SDBA eNews

April 18, 2024

ABA Newsbytes: Nichols Highlights Regulatory Lawsuits at American Mortgage Conference

Rob NicholsWith four active lawsuits against regulatory agencies, ABA President and CEO Rob Nichols emphasized Monday that filing a lawsuit is “not the first tool in the box. It’s the very last one.” The four lawsuits address Section 1071 of the Dodd-Frank Act, the CFPB’s UDAAP manual, the Community Reinvestment Act final rule and the CFPB’s late fees rule.

Nichols (pictured, center) addressed the opening session of the American Mortgage Conference in Savannah, Georgia, co-sponsored by ABA and the North Carolina Bankers Association. Fellow panelist Bob Broeksmit, the president and CEO of the Mortgage Bankers Association, added that even when a proper regulatory process results in outcomes industry doesn’t like, industry deals with it. “But in these cases where you don’t follow the Administrative Procedure Act, you don’t have a viable result.”

Nichols and Broeksmit (pictured, above) also tackled the CFPB and Biden administration campaign against fees in business. “The way banks disclose fees and regulators oversee them is sharply different from airlines, Ticketmaster, etc.,” Nichols said. “Every industrial sector can charge fees for services; we believe banks can as well.”

Broeksmit cited efforts by the administration to brand fees for credit reports, title insurance and appraisals as “junk fees,” even though mortgage lenders charge for and disclose these charges under CFPB regulation. Moreover, he added, “We can’t deliver a mortgage to the government entities . . . without an appraisal, credit report or title insurance.”

Nichols also emphasized areas where ABA sees agreement with the CFPB, particularly strengthening enforcement of nonbank market participants, keeping “big tech” out of banking and querying core providers over costs, contracts and service levels. “We are not anti-CFPB in any way, shape or form,” Nichols said.

SDBA Committee/Work Group Appointment Requests:

Due April 30

The SDBA will appoint standing committee members for 2024-2025 in May. SDBA committees are: Agricultural Credit, Credit Card, Legislative and Trust committees. The SDBA is also seeking members for four work groups: Education, Emerging Leaders, Technology and Women in Banking. Committee terms are one year beginning May 1, 2024, and ending April 30, 2025. The deadline to request appointment is Tuesday, April 30.

Current committee members will be contacted via email and asked if they would like to be re-appointed to their respective committee(s)/work group(s) for 2024-2025.

If you are interested in serving on a committee or work group, please fill out the form below.

Request appointment.

Years of Service Awards and Memorials

Years of Service Awards and Memorials will be recognized at the 2024 NDBA/SDBA Annual Convention in Fargo, ND, June 3-5, 2024. During the Annual Business Meeting held during the Convention, the SDBA will honor and recognize bankers with 40 or 50 years of service in the banking industry. If you would like to order an award you’d like to see presented during the Convention, please visit to complete the form by 5:00 p.m. CDT on Friday, May 17, 2024.

Years of service awards can also be ordered at any time and be awarded at the bank using the same form as above. Please just note that the award will be presented at the bank and not the Convention. Recipients who receive their awards at the bank will still be recognized at the Annual Business Meeting in Fargo.

Additionally, bankers who have passed away since the last Annual Convention (June 2023) will be remembered during the SDBA’s Annual Business Meeting at the Annual Convention in Fargo, ND, as well.
The deadline to submit a name for the memorial service is also Friday, May 17, 2024.
For questions, contact [email protected].

Registration Open: 2024 Fraud Academy | August 6-8

Fraud Academy

Join us for Fraud Academy on August 6-8, live (Lexington, KY) or virtual via Zoom.

The Fraud Academy is a “first of its kind” two-day school that will train employees at all levels of your institution on fraud risk and what they can do fight it. This program will feature speakers from the United States Secret Service, attorneys from the United States for the Eastern District of Kentucky, Lexington Police Department, and other current and former law enforcement experts that will share their experiences and insights to best educate your bankers on how to mitigate fraud risk and ultimately reduce your fraud loss.

For details and to register, click here.

Note that the hotel block for this event will release on Saturday, July 6.

