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SDBA to Hold Bank Technology Conference in September

Technology and innovation have been transforming financial services since long before artificial intelligence and iPhones, and your role as an IT professional is ever-changing, especially in today’s environment.

The SDBA'S Bank Technology Conference on Sept. 8-9 in Sioux Falls is designed to provide support as you keep on top of technology trends, navigate the business of banking, and build and sustain your bank’s technology strategy—all to improve access and better serve your customers. This conference will provide you with an opportunity to learn from industry experts, network with IT colleagues, and visit with exhibitors to see and experience the latest in products and services.

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Minnwest Bank and Roundbank Announce Merger

Minnwest Bank, a family-owned bank based in Redwood Falls, Minn., will acquire Roundbank, based in Waseca, Minn.

Minnwest Bank has 32 branches throughout Minnesota and South Dakota and $2.27 billion in assets. The bank has South Dakota locations in Big Stone City, Florence, Sioux Falls, Summit and Wilmot. Roundbank has four branches in Minnesota and $385 million in assets.

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Banks to Receive Update Forms for 2022 South Dakota Bank Directory

The SDBA has again retained BLR – Business & Legal Resources, a division of Simplify Compliance LLC (“BLR”) to publish the 2022 South Dakota Bank Directory. BLR of Brentwood, Tenn., has an excellent reputation in directory publishing throughout the United States.

BLR is emailing the update forms for the 2022 South Dakota Bank Directory to all SDBA member banks. The purpose of this questionnaire is to obtain data about your bank—including correct address, telephone numbers, officers and directors. It is important that you respond promptly with the information requested by Sept. 23. If you assign this responsibility to someone else on your staff, please share the letter with them and forward the questionnaire to the appropriate person as soon as it arrives.

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CFPB Issues Interpretive Rule on Juneteenth-Related Mortgage Closing Delays

The Consumer Financial Protection Bureau last Thursday issued a long-awaited interpretive rule providing clarity on how the newly-enacted Juneteenth holiday affected the timing of disclosures required for mortgage transactions in process. President Biden earlier this summer signed legislation recognizing Juneteenth as a new federal holiday. Since June 19 fell on a Saturday, the federal government observed the holiday on June 18. However, given the short timeframe between the law’s enactment and the observed federal holiday, questions arose about how it would affect mortgage closings.

The guidance addresses Regulation Z timing requirements related to rescission of closed-end mortgages and the TILA-RESPA Integrated Disclosures. It clarifies that “if the relevant closed-end rescission or TRID time period began on or before June 17, 2021, then June 19, 2021, was considered a business day, but nothing prohibits creditors from providing longer time periods. Therefore, it would also be compliant for creditors to have considered June 19, 2021, a Federal holiday for purposes of these provisions.”

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ABA Supports Amendment Blocking New Account Flow Reporting Requirements

ABA on Tuesday wrote to Senate leaders in support of an amendment to the budget resolution put forth by Sen. Mike Crapo (R-Idaho) that would prevent the Internal Revenue Service from establishing a new information reporting framework for individual or business bank accounts with flows of $600 or more. Such a framework was included as part of the Biden administration’s tax proposal earlier this year to help shrink the tax gap.

ABA emphasized that banks already report a considerable amount of information to the IRS and developing and executing the new reporting regime would be complex, time-consuming and could pose a threat to data privacy. “The proposed reporting system would apply across most, if not all, bank products—including many that do not currently require any IRS reporting and consequently do not have even the baseline analytical and reporting infrastructure needed to support this type of reporting,” ABA noted. “This would be a significant operational undertaking, especially for community banks that are often dependent on third-party service providers for their system updates.”

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SDBA Women in Banking Conference Hotel Room Block Deadline Nearing

Picture of women in an office. The hotel room block for the SDBA's LEAD STRONG: Women in Banking Conference will be released on Sunday, Aug. 15.

This year's Women in Banking Conference will be held Sept. 15 at the Sioux Falls Convention Center, with a reception the evening prior at R-Wine Bar in Sioux Falls. Sessions include: "The Spectrum of Awesome," "Human Trafficking: Closer to Home Than You Think," "Leadership--Courage Within,"  Sit Down, Gordon. I Am Enough." and "Building a Powerful Presence." 

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OCC's Hsu Says CRA Modernization on 'Aggressive Timeline'

Testifying before the Senate Banking Committee on Tuesday, Acting Comptroller of the Currency Michael Hsu said that the OCC has aggressive internal timelines for working with the Federal Reserve and FDIC to put forward a joint rulemaking that strengthens and modernizes the Community Reinvestment Act.

