Ag Bankers Invited to Participate in SDSU Ag Land Value Survey

SDSU Extension is inviting ag loan officers to participate in its 2019 Ag Land Value Survey. Data collected from this survey is compiled and used by many industry professionals and producers alike. The survey, which has been ongoing since 1991, will be open through April 14.

Registration Open for 2019 SDBA/NDBA Annual Convention

2019 SDBA/NDBA Annual Convention

Evolving digital technologies, shifting consumer preferences and increasing competition are creating new challenges for banks. As the banking industry is being transformed, there is uncertainty around what the future of the industry will look like over the next decade. Are you ready to re-imagine the future of banking?

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. Attendees can explore new pathways, seek innovative partners and motivate to embrace the future of banking at this year’s annual convention.

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ABA, Trade Groups Call for National Beneficial Ownership Registry

As the House Financial Services Committee yesterday held a hearing on financial crimes, ABA joined eight other financial trade organizations in a letter to committee leaders highlighting the need for a national beneficial ownership registry.

While banks are required to collect the beneficial ownership information of their customers, the groups noted that the lack of a single, centralized federal registry that could be used to verify that information “represents a significant gap in the U.S. regulatory system that allows criminals, money launderers, kleptocrats and terrorist financiers to obscure their identities from law enforcement.”

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Hotel Deadline Nearing for SDBA Ag Credit Conference

The hotel block for the SDBA's Agricultural Credit Conference to be held on April 10-12 at the Ramkota Hotel & Conference Center in Pierre will be released on Monday, March 18.

This conference focuses on the unique needs of ag bankers and the need for quality information and training to better serve their customers. The SDBA has lined up speakers on a variety of timely topics to help ag bankers navigate through challenging times. Experienced and new ag lenders, as well as CEOs, will all benefit from this conference.

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U.S. Bank Awards Cybersecurity Scholarships

In response to the growing need for well-trained cybersecurity experts across the industry, U.S. Bank grants cybersecurity scholarships each year to educate future technology leaders. Twelve such scholarships were recently awarded, providing funds for education and training in all areas of cybersecurity—from information security, to big data, business and beyond.

“We are facing a significant talent shortage in the cybersecurity field across all industries,” said U.S. Bank Chief Information Security Officer Jason Witty. “In order to maintain safety and soundness, we need well-trained cybersecurity leaders in our businesses. That is why we are excited to once again provide these scholarships across the country to help further these students’ education and training.”

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CFPB Seeks Public Comment on PACE Loans

The Consumer Financial Protection Bureau on Monday requested public feedback on Property Assessed Clean Energy (PACE) loans, a controversial type of financing that allows homeowners to pay for energy-efficient retrofitting—such as solar panels and high-efficiency air conditioners—through their property tax assessments, and which often take lien priority over the first mortgage lien.

S. 2155, the regulatory reform law enacted last year, requires the CFPB to apply the Truth in Lending Act’s ability-to-repay requirements and civil liability provisions to PACE loans. ABA has long raised concerns about these loans over their lack of full consumer protections and supported efforts to enhance that protection.

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SDBA Seeking Candidates for Board Elections

Elections for the SDBA’s Board of Directors are scheduled for April. Two directors have terms that expire on April 30, 2019, in addition to a vacancy. Elections will take place in Groups 1, 3 and 4.

Terms for Kristina Schaefer, First Bank & Trust, Sioux Falls, (Group I) and Dave Nelson, First Fidelity Bank, Platte, (Group III) will expire on April 30. Both have served one, three-year term and are eligible to run for a second, three-year term. The Group IV seat is currently vacant as this seat was previously held by SDBA Vice Chairman Steve Bumann, BankWest, Pierre. 

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Craig Hansen Joins SDBA Board of Directors

Photo of Craig HansenCraig Hansen with Citibank, N.A., Sioux Falls, has been appointed to the SDBA Board of Directors as the director representing banks in the Credit Card Bank Category. He fills a seat previously held by Rick Nath.

