Friday, January 21, 2022

Week of Dec. 20

In This Issue…

Court lifts stay on COVID-19 vaccine mandate

Late last week, a panel within the Sixth Circuit Court of Appeals lifted a judicial stay of the COVID-19 vaccine mandate issued by the Occupational Safety and Health Administration.

OSHA immediately announced set new dates by which employers must come into compliance with the vaccine mandate.

The agency said it will not issue citations for non-compliance with any aspect of the vaccine mandate before Jan. 10, and it will not issue any citations for non-compliance with the mandate’s testing requirements before Feb. 9 “so long as the employer is exercising reasonable, good faith efforts to come into compliance with the standard.”

The mandate requires employers with 100 or more employees to in turn require their employees be vaccinated or tested weekly for COVID-19. Unvaccinated employees also would be required to wear a mask when indoors except when alone in a private office.

Click here for the latest OSHA compliance dates for the vaccine mandate.

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OBA offices closed Friday for holidays

The OBA offices will be closed on Friday, Christmas Eve, to allow our employees to celebrate the holidays.

We will reopen at our regular time on Monday, Dec. 27.

Merry Christmas and happy holidays!

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Deposit Insurance Fund remains on track for recapitalization

The Deposit Insurance Fund remains on track to be recapitalized to its statutory level of 1.35% by the statutory deadline of Sept. 30, 2028, FDIC staff said last week during an FDIC board meeting.

According to the projections, assuming an annual insured deposit growth rate of 4%, the DIF could reach its minimum level by the deadline and still absorb up to $4.8 billion in losses.

Click here to read the FDIC projections on the DIF.

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OBA education corner …

Santa! We know him! And he’s coming this week! In the meantime, try to patiently await the coming of Kris Kringle by distracting yourself with our upcoming education opportunities, including the following:

  • Protecting Your Salaried-Exempt Status, Jan. 5, webinar — A focus on only the new salary requirements can be a big mistake. One must also preserve and protect the salaried status once it has been properly established.
  • Ratio Analysis to Determine Financial Strength, Jan. 6, webinar — Credit analysis starts with spreading historical financial statements and then calculating key ratios to determine the financial health of an organization
  • Best-Ever Compliance Checklists for Consumer Loans, Jan. 6, webinar — These checklists will chronologically lead lenders and processors through the various lending compliance requirements. Financial institutions that properly use these checklists will virtually eliminate compliance errors.
  • Loan Structure Documentation and Compliance Seminar, Jan. 12-Tulsa; Jan. 13-Oklahoma City — Attend this proactive seminar and receive a thorough overview of commercial lending requirements from a “loan” structure, documentation, and compliance perspective.
  • Women In Banking Lunch And Learn, Jan. 26, Oklahoma City — Join us for our next Women In Banking luncheon, where we’ll discuss ways to identify risks to your digital security, how to protect yourself and steps you can take to recover if you are breached.
  • 2022 OBA Intermediate School, Feb. 7-11, June 6-10, Oklahoma City — Presented in two sessions, this 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.

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