“The teams are working very quickly,” Hsu said. "We have given internal, kind of aggressive timelines on that, but it is a complicated rule and we want to make sure that we do it right and we will be working with all deliberate speed.” He later added that “we currently have groups that are working pretty much around the clock on coming up with options to strengthen the CRA to make sure that low and moderate-income communities have their needs met.”

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USDA, HUD, VA and FHFA Announce Extension of Eviction Moratoria

The Department of Agriculture, Department of Housing and Urban Development, Department of Veterans Affairs and the Federal Housing Finance Agency announced late Friday that at the request of the Biden administration, they would extend their foreclosure-related eviction moratoria until Sept. 30, 2021. This announcement came just ahead of the expiration of the Centers for Disease Control and Prevention’s eviction moratorium on July 31.

The agencies encouraged owners and operators of federally assisted and financed rental housing to “make every effort to access Emergency Rental Assistance resources to avoid evicting a tenant for non-payment of rent. These resources are available in every state, and many counties and cities are also running local programs.” Read more.

New CDC Order Temporarily Suspends Evictions Through Oct. 3

As COVID-19 cases—including those connected to the Delta variant—continue to spike, the Centers for Disease Control and Prevention on Tuesday issued a new order directing evictions to be suspended through Oct. 3, “in counties with heightened levels of community transmission.”

The CDC said that the order is “intended to target specific areas of the country where cases are rapidly increasing, which likely would be exacerbated by mass evictions.”

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SBA Issues Guidance on Direct PPP Loan Forgiveness

The Small Business Administration yesterday released guidance on how it will accept Paycheck Protection Program loan forgiveness applications directly from borrowers—bypassing the lending institutions—for loans of $150,000 or below. The direct borrower forgiveness process is an “optional technology solution that SBA is providing to PPP lenders that will leverage SBA’s existing and proven platform,” SBA said.

PPP lenders that opt-in to the direct borrower forgiveness program will be provided with a single secure location for all of their borrowers with loans of $150,000 or less to apply for loan forgiveness through the platform using the electronic equivalent of SBA Form 3508S. Upon receipt of notice that a borrower has applied for forgiveness through the platform, lenders will review the loan forgiveness application in the platform and issue a forgiveness decision to SBA. The forgiveness platform will begin accepting applications from borrowers on Wednesday, Aug. 4, 2021. 

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SDBA Seeking a Member Services Coordinator

We are hiring.Do you enjoy a challenging, ever-changing environment where prioritizing and multitasking are the norm? Are you proactive and forward thinking? Do you take pride in your work? Are you a natural relationship builder and collaborative problem solver?

If you answered “yes” to these questions, you may be interested in applying for the member services coordinator position with the South Dakota Bankers Association. The SDBA is the premier trade association for banks in South Dakota. In this role, you will work in collaboration with our team to ensure that our members receive exceptional customer service and support. This position is located in Pierre, S.D.

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Registration Open for SDBA's LEAD STRONG: Women in Banking Conference

Photo of women in an office.The SDBA’s 2021 LEAD STRONG: Women in Banking Conference, which promises to educate, enlighten and engage, will be held on Sept. 14-15 at the Sioux Falls Convention Center in Sioux Falls. This is an opportunity to connect with one another and celebrate all we have endured since we last met.

In addition to a great lineup of speakers and ample opportunity to network, come prepared for some interactive sessions. Bring your best listening skills, your most insightful questions for our industry leader panel, and bring a book or two that you would like to exchange during the “Once Upon a Time...” session. The conference will begin Tuesday evening with a reception at R-Wine Bar followed by a full day of sessions on Wednesday at the Convention Center.

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ABA: Banks Committed to Reducing Number of Unbanked Americans

In a statement for the record shared ahead of a House Financial Services subcommittee hearing on expanding access to the financial system yesterday, ABA emphasized the banking industry’s commitment to reducing the number of unbanked individuals in the country. The statement details ABA's support for the Bank On movement, a national effort led by the Cities for Financial Empowerment Fund, designed to extend access to banking services to U.S. households that remain unbanked. Bank On-certified accounts include features like low costs, no overdraft fees, robust transaction capabilities via a debit or prepaid card and free online bill pay.

