Monday, November 30, 2020

Week of Jan. 30

In This Issue…

Greetings from Guy
OBA calendar, online registration, online ordering offline for next week
ICBA, ABA join to support S. 2155
ATM ‘jackpotting’ scams rearing up across country
OBA Bankers’ Night Out programs ready for spring
OBA education corner …

Greetings from Guy

By Guy Sims
OBA Chairman

At the January OBA board meeting last week, some time was spent discussing SQ 788 and the ramifications should the initiative pass. This is the proposal to legalize medical marijuana. While this issue had not been “high” (no pun intended) on my radar, I’m beginning to think I need to recalibrate.

Based on a poll conducted by SoonerPoll.com from Jan. 4-9, 2018, the initiative has support from 61.8 percent of likely voters, while 30.8 percent oppose and 7.4 percent are neutral. Among self-described “conservative” voters, the initiative has 48.8 percent support and 79.3 percent support among “liberal” voters.

The passage of SQ 788 can and will have a significant impact on the banking industry in Oklahoma. As bankers, we will be faced with the dilemma of banking customers who are conducting legal business under Oklahoma law but conducting an illegal business under federal law, assuming there are no changes in federal law.

Bankers from other states where marijuana has been legalized on some level have been facing this issue. It is my understanding clarification from the regulators has not been good. The recent policy reversal of the Cole and Ogden memos by the Department of Justice has added more confusion to this issue.

In addition to the legal paradox this issue presents for Oklahoma bankers, there are also employment issues that will arise. Think about the use of a prescription drug in the workplace! Things could get “hazy” in a hurry. (Again, no pun intended).

Please don’t think I’m supporting this measure. I am simply looking at the polls, assessing the likelihood of passage and what effect that will have on the Oklahoma banking industry. With that said, I believe this issue deserves the attention of Oklahoma bankers.

The OBA will begin a more in-depth investigation into the issues involved with banking the marijuana industry. We will keep you informed as we learn more.

Respectfully,
Guy

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OBA calendar, online registration, online ordering offline for next week

The online calendar at OBA.com, along with online event registration and online ordering of products, will be offline starting today through early next week as the OBA begins its migration to a new database and website.

We apologize for any inconvenience. If you wish to register for an event, or know more about an upcoming one, or order a product, don’t hesitate at all to give us a call – 405-424-5252 – or email the specific department (education for information and registration for upcoming events, OBASCO for products).

Below are contact emails for both departments. Again, we apologize for any inconvenience over the next week but look forward to unveiling a better system for our bankers’ use next week!

Education: Janis Reeser (janis@oba.com) — Debbie Leake (debbie@oba.com) — Nancy McKinnis (nancy@oba.com).

OBASCO: Thi Pham (thi@oba.com).

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ICBA, ABA join to support S. 2155

In a strong showing of unity, the Independent Community Bankers of America and the American Bankers Association both signed a letter asking the Senate Majority and Minority Leaders to bring the regulatory relief bill for banks – S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act – to the Senate floor for consideration and debate.

“We think that’s great,” OBA President and CEO Roger Beverage said. “The more unity we can demonstrate, the greater the chances of success. Together, we are stronger. I understand the two different trade associations’ respective importance, but on this issue, there’s only one position to take. Heck, even the credit unions are signers of the letter. THAT is something that is really interesting to note.”

You can click here to read the letter.

Just in case you needed more information and ammunition on this issue, here’s something we saw from the ABA recently that tells a great story in pictures:

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ATM ‘jackpotting’ scams rearing up across country

The U.S. Secret Service is alerting our financial institutions of a fraud trend that is now impacting ATMs here in this country. A limited number of intrusions have been detected, but each can represent significant losses.
An explanation with pictures is available from our friend Brian Krebs by clicking here.

The information below has been provided by our partners at the U.S. Secret Service:

Jackpotting. What is it? A form of compromise in which malware is installed on an ATM hard drive that can be accessed remotely. This method enables the perpetrator to remotely command the ATM to dispense large amounts of cash without ever touching the screen or inserting a card.

