Saturday, August 17, 2019

Week of June 17

In This Issue…

NFIP Reauthorization Act passes House committee

Last week, the House Financial Services Committee unanimously advanced H.R. 3167, the NFIP Reauthorization Act of 2019, representing a compromise bill between Chairwoman Maxine Waters (D-Calif.) and Ranking Member Patrick McHenry (R-N.C.). The bill will extend the National Flood Insurance Program through Sept. 30, 2024, and make several additional reforms to the program.

The committee also unanimously passed H.R. 3111 – a bill by Rep. Nydia Velasquez (D-N.Y.) that would make changes to the NFIP claims process.

ABA President and CEO Rob Nichols applauded the vote.

“Today’s action is an important step in ensuring that the program is reliably available for borrowers seeking to purchase homes in special flood hazard areas where purchasing flood insurance is mandatory,” Nichols said. “It would also modernize the NFIP, including the introduction of a ‘continuous coverage’ provision that allows borrowers leaving the program to purchase private flood insurance to return to the NFIP without penalty. We also appreciate that the bill would address affordability issues, improve the flood mapping program and improve floodplain management and mitigation.”

The Committee also advanced H.R. 2513, which will establish a national database of beneficial ownership information. The Committee vote was 43 to 16, with Oklahoma Rep. Frank Lucas (R.-Okla.) being one of 10 Republicans to support the measure.

The bill strikes a good balance between imposing minimal requirements on small businesses while providing critical information to law enforcement and financial institutions performing due diligence.

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Agencies issue final rule to streamline regulatory reporting requirements

The three federal bank regulatory agencies have adopted a final rule to streamline regulatory reporting requirements for small institutions.

The final rule implements Section 205 of the Economic Growth, Regulatory Relief, and Consumer Protection Act and is one step in the agencies’ efforts to meaningfully streamline reporting requirements. The agencies are committed to actively exploring additional revisions to Call Reports that would further reduce reporting requirement burdens.

The changes would permit insured depository institutions with total assets fewer than $5 billion that do not engage in certain complex or international activities to file the most streamlined version of the Call Report, the FFIEC 051 Call Report. The rule would reduce by approximately one-third the number of existing data items reportable for the first and third calendar quarters.

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2019 Convention Golf Tournament rescheduled

Did you miss the 2019 Convention Golf Tournament? Well here’s your chance to show off your golfing skills!

We have rescheduled the tournament for July 29 at the River Oaks Golf Club. The tournament fee is $140 and the registration deadline is July 24. The tournament will begin with registration and a continental breakfast. Immediately following the tournament, we will hold an awards ceremony and provide lunch for the players. Sign up now to reserve your spot. We hope to see you on the course!

Click here to register for the rescheduled 2019 Convention Golf Tournament.

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Business, banking aspects of medical marijuana focus of local story

The local news website NonDoc recently published a story on the business and banking aspects of the burgeoning medical marijuana scene in Oklahoma.

The article features several quotes and insights from OBA President and CEO Roger Beverage, as well as Suzie Symcox, chief administrator officer at First Fidelity Bank in Oklahoma City, and positive comments on the SAFE Banking Act from Rep. Kendra Horn (D-Okla.).

Click here to read the article on NonDoc.

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OBA brings back Compensation Survey

The OBA is partnering with Blanchard Consulting Group to offer the 2019 Salary and Cash Compensation Survey, with specific reporting on Oklahoma banks.

This survey focuses on gathering salary and cash compensation (salary plus annual cash incentive/bonus) data for approximately 20 executive positions and over 100 middle management and staff level positions. In addition, the survey provides information on actual bonuses paid (as a percent of salary) as well as the earning opportunity level positions eligible to earn under a performance-based cash incentive plan. Under this new format, position descriptions for lending include guidelines related to portfolio size to better clarify the classification and, ultimately, utilization of report data.

This data can be used by human resource professionals to assist in assessing the competitiveness of base salary for most positions in your bank, developing or managing salary grades, and making salary increase decisions. In addition, this survey provides information on the amount of annual cash incentive/bonus amounts paid to all positions throughout the bank. Data cuts will be broken out by asset size and region (coast, non-coast and Oklahoma) when we have a large enough sample size.

Below is the pricing for the 2019 Salary and Cash Compensation Survey results (survey findings will be provided via email in PDF format):

  • OBA Member & Participant: $300.
  • OBA Member & Non-Participant: $600.
  • Non-OBA Member & Non-Participant: $800.

To complete the survey, please click on the link below. Download the excel file and email the completed survey to surveys@blanchardc.com by July 5. 

2019 Salary and Cash Compensation Survey Link (OK)

If you would like to pre-order your copy of the survey or if you have any survey questions, please contact Laura Roth at surveys@blanchardc.com or 612-886-1225.

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OBA communications director promoted to senior vice president

The OBA’s communications director, Jeremy Cowen, was promoted to senior vice president on Monday at a staff meeting at the Association.

Cowen joined the OBA as editor/webmaster in January 2002 and has been in charge of OBA-member communications since being named vice president in November 2006.

He is also an adjunct instructor in the Gaylord College of Journalism and Mass Commuication at the University of Oklahoma. A native of Hartshorne, Cowen holds a bachelor’s degree (graduated 1997) in journalism and a recently earned master’s degree in strategic communication in December 2018, both from the University of Oklahoma.

Previously, he worked as a sports writer at the Lawton Constitution (1997) and the Lubbock (Texas) Avalanche-Journal (1997-2002) newspapers before joining the OBA.

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OBA education corner …

It’s not the heat right now, it’s the humidity. Of course, just give it a couple of more weeks and then it’ll be the heat, too! Avoid having your hair frizz and stay indoors and catch one of the upcoming OBA webinars in the comfort of your office or home!

Take note of the following events:

  • Common Pitfalls of ARM Disclosures, June 26, webinar — This two-hour program explains how to avoid problems when developing, maintaining and auditing ARM disclosures.
  • Do’s and Don’t on Checks, June 26, webinar — Learn the safe way to handle checks and be sure that you and your financial institution can be protected from loss on the negotiable instruments.
  • Records Management and Retention, June 27, webinar — Records management is the point of convergence of several resources, which is why effective and reliable records management must be part of your compliance program.
  • Role of the Information Security Officer, June 28, webinar — When it comes to information and cyber security the responsibility falls at several levels including the board of directors and senior management.
  • 6 Steps of an IT Audit Program, July 8, webinar — This session will examine in more detail how the IT audit program integrates with the information security program.
  • 2019 TRID Essentials Seminar, Aug. 7, Oklahoma City — Daily TRID management continues to challenge many banks and lenders; this one-day program provides a thorough review of the revised TRID Rule.
  • 2019 OBA Compliance School, Aug. 19-23, Oklahoma City — This school is designed for those directly involved in the day-to-day compliance function as well as those who are involved in specific areas. Compliance officers, auditors, bank counsel, loan officers, cashiers and bank trainers will benefit from the course.

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