FDIC Directors' College | May 8 | Register Today!

The FDIC, in partnership with the South Dakota Bankers Association, will hold the 2024 Bank Directors’ College May 8, 2024 at the Ramkota Hotel in Sioux Falls. This one-day educational seminar was designed with outside directors in mind, but the presentations will include up-to-date information on various emerging issues relevant to all bank directors. The presentations will be delivered by a group of experienced FDIC speakers and subject matter experts. Please consider this unique opportunity to interact with your bank’s regulators and enhance your board’s experience and knowledge.

Learn more and register HERE.

Registration Open for 2024 NDBA/SDBA Annual Convention

June 3-5 | Delta by Marriott | Fargo, ND


Bankers strive tirelessly to positively impact people and communities despite regulatory challenges, economic uncertainties, and technology shifts. Bankers throughout North and South Dakota know the boundless pursuit of doing good. While rapid change is certain, banking as a people business remains the same. Bankers face headwinds, solve problems, and see hope...always.

Thank you for being an NDBA/SDBA member. By working together, we become limitless.

Join us in Fargo this summer for the 2024 NDBA/SDBA Annual Convention and let’s inspire each other! -


Click here to view Convention Brochure
Click here for all registration forms (PDF to print, scan and send)
Click here for Delta Hotel by Marriot reservations

CISA Announces Malware Next-Gen Analysis

CISAWASHINGTON – The Cybersecurity and Infrastructure Security Agency (CISA) announces today a new release of our malware analysis system, called Malware Next-Gen, which allows any organization to submit malware samples and other suspicious artifacts for analysis. Malware Next-Gen allows CISA to more effectively support our partners by automating analysis of newly identified malware and enhancing the cyber defense efforts.

Timely, actionable intelligence on malware, such as how it works and what it is designed to do, is crucial to network defenders conducting potential cyber incident response and/or threat hunts. Malware Next-Gen provides advanced and reliable malware analysis on a scalable platform, capable of meeting the increasing demands of future workloads. The integrated system provides CISA analysts and operations community members with multilevel containment capabilities for the automatic analysis of potentially malicious files or uniform resource locators (URLs).

“Effective and efficient malware analysis helps security professionals detect and prevent malicious software from enabling adversary access to persistence within an organization. Malware Next-Gen is a significant leap forward in CISA's commitment to enhancing national cybersecurity,” said CISA Executive Assistant Director for Cybersecurity Eric Goldstein. “Our new automated system enables CISA’s cybersecurity threat hunting analysts to better analyze, correlate, enrich data, and share cyber threat insights with partners. It facilitates and supports rapid and effective response to evolving cyber threats, ultimately safeguarding critical systems and infrastructure.”

Since November, Malware Next-Gen has been available to .gov and .mil organizations. Nearly 400 registered users have submitted more than 1,600 files resulting in the identification of approximately 200 suspicious or malicious files and URLs, which were quickly shared with partners. While members of the public may submit a malware sample; only authorized, registered users are able to receive analytical results from submissions.

All organizations, security researchers and individuals are encouraged to register and submit suspected malware into this new automated system for CISA analysis. For more information, visit: Malware Next-Generation Analysis.

   Compliance Alliance logo

Q: For OFAC purposes, are both rejected and blocked transactions placed in interest-bearing accounts?

A: A rejected transaction would not go into an interest-bearing account and would instead go back to the sender. A blocked transaction would need to go into an interest-bearing account. Generally, if a transaction is with a prohibited party (for example, the nation of Iran), it would be a blocked transaction that would go into an interest-bearing account. On the other hand, if it is with a party who is not a blocked person but it is still not a permitted transaction (like a private party in Iran) then it is a rejected transaction and it would go back to the sender.
We have a useful OFAC summary available here:

Compliance Alliance also offers a BSA AML OFAC Toolkit with a number of resources:

Learn how to put compliance management solutions from Compliance Alliance to work for your bank, by contacting (888) 353-3933 or [email protected] and ask for our Membership Team.

For timely compliance updates, subscribe to Bankers Alliance’s email newsletters.


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