Friday, October 23, 2020

Week of Aug. 11

In This Issue…

Be sure to return your bank’s Hall of Fame ballots!

By now, your bank should have received its Oklahoma Bankers Hall of Fame ballots, which were mailed out on July 31. Please make sure your bank’s ballots are returned to the OBA by Aug. 21 so they can be tallied.

If you have any questions, contact Lea Ann Jackson at the OBA.

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Save the date for OBA Oktoberfest Golf Tournament

Save the date and plan ahead now! The date for the 2020 OBA Oktoberfest Golf Tournament has been set. The tournament will take place Oct. 5 at the River Oaks Golf Club in Edmond. Keep an eye out for more information coming soon!

If you are interested in sponsorship opportunities, contact Thi Pham (thi@oba.com, 405-424-5252).

Prost!

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ABA, OBA survey seeks feedback on current core provider experiences

You may remember the OBA is working with the ABA’s Core Platforms Committee, and the Committee wants to conduct a survey on banks’ current experiences with their core platforms.

The survey is designed to assess whether the committee’s efforts – which have included an extensive dialogue with core providers and new resources, available at aba.com/core, to help banks understand the core provider marketplace and make informed decisions – are effecting change and where. Responses will highlight any additional steps the committee needs to take.

We are also looking at the cores industry in an effort to persuade them your bank deserves every consideration for a reduction in charges by the cores during this troubling Covid-19 pandemic. As you might imagine, they are not too crazy about such a suggestion.

Links to participate in the survey were sent Monday to the CEO and key IT personnel at all banks, member and non-member. You can view the surveys using the links below:

For further questions please contact Lisa Gold Schier.

Thanks for your (hopefully!) participation.

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Forgiveness platform user guide released

The Small Business Administration has released its platform user guide for forgiveness applications, and the forgiveness portal was up and running on Monday, Aug. 10.

Several bankers have called us and said they are ready to start submitting the forgiveness applications they’ve already processed on Monday, especially those working with companies like OBA’s endorsed vendor Abrigo, where approved applications have been warehoused.

As you might imagine, banks are going to be right in the middle of the forgiveness process and, for all practical purposes, you’re going to have to “underwrite” the loan while looking in the rear view mirror.

Briefly, here’s how it’s intended to work:

  • The process is limited to 150 days total.
  • Borrower submits a Loan Forgiveness Application (SBA Form 3508/3508EZ or lender equivalent) to the lender servicing their loan.
  • Lender reviews and issues to both the borrower and the SBA a decision on the loan forgiveness. [Note: within 60 days or less).
  • SBA remits the appropriate forgiveness amount to the lender, plus any interest accrued through the date of payment. [90 days or less].

Click here for a link to the forgiveness platform user guide.

We will continue to make sure you’re up to date on the SBA requirements, as well as any progress that might be made with Congress’ two bills calling for automatic forgiveness of all PPP loans of $150,000 or less (85 percent of all PPP loans).

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ABA starts anti-phishing campaign

The ABA will be releasing its new, anti-phishing campaign, and we want to make sure you know about it. Importantly this campaign is free of charge to both ABA members and non-members.

Every day, thousands of people fall victim to fraudulent emails, texts and calls from scammers pretending to be from their bank. Banks of all sizes are incurring significant monetary losses as a result of these increasingly sophisticated scams targeting their customers. They are also taking a hit from a PR perspective because the bank’s reputation gets drawn into the mix. We want to change that.

We are blessed with Elaine Dodd and all of her tireless work on these kinds of matters, but she can’t do it all and she simply can’t be everywhere she’s needed on a 24/7 basis. So the campaign  – #BanksNeverAskThat – is a plug-and-play campaign that’s intended to help your customers spot scams. The campaign is also designed to be humorous, eye-catching and engaging.

You’ll receive a toolkit full of ready-to-use materials, including videos, printable, social media posts, GIFs and more. It’s time to put scammers in their place! We’re asking OBA-member and non-member banks to join all of us in kicking off our #BanksNeverAskThat campaign on Oct. 1 – as part of National Cybersecurity Awareness Month.

If you have any questions on the program, or feedback on how we can better share this information, please reach out to the OBA’s Roger Beverage at roger@oba.com or the ABA’s Liz Risoli at lrisoli@aba.com.

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OBA education corner …

Some live events are starting to peek their heads out from underneath the blanket! Look for those coming up soon. You can also 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

  • Director Compensation and Compensation Committee Best Practices, Aug. 20, webinar — This session summarizes relevant compensation regulations and their impacts on director pay. Findings from our BCG director survey and trends survey will be incorporated as well.
  • 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.
  • 2020 Supervisor Bootcamp, Sept. 3, Oklahoma City — Explore the coaching and leadership skills that lay out your plan for success as a highly effective supervisor in this results-oriented workshop!
  • 2020 Virtual FDIC Banker Outreach, Sept. 9, virtual seminar — All bank directors, CEOs and executive officers are encouraged to participate in this timely update. Compliance officers also will find the information useful.
  • 2020 OBA Basic Banking School, Sept. 14-17, Oklahoma City — The school is designed to introduce students to basic banking concepts as they relate to the overall functioning of a bank.
  • Analyzing Financial Statements, Sept. 30-Oct. 2, Oklahoma City — This three-day seminar is a must for those in commercial lending.
  • 2020 OBA Consumer Lending School, Oct. 5-9, Oklahoma City — This program exposes students to major issues consumer credit managers face. It provides a framework for examining a bank’s consumer credit programs, policies and procedures.

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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