Saturday, September 24, 2022

Week of Aug. 29

In This Issue…

Fed targets timing for FedNow launch

The Federal Reserve Banks have narrowed the timing of the FedNow Service launch to mid-year 2023, specifically targeting a production rollout of the service in the May to July timeframe.

This further defines the previously communicated 2023 launch window for the anticipated instant payments service and comes as the FedNow Pilot Program prepares to enter technical testing for the service starting in September.

Currently, more than 120 organizations are participating in the FedNow Pilot Program. Recent newcomers include U.S. Bank, Exchange Bank, and several payment processors and solution providers, including Alacriti Payments LLC, ECS Fin Inc., Form3 and ModusBox, Inc.

The FedNow Service will be accessible to financial institutions of any size, helping broaden the reach of instant payments to communities nationwide. Financial institutions participating in the service will be able to provide businesses and consumers with the ability to send and receive instant payments efficiently and securely. Payment recipients will have full access to funds immediately, giving them greater flexibility to manage their money and make time-sensitive payments.

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Deadline week approaching for Emerging Leaders Academy

Take note the OBA 2022-23 Emerging Leaders Academy is currently accepting applications, with the deadline rapidly approaching.

We’re looking for the best and brightest bankers who seek to sharpen their leadership skills. The Academy will help you reach new heights with powerful speakers offering information leaders need for effectively maneuvering in today’s business climate. Each session helps participants become true leaders by understanding those around you through non-traditional methods.

The OBA extends an invitation to any employee of a bank that is a member of the OBA to apply. A panel of bankers will review the applicants and choose those accepted into the Academy (maximum 30 bankers). Participants must attend all sessions to successfully graduate from the program.

There are six sessions to the Academy: Nov. 9, Dec. 8, Jan. 27, Feb. 22, March 24, April 28. Graduation will take place in May 2023 at the OBA Annual Convention.

Click here to apply! Deadline for applications is Sept. 15. Also, for more information, please contact Megan McGuire at (405) 424-5252 or megan@oba.com.

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OBA education corner …

College football makes its BIG entrance this week! Games from Thursday through Monday! It’s the beginning of a fourth-month stretch of elation, sadness, misery and pure giddiness! You know, all the emotions at once, like the Cal radio announcer on THE PLAY.

Let’s all hope we enjoy those same range of emotions over this season! Before you gear your adrenal gland up for such frivolities, however, get your focus back on work for a second and see what the OBA has in the continuing education realm:

  • Supervisor Bootcamp, Sept. 7, Tulsa — This session will teach how to manage crucial conversations and challenging situations. Attendees will practice a coaching approach that encourages your staff to be engaged and accountable.
  • Protecting Your Salaried-Exempt Status, Sept. 7, webinar — Learn how to avoid mistakes and land mines under the Department of Labor FLSA rule.
  • Wire Transfer Compliance: Establishing Strong Internal Controls, Sept. 8, webinar — In this session, 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.
  • Advanced Cash Flow Analysis, Sept. 12, webinar — This webinar will explore multiple models of both business and personal (business owner) cash flow analyses.
  • Anatomy of a Cyber Attack: Business Email Compromise, Sept. 13, webinar — According to recent studies, the average user has approximately 100 passwords to remember. As if this isn’t challenging enough, password requirements differ among the myriad of applications we use. With so many passwords to remember, coupled with the never-ending list of password requirements, users are partaking in a risky solution – reusing passwords.
  • OFAC Annual Staff Training, Sept. 13, webinar — The frontline is our eyes and ears on the ground. It consists of tellers, new accounts, lenders, branch managers and everyone who interacts with a customer. The job of the frontline is to identify red flags, file CTRs, complete CIP, keep records on wires and monetary instruments.
  • 2022 OBA Consumer Lending School, Oct. 3-7, Oklahoma City — This program exposes students to major issues consumer credit managers face. It provides a framework for examining a bank’s consumer credit programs, policies and procedures

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