Saturday, June 15, 2024

Week of Feb. 12

In This Issue…

Greetings from Guy
We hope you’re enjoying!
CFPB structure is constitutional; kickback fine is disallowed
Interested in leading our Emerging Leaders?
OBA education corner …

Greetings from Guy

The revenue portion of the Step Up Oklahoma plan failed to pass the House late Monday night. This vote was considered a major hurdle for the plan to move forward.

Where we go from here is anybody’s guess. Over the past few weeks, I have witnessed a lot of passion on both sides of this issue and both sides make valid points.

I don’t believe new revenue is the answer to all of the state’s problems. I also don’t believe voting “No” on any and all revenue increases is prudent. The obvious answer is a mixture of revenue and much-needed reform. Finding the right mix is the tough part.

What is important is we work together to move our state forward. I applaud all bankers who have taken the time to get involved in the process and make their views known on both side of the issue. We have all learned by watching Washington and Oklahoma City over the last few years that gridlock does not work.

For our system of government to work, there must be some give and take on both sides for our political process to work. While the Step Up Oklahoma plan did not pass its first test, I do believe the plan provides a framework to move forward.

In other news, the 2018 OBA Community Bankers Leadership & Senior Management Conference, scheduled for April 8-10 at the Four Seasons Resort in Las Vegas, is less than two months away. I encourage all presidents and CEOs to consider bringing an OBA Emerging Leader to the conference this year. Not only will they gain valuable banking information, they will also have the opportunity to network with other bankers from across the state.

I am confident this will be a good investment for you and your bank.

With that in mind, with help from the OBA’s Janis Reeser, here’s the top 10 (plus one!) reasons bankers should attend this program:

11)      Helicopter ride to the Grand Canyon.
10)      Weather: 320 days of sunshine.
9)         Fabulous shopping.
8)         Great golf.
7)         Headliner shows include Celine Dion, Jennifer Lopez, Terry Fator, Righteous Brothers and numerous Cirque Du Soleil Shows!
6)         Dining options range from all-you-can-eat buffets to some of the finest restaurants in the world!
5)         Four Seasons Hotel is a luxury hotel located within the Mandalay Bay complex.
4)         Make new banking friends.
3)         Direct and cheap flights from Oklahoma City and Tulsa.
2)         Network with peers in a relaxed setting.

And, the #1 reason to attend:

1)         Outstanding education sessions!

All the best,

Guy Sims
OBA Chairman

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We hope you’re enjoying!

The new was unveiled last week and we hope you’ve been enjoying it!

While the cosmetic changes to the site are readily apparent as soon as you visit it, a couple of behind-the-scenes changes will hopefully make our bankers’ lives a lot easier.

For starters, we’ve winnowed down the site from well more than 100-plus pages to fewer than 60. This alone should make navigation and finding specific areas much simpler.

Most importantly, we’ve also added a log in for bankers to update their profiles in our database. This will allow bankers to let us know if they’ve changed banks and make sure they continue receiving access to all the OBA materials they have in the past. The log in will also double as their credentials to enter protected areas of the site, such as Legal Briefs, Fraud Prevention and Government Relations. Each banker at an OBA-member bank can create their own log in and password using their business email address.

There’s obviously still a few kinks to works out over the coming days, so we appreciate your patience. But let us know if you have any questions or just your opinion on the new site!

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CFPB structure is constitutional; kickback fine is disallowed

The Court of Appeals of the D.C. Circuit has upheld the constitutionality of the manner in which the Consumer Financial Protection Agency is structured, reversing an earlier decision by a three-judge panel that the Bureau’s structure violated Article II of the Constitution. The court also upheld the lower court’s ruling which found that the compensation system used by the Plaintiff company (PHH) was permissible under Section 8 of RESPA.

“I defer to the court’s opinion, of course,” OBA President and CEO Roger Beverage said. “But – I’m hopeful that decision will be taken to the Supreme Court for its ultimate resolution. I preferred the logic of the three-judge panel’s analysis which held that the Bureau cannot be structured as established in Dodd-Frank.”

Click here to read the opinion and the various concurring and dissenting opinions:

From the ABA’s Analysis, here’s the background of how this case came about. It arose in 2015, when former CFPB Director Richard Cordray overruled an administrative law judge’s recommendation for a $6.5 million fine against mortgage lender PHH on the basis the company had unlawful compensation arrangements which were in violation of the Real Estate Settlement Procedures Act.

Cordray demanded that PHH pay 18 times more – or $109 million – for each time it received a payment deemed improper by the bureau on or after July 21, 2008. PHH objected, arguing the bureau was misinterpreting Section 8 of RESPA in forbidding the kind of captive reinsurance arrangement that PHH used, as well as changing prior RESPA interpretations long since issued by the Department of Housing and Urban Development and applying them retroactively.

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Interested in leading our Emerging Leaders?

The OBA is interested in hearing from bankers interested in serving as chairperson of the Emerging Leaders Division.

Any OBA Emerging Leaders who are currently enrolled in OBA Emerging Leaders Academy or have previously graduated from an OBA Leadership Academy are eligible for the position.

The Emerging Leaders chair will serve a two-year term and will work closely with OBA staff to continue to build and direct the OBA Emerging Leaders program. The chairperson will also serve as a non-voting member on the OBA Board of Directors.

Are you interested? If so, download the Emerging Leaders-Chair Interest Form by clicking here!

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OBA education corner …

A new website and new-look online registration belies the fact the OBA is still offering the same thing as it was before: top-notch continuing education for our member bankers!

Remember to stay current will everything that’s coming up on the Events Calendar at But also take particular note of the following, particularly the TRID Rules programs, as they are coming up soon and provide MUCH up-to-date information needed by our bankers:

  • ACH Rules Update, Feb. 21, webinar — Attend this webinar to make sure that you are not only compliant with the ACH Rules, but understand the new opportunities that are available with the changes.
  • Ransomware and Cyber Extortion, Feb. 22, webinar — Join us to recap the statistics related to ransomware and learn how to prepare for this growing threat.
  • Dealing with Appraisals: Regulations and Requirements, Feb. 23, webinar — Learn in-depth details of the appraisal and valuation process, from both the lender and appraiser side of the game.
  • Implementing the Updated TRID RulesFeb. 27 – TulsaFeb. 28 – Oklahoma City — This one-day program reviews the 2017 amendments and explains how the amendments impact the existing rule.
  • ACH Origination and Same-Day Entries, Feb. 28, webinar — In this session, we are going to review the general origination warranties and then review the most used Standard Entry Class Codes. We’ll look at the authorization requirements, format and specific warranties for those SEC Codes. We will also discuss the new Same-Day ACH and how your origination business may change with this option.
  • Basic Bankruptcy for Bankers, March 1, webinar — This webinar will introduce you to the world of bankruptcy. It is designed for lenders and support staff with the goal of educating them on the fundamentals of both consumer and commercial bankruptcy law. Practical information for daily use will be provided.
  • 2018 OBA Commercial Lending School, March 4-9, Oklahoma City — This school is an intensive, week-long functional school designed for bankers with a basic understanding of credit and financial analysis.
  • Call Report Seminar, March 13, Oklahoma City — Anyone responsible for preparing, auditing or signing the call report will find the program valuable.

Also, several scholarships are now available to bankers from OBA-member banks for various graduate schools of banking. Applications should be submitted to the OBA’s Janis Reeser by email (, regular mail (643 N.E. 41st St., OKC, 73105) or fax (405-424-4518). The scholarship recipients will be selected and announced no later than April 20.

Click on each link for more specific information about each scholarship:


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