Thursday, December 3, 2020

Week of May 11

In This Issue…

OBA Annual Business Meeting set for May 19

The OBA will hold its Annual Business Meeting at noon on May 19 by video and audio conference call.

The meeting, which usually takes place during the Association’s annual convention, was moved to a standalone event via conference call in light of the indefinite postponement of the 2020 OBA Convention amid the COVID-19 pandemic.

The OBA Annual Business Meeting is open to any employee of any OBA-member bank. During the meeting, new members of the OBA Board of Directors will be nominated and voted upon, as well as a new first vice chair. Additionally, outgoing OBA Chairman Frazier Henke will officially pass along his title and duties to the incoming chairman, Rick Walker.

Walker is CEO of Liberty National Bank in Lawton, while Henke is president and CEO of American Bank & Trust in Tulsa.

Also during the meeting, OBA President and CEO Roger Beverage will present the annual treasurer’s report for the Association.

The details to join the conference call will be given via OK Banker Direct on Monday. You can also contact Jeremy Cowen at jeremy@oba.com if you do not receive them or want them resent.

Additionally, there is a OBA Board of Directors meeting scheduled for 10 a.m., May 19, as well. Details for it will also be given out to board members prior to the meeting.

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EID loans now available to ag businesses affected by COVID-19 pandemic

Agricultural producers as of May 4 are eligible for the Small Business Administration’s Economic Injury Disaster Loan and EIDL Advance programs.

SBA last week reopened the portal – which had been closed since April 15 – in a limited capacity after funding was authorized by Congress through the Paycheck Protection Program and Healthcare Enhancement Act. The legislation, which was signed into law last week by President Trump, provided additional critical funding for farmers and ranchers affected by the coronavirus pandemic.

To help facilitate this important change to EIDL and EIDL Advance assistance eligibility, SBA reopened the loan and advance application portal to agricultural enterprises only. Ag producers that submitted an EIDL application through the application portal prior to the legislative change will have their applications automatically processed and do not need to reapply. EIDL applications submitted prior to April 15 will be processed on a first-in, first-out basis.

For more information, visit sba.gov/Disaster.

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Information available detailing COVID-19-related frauds

The OBA is sharing the following information received from our law enforcement partners detailing Covid-19-related fraud scams. As always, if you have concerns about such scams or simply want more information, feel free to contact the OBA’s Elaine Dodd (elaine@oba.com).

PPE (personal protective equipment) scams are prevalent. It can happen a variety of ways:

  • Individuals contacting health officials/private/public entities claiming access to PPE and wanting to sell it to them. These tend to be advanced fees scams and the seller will want an advanced fee before delivery that will never come.
  • Phishing emails offering PPE/hand sanitizers at low prices that can leave malware if clicked on.
  • Reporting of people buying PPE from fraudulent websites. The PPE will never come, the website will not respond to emails and eventually no longer be active.
  • A PSA on these types of scams can be found by clicking here.
  • 3M, maker of a lot of PPE, even set up a website to educate the public about fraud. It can be accessed by clicking here.

Paycheck Protection Program. Some loan recipients have received negative reaction in the press. Be wary of:

  • Applicants who never had a previous relationship with your bank.
  • Recently created LLCs/Companies applying.
  • Multiple applications with the same registered agent.
  • If you suspect fraud in an application, please notify us even if you did not approve the application.

Increased reporting in false unemployment claims:

  • Unidentified subjects using previous addresses, surnames, correct SSN, and DOB of individuals to file unemployment claims.

Other reporting is similar to previous scams we have all seen, but subjects will add a COVID-19 component to it. Examples include:

  • Romance Scams-scammer has COVID-19 and needs money to pay for medical bills.
  • Puppy scams: Scammer will claim hard time finding a shipping company due to COVID-19.
  • Government imposter scam: Fake IRS agent demands payment of fine for someone using your identity to gain stimulus money.

The FTC website for COVID-19 scams is a great resource for current scams. It includes a list of warning letters sent to vendors selling false COVID-19 treatments, a sign-up for email alerts and other tips to avoid scams.

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Thompson confirmed for eighth term as Oklahoma bank commissioner

Oklahoma State Bank Commissioner Mick Thompson was confirmed Monday by the Oklahoma State Senate to his eighth consecutive term in the position.

Thompson, who was inducted in the Oklahoma Bankers Hall of Fame in November, was appointed as commissioner in 1992 by then-Gov. David Walters. He has held the position longer than any other person.

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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.

Click here to visit the page on the OBA website. And if you’re a strategic member and would like to have your own information listed, send an email to Thi (thi@oba.com) at the OBA!

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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:

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.

  • Loan Modifications – What are the Compliance Issues?, May 18, webinar — This webinar will deal with the ins and outs of making changes to loans of all types. We’ll discuss the compliance and legal requirements, operational challenges, and impacts to borrowers, guarantors, and other parties to the loan. We’ll also deal with the threshold question: should the lender grant the borrower’s request in the first place (and if so, what accommodations or changes should be made)?
  • Opening Fiduciary Accounts, May 19, webinar — During this program we will review the set-up, documentation and legal issues involved in these high- risk accounts. You will learn how to style these accounts and get the signature card perfect every time.
  • Staff Training: Human Smuggling, Trafficking, Elder Fraud and ID Theft, May 20, webinar — During this program we will conduct staff training to detect and prevent four big crimes against your customer. We will look at the red flags and scenarios for Elder Abuse, Identity Theft, Business Email Compromise Schemes and Human Trafficking.
  • BSA: MSBs, MRBs, TPPPs, NGOs and All the High Risk Customers, May 21, webinar — We will cover the high risk customers and services listed in the BSA exam manual and begin to see their impact into our AML program. We will look at what makes a customer or service high risk. What extra due diligence is required when the customer is high risk? And can the high risk customers and services impact your bank’s BSA risk rating?
  • Critical Cybersecurity Focus Areas for 2020, May 27, webinar — Join us for this one-day, streaming Cybersecurity session to discuss four important and relevant cybersecurity topics, along with a ton of great risk-mitigating takeaways to consider implementing at your institution.
  • Will Your Remote Deposit Capture Program Meet Regulatory Guidelines?, May 28, webinar — Join us as we outline the detailed information you should consider adding to your documents and processes to support a thorough due diligence, risk assessment, and annual oversight of your customers.

 

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