Thursday, October 21, 2021

Week of July 5

In This Issue…

CFPB flags COVID-related consumer complaints

The Consumer Financial Protection Bureau recently issued a consumer complaint bulletin that focused on complaints related to certain COVID-19 relief efforts, including the suspension of monthly payments for federal student loans, the issuance of economic impact payments and supporting the Centers for Disease Control and Prevention’s eviction moratorium.

With regard to EIPs, the CFPB said it received complaints related to overdraft charges customers incurred after advances made by financial institutions to enable consumers to take full advantage of their payment were reversed.

You can read the entire bulletin from the CFPB by clicking here.

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Fed to launch CECL tool in mid-July

The Federal Reserve announced last week it will soon release a new tool to help community banks implement the Current Expected Credit Losses accounting standard.

Known as the Scaled CECL Allowance for Losses Estimator or “SCALE,” the spreadsheet-based tool draws on publicly available regulatory and industry data to aid community banks with assets of less than $1 billion in calculating their CECL allowances.

The Federal Reserve will launch the SCALE tool and answer questions during an “Ask the Fed” webinar on July 15. The session is intended for community banks and will feature participation from the Financial Accounting Standards Board and the Conference of State Bank Supervisors. Registration information is available at AsktheFed.org. The SCALE tool will be available via SupervisionOutreach.org/cecl.

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OBA Emerging Leaders Academy now accepting applications

Take note the OBA 2021-22 Emerging Leaders Academy is currently accepting applications.

We’re looking for the best and brightest bankers who seek to sharpen their leadership skills. The Academy will help you reach new heights with powerful speakers offering information leaders need for effectively maneuvering in today’s business climate. Each session helps participants become true leaders by understanding those around you through non-traditional methods.

The OBA extends an invitation to any employee of a bank that is a member of the OBA to apply. A panel of bankers will review the applicants and choose those accepted into the Academy (maximum 30 bankers). Participants must attend all sessions to successfully graduate from the program.

There are six sessions to the Academy: Nov. 10, Dec. 9, Jan. 21, Feb. 15, March 25, April 29. Graduation will take place in May 2022 at the OBA Annual Convention.

Click here for full details and the Academy application! Also, for more information, please contact Megan McGuire at (405) 424-5252 or megan@oba.com.

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OBA education corner …

Did all your fingers survive the Fourth of July? If so, use them click and sign up for one of the our latest education offerings 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.

  • Opening Fiduciary Accounts, July 13, webinar — During this program we will review the set-up, documentation and legal issues involved in these high-risk accounts. You will learn how to style these accounts and get the signature card perfect every time.
  • Non-Compete Agreements Restrictive Covenants: Protecting Your Organization, July 15, webinar — We examine the key considerations for requiring that employees sign a non-compete agreement, factors that will impact whether an agreement can be enforced and alternatives to a non-compete agreement that should be considered.
  • Regulation CC: Holds, July 20, webinar — Many questions will all be addressed in this informative and easy to follow webinar for the frontline. We will also take a look at the changes that are proposed–new disclosure format and new teller hold notices.
  • Troubled Debt Restructuring, July 20, webinar — Attending this webinar will enable you to recognize a true troubled debt restructuring so that regulator reporting is accurate and to know how to manage them from an lending and accounting perspective.
  • What Directors Need to Know About Cybersecurity, July 21, webinar — A financial institutions’ board of directors has the ultimate responsibility for securing customer information, as well as the responsibility for approving financial investments into cybersecurity, creating accountability throughout the institution for security operations, and setting clear expectations for management.
  • What to Do When a Customer Dies, July 22, webinar — We’ll walk you through the best practices when dealing with a customer’s death – both on the deposit side and the loan side, as well as unique issues that can arise when doing business with the decedent’s estate.
  • 2021 CECL Update, Aug. 11-Tulsa; Aug. 12-Oklahoma City — The CECL seminar is designed to provide a look into the standard and the evolving impact for community banks. We will present the basics of the standard and discuss available model methodologies.

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