Monday, September 26, 2022

Week of Sept. 19

In This Issue…

Legislators introduce House version of Durbin-Marshall bill

Reps. Peter Welch (D-Vt.) and Lance Gooden (R-Texas) introduced on Monday a companion bill to the Credit Card Competition Act of 2022, a bill opposed by the American Bankers Association and state bankers associations that was introduced in the Senate by Sens. Dick Durbin (D-Ill.) and Roger Marshall (R-Kan.).

The bill would create new credit card routing mandates that will affect banks that issue credit. Specifically, it would require covered credit card issuers to add a second network to their customers’ cards, but banks would only be allowed to choose from certain options set by the Federal Reserve.

In this regard, the bill goes further than the rules put in place for debit card transactions under the Dodd-Frank Act’s Durbin Amendment in 2010, where a bank could choose any two unaffiliated networks. The bill would also require that banks accept virtually any kind of transaction, regardless of the security or fraud recourse it carries, forcing banks to onboard potentially many more than two networks.

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Fed expected to get tougher on inflation

A article published on today’s Politico website discussed the Fed’s continued battle with inflation.

According to the article the Fed is deadly serious about reducing inflation, the bank won’t back off and the results are going to hurt. Specifically, Fed Chair Jerome Powell promised it will continue to hike interest rates and keep them elevated until the bank has brought inflation down from over 8 percent, where it is now, to the Fed’s target of about 2 percent.

This week, the Fed is expected to announce another large increase at its regular policy meeting.

You can click here to read the rest of this story from Politico.

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OBA Oktoberfest Golf Tournament set for Oct. 24

Show off your golfing skills or simply join your banking peers as a social registrant at the 2022 OBA Oktoberfest Golf Tournament on Oct. 24 at River Oaks Golf Club in Edmond.

The tournament fee is $150 and the registration deadline is Oct. 20. The tournament will begin with registration and lunch. Immediately following the tournament, we will hold an awards ceremony. Sign up now to reserve your spot. We hope to see you on the course!

Not golfing? Join your banking peers as a social attendee for lunch, refreshments and fellowship on the patio. Social attendee registration fee is $50.

Click here to access the registration form. If you are interested in sponsorship opportunities, contact Thi Pham.

Tournament Schedule
10 a.m. — Registration
11 a.m. — Lunch

12 p.m. — Shotgun Start
Immediately Following Golf — Awards

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OBA education corner …

So much for open windows. Autumn was obviously pushed back by Summer II: The Revenge of the Heat. Still, if you don’t like sequels, don’t fret, surely some nice weather is around the bend! Surely?

And, don’t call me “Shirley.”

And, also, don’t forget about upcoming continuing education available through the OBA, including the following:

  • Wage and Hour Basics, Sept. 28, webinar — At the core of HR compliance is knowing how to pay your employees within the bounds of the law. Join to review basic (and some not-so-basic) wage and hour law concepts that will help you spot issues to avoid problems.
  • Being Strategic with Base Compensation for Non-Executive Positions, Sept. 28, webinar — This webinar focuses on performance-based compensation approaches that community and regional banks should consider to attract and motivate staff level employees and officers. In this webinar we discuss keys to having an effective salary administration program, performance management and staff level and producer cash incentive plans.
  • Escrows, Sept. 29, webinar — This webinar will give you a clear understanding of how to set up and maintain compliant escrow accounts in plain English.
  • SARs and Cyber Crimes, Sept. 30, webinar — During the webinar, you will review line-by-line the text fields and requirements to complete the SAR. There are fields for cybercrimes, notes to FinCEN and narrative instructions.
  • Controlling the Risks of Power of Attorney Documents, Oct. 3, webinar — This webinar will provide attendees with the best practices and pitfalls of dealing with power of attorney documents.
  • CECL and the Call Report, Oct. 4, webinar — Participants will walk through the changes in terminology that become effective upon adoption of the Current and Expected Credit Losses (CECL) methodology for recording the estimated and expected losses on not only the loan portfolio, but any asset carried at amortized cost, to include debt securities held as available-for-sale and held-to-maturity.
  • Top 10 Most Frequent Flood Issues, Oct. 5, webinar — This two-hour webinar explains the top ten issues financial institutions face regarding flood insurance.
  • Understanding Revocable and Irrevocable Trust Documents, Oct. 6, webinar — This webinar will provide attendees information on doing business with trusts, including the best practices in establishing deposit account and loan relationships.
  • Real Estate Lending Compliance, Oct. 11-12, Oklahoma City — Every year major changes appear and this year is no exception. Big changes are pending with Fair Lending, Regulation B and flood insurance. The program and the manual have been completely updated for these rules.
  • 2022 IRA Basic and Advanced Issues, Basics: Nov. 1-Tulsa, Nov. 3-Oklahoma City; Advanced: Nov. 2-Tulsa; Nov. 4-Oklahoma CityWhat an IRA merry-go-round 2020 was and it’s still spinning into 2021 and 2022!
  • 2022 OBA Operations School, Nov. 14-18, Oklahoma City — The OBA’s Operations School is designed to prepare junior-level officers to mid-level operations managers to manage effectively and efficiently an operations function within a bank.

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