Thursday, April 18, 2024

Week of Oct. 26

In This Issue…

Report: IRS bank proposal to be dropped from budget bill

According to a report from Roll Call, Sen. Joe Manchin III said a plan to strengthen tax enforcement by requiring banks to provide additional data on accounts to the IRS is unlikely to survive in a budget reconciliation accord.

During an Economic Club of Washington meeting, the West Virginia Democrat, who was a key negotiator on the controversial spending and tax bill, said President Joe Biden concurred with his view the bank reporting proposal would be unduly intrusive and impractical.

To read more about this story from Roll Call, click here.

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Opposition to tax reporting proposal made clear by ABA, trade groups

President Biden was urged via a letter on Monday sent by a broad coalition of 99 trade groups representing various industries, including the American Bankers Association, to withdraw a proposal that would require financial institutions to report gross inflows and outflows for accounts above a specified de minimis threshold to the Internal Revenue Service. The government proposed the notion as a way to close the so-called “tax gap.”

This letter stated the organizations’ support for the goal of ensuring that all taxpayers comply with their tax duties, but that the proposal’s privacy issues “should not be treated lightly.” They also noted the idea had not been well researched or evaluated, and warned it would be a huge increase of the IRS’ authority that would “surely expand rather than roll back” once implemented.

The groups stressed that raising the de minimis threshold from $600 to $10,000 and excluding wages and government benefits – which congressional Democrats have recently supported – are only “cosmetic changes” that “fail to address the reality that any program based on gross annual inflows and outflows will impact Americans of all income levels.”

To read more about this letter sent to President Biden, click here.

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2021 Oklahoma Bankers Hall of Fame ceremony set for Dec. 2

The OBA is proud to announce the group of inductees for the Oklahoma Bankers Hall of Fame, with the ceremony set for Dec. 2 in Oklahoma City.

Bruce Benbrook, a longtime Woodward banker who is currently CEO and chairman of The Stock Exchange Bank in Woodward; Steve Burrage, a southeastern Oklahoma stalwart who is chairman of FirstBank in Antlers; the Tulsa-area’s Carlisle Mabrey III, current executive chairman with Mabrey Bank, based in Bixby; and the late Tracy Kelly, a longtime Bristow banker who was a guiding force for SpiritBank, will comprise the third group to be inducted into the Hall of Fame, as voted on by a panel of their banking industry peers.

The luncheon and induction ceremony is scheduled for 11:30 a.m. on Thursday, Dec. 2 at the Oklahoma History Center, which is located at 800 Nazih Zuhdi Dr., in Oklahoma City.

If you are interested in attending the event, please RSVP by Nov. 26 to the OBA’s Nancy McKinnis ( or Joan Anderson ( at 405-424-5252. The cost for an individual seat is $75 and $700 for a table of 10.

For sponsorship or congratulatory messages, please contact Thi Pham ( at 405-424-5252.

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Bankers’ Night Out fall series continues with upcoming dates in Woodward, Lawton

The 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:

  • Woodward, Nov. 2.
  • Lawton, Nov. 4.

Click here for a registration form or visit the OBA events calendar to register online for the program in your area.

Please note: We will monitor the state’s COVID climate and send any necessary updates before each event.

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OBA education corner …

It’s nearing the end of October and it looks like some cool weather will hit us just in time for Halloween! What are you dressing up as this holiday? While enjoying the autumn festivities, 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.

  • 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!”
  • Seven Habits of Effective Credit AdministrationNov. 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 NarrativesNov. 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.
  • 2021 Fall HR Seminar, Nov. 9 — This seminar will bring you up to date on legal compliance issues and pending legislation for the future. We will look at where we are with COVID-19 and recent changes regarding vaccines and other elements of the pandemic. How to discuss difficult situations seems to be a subject that is important to HR Managers so we’ll discuss and offer suggestions on handling them. Additionally, we will discuss gender identity, employee behaviors and some important changes to OFCCP for the near future.
  • Checks — Endorsements, Fraud and Compliance IssuesNov. 9, webinar — This program will look at who has the right to endorse the back of a check, and where is proper endorsement placement. We’ll also look at what happens if a check is not endorsed properly, when it may be best not to accept the check at all due to missing or problem endorsements, why we do not put business checks into personal accounts and why we do not give less cash on business accounts.
  • Lending 101 Compliance, Nov. 15, webinar — In this unique webinar, Anne Lolley will provide an overview of federal compliance laws. This is a great training tool for newer lenders and processors, and the webinar will help even experienced bankers understand the source of the various requirements.
  • Regulati0n O, Nov. 17, webinar — Typical violations include illegal overdrafts to insiders or extensions of credit that exceed one of several lending limit provisions contained in the regulation. These violations generally result from a lack of adequate procedures. Simple steps to monitor overdrafts and total extensions of credit to insiders are usually sufficient to prevent such violations. This program provides suggestions for procedures.
  • 2021 Key Ratio Analysis, Dec. 1, Tulsa and Dec. 2, OKCAttend this proactive seminar and learn a “five-step” analysis plan to calculate the key ratios covering liquidity, activity, leverage, operating performance, and cash flow analysis and correctly interpret the financial condition of the business client. Upon completion of this seminar, the bank employee will also be able to better negotiate with their business clients as well as other financial professionals.

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!

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