Week of May 25

In This Issue…

This week’s OBA call with bankers available for download

The OBA is hosting twice monthly conference calls to discuss banking issues related to the COVID-19 pandemic. The latest call took place this morning.

Elaine Dodd, executive vice president of the OBA fraud department, was today’s guest, discussing several fraud related to the pandemic, including false unemployment claims.

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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OBA recommends Abrigo PPP Forgiveness & Administration solution

Banks funding Paycheck Protection Program loans as part of the CARES act have come to the aid of their communities as they deal with the effects of the coronavirus.

Now, banks are shifting gears, and looking ahead to the forgiveness and administration of these loans.

After receiving a few requests from member banks, the OBA has chosen to recommend the Abrigo PPP Forgiveness & Administration solution. By using Abrigo’s automated PPP loan forgiveness solution, banks are provided with the software to manage the full lifecycle of the PPP loan, from loan forgiveness calculations to auto-populating Form 3508, allowing banks to spend less time dealing with manual processes and more time helping their small business borrowers.

Abrigo has helped more than 275 financial institutions fund over $13 billion in PPP loans. Banks that are not currently leveraging Abrigo can start leveraging the PPP Forgiveness & Administration solution in less than 48 hours.

Abrigo and the OBA together had a special demonstration just for members of the OBA on May 21 to see how the automation and technology can play a key role in helping our member banks manage the forgiveness process.  To review the recording of this special webinar, visit this link:  https://abrigo.wistia.com/medias/hj1jjexmyg.

To request information from Abrigo, click here.

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SBA issues rules on PPP loan forgiveness, lender responsibilities

The following information comes courtesy the ABA:

The Small Business Administration late Friday night released much-anticipated interim final rules describing the loan forgiveness process, as well as lenders’ and borrowers’ responsibilities, for the Paycheck Protection Program.

For PPP loans to be forgiven under the rules, lenders must confirm they received the borrower certifications in the loan forgiveness application form and the borrower documentation required by the form. They must also confirm the borrower’s calculations on the forgiveness application.

“Lenders are expected to perform a good-faith review, in a reasonable time, of the borrower’s calculations and supporting documents concerning amounts eligible for loan forgiveness,” SBA said, noting that “minimal review” of calculations based on a payroll processor’s report would suffice.

“If the lender identifies errors in the borrower’s calculation or material lack of substantiation in the borrower’s supporting documents, the lender should work with the borrower to remedy the issue,” SBA added.

However, the rules do not require the lender to “independently verify the borrower’s reported information if the borrower submits documentation supporting its request for loan forgiveness and attests that it accurately verified the payments for eligible costs.”

Lenders must report their decisions on forgiveness applications to SBA within 60 days of receiving a complete application and must provide supporting documentation for their decisions. The rule on the forgiveness process includes details on several technical questions related to employee status, payroll calculations and forgiveness-eligible non-payroll expenses. ABA staff are reviewing these rules closely and will provide feedback to SBA.

To share questions or comments with ABA, email ppp@aba.com.

To read the rule on the loan forgiveness process, click here.

To read the rule on lender and borrower responsibilities, click 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. You can download a flyer highlighting upcoming webinars by clicking here, or just peruse below for those coming soon!

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.

  • Controlling the Risks of Power of Attorney Documents, June 3, webinar — This presentation will provide financial institution personnel with best practices to use when dealing with these complex legal documents.
  • How to Craft an Effective Commercial Loan Write-Up, June 8, webinar — The session will begin with a brief overview of loan write-ups or credit memorandums including types, styles, and necessary component parts (relationship information, financial analysis, management review, and risk assessment/mitigation).
  • Understanding Revocable and Irrevocable Trust Documents, June 9, webinar — This presentation will provide financial institution personnel with best practices to use when dealing with these complex legal documents.
  • Onboarding Your New Hire, June 9, webinar — Aimed at management and hiring staff including call center managers, teller supervisors, HR, executive managers and branch managers, this program will allow participants to excel at new employee onboarding.
  • What Does the FDIC and CSBS INTREx Entail?, June 10, webinar — You also may be asking if or how the examination process is going to change due to COVID 19. Join us for this webinar to get the low down on INTREx and any changes to the examination process.
  • 2020 Basic New Accounts Virtual Seminar, June 10, webinar — This program will provide an overview of state law requirements in the area of new accounts, plus federal requirements for beneficial ownership, disclosures, basic TIN compliance, CIP, anti-money laundering, and deposit insurance. This VIRTUAL seminar will allow you to participate from home or your bank. Program materials and login details will be provided two days prior to the session.
  • Notary Public, June 11, webinar — Help your team know their responsibilities, plus learn basic laws, liability and reviews of various notarial acts.
  • 2020 Spring HR Seminar, June 11, Oklahoma City — We will provide you with the latest issues in the legal and legislative matters impacting our business from both the federal and state level. Understand compliance and regulatory issues, which will affect how you perform your HR duties in 2020.
  • Bank Trainers VIRTUAL SUMMIT, June 23 — Topics covered include training effectiveness, career paths, teaching online, building relationships and more.

Also, the OSU Agricultural Economics Department is hosting the Rural Economic Outlook Conference at the ConocoPhillips Alumni Center located on the OSU campus, Wednesday, Oct 14. The lineup of speakers includes Dan Kowalski, knowledge exchange division, CoBank, and Ambassador Gregory Doud, U.S. trade representative. Ambassador Doud has agreed to speak, schedule permitting. The registration fee is $50, which includes breakfast, lunch and breaks on Wednesday. More information and a detailed agenda by clicking here.

Finally, GSB-Madison has updated its list of upcoming online classes for this summer. you can see what’s on the docket by clicking here!

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