Jackpotting has officially hit the United States! Two unnamed financial institutions have reported incidents of jackpotting, some of which have caused significant losses. I wanted to share this with the group to put financial institutions on high alert for any ‘thefts’ of ATM hard drives. I strongly urge any institution that experiences this type of activity to file a police report with your local jurisdiction whether the incident is successful or not.

What is known:
• The suspect who removes the hard drive poses as a Diebold technician (wearing a Diebold logo jacket, a lanyard replicating Diebold credentials and carrying a small tool bag) .
• Suspects are targeting standalone Diebold 500 series ATMs.
• Other suspects involved are money mules.
• Activity is taking place in broad daylight.

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OBA Bankers’ Night Out programs ready for spring

The dates for the OBA Bankers’ Night Out programs have been finalized. Mark your calendar for the date of the program that’s in your area of the state and plan to attend. Bring your coworkers with you so that everyone can be up to speed on the most recent developments affecting their job.

As in the past, the schedule for each of these meetings is:

5:30 p.m. – Drinks
6:15 p.m. – Program
7 p.m. – Dinner

PRE-REGISTRATION IS REQUIRED. The cost is $40 per person. Click here for a registration form.

Locations and dates for this year’s events are:

Krebs, March 13.
Lawton, March 15.
Enid, March 27.
Oklahoma City, March 28.
Tulsa, April 3.
Guymon, April 19.

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OBA education corner …

The calendar still says January, which means plenty of OBA education events in front of you this year! You can start with taking note of the following:

Editor’s note: Links to online registration and more information for most live seminars are currently unavailable as the OBA switches to a new website and database over the next week. Please feel free to contact the education department with any questions or to register for the below programs.

 

  • CRE Appraisals: Regulations and the Review Process, Feb. 5, webinar — This session will cover the key issues from the 2010 Interagency Appraisal and Evaluation Guidelines, tips for integrating them into your existing policies and how CRE appraisals differ from residential reports.
  • Train Smarter and More Effectively, Feb. 6, webinar — During this program, you will discover how to design training that promotes learner involvement.
  • Loan Doc: Top 10 Mistakes & How To Avoid Them, Feb. 7, webinar — Learn the “right thing to do” and avoid frequent exceptions and mistakes.
  • FFIEC Information Security Handbook Review, Feb. 8, webinar — The FFIEC has completely re-written and significantly changed the Information Security Handbook.
  • Consumer Real Estate Loans, Feb. 12, webinar — This webinar will help you tame those scary real-estate-loan problems and will be particularly helpful to bankers wanting to offer consumer real-estate loans for the first time in several years.
  • Regulation CC – Check Holds, Feb. 15, webinar — Can we place a hold on a cashier’s check? How many days can we hold checks on a new account? Does this apply to business accounts? Do we have to give the hold while the customer is there or can we mail it later? These questions will all be addressed in this informative and easy-to-follow program for the frontline.
  • Compliance Rules for Commercial Loan Secured by Real Estate, Feb. 15, webinar — If your financial institution is required to report under the new rules, are you in compliance for covered business purpose applications?
  • Mapping Multi-Tiered Business Accounts, Feb. 15, webinar — We will diagram and map out several complicated business structures and learn how to get the proper documentation, resolutions and beneficial ownership in these unique entities.
  • 2018 CFO & Financial Officers Conference, Feb. 15, Oklahoma City — This conference is specifically designed to provide strategic insights and critical industry updates you need to lead your bank to success. Our impressive line-up of national experts will provide presentations on regulatory changes, interest rate risk, capital planning, and other relevant topics.
  • Call Report Seminar, March 13, Oklahoma City — Anyone responsible for preparing, auditing or signing the call report will find the program valuable.
  • Basic Tax Return, March 1 – Tulsa; March 2 – Oklahoma City — Attend this proactive seminar and gain an
    understanding of the often complex and confusing topic of taxes!

 

Finally, a quick side note: Junior Achievement is looking for volunteers for its JA Finance Park in late February and early March. This is where students will make the distinction between abilities, aptitudes, interests, work preferences and values. They will explore various sources of income, including salaries and wages, interest and business profit. For more information, click here.