In This Issue…
- Banks should expect stimulus payments to hit customers’ accounts soon
- Dates changed for 2021 OBA Senior Management Forum
- OBA holiday hours updated
- OBA education corner …
Banks should expect stimulus payments to hit customers’ accounts soon
ACH transactions for the economic impact payments are expected to begin as soon as today.
More than 100 million files are expected to be routed to banks in the coming days with an effective payment date early next week. Checks and prepaid cards will be mailed to recipients that have not provided their bank routing information to the Internal Revenue Service. The Treasury Department is expected to release more detailed information soon.
The American Bankers Association has advised banks to have call center and ACH operations staffing levels ready for the influx of payments, as well as ordering and moving sufficient cash to meet a surge in ATM and branch withdrawals as the payments land in customer accounts over the coming days.
Meanwhile, the Bureau of the Fiscal Service (which will process the payments on behalf of the Treasury Department) and the Federal Reserve will host a free webinar on this second round of economic impact payments at 1 p..m. on Wednesday. Speakers on the webinar will include Roger Replogle, cash product office manager for the Federal Reserve System, who will discuss the effects of economic impact payments on banks’ cash management. Each bank is asked to register no more than two representatives. Banks can register for the webinar by clicking here and logging in or registering an account.
You can also download background information on the stimulus payments, courtesy of the ABA, by clicking here.
Dates changed for 2021 OBA Senior Management Forum
The 2021 Senior Management Forum dates have changed. The Forum will now be held June 20-22, at the Bellagio in Las Vegas.
Keep an eye out for more information on this in the coming months! Contact the OBA education department with any questions about the Forum.
OBA holiday hours updated
The OBA will be adjusting its hours for the holidays this week.
We will close at noon on New Year’s Eve, and be closed all day on New Year’s Day. We will return to our normal hours on Monday, Jan. 4.
Keep these dates and times in mind and enjoy your holidays!
OBA education corner …
Your time is (almost) up, 2020! Move aside and let’s see what 2021 has in store … particular in continuing banker education from the OBA!
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.
- Online Account Opening, webinar, Jan. 5 — During the program we will discuss the action steps required on your internet website to comply with new account opening procedures on all types of deposit accounts.
- Best-Ever Compliance Checklists for Consumer Loans, webinar, Jan. 6 — For several years, Anne Lolley has shared her popular compliance checklists with bankers. In her upcoming webinar, Anne will again offer and explain those checklists. 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.
- Writing an Effective Credit Memorandum, webinar, Jan. 7 — This course teaches skills required to write an effective credit memorandum. Learn to emphasize important factors and trends without stating the obvious. In short, your credit memoranda should present relevant, material facts, along with your thoughts and opinions.
- Basic Business Entities & Other Commercial Borrowers, webinar, Jan. 11 — This webinar presents a survey of requirements, characteristics, advantages, disadvantages plus creation and documentation issues for the most frequently used types of business entities.
One education program, in particular, to be aware of is the OBA Intern Program. The Intern Program will again be active in 2021 and we’re looking for participating banks! For more information on this IMPORTANT program – important not only to aspiring students, but also to participating banks – Contact the OBA education department at (405) 424-5252 or click here for more information!
Finally, GSB-Madison is enrolling for its 2021 Digital Banking School. Click here for more information.