In This Issue…
- Robotic processing automation restricted by SBA
- Banks encouraged to report pandemic-related fraud
- Employee benefits survey information available for order
- Check out OBA’s Strategic Members COVID-19 Resource page
- OBA education corner …
Robotic processing automation restricted by SBA
The Small Business Administration announced today it has restricted the use of robotic processing automation, or RPA, to enter Paycheck Protection Program loan applications.
“RPAs burden the processing system and diminish its capabilities,” SBA said in a message to lenders on Tuesday. “Without RPAs, the loan processing system will be more reliable, accessible, and equitable for all small businesses.”
SBA is still permitting lenders to submit PPP applications through application programming interfaces, or APIs. For assistance converting an RPA process to an API, SBA advised lenders to contact agency official Sheri McConville at email@example.com.
Additionally, the SBA released the most recent guidelines for the API Batch uploads as well as a new FAQ designed to answer questions on how payroll should be figured in certain situations. They can be downloaded here:
Banks encouraged to report pandemic-related fraud
On the fraud front of the pandemic, Trent Shores, U.S. Attorney for the Northern District of Oklahoma, has encouraged banks to report any instances of fraud relating to COVID-19.
“Pandemic-related fraud can take many forms,” Shores said, “including false applications for stimulus loans, the theft and forgery of stimulus checks, and the use of stolen identity information to apply for unemployment benefits. My office is determined to combat the abuse of programs which are established to assist people hit hard by the corona virus.”
The U.S. Attorney is interested in learning about any instances of such fraud, regardless of amount involved. Banks are encouraged to report pandemic-related fraud to local police departments and also the Internal Revenue Service-Criminal Investigation at firstname.lastname@example.org , the U.S. Secret Service at 918-581-7272, and any of the following Assistant U.S. Attorneys in the Northern District of Oklahoma:
- Kevin Leitch 918-382-2710.
- Charles McLoughlin 918-382-2713.
- Joe Wilson 918-382-2766.
- Rick Cella 918-382-2714.
- Vani Singhal 918-382-2729.
- Kristin Harrington 918-382-2785.
Employee benefits survey information available for order
This year’s Compensation Trends & Employee Benefits Survey information has been compiled and is now available for banks to order.
Check out OBA’s Strategic Members COVID-19 Resource Page
To help our member banks have access to as many resources as possible during the COVID-19 pandemic, the OBA is collecting information from our strategic members and other affiliated businesses that are providing important information and help.
These resources include work-at-home solutions, personal protective gear and cleaning supplies from Office Depot.
OBA education corner …
While live events and seminars are currently on hold, the OBA’s education department has plenty of webinars lined up:
NOTE: Effective March 16, and until further notice, TTS (our webinar provider) has extended the OnDemand access period for all ‘Live Plus Five (Days)’ registrants to 60 days (versus five business days). Also, they are waiving the $75 per location fee for additional locations.
- Reg E Compliance – Five Best Practices for Handling Disputes, May 6, webinar — Our topic for the webinar will focus on several simple steps to handle Reg E customer disputes and inquiries. Understanding the rules will help you satisfy the regulators but can also SAVE YOUR FINANCIAL INSTITUTION MONEY by only paying the claims that you are required to reimburse for unauthorized transactions. We will review the steps required to handle disputes and inquiries and the time frames for resolving a claim for an unauthorized transaction.
- Edit Writing BSA Policy and Procedures, May 7, webinar — It’s 2020 and may be time to update your policy and procedures for BSA. We introduced the fifth pillar and beneficial ownership in 2018. So where are you now? Do you need to add cannabis? Add the new CTR Changes? Examiners continue to criticize risk assessments, policy and procedures connections. Learn how to use the regulation and exam manual to really massage your program. What do you need to add, take out or revamp in BSA? Learn during this program.
- Intro to ACH: The Basics, May 8, webinar — The ACH product has been around for a long time and it’s easy to get complacent with it. It always works, so why mess with it. But, do you really understand what it is and how it works? This session is designed for those that are new to operations and those that want to confirm they really understand ACH.
- Basic Personal and Business Tax Return Analysis, May 11, webinar — Attend this proactive webinar and gain an understanding of the often complex and confusing topic of TAXES! Bank personnel are required to obtain and properly interpret tax returns for both commercial and consumer lending purposes. The first part of this seminar will concentrate on personal tax return analysis while the second part will focus on the analysis of various business tax returns.
- Understanding Commercial Real Estate Loan Documents, May 12, webinar — This webinar was developed by a lawyer who has been teaching loan documentation for more than 25 years. Taught at a basic level (for bankers, not lawyers), the instructor will lead participants through all sections of the various required real estate loan documents. The purpose is to create a deeper understanding of why certain documents are required, plus the significance of various sections and verbose language (often referred to as “boilerplate”).
- Basic Bankruptcy for Bankers, May 13, 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, including the new Small Business Reorganization Act of 2019, which went into effect February 19, 2020 and the temporary changes to the Bankruptcy Code under the COVID-19 stimulus package to expand relief to small businesses and individual debtors.
- Deposit Regulation Update and Review, May 14, webinar — This webinar will cover changes to IRAs under the SECURE Act, nonresident alien interest reporting, a peek at the Illicit Cash Act, and much more.