Announcements and News
Credit Union Power Grab
We are encouraging all member banks to contact the National Credit Union Administration (NCUA) and Congress to oppose changes to credit union field-of-membership rules.
The
NCUA recently proposed sweeping changes to current field-of-membership rules that would nearly eliminate the common-bond requirement. Among other changes, a community-chartered credit union would be able to claim that a Congressional district was a "well-defined local community," thus allowing community credit unions in seven states to serve the
entire state.
This NCUA proposal would make credit unions less restricted by geography and strengthen their tax advantaged status over tax-paying community banks.
To send letters directly to the NCUA and your lawmakers, visit the ICBA's Be Heard website http://www.icba.org/beheard.
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New Dell Discounts
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ICBSD members can take advantage of the following price breaks!
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Exclusive Offers
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Coupon Code
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Save 35% off OptiPlex/Latitude
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SAVE35%
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Save an extra 10% off select XPS & Inspiron PCs
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SAVE10%PC
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Save 40% off select PowerEdge Servers $1,299 & up
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SAVE40%SERVERS
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Save 40% off Dell Precision Workstations
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SAVE40%WKS
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Save an extra 5% off select Dell electronics & accessories
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STACK5%
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More Information
: Place your order through the ICBA/Dell page to receive these discounts!
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2016 Legislative Session Notes
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This week we have provided an update on the banking-related bills we are monitoring. (View more information provided by the SD LRC by following the links provided)
Community Bank Related Bills
This bill was first read in House on 1/27/2016 and referred to House Commerce and Energy.
If passed, the bill will exempt them from needing to obtain a money lending license for activities related to lending.
The specific exemptions within the bill are:
- Any entity which has made or acquired no more than ten loans to other entities within any calendar year
- Any entity that purchases and services commercial loans acquired for investment purposes
- In addition, the bill would exempt "any nonresidential real estate mortgage licensee" from licensure under South Dakota's mortgage lending licensing statutes
Firms would also be exempt from franchise tax on income from lending activities.
Historically, community bankers have not been in favor of any other entity engaged in banking activities and not having to comply with the same taxes and regulations.
As of this morning, it is our understanding that the is bill is undergoing a rewrite. Your ICBSD Board of Directors will review the new version of the bill and formulate our association's position.
- This bill would reduce the penalty for unauthorized credit card use from a Class 6 felony to a Class 1 misdemeanor if the theft is less than $1,000
- Introduced though not yet assigned to committee
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Proposes to clarify the filing process for banks in the event the taxes due the state of SD increase or decrease as a result of an audit or adjustment of federal taxable income by the IRS
- Bill passed out of committee and has been placed on the Senate consent calendar where it passed
- Technical changes to the bank franchise law
- Passed out of Committee on a 7-0 vote. Amendments passed by a slim margin of 4-3 the amendments offered a few changes to the bill, the mandatory electronic filing provision was removed as well as the Department of Revenues repeal of graduated rates on income above $400 million
- Collaborative effort led by the Supreme Court Justices, Supporters included the Governor's Office, Attorney General's Office, State Bar, AARP, SD Health Care Alliance, and Family Heritage Alliance
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Scheduled for hearing by the Senate Judiciary Committee but has been deferred pending a fiscal impact analysis as required for any criminal legislation
- Codifies current industry practice recognizing electronic signatures on contracts
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The bill passed the Senate without opposition and is now assigned to the House Commerce Committee
- This bill passed out of House State Affairs and has been sent to the full House of Representatives
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This bill passed the House of Representatives unopposed and has been referred to Senate State Affairs
- This is an annual bill used to update South Dakota tax code, it passed out of the Taxation Committee and the House of Representatives without a dissenting vote. Has now been scheduled for hearing in Senate Tax, 2/2/16
- Creates a new category of property tax for assessment purposes by differentiating multi-housing from commercial property
- House Taxation passed 12-3 amended, will now go to the full House
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We will be attending hearings as
necessary
to make sure the community banking
voice is being heard.
As your voice for community banks, please do not hesitate to contact us if you have concerns about any of the bills we are monitoring or another bill currently before the legislature.
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Who are Your Legislators?
You can use this site to find your legislators based on City, County, or District. If you need more detail, you can use the interactive district map to zoom into your street and find your district.
Look up your Legislators Here
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Happy 5th Anniversary to Jen Wennblom from the State Bank of Alcester! 
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Send us your bank news, events and job openings!
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Associate Member News and Events
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United Bankers' Bank Announces
Executive Promotions
BLOOMINGTON, Minn. - Bill Rosacker, President and CEO of United Bankers' Bank (UBB), announces seven promotions within the bank's senior management team. "This is a remarkable team, with a diverse set of experiences and expertise that will continue to drive UBB's strategic vision in how we serve the needs of our community bank customers today and into the future," stated Mr. Rosacker.
Read More...
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In recent months, the Consumer Financial Protection Bureau (CFPB) has made clear that it intends to make debt collection practices an area of focus in 2016. The CFPB highlighted various supervisory actions taken with regard to debt collection practices in its Fall 2015 Supervisory Highlights.
