented by Alkami—features a conversation with Kelly and ABA President and CEO Rob Nichols from ABA’s Washington Summit.

In this episode, Kelly discusses his personal story of getting involved with reward travel, his opposition to efforts to cap interchange or impose routing mandates on credit cards and the value that all kinds of consumers get out of card rewards.

Listen to the episode. 

CISA NEWS: Spotting AI-generated Images

The problem is going to get worse & more difficult to identify. 

Learn how to spot a deep fake.

ABA Newsbytes: 

Nichols: Proposed Bank Merger Policy Raises ‘Significant Concerns’ 

While ABA appreciates regulators’ desire to update the framework governing bank mergers, the FDIC’s proposed statement of policy raises several significant concerns, ABA President and CEO Rob Nichols said yesterday. Because the policy lacks details about the updated competitive analysis, it would introduce more unpredictability and potential delays in merger approvals, which could have serious adverse effects on banks seeking a merger, he said.

“At a time when regulators are imposing major rule changes on the industry that will almost certainly force more consolidation, it’s ironic that they appear to be moving the goalposts and making it even harder for banks to combine,” Nichols said. “We will closely review today’s proposed policy statement and the recent OCC proposal and will be prepared to offer our comments, including whether the proposals comply with statutory requirements and enable banks of all sizes and business models to flourish.”

Read Nichols’ statement.

Upcoming Webinars

Electronic Levy (eLevy) Program Webinar | May 7 | 10:00am CT

FedNow Service Basics Webinar | May 14 | 10:00am CT

   Compliance Alliance logo

Q:  Can a check made payable to a business be deposited into a personal account?  

A: Generally, it would not be best practice to allow the customer to deposit business checks into their personal account or another account not bearing the business's name. Practices such as this could raise BSA and other concerns since processes such as this are sometimes used for money laundering or tax evasion, so if warranted under internal guidelines, the bank may consider filing a SAR into the matter. Further, it may also be against the bank's internal policy/the language within the consumer account agreement, so it is worth reviewing those sources as well. As always, to avoid implicating any UDAAP/UDAP and/or fair banking concerns, the bank will want to ensure that they are treating similarly situated accountholder consistently, across the board in determining whether business deposits can be made into any other account than the businesses.

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.


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Contact the SDBA at 605.224.1653 or via email