Friday, November 27, 2020

Week of March 5

In This Issue…

Greetings from Guy
Senate votes to proceed on S. 2155
OBA Bankers’ Night Out programs start next week
OBA unveils new app for events, news alerts
OBA education corner …

Greetings from Guy

The Senate is scheduled to take up S.2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act, sometime this week. (See story below) All indications are the bill will easily pass with bipartisan support.

I believe this is an important moment for the community banking industry. Not so much because of what is contained within the bill, but because we are finally able to pass banking legislation. I believe the passage of this bill provides a road map of how to promote future positive banking legislation.

As an industry, we will never win over the far-left senators such as Warren and Sanders. They will not support any banking legislation that is not punitive. We must propose reasonable legislation that can be supported by both Republicans and moderate Democrats. As is the case with S. 2155, we may not get everything we want, but a least we can continue to advance the ball.

This past week I had the opportunity to attend the ABA National Conference for Community Banks, along with 20-plus other Oklahoma bankers. The recurring buzzword I kept hearing was “artificial intelligence” and how this discipline would change the banking world in the future.

We listened to a lot of interesting speakers, but most importantly we had the opportunity to converse with other bankers from across the country. As always, the challenges facing bankers are the same regardless of size or location.

The OBA’s Community Bankers Leadership and Senior Management Conference, scheduled for April 8-10 at the Four Seasons Resort in Las Vegas, is quickly approaching. I encourage you to consider attending this great conference and also bring an emerging leader with you. Not only will there be outstanding learning opportunities, but spending time with other bankers from across the state will pay you long term dividends.

The Bankers Night Out series kicks off March 13 in Krebs and March 15 in Lawton. If you haven’t yet made reservations, I encourage you to do so. I look forward to seeing you there!

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Senate votes to proceed on S. 2155

This morning, the Senate voted (67-32) in favor of moving to consideration of S. 2155 which is the only vehicle for community bank regulatory relief that will be considered in the 115th Congress. This vote was the first step – getting past a filibuster from more “progressive” Democrats who have not let the facts louse up a good chance to demagogue the bill and bankers in general.

“My friend, Sen. Elizabeth Warren (D-Mass.), said this morning, I’m told, this ‘bill is all about helping the big banks,’” OBA President and CEO Roger Beverage said. “She is quite wrong.

“Sen. Heidi Heitkamp (D-N.D.) told her colleagues she will not ‘let the bill be papered by misstatements.’ I just wish more senators, and especially more Democrats, had her strength and commitment. Instead, we must listen to progressives – like Sen. Sherrod Brown (D-Ohio) and Sen. Warren – misstate the facts while they rant on and on implying that all banks are evil.

“According to Sens. Brown and Warren, this bill gives the ‘big banks exemptions too numerous to list.’ Lord a ‘mighty – can we not have an open and honest debate about what the provisions of S. 2155 actually do rather than painting its supporters as essentially evil-doers?

“’This puts Americans at risk of another bailout,’ Brown said. He thinks this bill is a handout to the nation’s largest banks. He falsely claims Citibank, Wells Fargo, Bank of America and JPMorgan Chase are the primary beneficiaries. It is not. It is not even close.

This bill will help millions of Americans,” Beverage said. “It will help them to once again have access to the credit they deserve, but for which they will not qualify under today’s arbitrary standards.

This bill is not a handout to the nation’s largest banks. It helps enable traditional community banks to take care of their customers. It’s a compromise. By definition, it’s not perfect. But it’s what we have, and the benefits to traditional community bank customers – in spite of allegations to the contrary by Sens. Warren and Brown – are a great first and only step we’ll get in what remains in this Congress.”

The Bipartisan Policy Center agrees S. 2155 is needed. The group was founded by former Sens. Howard Baker, George Mitchell, Tom Daschle and Bob Dole. It’s a step forward to continue reforms started by Dodd-Frank.

“Dodd-Frank was not chiseled in granite,” Beverage said. “It did not come down from a mountain following an encounter with a burning bush. It is a bill that was the first step in making reforms to the nation’s banking regulatory system, and it needs some tweaking. That’s what S. 2155 does. That’s it.”