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The Great Bank Robbery is
Still Happening
In late 2014, reports surfaced of an Advanced Persistent Threat (APT) that was attacking financial institutions all over the world. An APT is an attack in which an unauthorized individual gains access to an organization's network and remains undetected for an extended period of time typically in order to watch and duplicate the procedures used by the employees at the organization. An APT allows an attacker access to financial institution networks and to remain undetected until the attacker can compromise the host and transfer money from the institution.
By the time the dust settled, the attack, named "Carbanak," cost more than 100 financial institutions (mostly in Russia and the United States) more than $1 billion. The average attack lasted two to four months, and financial institution losses ranged from $2.5 million to $10 million per attack. Carbanak is referred to as "The Great Bank Robbery," and while the attack peaked in late 2014, Carbanak actually still remains active today.
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Open Position...
United Bankers Bank
Vice President of Lending, South Dakota
United Bankers' Bank (UBB), headquartered in Minnesota, has an opportunity for a motivated VP of Lending. This individual will be based in Sioux Falls. UBB is a successful and growing bankers' bank that supports community banks in the Midwest and Pacific Northwest. Our motto, "First, for Your Success" reflects the importance UBB places on helping customers and employees succeed.
The VP of Lending's objective is to engage in ongoing discussion with client banks in order to obtain the opportunity to assist them with over-line and bank stock loan requests. They will contribute significantly to department and bank objectives of excellent credit quality, excellent customer service and outstanding returns to shareholders.
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Commercial Loan Officer
Our client, Pioneer Bank & Trust located in Rapid City, SD. is seeking a highly motivated individual to join its lending team in the position of a Commercial Loan Officer. The successful applicant will be responsible for developing, servicing and retaining profitable customer relationships.
Qualifications include a bachelor's degree in accounting, finance or business. The individual must demonstrate strong communication and leadership skills and be committed to participate in and promote community activities. A minimum of 5 years of experience as a commercial lending officer is preferred.
Pioneer Bank & Trust is a locally owned, totally independent community bank that has been serving the banking needs of Western, SD since 1913 and offers a comprehensive compensation and benefits package. Pioneer Bank & Trust is proud to be an affirmative action/equal opportunity employer. EOE AA M/F/Vet/Disability
To apply, please visit -
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Send us your news, events and job openings!
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Board Meeting, Pierre - February 9, 2016
Network Meetings, Huron - March 28 -31, 2016
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| Upcoming Community Bankers Webinar Network Courses |
| SBS Institute Certifications |
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U.S. Attorney Preet Bharara Assesses Eric Holder's Failure to Prosecute Wall Street
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Crusading U.S. Attorney Preet Bharara took a sharp dig at former U.S. Attorney General Eric Holder--whom he served under from 2009 until Mr. Holder stepped down last year--for how he handled the fallout from the 2008 financial crisis.
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Have We Just Seen Mobile Commerce's Killer App?
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After almost a decade of predictions from preeminent analysts on the rapidly forthcoming ignition of mobile payments that never quite panned out, at least one thing seems to have been proven conclusively true: The prospect of using smartphones to enable commerce in both the online and physical worlds is a lot more exciting to innovators than it is to the average Joe or Jane, who has to adopt it to ignite it.
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Branch Transformation: Innovating to be Nimble
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Innovation requires understanding your client base and providing differentiated services that clients will find value in. Banks must innovate and be nimble to address emerging client needs in the neighborhoods they serve. As community banks, we must recognize and be responsive to what our clients are demanding of us.
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The Growing Imperative of Scale
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Why are there so many people attending Bank Director's 2016 Acquire or Be Acquired Conference this year, which at over 900 people is the largest number of attendees in the 22 years that we have been holding this event? Clearly the participants are interested in learning about the mechanics of bank M&A and the trends that are driving the market.
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Retail Banking 2020: Evolution or Revolution?
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Powerful forces are reshaping the banking industry. Customer expectations, technological capabilities, regulatory requirements, demographics and economics are creating an imperative to change.
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Mortgage Rates Fall for Fourth Straight Week
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Freddie Mac recently released the results of its Primary Mortgage Market Survey (PMMS), showing mortgage rates moving lower for the fourth consecutive week as the Fed held interest rates steady at its FOMC meeting on Wednesday.
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7 Risks to Keep You Up Tonight
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Chief risk officers will need to keep close watch on seven key risk management issues this year, says KPMG LLP.
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Bank Holiday of 1933
At 1:00 a.m. on Monday, March 6, 1933, President Franklin D. Roosevelt issued Proclamation 2039 ordering the suspension of all banking transactions, effective immediately. He had taken the oath of office only 36 hours earlier. Read more here.
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2016 Series - 6 for the price of 5
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What's happening at your bank? Events? Promotions? New hires? Retirements? Awards? Community projects? Charitable activities?
Contact Summer at [email protected]. If you don't have time to write an article, send a description of what happened, and we'll put it together for you. |
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February 2016
