In This Issue…
- Democrats likely to scale back Treasury’s IRS bank reporting plan
- OCC releases updated LIBOR transition self-assessment tool
- Bankers’ Night Out fall series continues with upcoming dates in OKC, Woodward, Lawton
- OBA education corner …
Democrats likely to scale back Treasury’s IRS reporting plan
Senate Democrats will likely reveal a scaled-back version of a Biden administration proposal to crack down on affluent tax cheats on Tuesday, after conservative organizations and the banking industry raised huge privacy concerns.
Previously, the Treasury Department and Senate Democrats advocated requiring financial institutions to submit extra information to the Internal Revenue Service on bank accounts with annual deposits or withdrawals of more than $600.
The OBA and other bankers associations have opposed the proposal.
To read more about this story from the Washington Post via Yahoo! News, click here.
OCC releases updated LIBOR transition self-assessment tool
The OCC has released an updated self-assessment tool for banks to evaluate their readiness for moving away from LIBOR and toward an other reference rate, such as the Secured Overnight Financing Rate, as banks prepare for the upcoming end of LIBOR.
The new tool replaces one that was released in February.
This self-assessment form can be used by bank management to evaluate their risk management approach for detecting and reducing LIBOR changeover risks.
For more information about this new tool, click here.
Bankers’ Night Out fall series continues with upcoming dates in OKC, Woodward, Lawton
The Oklahoma City, Woodward and Lawton dates of the OBA Bankers’ Night Out events are coming soon. Mark your calendar for the date of the program that’s in your area of the state and plan to attend.
Bring your coworkers with you so that everyone can be up to speed on the most recent developments affecting their job. In addition to state and federal legislative updates, the program will include a discussion on the recent developments in your industry.
As in the past, the schedule for each of these meetings is:
5:30 p.m. – Drinks
6:15 p.m. – Program
7 p.m. – Dinner
PRE-REGISTRATION IS REQUIRED. The cost is $50 per person. Locations and dates for this year’s events are:
- Oklahoma City, Oct. 26.
- Woodward, Nov. 2.
- Lawton, Nov. 4.
Please note: We will monitor the state’s COVID climate and send any necessary updates before each event.
OBA education corner …
It’s October, which means football, pumpkin beers and cool weather … and it finally feels like cool weather is going to start officially joining the other two! While enjoying the autumn, check out all the upcoming OBA education offerings, though! Take note of the following:
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.
- Three-Part Series for New Bank Compliance Officers, Compliance 101 for New Compliance Officers, Nov. 3, webinar; BSA 101 for New Compliance Officers, Nov. 5, webinar; Introduction to Conducting a Compliance Audit/Review for New Compliance Officers, Nov. 10, webinar — This is a three-part series to be held on November 3rd, 5th and 10th. Each session can also be attended individually. Click on the link above for pricing and covered topics.
- Branch Controls and Accountability, Nov. 3, webinar — Responsibility for the vault, maintaining teller cash limits, and exercising dual control are among the most important responsibilities in the branch. No one wants to be the subject of an investigation for missing cash! Take time to join us to ensure your branch control processes are solid, understand the reasons for the control and obtain examples of various logs and procedures.
- 15 Reasons Training Doesn’t Stick, Nov. 3, webinar — You will learn that training isn’t always the right answer to performance problems or enhancements. There is a myriad of reasons why people don’t perform well and a company’s first response often is “we need more training!”
- 2021 IRA Basics and Update Seminars, Nov. 3-Tulsa; Nov. 4-Oklahoma City — Whether you are looking to gain basic knowledge of IRAs, raise your comfort level or sharpen your skills with the most up-to-date rules and regulations, this two-day format will cover everything!
- Seven Habits of Effective Credit Administration, Nov. 4, webinar — This course is intended to provide guidance on how to develop and maintain a Credit Administration function that will provide guidance to anyone involved in the credit function of the bank and to insure safeguards are in place to manage the bank’s loan portfolio in a safe and sound manner.
- Writing Effective SAR Narratives, Nov. 4, webinar — This session will explain what information should be included in the narrative, the level of information needed and how the information should be presented. We’ll also discuss some tips from law enforcement officials to help craft narratives that provide the most effective snapshots of the activity and transactions being reported.
Finally, save the date for two big OBA events next year! The OBA Senior Management Forum (April 3-5) and the OBA Annual Convention (May 18-20). Mark your calendars and be ready to join us for these signature events!