South Dakota Banking Commission to Hold Public Hearing to Adopt Rules

The South Dakota Banking Commission will hold a public hearing on July 8 at 1:30 p.m. CDT via telephone to consider the adoption of proposed rules.

Proposed Rule 20:07:06:01.02: The effect of the proposed rule is to abate the examination fee assessed to state-chartered banks for the June 2021 semiannual examination fee assessment period. The reason for adopting the rule is to manage the accumulation of money in the Banking Revolving Fund.

Proposed Rule 20:07:06:02: The effect of the proposed rule is to provide additional flexibility in the process of sending notice to state-chartered banks for future fees owed by each bank. The reason for adopting the rule is to provide the Division additional time to prepare and validate fee assessments for each state-chartered bank after the June 30 and December 31 reports of condition and income are validated and finalized by the FDIC. The Division generally has access to finalized data between 45 to 60 days after the June 30 and December 31 reporting dates.

Persons interested in presenting amendments, data, opinions or arguments for or against the proposed rule may do so via phone at the hearing or by mail or email prior to the hearing. Written comments must be submitted to the South Dakota Division of Banking at 1601 N. Harrison Avenue, Suite 1, Pierre, SD 57501 or by email to [email protected] at least 72 hours before the public hearing. Interested parties may attend by calling 605.679.7263 and using conference code 224866985 and pressing #. 

After the public hearing, the South Dakota Banking Commission will consider all written and oral comments it receives on the proposed rules and may modify or amend a proposed rule at that time to include or exclude matters that are described in the notice. Learn more

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