Saturday, September 24, 2022

Week of Feb. 28

In This Issue…

CFPB drops compliance bulletin about auto repossessions

The Consumer Financial Protection Bureau issued a compliance bulletin on Monday where it said it will hold auto loan holders and servicers “accountable for [unfair, deceptive or abusive acts and practices] related to the repossession of consumers’ vehicles.”

The bulletin reminds lenders and servicers of existing laws regarding auto repossessions and provides examples of types of conduct that might violate the law.

The bulletin comes just a week after a blog post where the CFPB signaled it intended to increase its focus on the auto lending market. The bureau noted prices for new and used cars have increased significantly over the last year, and “we expect that both the total amount of debt and the average loan size will continue to increase and that larger car loans will put increased pressure on some consumers’ budgets for much of the next decade.”

In Monday’s compliance bulletin the CFPB said auto lenders, loan holders and servicers should consider reviewing their policies and procedures regarding repossession and cancellation of repossession; ensure prompt communications between the servicer and the repossession service providers when a repossession is canceled and monitor compliance with cancellations; incorporate the monitoring of wrongful repossessions in regular audits of customer communications; and ensure they have corrective action programs in place to address any violations and reimburse consumers for costs incurred as a result of unlawful repossessions.

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Interested in leading our Emerging Leaders?

The OBA is looking for bankers interested in serving as chairperson of the OBA Emerging Leaders Division.

Any OBA Emerging Leaders who are currently enrolled in the OBA Emerging Leaders Academy or have previously graduated from an OBA Emerging Leaders Academy or OBA Leadership Academy are eligible for the position.

The Emerging Leaders chair will serve a two-year term and will work closely with OBA staff to continue to build and direct the OBA Emerging Leaders program. The chairperson will also serve as a voting member on the OBA Board of Directors.

Are you interested? If so, click here to download the Emerging Leaders-Chair Interest Form.

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Bankers at the State Capitol: Register for OBA’s 2022 Contact Banker program

We have set the dates for the 2022 Contact Banker Program. Click here to find a sign-up form with the dates listed for this year’s program. We ask you select what dates work best for you and return your form to megan@oba.com. Once we have the groups finalized, we will send an email confirmation of your date.

On the date you select, there will be a short briefing before we start walking the halls of the Capitol. Please know, we will stay together as a group the entire morning. We will do our best to have you spend a few minutes with both your state senator and state representative to either start a new relationship or strengthen one already in place. We won’t ask you discuss current legislation – we want you to just chat with your members about issues that may affect your community or other pressing matters. Depending on what week you select, we will either sit in on a committee meeting or in the gallery to watch the action on the floor. Once we have finished all of our business at the Capitol, the OBA Government Relations Team will take everyone to lunch to discuss the events of the morning.

Everyone at the Capitol knows bankers are involved in the political process and they are watching how they vote. All of this success is because of the Contact Banker Program. This program is meant for all employees at the bank. There is no cost to attend other than your time. Please complete this registration form and send it to megan@oba.com.

Should you have any questions please don’t hesitate to contact Megan McGuire (megan@oba.com / 405-424-5252).

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OBA education corner …

It’s the first day of meteorological spring! Which, sure, it’s not the OFFICIAL start of spring, but it’s close enough! So, before you slather on the sunscreen and sit outside to watch baseball owners and players duke it out in labor negotiations, make sure you get the upcoming education opportunities on your calendar:

  • Work Appearance, Dress Codes and Employer’s Liability For Being Out Of Fashion, March 7, webinar — This program will cover the practical and legal issues of the current trends in workplace appearance, and what you should and shouldn’t do about them.
  • The Four C’s of Exceptional Supervision, March 8, webinar — This program will ramp up your leadership skills and address critical supervisory issues necessary to becoming an excellent team leader.
  • The UCC for Lenders, March 8, webinar — This program is a comprehensive Uniform Commercial Code secured lending program for persons new to banking and is also recommended as a refresher.
  • Escrows, March 9, webinar — In this webinar we’ll discuss the mechanics of establishing and maintaining escrow accounts, as well as in what situations escrows must be maintained.
  • IRA Beneficiary Payout Options, March 10, webinar — This program will focus on which options are available to which beneficiaries depending on the IRA owner’s date of death.
  • Responsibilities of the Information Security Officer, March 15, webinar — We will review various regulatory guidance that outlines ISO responsibilities and reporting structures. Additionally, various educational paths that can help develop your skills in the future.
  • Wire Transfer Compliance, March 16, webinar — We will cover the regulatory requirements for both domestic and international wires, provide sample audit procedures and discuss how to identify and react to possible wire fraud attempts. In addition, we will identify vulnerabilities in systems and processes that can expose financial institutions to cyberattacks and increase liability.
  • CRA – Review And Update, March 16, webinar — It has been years since the federal bank regulatory agencies have overhauled the Community Reinvestment Act regulations. Right now, major revisions are unfolding, but in awkward manner.
  • 2022 Branch Management Workshop, March 23-24, Oklahoma City — This fast-paced, results-oriented series focuses on the critical success skills for managing and leading during this unprecedented time. The two-day workshop is packaged full of checklists, job aids, case studies, examples, and “real world” situations.

Also, the OBA is proud to promote the recognition of bankers who have devoted 50 or more years of service to the banking industry. All eligible nominees will be honored at the 2022 OBA Convention on May 18-20 at the Omni in Oklahoma City. Click here to download a nomination form. If you have any questions, please contact Janis Reeser at 405-424-5252 or janis@oba.com.

Additionally, the Oklahoma Bankers Association 2022 Senior Management Conference is scheduled for April 3-5 at the Bellagio in Las Vegas. One of the key benefits in the conference will be talking with your peers. Attendees at the OBA 2022 Senior Management Conference will be surrounded by those with similar titles, similar workloads, similar problems and likely solutions to issues that can be just as similar. If you have any questions or want to get signed up, contact the OBA’s education department at 405-424-5252, or download a brochure and registration form by clicking here!

Finally, take note of the upcoming OBA Women In Banking event, in conjunction with the Federal Reserve Branch of Kansas City. Titled “Banking and the Economy: A Forum for Women In Banking” the event takes place on March 22 at the Embassy Suites in Northwest Oklahoma City. Get ready for engaging sessions around banking and economic updates, and leadership and professional development. This is planned as a hybrid event – attendees are welcome to join virtually. Click here for more information and to register!

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