Concern raised about first update to trust industry since 2021 sdpb.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from sdpb.org Daily Mail and Mail on Sunday newspapers.
The level of assets held in South Dakota trusts dipped slightly from 2021 to 2022. For four years prior, assets held in South Dakota trusts had grown by roughly $100 billion annually.
Custodia Bank has made plausible claims in its lawsuit against the Federal Reserve for denying its master account, Judge Scott Skavdahl said. The dismissed claim was also plausible, the judge said, but a remedy yet exists for it.
The state Division of Banking is rolling out a plan to ensure trust companies are better complying with federal law. The move comes after the Financial Crimes Enforcement Network, or FinCEN, fined a South Dakota registered trust company $1.5 million for failing to report suspicious transactions.