Saturday, September 24, 2022

Week of Jan. 24

In This Issue…

FDIC approves final rule on deposit insurance simplification

The Federal Deposit Insurance Corporation approved a final rule late last week to simplify aspects of the agency’s deposit insurance coverage rules.

The final rule simplifies deposit insurance coverage for deposits held in connection with revocable and irrevocable trusts by merging these two deposit insurance categories and applying a simpler, common calculation to determine coverage. Currently, the FDIC receives more inquiries related to deposit insurance coverage for trust deposits than all other types of deposits combined. The final rule will make the trust rules consistent and easier to understand for bankers and depositors and will facilitate prompt payment of deposit insurance by the FDIC in the event of an insured depository institution’s failure. Meanwhile, the FDIC expects that the vast majority of trust depositors will experience no change in the coverage for their deposits when the final rule takes effect.

Additionally, the final rule amends the rule that governs coverage for mortgage servicing accounts to allow principal and interest funds advanced by a mortgage servicer to be included in the deposit insurance calculation.

The final rule will take effect on April 1, 2024, and you can click here to read it.

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OBA hosting meet-and-greet for treasurer candidate

The OBA will host be hosting a meet-and-greet event for a state treasurer candidate on Thursday, Feb. 10 at the OBA offices in Oklahoma City.

This event, which starts at 1:30 p.m, will give you an opportunity to learn more about candidate Clark Jolley’s vision for the treasurer’s office. This is not a fundraiser! 

Please let Adrian (adrian@oba.com) or Megan (megan@oba.com) know if you plan on, or are thinking about, attending the event.

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Federal Reserve Board releases results of senior bank officers survey on strategies for reserve balances

The Federal Reserve Board last week released results of a survey of senior financial officers at banks about their strategies and practices for managing reserve balances.

The Senior Financial Officer Survey is used by the Board to obtain information about deposit pricing and behavior, bank liability management, the provision of financial services and reserve management strategies and practices. The most recent survey was conducted in collaboration with the Federal Reserve Bank of New York between November 5, 2021, and November 19, 2021, and includes responses from banks that held approximately three quarters of total banking system reserve balances at the time of the survey.

Click here for the results of the survey.

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OBA Intern Program ready for 2022

An OBA program to be aware of is the OBA Intern Program.

The Intern Program will be active in 2022 and we’re looking for participating banks! For more information on this IMPORTANT program – important not only to aspiring students, but also to participating banks – Contact the OBA education department at (405) 424-5252 or click here for more information!

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OBA education corner …

It’s freezing. It’s not freezing. It’s freezing. It’s not freezing. The weather is bipolar and unpredictable, but one things definitely isn’t: the OBA education calendar. Check out all the upcoming education opportunities, including the following:

  • CRE Appraisals: Regulations and the Review Process, Jan. 31, webinar — This program provides a concise overview of the various rules and guidelines, plus key nuances that have created differences among the approaches taken by banks and endorsed or supported by their regulators.
  • Top 10 Loan Documentation Mistakes and How to Avoid Them, Feb. 1, webinar — This webinar draws upon the speaker’s 25 plus years of teaching loan documentation and practicing law. Experienced bankers will benefit from confirmation of knowing “the right thing to do.” New lenders will learn to avoid the most frequent exceptions and loss-causing mistakes.
  • Writing an Effective Credit Memorandum – 2 Part Series, Feb. 1 & 8, webinar — This course teaches skills required to write an effective credit memorandum. Learn to emphasize important factors and trends without stating the obvious. In short, your credit memoranda should present relevant, material facts, along with your thoughts and opinions. Both sessions are required receive credit.
  • ACH Rule Changes: Stay Compliant, Feb. 2, webinar — The ACH Rules continue to change and it more important than ever that you are compliant. Bring your 2022 ACH Rule Book and we’ll make sure you are comfortable with the changes. We’ll also take a look at what happened last year, as a refresher. Join us for this important session.
  • Five Best Practices for Reg E Disputes, Feb. 2, webinar — Our topic for the webinar will focus on several simple steps to handle Reg E customer disputes and inquiries. Understanding the rules will help you satisfy the regulators but can also SAVE YOUR FINANCIAL INSTITUTION MONEY by only paying the claims that you are required to reimburse for unauthorized transactions.
  • New Cybersecurity Incident Notification Rule – What Do You Need to Know?, Feb. 3, webinar — In this webinar, you will learn, the definitive requirements of the new Incident Notification Rule, definitions of “Incident” and “Notification Incident” specified in the Rule, actions to take immediately, how the new Rule affects the rest of your Incident Response Program and components of an IRP that help achieve the new Rule requirements.
  • Marketing & Advertising Compliance – Two-Part Series, Feb. 8 & 17, webinar — This is a two-part webinar series that covers the comprehensive landscape of marketing and advertising compliance requirements. In these webinars we’ll provide many examples of how the rules apply as well as recommendations on how to deal with all the requirements.
  • SSAE18, SOC 1, SOC 2 – What Do I Need?, Feb. 9, webinar — We will explore the different types of SOC reports provided by vendors and highlight the best items that should be requested from vendors.
  • Advanced TRID Compliance, Feb. 15, webinar — This webinar will point out the more complex areas and will also bring your attention to areas that are notorious for errors. Consider this webinar your “cheat sheet” to get you on the right track BEFORE your next examination.
  • SAR Decision Making, Feb. 15, webinar — This program includes a review of the new SAR and its new data fields.
  • Federal Benefit Payments Garnishment Requirements, Feb. 16, webinar — Compliance officers, legal counsel and financial institution personnel who process garnishment answers should think about tuning in to this webinar.
  • Implementing the Fair Debt Collection Practices Act and Regulation F, Feb. 16, webinar — This program provides a review of both parts of the final Regulation F. The rules apply directly to financial institutions if the institution is collecting a debt owed to a third party or is collecting its own debt, but is using a different name.

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