The SDBA will hold the 2019 Agricultural Credit Conference on April 10-12 at the Ramkota Hotel & Conference Center in Pierre.

Black Hills Federal Credit Union and a Wisconsin-based insurance company, CMFG Life Insurance Company, have agreed to pay $3 million to settle allegations that they improperly raised insurance premiums on thousands of loans, according to The Associated Press on Monday.

The proposed settlement to be considered by a judge later this month would resolve an eight-year-old class action lawsuit initially filed by a Rapid City couple.

The South Dakota Department of Labor and Regulation on Wednesday cautioned consumers about unlicensed money lenders, both online and in-person.

All lenders providing payday loans, short-term consumer loans, title loans or installment loans to South Dakota residents must be licensed by the South Dakota Division of Banking per SDCL 54-4-52, unless specifically exempt in SDCL 54-4-37.

Are you interested in becoming an officer of the South Dakota Bankers Association? 

The SDBA invites you to FOCUS FORWARD at the 2019 SDBA/NDBA Annual Convention on June 2-4 at the Sioux Falls Convention Center & Sheraton Sioux Falls. Rooms have been reserved at four Sioux Falls hotels: Sheraton Sioux Falls, Ramada, Best Western Plus Ramkota Hotel and Holiday Inn Express. When making a reservation, ask for a room from the SDBA block. See accommodation details. 

Rep. Dusty Johnson (R-S.D.) has been appointed to serve on the U.S. House Committee on Agriculture.

The SDBA is now providing its weekly Legislative Update as a podcast. The Legislative Update is a recap of weekly key legislative action by SDBA President Curt Everson on Fridays during session. 

You can listen to the podcast via a direct link or your favorite podcast app. Search for "SDBA Legislative Update." Listen to last week's Legislative Update Podcast. Or listen to the podcast via Anchor.

As the government shutdown enters its fifth week, the Department of Agriculture announced that it will temporarily resume full-time operations of its Farm Service Agency offices nationwide. Beginning today, FSA offices will be open daily until Feb. 8. Should the government shutdown extend beyond that date, offices will be open Tuesdays, Wednesdays and Thursdays if needed to provide administrative services, USDA said. 

Under this new plan, the FSA will be able to offer more administrative services to farmers and ranchers, including: making new direct and guaranteed operating loans; signing documents related to “assignment of guarantee” and two-party checks; and processing transactions related to the Margin Protection Program and disaster payments to producers whose applications have already been approved. Additionally, all existing programs under Farm Production and Conservation will continue to operate. 

With the government shutdown now approaching its fourth week, the Farm Service Agency will temporarily reopen several of its offices to provide assistance to farmers and ranchers, the Department of Agriculture announced yesterday. These offices will be open on Jan. 17, 22 and 28 during normal business hours. 

The USDA noted that at almost half of FSA locations, staff will be available to help farmers and ranchers with existing farm loans and tax documents. Staff will also be available at certain offices to provide specific services including processing payments made on or before Dec. 31, 2018; continuing expiring financing statements; and opening mail to identify priority items. 

Drew Haack and Matt Schlechter have promoted to supervisory roles at the South Dakota Division of Banking. Haack has been promoted to chief bank examiner, and Schlechter has been promoted to chief trust examiner.

Mary Kay Bates, CEO of Bank Midwest in Spirit Lake, Iowa, has been named 2019 Banker of the Year by BankBeat. 

The 2019 South Dakota Legislature opened Tuesday, Jan. 8, with Gov. Noem giving her State of the State Address.

As expected, the financial regulatory agencies on Dec. 21 issued a final rule giving banks the option to phase in over a three-year period the day-one adverse effects of the Current Expected Credit Loss standard on regulatory capital.The CECL standard, which goes into effect in 2020 for SEC registrants, 2021 for non-SEC banks that are FASB-defined "public business entities," and 2022 for all other banks, requires an estimate of expected credit losses over the life of the portfolio to be effectively recorded upon origination. 

The Consumer Financial Protection Bureau has released its policy guidance describing the Home Mortgage Disclosure Act loan-level data it plans to release publicly in 2019.

Effective immediately, the Federal Emergency Management Agency will allow operations of the National Flood Insurance Program to resume, even while the government remains partially shut down, the agency announced last Friday. The move was retroactive to Dec. 21, ultimately leaving no lapse in NFIP availability.

ABA, along with members of Congress and other trade groups, strongly objected to FEMA’s surprise decision earlier this week halting regular operations, despite Congress’ passage and the president's signature of a bill to reauthorize the NFIP before the shutdown began.

ABA applauded FEMA's action. The association has emphasized in its public statements that suspending the sale and renewal of NFIP policies could complicate and potentially delay loan closings for borrowers seeking mortgages where NFIP coverage is required. For more information, contact ABA's Joe Pigg or Diana Banks. 

“On December 26, the Federal Emergency Management Agency announced its intention to halt regular operations for the National Flood Insurance Program. This decision comes even as Congress passed and the President signed legislation last week that was specifically intended to keep the program operating during the government shutdown," said ABA President and CEO Rob Nichols in an ABA statement today.

With the federal government shut down since Saturday morning, several agencies are closing all but essential operations. Federal banking regulators--the Consumer Financial Protection Bureau, FDIC, Federal Reserve and OCC--will remain open as their funding does not come from congressional spending. However, federal lending programs, including the Small Business Administration, Federal Housing Administration and USDA programs, will be curtailed.

The Securities and Exchange Commission said that it will prioritize investor protection and market integrity functions starting on Dec. 27 should the shutdown persist; the Commodity Futures Trading Commission will likewise shut down all but essential market support functions. The Financial Crimes Enforcement Network will continue to process industry anti-money laundering filings. For more information, visit individual agency and department websites.

As the Financial Stability Oversight Council met yesterday to discuss, among other topics, the Financial Accounting Standards Board’s Current Expected Credit Loss model for loan loss accounting, 28 Republican House members urged a delay in CECL’s implementation date and a comprehensive study of its effects on the banking industry and access to credit. Read the letter.