Announcements and News
Office of the National Ombudsman
Regulatory Fairness Hearing
Thursday, March 24th in Sioux Falls
National Ombudsman Earl L Gay will convene a regional Regulatory Fairness Hearing to hear testimony from small business owners, representatives of trade associations, and other members of the small business community regarding federal regulations and enforcement and compliance actions impacting America's small businesses. The hearing will be held at the Siouxland Libraries-Oak View Branch, 3700 E. 3rd Street on Thursday, March 24, 2016. Registration is from 10:00 a.m.-10:30 a.m. and the Hearing will follow from 10:30 a.m.-1:00 p.m.
RSVPs should be made to Elahe Zahirieh, Case Management Specialist, Office of the National Ombudsman at (202) 205-6499 or by email at [email protected] by March 17, 2016
Last Chance this Week to Register for Member Networks
Registration closes Friday!
Network Membership Fee
$750 Network Membership
$500 for each additional registration
* Discount code will be emailed immediately following your first network registration
$250 Leadership Network Fee
*
Discount code for a free Leadership Network registration will be emailed immediately following your first network registration
View more information at
www.icbsd.com/networks
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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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Save an extra 10% off select XPS & Inspiron PCs
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Save 40% off select PowerEdge Servers $1,299 & up
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Save 40% off Dell Precision Workstations
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Save an extra 5% off select Dell electronics & accessories
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More Information: Place your order through the ICBA/Dell page to receive these discounts!
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Current Top Legislative Issues
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2016 Legislative Session Notes
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As your voice for community banks, please do not hesitate to contact me if you have questions or concerns about any of the bills listed below.
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Section 5 (listed below) provides protections for mortgage and lien holders. However, we have some concerns about the language of "factually innocent" and the ramification for community banks. We will be attending the hearing to monitor and provide testimony as needed.
Section 5. That the code be amended by adding a NEW SECTION to read: 11 No forfeiture or disposition under this Act affects the rights of a factually innocent person. 12 A mortgage, lien, privilege, other security interest, or joint ownership interest is not affected by 13 a forfeiture under this Act if the owner of the mortgage, lien, privilege, other security interest, 14 or joint owner establishes that the owner is a factually innocent person.
The ICBSD Board of Directors opposed this bill.
Bill was amended in the House and has passed the chamber without dissent. It was referred to Senate Judiciary where it was tabled to the 41st day on a 7-1 vote.
This bill was first read in House on 1/27/2016 and referred to House Commerce and Energy.
HB1126 is at the request of private equity groups. If passed, the bill will exempt them from needing to obtain a money lending license for activities related to lending.
The ICBSD Board of Directors opposed this bill.
On February 17th, the Commerce Committee tabled the bill on a 10-2 vote.
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.
The House Judiciary Committee deferred the bill to the 41st day on an 8-2 vote.
SB52 -
Establish procedures for reporting federal tax changes for purposes of bank franchise tax
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. On February 18th, the House Taxation Committee passed the bill 14-0 and placed it on the consent calendar.
SB53 -
Revise certain provisions concerning the bank franchise tax
This bill proposes 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. The Senate passed as amended 34-0.
On February 18th, the House Taxation Committee passed the bill 14-0.
SB54 -
Adopt Elder Abuse Task Forces statutory recommendations
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.
Scheduled for hearing by the Senate Judiciary Committee passed 6-0. The full Senate passed 35-0 and the House Judiciary Committee amended the bill twice prior to passing 11-0. First to include a notary as an option to witness and then by inserting: "unless the court finds good cause for the additional continuance and:
(1) The parties stipulate to an additional continuance (2) The court finds that law enforcement is unable to locate the respondent for purposes of service of the ex parte protection order".
SB57 -
Redefine the term written agreement relating to contracts between a debtor and creditor
Codifies current industry practice recognizing electronic signatures on contracts.
The bill passed both chambers without opposition and has been signed by the President.
IBC will continue to monitor the bill and the Governor's Task Force.
HB 1039 passed the House of Representatives unopposed and was referred to Senate State Affairs where it also passed unopposed and was places on the consent calendar. The bill has been signed by both the Speaker and President of the respective chambers.
The bill was signed by the Governor on February 19th.
This is an annual bill used to update South Dakota tax code, it passed both chambers with no dissenting votes and has been signed by the Speaker, the President and delivered to the Governor. He signed the bill February 16th.
HB1086 -
Create a leased residential property classification
Creates a new category of property tax for assessment purposes by differentiating multi-housing from commercial property.
House Taxation passed 12-3 amended.
The full House did not pass the bill 28-39 and also failed to reconsider.
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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 details, 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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BankWest
BankWest recently awarded $24,000 in scholarships to 16 area students. About 80 students applied for the $1,500 scholarships.
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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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Small Retirement Plan Challenges, Compliance, and....Audits?
There. We said it. The word 'audit'. Did you know, as a small plan sponsor, you still may be subject to DOL and IRS audits, as well as an annual independent plan audit? Understanding the DOL and IRS regulatory requirements, including how to determine if you qualify for the small plan audit waiver, is half the battle. With a little planning and preparation, you can ensure that you are in compliance with the regulations.
Join us for a sixty minute webinar where we will walk you through the challenges organizations may face, the reasons a small plan may be required to have an audit, and how you can best prepare your organization should the need for an audit arise.
Please
register for this complementary webinar by Friday, March 25.
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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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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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Send us your news, events and job openings!
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| Upcoming Community Bankers Webinar Network Courses |
| SBS Institute Certifications |
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Too Many Bank Regulations Are Counterproductive
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History has demonstrated that thoughtful legislation can accelerate and even pivot the direction in which our country's economy moves. However, we are reminded frequently that unintended consequences can arise out of the best of intentions.
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Emerging-Market Debtor Nations Likely to Follow
Fed Rate Boosts
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A Federal Reserve interest rate increase can lead to capital flows reversing and exiting emerging markets. Central banks in emerging markets that are highly dependent on outside capital will be tempted to match the Fed increase in an attempt to curb capital flight.
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Electronic Payments Stimulate Economic Growth According to New Study
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The growth in the use of electronic payment products, such as credit and debit cards, added $983 billion to the gross domestic product of the 56 countries examined between 2008 and 2012, according to a study conducted for Visa by Moody's Analytics.
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Rate Hike or Nah? Fed Faces Tough Choice
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The data that the U.S. central bank uses to decide whether or not to raise interest rates is showing inconsistent signals about the health of the nation's economy, just a few months after the first rate hike in nearly a decade.
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Banks...Are You Listening?
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Banks are missing an opportunity--sitting on a wealth of customer-specific information, yet not using this to provide customized advice.
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Mobile Payments have Revolutionized what Banks
can Achieve
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Max Speur provides a brief overview of the current mobile payments sector, highlighting the opportunities that lay ahead for the banking industry.
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First Post-FOMC Press Conference
Former Chairman Ben Bernanke held the first scheduled post-FOMC press conference on April 27, 2011.
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Register Now for the Washington Policy Conference
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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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