As the interim site president of Citi in Sioux Falls, Hansen is responsible for driving and executing site governance, people strategy, site culture and community involvement. In addition to his duties as site president, he is also a managing director responsible for the global digital software architecture in the consumer bank. In addition to U.S. sites, Hansen also has teams in Mexico City and Singapore responsible for the regional design and governance of Citi’s strategic digital programs.

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Annual Convention Sponsorship Deadline Nearing

Focus Forward: 2019 SDBA/NDBA Annual ConventionThe SDBA invites its business partners to FOCUS FORWARD at the 2019 SDBA/NDBA Annual Convention on June 2-4 at the Sioux Falls Convention Center & Sheraton Sioux Falls.

Business partners can participate in the 2019 Annual Convention by sponsoring, exhibiting or advertising. A business partner packet including information on signing up is available online. The deadline to sign up as a sponsor and be listed in convention registration materials is Friday, March 1. Learn more about sponsoring or contact the SDBA's Alisa Bousa

Be watching for the full convention agenda and registration in March. Questions, call the SDBA at 605.224.1653.

Registration Open for SDBA Ag Credit Conference

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

This conference focuses on the unique needs of ag bankers and the need for quality information and training to better serve their customers. The SDBA has lined up speakers on a variety of timely topics to help ag bankers navigate through challenging times. 

Dr. David Kohl will kick off this year's event with his session "Positioning for Success in the Economic Reset." This energizing session will take a walk around economic trends followed by their implications to your organization, business and personal endeavors. Regardless of the cycle, if managed well and pro-actively, then you will be on the positive end of the profit spectrum.

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Black Hills FCU, CMFG Life Insurance Agree to Settlement in Lawsuit Over Improperly Raised Premiums

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.

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South Dakota Banks Make a Difference in Our Communities

South Dakota Banks Make a Difference in our Communities

The SDBA unveiled the latest results of its Banks Make a Difference Survey during its State Legislative Day yesterday in Pierre. Copies of the promotional handout were provided to all attendees and to all state legislators. Copies will also be mailed to all member banks and branches.

Each January, the SDBA surveys its member banks and collects data on the importance of banks to their local communities and to the state as a whole. The annual project is just a glimpse of how banks work every day to help South Dakotans grow and prosper. 

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Consumers Should Beware of Unlicensed Money Lenders

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.

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SDBA Seeking Candidates for Vice Chairman

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

SDBA officers include the chairman, chairman-elect, vice chairman and immediate past chairman. The SDBA is currently seeking people who are interested in running for the vice chairman position, which will be elected at the SDBA Annual Convention on June 4, 2019, in Sioux Falls.

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Annual Convention Room Block Open, Business Partner Info Available

Focus Forward: 2019 SDBA/NDBA Annual ConventionThe 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

Business partners can participate in the 2019 Annual Convention by sponsoring, exhibiting or advertising. A business partner packet including information on signing up is now available online

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Rep. Dusty Johnson to Serve on House Ag Committee

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

“Serving on the Agriculture Committee is a true honor, and I am proud to give South Dakota a voice at this table,” said Johnson. “I relentlessly advocated for a seat on this committee since being elected to Congress.”

“My placement on this committee will have a direct impact on South Dakota’s largest and most significant industry, and I am thankful to have the opportunity to advance sound agriculture policy that serves farmers, ranchers and consumers in our state. My colleagues passed a strong Farm Bill last year, and I look forward to seeing it through to implementation.”

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SDBA Provides Weekly Legislative Update Podcast

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.

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USDA to Restore Full-Time Operation of Farm Service Agency

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. 

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USDA to Temporarily Reopen FSA Offices During Shutdown

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. 

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Drew Haack and Matt Schlechter Promoted at SD Division of Banking

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.

Both will continue to participate on examinations but will be assisting more with administrative functions, said Deputy Director of Banking Mike Dummer. Haack joined the Division in 2006, and Schlechter joined the Division in 2011. Both work out of the Division of Banking's Sioux Falls office.