Sunday, November 29, 2020

Week of April 6

In This Issue…

Fraud, security: More important now than ever for your bank

At the OBA, we recognize everyone is working hard to serve customers and communities while receiving a tremendous amount of information. This is your friendly reminder we are here to help you with fraud and security issues and will try to share the most important issues you are facing to keep your banks sound and secure.

We are seeing an increased number of wire frauds, both as Business Email Compromise  and as ACH transfers.

FBI has issued an alert concerning cyber criminals taking advantage of the COVID-19 pandemic to exploit our increased used of virtual environments. It includes tips for your bank and customers on teleworking safety and also on BEC prevention and detection. You can view this alert by clicking here.

Remind your staff that callbacks on wires are always critical and they must use a number you already have in file, never a number included in emails requesting the wires. If you do detect a fraudulent wire, immediately contact FBI Cyber through their main number: 405-290-7770.

Elaine Dodd can help you with cell contacts for our federal partners and bank contacts through our IAFCI affiliation for the receiving bank.

FBI has more helpful information that can be viewed by clicking here.

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FDIC provides COVID-19 resources

The FDIC has created a resource page for banks, consumers and small businesses, which you can view by clicking here.

Among many other resources, the page includes invaluable answers to frequently asked questions for both consumers and bankers.

The FDIC has also created a couple videos meant for consumers, where Chairman McWilliams addresses important crisis-related topics.

The first video urges consumers to communicate with their lenders during the current crisis, and can be viewed here. The second video emphasizes the safety of FDIC-insured deposits, and can be viewed here. Bankers can feel free to share them with their customers.

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Select your Emerging Leaders chairperson

The OBA heard from bankers interested in serving as chairperson of the Emerging Leaders Division. This position was open to any OBA Emerging Leaders who are currently enrolled in OBA Emerging Leaders Academy or had previously graduated from an OBA Leadership Academy.

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 member on the OBA Board of Directors. Click here to learn more about the candidates listed below, and then cast your vote.

  • Brandon Bixler, NBC Oklahoma, Oklahoma City
  • Mason Bolay, First Bank & Trust, Perry
  • Jeremiah Campbell, Alva State Bank & Trust Co., Alva
  • Lexi Lane, Grand Savings Bank, Grove
  • Trey Rateliff, Citizens Bank & Trust, Ardmore
  • Julie Stovall, American Exchange Bank, Henryetta
  • Kelci Werner, First National Bank & Trust, Elk City

All OBA Emerging Leaders are encouraged to learn more about the candidates and vote for the division chairperson. Click here to learn more about the candidates. Click here to cast your vote. Voting will close Thursday, April 16.

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This week’s OBA call with bankers, featuring Sen. Lankford, available for download

The OBA is hosting weekly conference calls to discuss banking issues related to the COVID-19 pandemic. The latest call took place this morning and there were more than 80 participants.

The call lasted nearly 40 minutes and includes much information from the officials to help banks going forward.

To download/listen to the teleconference call, click here

To register for future calls, contact Jeremy or Megan at the OBA!

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Resources for understanding CARES Act

BKD has put together some resources to help understand the extensive range of information surrounding the Coronavirus Aid, Relief and Economic Security (CARES) Act.

They have developed tools that can help you analyze which program may be right for you and/or your borrowers or clients. The CARES Act provides various benefits to individuals, businesses and specific industries.

First, BKD created a cash flow and tax relief grid to assist you with evaluating opportunities available to your organization and your borrowers/clients. You can view the grid by clicking here.

Second, it has made a decision tree to help borrowers/clients navigate through various income tax opportunities and deferrals, employee retention credits, SBA program loans, and more. You can view the decision tree by clicking here.

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Video tutorial for SBA online loan system available

One of our member banks recently did a video tutorial for its lenders on the best practices when working through the ETRAN system on the SBA website for PPP loans.

The bank was gracious enough to share their tutorial for ALL OBA-member banks. It can be downloaded by clicking here.

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OBA education corner …

While live events and seminars are currently on hold, the OBA’s education department has plenty of webinars lined up:

  • What You Need to Know About Escrows, April 14, webinar — This program provides comprehensive coverage of the flood regulations, Regulation X and Regulation Z escrow rules. We explain, step-by-step, how to establish, maintain and cancel escrow accounts under the amended requirements.
  • BSA/AML for Lenders, April 15, webinar — This two-hour program will assist your bank in determining whether your BSA Compliance Program adequately includes controls, such as training, policies and procedures, monitoring, etc for loan products in addition to deposit products. It will also teach you how to conduct due diligence on related account parties (i.e., guarantors, signatories, or principals) as well as beneficial owners.
  • SAR: Line by Line, April 16, webinar — During the webinar you will review line-by-line the text fields and requirements to complete the SAR. There are fields for cybercrimes, notes to FinCEN and narrative instructions. You will receive highlighted screen shots showing you how to complete and a SAR Handbook to help with timing, referral forms and other tools to help with your SAR filings.
  • Signature Card Danger Zones, April 21, webinar — This is a “must attend” webinar in order to learn more about risks, liability and losses that can occur due to signature card contract. And, most importantly, how to avoid these issues!
  • Unclaimed Property Compliance for Financial Institutions, April 23, webinar — This webinar will focus on complex state unclaimed property reporting requirements and the unique challenges facing banks and other financial institutions. Learn best practices to mitigate risk proactively, efficiently track customer contact, and monitor recent legislative updates that could impact your organization.
  • Safe Deposit Vault Security & Disaster Recovery Essentials, April 24, webinar — Whether you have 50 boxes or 5,000, this presentation provides a realistic and well-organized method of reviewing and auditing your procedures before a catastrophe occurs. Your speaker knows first hand what to look for; from the most common errors to the not so common, but potentially costly mistakes.

Also, are you interested in joining an OBA board or committee? Click here to complete the Committee Interest Form for 2020-2021. We would love for you to get involved!

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