Thursday, November 26, 2020

Week of July 20

In This Issue…

Department of Commerce provides next steps for Oklahoma Business Relief Plan

We continue to work with the Oklahoma Department of Commerce to fund as many Oklahoma Business Relief Plan applicants as possible.

In the next day or two, the Oklahoma Department of Commerce will contact each participating financial institution directly via email regarding the next phase of the Oklahoma Business Relief Plan (OBRP).

The Department of Commerce will soon be reopening the OBRP portal to allow participating financial institutions to load any pending applications received before Phase 2 ended on July 14 at 9 a.m. Note: It will not be first come, first serve and you will have plenty of time to upload your applications.

Once all applications are received, the Department of Commerce and Gov. Stitt will determine the overall need and how much money can be allocated to the program to fund the qualifying businesses.

Please be on the lookout for the Department of Commerce email and stay tuned for further updates.

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Oklahoma Insurance Department/OBA virtual offering on banking fraud scheduled for tomorrow, July 22 at 10 a.m.

The Oklahoma Insurance Department has partnered with other state agencies, the Oklahoma Bankers Association and AARP Oklahoma to educate Oklahomans on current scams and provide tips for staying safe. The next session on banking fraud is tomorrow, July 22 at 10 a.m. Topics covered include: credit/debit cards, checking/savings, money mules, social engineering, sim swapping and pandemic scams.

Bankers and/or customers should click here for more information and to register.

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Fed extends rule allowing directors, shareholders to apply for PPP loans

The Federal Reserve announced on July 15 that it would extend a temporary exemption from Regulation O to allow bank directors and shareholders to receive Paycheck Protection Program loans from their related banks. Reg O generally limits lending activity to bank directors, shareholders, officers and businesses owned by these persons.

The exception—which applies only to PPP loans—will be extended through Aug. 8, the new expiration date for the PPP. The Fed added that any PPP loans extended to bank directors and shareholders must conform to SBA’s recent guidance, which states that the eligible business must follow the same process as any similarly situated customer or account holder and must not receive favoritism from the bank.

Click here to read more.

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2021 Oklahoma Views & Vistas Calendar available for discounted pricing extended through Aug. 31

The 2021 Oklahoma Views & Vista Calendar is now ready to be purchased – order yours by Aug. 31 (newly extended deadline) to get the special low price of just $.99 per calendar  – pricing after Aug. 31 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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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 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

  • Opening Minor Accounts, July 28, webinar — You will be challenged to look at old practices, how to handle checks, when to give access and so much more in this information packed program.
  • UCC Rules: How to Comply to Attach and Perfect Secured Transactions, Aug. 3, webinar — Leave with an understanding of how to document, close and record secured transactions covered by Revised Article 9 of the UCC. Get good working knowledge for managing the most common commercial and consumer secured transactions governed by Revised Article 9.
  • ACH Origination for Lenders and Cash Management, Aug. 4, webinar — This course is designed for lenders, senior staff, cash managers, operations staff with limited knowledge of ACH and those that are interested in gaining knowledge on ACH Origination and risk.
  • Advertising Compliance, Aug. 5, webinar — This webinar will help you learn what you can say, what you can’t say, when to say it, etc. Several examples of real-world advertising errors will also be included.
  • Opening Accounts for Nonprofits, Charity, Benefit and Associations, Aug. 5, webinar — The documentation and signature card do’s and don’ts will be covered for your financial institution so that you can document authority, liability and on-going signatory rights on each.
  • Fair Lending: Overview and New Developments, Aug. 7, webinar — This program will help you to understand the extent and particulars of Regulation B, the Fair Housing Act (FHA), and guidance the regulatory agencies (including the CFPB) have introduced recently.
  • Internal Audit Seminar, Aug. 18, Oklahoma City — This seminar will emphasize the importance of a strong risk assessment in any bank and the role this risk assessment, along with a sound and effective audit plan can have in helping a bank avoid fraud.

Additionally, the 2020 Women in Banking Conference, scheduled for Oct. 23, will now be a FREE virtual event! Registration will open in late August. The OBA staff, along with representatives from the Federal Reserve Bank and the CBAO are in the process of finalizing the agenda. Mark your calendars now and plan to participate in this informative conference.

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