Financial Institutions

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What does it mean if an animal is branded in South Dakota? What does branding mean for bankers who lend to livestock producers? Litigation attorney Vince Roche explains.

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Sometimes a bank wants to get a portion of a possibly troubled credit off its books. Management of the bank is willing to step in, motivated by good intentions, and provide financing to the borrower to help pay down the debt. But when both the bank and its affiliate have a lending relationship with the same borrower and the bank continues to advance funds to the borrower, the bank needs to tread carefully to avoid regulatory traps. Read more from financial services lawyer Charles D. Gullickson.

Davenport, Evans, Hurwitz & Smith, LLP in Sioux Falls, SD is pleased to announce that 16 Davenport Evans lawyers were listed in Best Lawyers® 2019 for South Dakota, in 22 different practice areas. In addition, four Davenport Evans lawyers were named, “2019 Lawyer of the Year” for South Dakota. Read more.

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Davenport Evans lawyer Robert E. Hayes will facilitate a discussion of creditors’ rights and bankruptcy issues November 8 at the Independent Community Bankers of South Dakota Fall Conference: Farming, Finance & Global Markets.

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When it comes to capital adequacy requirements “small” bank holding companies have always enjoyed regulatory flexibility compared to their bigger brethren, especially when it comes to leverage requirements. As a result of action by Congress and a rule issued by the Federal Reserve Board, the threshold for “small” has now gone from $1 billion in consolidated assets to $3 billion.

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Davenport, Evans, Hurwitz & Smith, LLP is pleased to announce the addition of a new attorney, Olivia R. Karns, to the firm.

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When the National Geographic Channel embarked on the series, The ’80s Greatest, they viewed the credit card as the catalyst for shopping malls, designer jeans, and the unofficial American motto, “I Want It All.” So they contacted Davenport Evans lawyer Doug Hajek, known for his presentation on how Citibank came to South Dakota. The Citibank move was the first step in making credit cards available to everyday Americans. That’s how a mild-mannered South Dakota lawyer ended up surrounded by celebrities. Check out this fun and fascinating special from the National Geographic Channel, The ‘80s Greatest, Season 1 Episode 6, “I Want It All.”

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As estate planning attorneys, we are often asked, “Should I have a Revocable Living Trust?” This leads to a discussion of a trust’s advantages and disadvantages. The most notable advantages of a Revocable Living Trust are probate avoidance and ease of administration during settlor’s incapacity. Davenport Evans Lawyer Mark R. Krogstad explains.

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On August 8, 2018, FinCEN issued an additional extension of the limited exceptive relief previously granted to financial institutions from the obligations of the Beneficial Ownership Rule for certain products and services. The limited exception is granted for an additional 30 days, up to and including September 8, 2018.

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FinCEN has put on hold some beneficial ownership certification rules for certain products and services. They will study the issue to determine if additional relief is appropriate. Davenport Evans lawyer Rita M. Edwards discusses the limited exceptive relief.