Board Information
Authorization:
Chapter 51A-2
Activities:
Establishes interest rates, hears appeals of application decisions, provides strategic direction to the Division of Banking, and regulates state banks.
Organization:
Administered under the Department of Labor and Regulation
Composition:
Five members appointed by the Governor:
(1) Three members shall be officers or directors of a state or national bank
at the time of and during their appointment. Not more than one member
may be an officer or director of a national bank at the time of appointment.
(2) Two members need not be officers or directors of a bank, nor associated
in any way with the business of banking.
Term of Appointment:
Terms shall expire on October 30 on the third year of appointment. * No term limits
Frequency of Meetings:
Two regular meetings per year and as needed.
Are Members Allowed to Call into Meetings:
Yes
Contact Info:
Bret Afdahl, Director
Division of Banking
SD Department of Labor and Regulation
1714 Lincoln Ave., Suite 2,
Pierre, SD 57501
Phone: 605.773.3421
Fax: 605.773.3460
email: banking@state.sd.us
Mission Statement:
The Division of Banking is charged with the regulation and supervision of state chartered and licensed financial institutions, to maintain stability and public confidence in state chartered institutions and to protect public interests.
We promote the safety and soundness of state chartered financial institutions by identifying, monitoring and addressing risks to those institutions.