Thursday, April 22, 2021

Week of Nov. 30

In This Issue…

Oklahoma banks show upward trajectory in third quarter results

Oklahoma banks showed increasing numbers in their net income for the third quarter of 2020 according to the just-released FDIC Quarterly Banking Review.

Oklahoma banks have a net income of $1.05 billion in 2020 as of the Sept. 30 numbers, compared to a net income of $1.03 billion at the same time frame in 2019. This year’s $1.05 billion is an increase from $614 million, which were reported at the end of the second quarter in June.

Total deposits were up dramatically in comparison to third quarter numbers last year. Oklahoma banks showed $104 billion in deposits in the 2020 third quarter numbers, as opposed to just $86 billion in 2019.

While the percent of unprofitable institutions did grow from 2.09% to 3.19 percent from the second to third quarter of this year, it’s still a decrease from the 4.52 percent in the third quarter of last year.

You can see all  the Oklahoma numbers, compared to the numbers of the previous quarter and the third quarter of 2019, by clicking here.

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Biden taps former Fed Chair Yellen for Treasury secretary

President-Elect Joe Biden announced he will nominate former Federal Reserve Chair Janet Yellen to serve as Treasury secretary.

If confirmed, Yellen would become only the second person to lead both the Fed and Treasury, as well as the first woman to hold the top Treasury post.

Yellen previously served as Fed vice chair and eventually chairman alongside President Obama, and chair of the Council Economic Advisers during the Clinton administration.

In addition, Biden also named several other key members of his economic team. Neera Tanden will be nominated as director of the Office of Management and Budget; Wally Adeyemo will be named deputy secretary of the Treasury; and Cecilia Rouse will chair the Council of Economic Advisers. Also joining the council are Jared Bernstein and Heather Boushey.

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OBA soliciting CD bids

The OBA will be purchasing several Certificates of Deposit for investment soon. All interested banks are encouraged to submit a bid.

The due date is soon, but we hope to give all our banks a chance to make a bid, if they’re interested.

If your bank is interested, please submit a rate by Friday, Dec. 4, and/or another rate for Tuesday, Dec. 15. You can send your rates/bids to Kathryn Donovan (kathryn@oba.com) at the OBA.

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OBA education corner …

December is upon us, and as the year is finally coming to an end, the OBA has some education events on the calendar this month to round out 2020. Look for these coming up 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.

  • E-Sign for Lending – Challenges and Solutions, webinar, Dec. 8 — What steps must be followed to be in compliance with E-Sign? What NEW steps should be taken to verify the customer’s identity in view of an increased risk of identity theft? This program will answer these questions and more.
  • 2020 OBA/BKD “Mini” Symposium, Dec. 9, Oklahoma City — The mini-symposium will provide participants with an overview of complex accounting standards, solutions to frequently asked accounting questions and common accounting pitfalls, discussion and overview of accounting matters related to PPP and loan accommodations, COVID-19 accounting considerations and potential financial statement impacts, and current updates to tax law and COVID considerations.
  • Regulation E: Errors & Disputes, webinar, Dec. 9 — This webinar will dissect the Regulation E error resolution requirements in plain English.
  • Fair Lending, CRA, FCRA Seminar OnDemand Live Streaming, Dec. 10 — Attend the Fair Lending, CRA and FCRA Seminar from the convenience of your own office or home via Live Streaming Video as it happens on Thursday, Dec. 10 (9 a.m. – 4 p.m.), or at your own convenience with six months of OnDemand playback. This seminar will cover Fair Lending, the Community Reinvestment Act and the Fair Credit Reporting Act.
  • Opening Accounts for Nonresident Aliens, webinar, Dec. 10 — This session will address the following questions about procedures and your bank: What does the law say about identifying nonresident aliens? What type of identification is being used around the country to open accounts? What are the proper procedures for W-8 reporting? What role does Office of Foreign Assets and Control (OFAC) play in your new accounts procedures?
  • SARs & COVID Fraud, webinar, Dec. 11 — During this program, we will discuss completing the Suspicious Activity Report for COVID-19-related crimes. Advisory after advisory has come out this year detailing the red flags for COVID crime and how to complete the SAR. This program will look at all these advisories.
  • Coaching Skills Bootcamp, webinar, Dec. 11 — Managers who develop strong coaching skills inspire and encourage employees in the workplace in a way that brings out the best in others. Are you the one expected to address behavior issues in the workplace and often feel like you are not getting anywhere when you do? Is part of your job to learn how to tactfully have difficult or dreaded conversations with other people from time to time? This webinar will give you the coaching skills you need to be successful in your position.
  • Understanding Revocable and Irrevocable Trust Documents, webinar, Dec. 14 — This presentation will provide financial institution personnel with best practices to use when dealing with these complex legal documents.
  • BSA Year End Round Up, webinar, Dec. 15 — This year-end wrap up will focus on looking at the 2020 year including beneficial ownership, CTR, and crimes listed on the SAR. We will look at the areas of hot crime and the examination hot spots.
  • Notary Public, webinar, Dec. 17 — Notaries and others will learn best practices for dealing with issues unique to the financial industry. Help your team know their responsibilities, plus learn basic laws, liability and reviews of various notarial acts.
  • IRS Information Reporting: Rules and Forms, webinar, Dec. 17 — Learn about the many forms financial institutions must report, with an emphasis on when and exactly what to report. We’ll include easy-to-follow charts to complete each form.
  • Call Report Impacts and a Look at 2021, webinar, Dec. 17 — This 90-minute webinar will recap the most significant changes that impacted the 2020 Call Report, whether from the impact of COVID-19, the implementation of new accounting standards, or other regulatory reporting changes. Common questions and reporting uncertainties that have surfaced over the course of the past two quarters will be incorporated into the presentation.

The 2021 OBA Convention will be held on May 24-26 at the new Omni Hotel in Oklahoma City. Look for more information coming soon on this program.

Please note: The Loan Documentation, Compliance, Structure seminars instructed by David Osburn and scheduled for this week are now going to be virtual sessions via Zoom. They will still be offered on Dec. 2 and 3. Links to the Zoom meeting will be sent to registrants by the OBA education department, so contact us if you haven’t received them.

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