Thursday, December 3, 2020

Week of Feb. 13

From the chairman

By Curtis Davidson
OBA Chairman

Maybe it’s not so bad we aren’t at the very top of President Trump’s priorities.

Previously, we wrote financial reform is one of the top 10 but not the top three issues the Trump administration will address. After witnessing an ill-fated, sloppy rollout of the travel ban, I think the White House needs a little more practice on how to implement an executive order.

Bankers do have an executive order. On Feb. 3, the Presidential Order on Core Principles for Regulating the United States Financial System was released. The order consists of three sections and, in my opinion, was precise and provides an excellent framework to address financial regulatory reform in our country.

Section One establishes seven principles of regulation, which are named the Core Principles. They include empowering Americans to make independent financial decisions, preventing taxpayer-funded bailouts, making regulation efficient, effective and appropriately tailored and restoring public accountability within the Federal financial regulatory agencies.

Section Two directs the treasury secretary to consult with the FSOC and report to the president within 120 days to what extent current laws and rules promote or inhibit the Core Principles.

Section Three contains general provisions about the effect of the order.

That’s it! This short document provides the philosophical framework for regulatory reform. It’s simple and to the point and, in the opinion of the OBA, is great news for Oklahoma banks and their customers. In fact, Roger and the staff sent out a press release supporting the executive order the same day it was released.

So, regardless what you hear from those who oppose this executive order, it doesn’t eliminate or change any current law, regulation or agency. It does, however, provide principles that anyone who wants to improve our financial system to the benefit of our customers should support.

Have a great week!

Curtis Davidson
OBA Chairman

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Surge in fraud detected

We are seeing a surge in two types of fraud, both of which seem to be predicated on fraudsters having increased information on your customers. 

Social engineering calls, which are followed by attempts to cash large checks, and attempted and completed wire frauds have both risen dramatically. 

Look for an OBA Fraud Alert email on Tuesday with more detail on this subject.

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OBA education corner …

While the weather continues to be all over the place, one thing you can always count on is quality education programs from the OBA! Check out the following:

  • Real Estate Law for Bankers, Feb. 16, webinar — Learn basic real property law concepts encountered frequently by bankers.
  • Call Report: Changes, Highlights, Pitfalls, Feb. 16, webinar — We’ll review clarifications on the risk reporting of loan categories, deferred tax assets, equity securities, unused commitments, and interest rate locks.
  • Accounts Receivable and Inventory Financing, Feb. 21, webinar — This course will cover Accounts Receivable and Inventory Financing risks, and present how a bank can prudently manage these risks.
  • Service Member Issues: The Military Lending Act & SRCA, Feb. 22, webinar — The Servicemembers Civil Relief Act (SCRA) is the most well-known. But there are other considerations, such as fair lending and even UDAAP.
  • Ransomware and Cyber Extortion, Feb. 24, webinar — Ransomware and cyber extortion cases are on the rise, with over a billion dollars in losses. With this training, we will teach institutions a useful set of skills.
  • Overdraft Protection Programs, Feb. 27, webinar — Learn about regulatory expectations for overdraft protection programs.
  • Basic Personal and Business Tax Return Analysis, Feb. 27, webinar — Attend this proactive seminar to gain an understanding of the often complex and confusing topic of TAXES!
  • BSA/AM Compliance Management, March 1 – Tulsa; March 2 – Oklahoma City — The program is designed for personnel who have responsibility for maintaining or auditing Bank Secrecy Act compliance efforts.
  • FCRA Review and Update, March 2, webinar — We will review the numerous subparts and appendices in both the CFPB’s and FRB’s Regulation V and the FCRA and FACTA.
  • Achieving Unclaimed Property Compliance Best Practices, March 2, webinar — Get an overview of the law and basic tips to better manage and control this important compliance responsibility.
  • 2017 OBA Commercial Lending School, March 5-10, Oklahoma City — The Commercial Lending School is an intensive, one week functional school designed for bankers with a basic understanding of credit and financial analysis.
  • Security Seminar, March 30, Oklahoma City — This session will analyze how the criminal element is incorporating the ever expanding stable of technology tools to exploit the weaknesses in bank operational processes.

Finally, make sure to save the date for the 2017 Community Bankers Leadership & Senior Management Conference, set this year for April 2-4 in San Diego, California. If you work for a community bank or if you’re looking for ways to improve your bank’s performance, then this event is for you! Click here for more information.