Week of June 21

In This Issue…

Two important fraud-related notes …

The OBA’s fraud department has been receiving calls and texts from bankers who were unable to get on the Oklahoma Insurance Department’s “Hoodwinked” fraud webinars at the scheduled times, but still wanted to watch them.

Good news is there is an easy option. The entire series is stored on the OID’s YouTube page, which you can access by clicking here. All of the recent Hoodwinked series is informative and we highly suggest you watch Jennifer Shaw (Oklahoma Securities) on investment fraud and Amy Nofziger (national AARP expert) on romance scams.

We also want to remind our bankers to exercise caution when customers are using the interim paper driver (and, even more so, non-driver) documents. Many of the fraudulent non-driver versions have misspelled words. We have asked the Department of Public Safety for ideas on how to better verify these, but have received no easy answers as of yet. We hope to get sample copies of their forms to assist our front-line personnel.

As always, with any fraud-related questions, contact the OBA’s Elaine Dodd at elaine@oba.com.

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Oklahoma banker receives ABA Distinguished Service Award for Compliance

Maureen Carollo, senior vice president and director of compliance for Great Plains National Bank, today received the 2021 American Bankers Association’s Distinguished Service Award for Compliance.

The award, which recognizes leadership, initiative and accomplishment in banking regulatory compliance management, was presented during ABA’s Regulatory Compliance Virtual Conference.

The ABA Compliance Administrative Committee, composed of 13 leading bank executives in the compliance profession, solicits nominations and selects the honoree. Carollo is the 27th recipient of the honor.

“Maureen is a tireless and passionate advocate and leader within the financial services industry,” said Ginny O’Neill, ABA’s executive vice president of regulatory compliance and policy. “She has extensive knowledge of financial services regulation, and those that know her are grateful for the opportunity to work alongside her and learn from her. This recognition is well deserved.”

Carollo was honored by her recognition.

“I am fortunate to have a career I love that introduced me to a community of dedicated and collaborative professionals,” Carollo said. “It’s an incredibly meaningful honor to be recognized for my work by my colleagues.”

Carollo has more than 30 years of experience in banking and more than 20 years of experience in bank compliance, including roles at Southwestern Bank, NBC Oklahoma, Bank SNB, and now Great Plains National Bank. She has worked in deposit operations, loan administration, internal audit and compliance and BSA/AML management. In her current position as the director of compliance, she manages the compliance function for 21 community bank locations, facilitates federal regulatory exams and external audits and supports internal customers on general lending, deposit and operations compliance issues for all markets.

Additionally, she has dedicated many years of service to the banking industry through roles on the ABA Bank Compliance Magazine’s Editorial Advisory Board, as a contributing subject matter expert for the ABA Banking Journal, and as a board member on the Conference Advisory Board for the ABA Regulatory Compliance Conference. She served as co-chair of the conference in 2017 and 2018.

Her commitment to the industry is evident in her long-term and sustaining support for the OBA. Since 2003, Carollo has served the OBA Compliance School in several capacities, including as a member of the OBA Compliance School Board of Regents, an instructor and case study moderator. She was also an instructor for the OBA’s Operations School, Basic Banking School and Consumer Lending School, as well as a past member of the OBA Women in Banking Committee.

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Report: Improved economy is great news for banks

The recent market rally is obviously good news for the Wall Street side of banks’ business. Companies like Goldman Sachs and JPMorgan Chase both generate revenue from trading commissions as well as investment banking fees for advising on mergers and initial public offerings.

But it’s also the strong economy, bolstered by an improving job market, that should boost demand for loans and the creditworthiness of borrowers, according to a recent CNN Business report. Housing is still red hot too, and that’s good for regional banks that have big mortgage lending businesses.

Click here to read the entire story from CNN Business.

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OBA education corner …

We opened our windows on Monday because it was so nice outside! I’m sure this weather will hold for several weeks! If you believe that, we’d like to interest you in purchasing a certain bridge in a certain New York City borough. If you don’t believe that, then instead of a bridge, how about these upcoming OBA events! Check them out below.

NOTE: Effective March 16, 2020, 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.

  • Proactive Relationship Customers Service, June 28, webinar — This program will focus on how to instill a culture of extraordinary through all stages of the customer relationship and how this will have an impact on your bottom line in producing meaningful results.
  • Diversity & Inclusions in the Workplace, June 29, webinar — Senior management needs to commit to education and discussions surrounding D & I. You will want your entire staff onboard with your company’s mission to embrace this topic.
  • Small Business Lending in a Post-COVID World, June 30, webinar — In this webinar, we’ll go into detail about compliance standards in small business lending. We’ll discuss the wrap-up and any residual activities from the Payroll Protection Program (PPP).
  • Escrow Accounts Compliance, July 1, webinar — This webinar will give you a clear understanding of how to set up and maintain compliant escrow accounts in plain English.
  • Executive Total Compensation – Strategies to Motivate and Incentivize, July 6, webinar — The session provides an educational overview of various compensation elements, focusing on current trends/best practices within community and regional banks.
  • Best-Ever Compliance Checklists for Consumer Loans, July 8, webinar — 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.
  • 2021 OBA Compliance School, Aug. 23-27, 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.

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