Thursday, September 16, 2021

Week of Jan. 4

In This Issue…

IRS: ‘Get My Payments’ portal now live

Monday, the Internal Revenue Service announced the Get My Payments portal – available in English and Spanish – is now live for individuals to log on and view the status of their economic impact payment. The IRS began issuing $600-per-person EIPs last week via ACH and also began issuing paper checks. This process will continue to be sent through the month of January. The IRS this month will also begin issuing payments via prepaid debit cards for certain EIP recipients.

“Because of the speed at which IRS issued this second round of payments, some payments may have been sent to an account that may be closed or no longer active,” the Service said.  “. . .those payments are required by law to be returned.”

Thanks to Steve Kenneally at the ABA for his help in dealing with this frustrating issue.

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COVID mitigation efforts being examined in banks?

One of the many things in which your Association is engaged on your bank’s behalf is our weekly and as-needed Zoom calls with our other state association colleagues and the ABA. This forum allows us to ask questions and find out about some things going on in other states, without the expense of traveling to some centralized spot.

One such headline came from Gordon Fellows, president and CEO of the Mississippi Bankers Association.

Gordon tells us the following:

“Friends, just to make you aware, apparently today health department officials in one of our neighboring states entered a bank branch to examine the banks COVID mitigation efforts. As I understand it, the health department was specifically looking for floor stickers that require individuals to maintain distance in lobbies, and was checking to make sure the branch had other mitigation efforts in place.

The bank has contacted our state regulator who in turn has contacted the bank department in the neighboring state where this occurred and also contacted the CSBS. I wanted to let you all know in case you get a call about this from your state regulator. Obviously, the state regulators don’t think state health departments have the authority to exam bank branches.

If any of you have any experience with state health department officials conducting unannounced in person exams of bank mitigation efforts, please let Adrian Beverage know at your early convenience.”

We don’t know if OBA-member banks have incurred these visits, nor do we know whether the SBA is actively showing up to audit smaller PPP loans (below $10,000). We will keep you posted.

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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.

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Nondeductible portion of OBA dues calculated

The calculation representing the nondeductible portion of member dues attributable to lobbying expenditures has been made for the OBA’s year ending April 30, 2020.

The source of the information used to determine this percentage included the Association’s general ledger and an estimate of the percentage of time related to applicable personnel’s involvement with lobbying activities by management of the Association. BKD has reviewed the details involved in the calculation and have indicated it appears to represent the lobbying expenses for the year ending April 30, 2020.

As a result of these procedures, it has been determined the applicable percentage, as previously described to be 15.27 percent.

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

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OBA education corner …

New year, new events! Check out the OBA education corner to see what events are lined up for the beginning of 2021.

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.

  • Have You Updated Your Business Continuity Management To Meet Regulatory Expectations, webinar, Jan. 12 — Have you updated your Plan to address the new Booklet? This webinar will provide recommendations on how to update your Plan to meet regulators expectations.
  • Writing Teller Training & Procedures, webinar, Jan. 12 — Today’s program will take a look at procedures for the teller. What needs to go into the procedures? What needs to stay out? Who should write the procedures and what is the purpose? Join us for an overview on writing teller training and procedures.
  • Dealing with Subpoenas, Summonses, Garnishments, Tax Levies, etc., webinar, Jan. 13 — 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.
  • Working Remotely – Prepare for the New Normal, webinar, Jan. 14 — Please join Bob Gregg, attorney at law, as he explains the pros and cons and regulatory requirements associated with work from home arrangements which Human Resources and Managers will be forced to deal with as they bring their employees back to work.
  • BSA Officer Annual Training, webinar, Jan. 19 — During this program we will cover everything a BSA officer needs to know to run a good program. Learn how to manage risk, CIP, Enhanced Due Diligence in this updated and exciting program.
  • IRA Update – Information and Clarification, webinar, Jan. 20 — What an IRA roller coaster ride this has been! After a year of deliberations, the SECURE Act was signed into law under the Appropriations Act on December 20, 2019. Most of the provisions became effective on January 1, 2020. There are too many issues and too many potential pitfalls banks will experience if they don’t have a working knowledge of these changes. Forms will be changed, IRA software must be updated which may take a while. This webinar will cover and clarify those changes.
  • Basic Real Estate Loan Documentation, webinar, Jan. 22 — This webinar provides a comprehensive overview of essential real estate loan documentation requirements, regulatory compliance issues, sound loan administration issues and best practices.
  • 2021 Compliance UpdateJan. 26, Tulsa, Jan. 28, Oklahoma City — The 2021 Compliance Updates will provide a review of issues and concerns facing every bank’s compliance team. The sessions will focus on “hot” topics, trends, and areas that may need more emphasis. Common compliance mistakes also will be covered.
  • The Right of Setoff, webinar, Jan. 27 — Do you know when the right of setoff is allowed and when it isn’t? Do you know if your financial institution has a statutory or contractual right of setoff? Do you understand the financial risks of using your setoff rights incorrectly? If you don’t know the answers to these questions, make sure to attend this valuable webinar.
  • 2021 Intermediate Banking School, Session 1, Oklahoma City, Feb. 1-5 — Presented in two sessions, the school is designed to prepare students to serve effectively and profitably the needs and desires of their banks and the banking public. A major objective of the program is to instill an appreciation for and an understanding of the operations and interrelationships of departments within a bank.
  • 2021 Intro to Consumer Lending, Feb. 10, Tulsa, Feb. 11, Oklahoma City — The seminar will cover the basics of consumer lending including the consumer loan function, marketing consumer loans, and making consumer lending decisions based on the five (5) C’s of credit- capacity, capital, collateral, conditions, and character.
  • 2021 Commercial Lending School, Oklahoma City, Feb. 28-March 5 — The Oklahoma Commercial Lending School is an intensive, one-week functional school designed for bankers with a basic understanding of credit and financial analysis. The school will demonstrate how to apply this knowledge in profitable commercial lending situations.

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 HR School and Bank Technology Management School. Click the links to find more information on each.

The application for the 2021 GSB Madison HR School Scholarship is now open. The school is in April, and will be conducted virtually. The deadline to apply for the scholarship is Feb. 12, 2021. Click here to download the application.

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