Week of June 29

In This Issue…

Regulatory agencies propose new, revised Q&As on flood insurance

Five federal regulatory agencies, starting last week, requested public comment on new and revised Interagency Questions and Answers Regarding Flood Insurance. The Interagency Questions and Answers, which provide information addressing technical flood insurance-related compliance issues, were last updated in 2011.

The agencies are proposing new questions and answers for inclusion in the Interagency Questions and Answers in light of changes to flood insurance requirements under the agencies’ joint rule regarding loans in special flood hazard areas. This rule was promulgated in 2015 to implement provisions of the Biggert-Waters Flood Insurance Reform Act of 2012 and the Homeowner Flood Insurance Affordability Act of 2014.

The proposal incorporates new questions and answers in several areas, including:

  • The escrow of flood insurance premiums;
  • The detached structure exemption to the mandatory purchase of flood insurance requirement; and
  • Force-placement procedures.

The proposal also revises existing questions and answers to improve clarity and reorganizes questions and answers by topic to make it easier for users to find and review information related to technical flood insurance topics. The proposal is intended to help reduce the compliance burden for lenders related to the federal flood insurance laws.

Separately, the agencies plan to propose new questions and answers at a later date on the private flood insurance requirements implemented by their February 2019 final rule.

The agencies invite comment on this proposal. Comments will be accepted for 60 days after publication in the Federal Register.

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Oklahoma Bankers Hall of Fame taking nominations for 2020 inductees

The OBA will be taking nominations for 2020 Oklahoma Bankers Hall of Fame inductees through the middle of July.

The Hall of Fame was created by the OBA Board of Directors to honor individual bankers for their contributions to the banking industry and the State of Oklahoma.

In addition, the Hall of Fame is intended to recognize bankers’ achievements on behalf of the Association’s member banks.

Bankers make a difference in their communities every day. To rise to the level required for induction into the Hall of Fame, the nominating committee for the Hall will examine whether the individual banker has made a difference beyond their local community. The Hall of Fame will also preserve the unique history of Oklahoma’s banking greats.

The following criteria will be considered by the nominating committee when selecting individuals to be nominated for selection to the Hall of Fame:

  • Affiliation (past or present) with an Association member bank.
  • Service on boards or committees of the Association.
  • Participation in the activities of banker trade associations at the national level, such as the American Bankers Association and Independent Community Bankers of America.
  • Contributions to the development, improvement and growth of the banking industry in Oklahoma.
    Whether the individual has had a significant impact on the manner in which financial services are provided to consumers.
  • The individual has demonstrated the importance of community involvement and participation in the work of various community groups at the local, state and national levels.
  • The number of years of service to the state and the industry.

Nominations for induction into the Oklahoma Bankers Hall of Fame may be made by any bank employee of an OBA-member bank. There is no limit on the number of nominees that can be presented to the nominating committee in any given year. Nominees may be either living or deceased.

Nomination forms are available by clicking here and can also be obtained by calling the Association (405/424-5252) or emailing info@oba.com. Anyone who was on the ballot previously but not elected will automatically be included with applications received this year for ballot selection by the Nominating Committee. They don’t need to do anything but are welcome to ‘update’ their application if they’d like. The application and other helpful information are available on our website.

Note: The deadline for receipt of applications is July 15, 2020.

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Salary survey deadline this week

Blanchard Consulting Group would like to invite you to participate in our 2020 Salary and Cash Compensation Survey. The deadline to participate has been extended to July 3.

This annual survey gathers salary and cash compensation (salaryplus annual cash incentive/bonus) data for 25 executive positions and over 150 middle management and staff level positions. Data cuts will be broken out by asset size and region when we have a large enough sample size. Below is the pricing for the 2020 Salary and Cash Compensation Survey results (survey findings will be provided via email in PDF format):

  • OBA Member & Participant: $300.
  • OBA Member & Non-Participant: $600.
  • Non-OBA Member & Non-Participant: $800

To complete the survey, please click on the link below. Download the excel file and email the completed survey to surveys@blanchardc.com by Friday, July 3.

2020 Salary and Cash Compensation Survey Link

If you would like to pre-order your copy of the survey or if you have any survey questions, please contact Laura Roth at surveys@blanchardc.com or 612-886-1225.

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2021 Oklahoma Views & Vistas Calendar available for discounted price through Wednesday

The 2021 Oklahoma Views & Vista Calendar is now ready to be purchased – order yours by July 1 to get the special low price of just $.99 per calendar  – pricing after July 1 is $1.09 per calendar.

Final deadline to purchase is Sept. 15.

This is a great way to share your bank’s logo and information to your customers! Click here for more information and an order form!

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OBA education corner …

We hope you have a great July 4th planned! While live events and seminars are few and far between during the summer, 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.

  • Dealing With Subpoenas, Summons, Etc., July 7, webinar — This webinar will provide attendees with the best practices and red flags for dealing with the various legal documents served upon financial institutions. This webinar does NOT discuss the procedures mandated by particular state laws.
  • Best-Ever Compliance Checklists for Consumer Loans, July 7, webinar — The checklists will chronologically lead lenders and processors through the various lending compliance requirements, and financial institutions that properly use these checklists will virtually eliminate compliance errors.
  • Escrow Accounts Compliance, July 8, webinar — Compliance with the escrow requirements can be tricky as the rules are vague, some terms are not defined and some investors make up rules that contradict the regulatory requirements.
  • BSA: CIP and CDD Update, July 9, webinar — This program will look line-by-line at the regulation and point out avenues of change to explore in 2020.
  • Pros & Cons of Social Media Use by Institutions & Their Employees, July 15, webinar — Let’s face it, social media is here to stay. More and more businesses and institutions are getting on board and while there are benefits there are also risks with its use. It is very important for the organization and all users to understand the risks and the regulations associated with the use.
  • Checks – Endorsements, Fraud and Compliance Issues, July 16, webinar — Having an understanding of endorsements and handling checks is crucial to making sound check-cashing decisions.
  • 2020 OBA Compliance School, Aug. 24-28, Oklahoma City — Students will return to their banks equipped to deal with compliance regulations that impact lending practices and deposit functions as well as other related federal and state laws and regulations.

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