Wednesday, November 20, 2019

Week of Oct. 21

In This Issue…

Supreme Court to hear CFPB constitutionality claim

The Supreme Court has agreed to consider a case challenging the constitutionality of the Consumer Financial Protection Bureau. The issue involved is whether the Dodd-Frank limitation – the director may only be fired “for cause” – is constitutional.

“The Court of Appeals for the D.C. Circuit earlier concluded that this provision was unconstitutional,” OBA President and CEO Roger Beverage said. “But that opinion simply struck the ‘for cause’ language, thus severing the language from the Dodd-Frank act itself. Ironically, the Court of Appeals decision was written by then-judge Brett Kavanaugh, who is now a member of the U.S. Supreme Court. As a practical matter, this result allows the president to fire the CFPB director at will.”

By way of background, the lawsuit was filed by a California law firm that argued the firm was not required to respond to a CFPB civil investigative demand because the bureau’s structure is unconstitutional. The court also agreed to hear a motion of the House of Representatives, which filed a brief supporting the CFPB’s constitutionality.

As you might imagine, with the election of Donald Trump, a lot of things are different in Washington today. Initially the Bureau’s Director, Richard Cordray, rejected the appeals court’s decision. His replacement, Kathy Kraninger, views things a bit differently and has agreed to present this issue to the Supreme Court.

Back to top

BSA/AML bills to be considered by House

We are anticipating the U.S. House of Representatives may vote as early as today on legislation to modernize the Bank Secrecy Act and the anti-money laundering process that’s been in existence for almost 50 years.

The Corporate Transparency Act (H.R. 2513) requires FinCEN to create a single nationwide database that banks would be able to use to verify a business’s beneficial ownership information. The text of H.R. 2514 will be merged into the previous bill. The language modernizes the existing Bank Secrecy Act and anti-money laundering requirements, but does not include an increase in the $10,000 minimum that triggers cash transaction reports, among other things.

Your Association joined with the ABA and the other state bankers associations to urge House Leadership to approve this combined bill, H.R. 2513. Click here to read the joint letter.

Back to top

Final Bankers’ Night Outs set for this week

Have you not yet attended a Bankers’ Night Out event this fall? You still have two more chances to do so!

A pair of Bankers’ Night Out programs are scheduled this week to wrap up this season’s schedule. Tulsa is set for tonight while Ardmore is scheduled for Wednesday.

Bring your coworkers with you so that everyone can be up to speed on the most recent developments affecting their job. In addition to state and federal legislative updates, the program will include a discussion on the recent developments in your industry.

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 $50 per person. Click here for a registration form.

Back to top

OBA education corner …

Cool weather has arrived … FINALLY! As we enjoy these cool days and nights, check out the upcoming seminar, webinars, schools and conferences:

  • Loan Structuring Basics, Oct. 31, webinar — The principal goal of this course is to enable you to appropriately structure credit exposures, matching loan type, terms and conditions to the borrower’s identified primary and secondary loan repayment sources and underlying credit risks.
  • Mortgage Lending Hot Topics, Nov. 5, webinar — Join Regulatory Compliance Counsel Michael Christians for a recap of mortgage lending compliance issues that financial institutions faced in the second half of 2019 and a look ahead at what to expect in 2020.
  • IRA Basics Seminar and IRA Update/Review Seminars, Nov. 5, Tulsa; Nov. 6, Tulsa; Nov. 7. Oklahoma City; and Nov. 8, Oklahoma City — There are so many pieces to building the IRA foundation of knowledge that it takes a lot of nuts and bolts and “brain-power” to hold it all together. Just when you finally grasp it, they change the rules again! The goal of these two days at each location is to raise your comfort level if you are a rookie and to reinforce your knowledge if you have a higher level of experience.
  • Patch the People – Education for Employees, Boards and Customers, Nov. 6, webinar — One major objective of this session is to highlight the need for continual educational programs for people. Historically, we have trained people for an hour every 365 days. Now compare this to patching our IT systems, which some do monthly. A continual educational program will enable better decision making by employees, board members, and customers every day.
  • Treasury Management: A Powerful Tool to Increase Deposits and Fee Income, Nov. 7, webinar — You will walk away from this course with a deeper knowledge of Treasury Management, learn to conduct risk assessments on new products, and learn strategies to increase core deposits.
  • Nailing Your Job of Head Teller, Nov. 8, webinar — The leadership provided by the frontline supervisor is critical to employees’ success enabling them to perform productively and efficiently.
  • Human Resources Seminar, Nov. 14, Oklahoma City — Whether you’re a current HR manager, recently appointed HR manager, are new to HR or have a non-HR job with HR responsibilities, this course can give you the know-how you need.

Also, make note of the 2020 OBA Schools and get them on your calendar now! Details will follow as each date gets closer: 2020 Intermediate School, Feb. 3-7 and June 1-5; 2020 Commercial Lending School, March 1-6; 2020 Compliance School, Aug. 24-28; 2020 Basic Banking School, Sept. 14-17; 2020 Consumer Lending School, Oct. 5-9; and 2020 Operations School, Nov. 16-20.

And here’s another save-the-date reminder for the 2020 OBA Senior Management Forum! The Conference has been scheduled for April 5-7 at the Bellagio in Las Vegas. Look for more information in the upcoming months!

Back to top