Debate on the bill begins today and amendment consideration is likely to begin tomorrow. As of now, no final determinations have been made on the contents of the Manager’s amendment nor on time limitations on individual amendments.

We will be sure to keep you updated on the progress of the bill as it progresses.

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OBA Bankers’ Night Out programs start next week

The dates for the OBA Bankers’ Night Out programs start next week. 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 unveils new app for events, news alerts

A new app for iPhone and Android-based phones is available from the OBA for its upcoming major events, such as senior management conference, convention and OBA schools.

Don’t stress about having to carry around unwieldy pocket programs for these events. Just rely on your cell phone and this app to get where you need to go! It includes a map of the event location, times of all sessions, lists of sponsors and exhibitors and any additional materials that might need to be downloaded, such as handouts and PowerPoint slides. Additionally, there is a comments section for each conference where attendees can easily post a question or receive up-to-date information about the conference they are attending.

This app will replace the need to continually download a new app for each OBA conference or event – we will simply update this app, when needed, with new information.

Additionally, the app includes push notifications to allow us to contact our bankers in case of breaking news or if urgent action is needed involving their industry. We understand the initial worry from our busy bankers of being “harassed” by such push notifications, but we assure you we won’t be bothering you unless it’s absolutely pertinent to your industry and your job.

Give the app a try today! It’s available from the iTunes store by clicking here or from the Google Play store by clicking here.

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OBA education corner …

First off, a quick reminder to get registered for the 2018 OBA Community Bankers Leadership & Senior Management Conference as the deadline is quickly approaching (Friday)! Click here for more information!

Remember to stay current will everything that’s coming up on the Events Calendar at OBA.com, but also take note of the following:

        • Understanding the New Mortgage Servicing Rules, March 14, webinar — On Aug. 4, 2016 the Consumer Financial Protection Bureau published revisions to the Dodd-Frank rules for servicers. Most of the revisions took effect on Oct. 19, 2017. The provisions relating to successors in interest and the provisions relating to periodic statements for borrowers in bankruptcy will take effect April 19, 2018.
        • BSA Series: Completing CTR & SAR Reports Line by Line, March 14, webinar — These two sections are a line-by-line look at the forms and your requirements to file. Timelines, identification, RSSDs and exemptions will all be covered.
        • Cybercrime and the Dark Web, March 15, webinar — Understanding how the internet is leveraged for crime gives us a better understanding how to protect our institutions. We will also explore the types of cybercrime affecting financial intuitions and how to counter these risks.
        • Handling Accounts, Check and IRS Reporting at Death, March 15, webinar — When your deposit customer dies, many issues and questions arise. Who can have information on the account? Who owns the account? What has access to the account? These are some of the questions that will be answered.
        • Federal Benefit Payments Garnishment Requirements, March 20, webinar — Compliance officers, legal counsel and financial institution personnel who process garnishment answers should think about attending this webinar.
        • CRA Nuts & Bolts: Five Steps to Pass the Exam, March 21, webinar — This webinar will focus on several simple steps to ensure a successful CRA exam outcome.
        • HMDA Three-Month Checkup, March 21, webinar — Get the latest interpretations, guidance and best practices before you go any further. Plus, we’ll answer questions you didn’t know you had until you dove into the new requirements.
        • Right of Setoff, March 22, webinar — “Right of Setoff” is used frequently in the banking industry when trying to collect on past-due debts owed by customers. Unfortunately, many bankers don’t understand the legal requirements and procedures necessary to use this process

      Also, the OBA is proud to promote the recognition of bankers who have devoted 50 or more years of service to the banking industry. All eligible nominees will be honored at the 2018 OBA Convention on May 23 at the Hard Rock Hotel and Casino in Tulsa.

      Click here to download a nomination form. If you have any questions, please contact Janis Reeser at 405-424-5252 or janis@oba.com.

      Finally, 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 (janis@oba.com), 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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