“More than 7 million households remain outside the banking system without a deposit account. America’s banks believe everyone should have access to the banking system and the safety, convenience and other benefits that come with a bank account—and we are committed to continuing our efforts to build trust with unbanked consumers,” the ABA said, adding that since it began encouraging banks to offer Bank On accounts in October 2020, the number of Bank On-certified accounts has more than doubled.

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Registration Open for SDBA's 2021 IRA School

SDBA IRA SchoolThe SECURE Act impacts two main topics: RMDs and death distributions. The SDBA’s 2021 IRA School on Sept. 28 to Oct. 1 in Sioux Falls will address these relevant changes.

IRAs are one of the most complicated areas of bank personnel responsibility. Continual education is necessary to ensure confidence. Working with IRAs is a process and must start with a strong foundation. This school can provide this foundation through a comprehensive curriculum.

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Registration Open for SDBA's 2021 Bank Technology Conference

SDBA Bank Technology ConferenceTechnology and innovation have been transforming financial services since long before artificial intelligence and iPhones, and your role as an IT professional is ever-changing, especially in today’s environment.

The SDBA'S Bank Technology Conference on Sept. 8-9 in Sioux Falls is designed to provide support as you keep on top of technology trends, navigate the business of banking, and build and sustain your bank’s technology strategy—all to improve access and better serve your customers. This conference will provide you with an opportunity to learn from industry experts, network with IT colleagues, and visit with exhibitors to see and experience the latest in products and services.

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SDBA Women in Banking Conference Lodging Open

Lodging is now open for the SDBA's LEAD STRONG: Women in Banking Conference set for Sept. 14-15 at the Sioux Falls Convention Center. To reserve a room at the Sheraton Sioux Falls, click here. The room block will be released on Aug. 15. 

The SDBA is looking forward to seeing people face-to-face at this year's Women in Banking Conference in Sioux Falls. Be watching for the full agenda and event registration, which is coming soon. 

ABA Urges Bankers to Encourage Lawmakers to Co-sponsor ECORA Act

The ABA is calling on bankers to encourage their lawmakers to co-sponsor the Enhancing Credit Opportunities in Rural America Act—a bill that would promote greater access to credit and reduce borrowing costs for ag producers.

As net farm income declines, the availability of low-cost credit is extremely important to the agricultural sector, and bankers are urged to ask Congress to co-sponsor this important bill to help the nation's farmers and ranchers and revive rural ag economies. Take action now.

Still Time to Register for SDBA's Ag Credit Conference Next Week

Ag Conference GraphicIt is not too late to make plans to attend the SDBA's Agricultural Credit Conference next Wednesday and Thursday, July 21-22, in Pierre at the Ramkota Hotel & Conference Center.

Session topics include the U.S. economy in 2021 and beyond, current fraud trends impacting the banking industry, cutting expenses versus increasing yields, proper loan restructuring, weather risk in production agriculture, higher prices and increased volatility in the grain and cattle markets, avoiding the pitfalls of marijuana and hemp, federal banking and policy update, and speed networking. The event will also include a networking reception on Wednesday evening and an exhibit hall. 

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FSB Outlines Next Steps on Climate Risk Disclosures, Tackles Climate 'Data Gaps'

As the annual summit of G20 finance ministers and central bank governors kicked off in Italy yesterday, the Financial Stability Board released its roadmap for global regulatory coordination on climate-related financial risks. The FSB roadmap focuses on four main approaches: firm-level disclosures, data, analysis of vulnerabilities and regulatory and supervisory practices.

Regarding disclosures, in order to promote consistency, the FSB said it would use frameworks based on the work of the Task Force on Climate-Related Financial Disclosures and the in-development IFRS sustainability disclosure standards. Once those standards are issued and should the International Organization of Securities Commissions endorse them, local regulators would then adopt their own frameworks for using the international standards.

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FinCEN Issues National Anti-Money Laundering Priorities

The Financial Crimes Enforcement Network last week issued government-wide policy priorities for anti-money laundering and countering the financing of terrorism. According to the priorities, the most significant AML/CFT threats currently facing the country are corruption, cybercrime, domestic and international terrorist financing, fraud, transnational criminal organization activity, drug trafficking organization activity, human trafficking and human smuggling, and proliferation financing.

In a separate interagency statement issued by FinCEN and the federal banking agencies, the agencies stated that publication of the priorities “does not create an immediate change to Bank Secrecy Act requirements or supervisory expectations for banks.” The agencies said they will revise their BSA regulations within the next six months to address how the priorities will be incorporated into banks’ BSA requirements.

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