Thursday, December 1, 2022

Week of Nov. 14

In This Issue…

Gruenberg nominated to head FDIC again

President Joe Biden announced his intent this week to nominate Martin Gruenberg to serve as chair and member of the board of directors of the Federal Deposit Insurance Corporation.

Gruenberg is currently acting chairman and member of the board of directors of the FDIC. He joined the FDIC Board of Directors in August 2005 and has served as vice chairman, chairman and acting chairman throughout his 17-year tenure on the FDIC board.

He has also previously served on the staff of the U.S. Senate Committee on Banking, Housing, and Urban Affairs as Senior Counsel of the full Committee, and Staff Director of the Subcommittee on International Finance and Monetary Policy. He received a J.D. from Case Western Reserve Law School and an A.B. from Princeton University.

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Oklahoma Bankers Hall of Fame induction ceremony set for Dec. 8

The OBA is proud to announce the group of inductees for the Oklahoma Bankers Hall of Fame, with the ceremony set for Dec. 8 in Oklahoma City.

Dr. Sinclair Armstrong Jr., chairman of the board at Armstrong Bank in Muskogee; Shirley Barber, former president and CEO of Security State Bank in Cheyenne and the first female member of the Oklahoma Bankers Association Board of Directors; Robert H. Croak, chairman of the board at FNB Community Bank in Midwest City; and the late John Massey, longtime chairman of the board at First United Bank in Durant, will comprise the fourth group to be inducted into the Hall of Fame, as voted on by a panel of their banking industry peers.

The ceremony will be held over lunch on Dec. 8 at the Oklahoma History Center in Oklahoma City. For those who wish to attend, please RSVP by Nov. 30 to Nancy McKinnis (nancy@oba.com) or Joan Anderson (joan@oba.com).

Congratulatory messages and sponsorship opportunity are available: contact Thi Pham (thi@oba.com) for more information.

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Oklahoma Bar Association issues IOLTA Rule clarification

The following comes courtesy our friends at the Oklahoma Bar Association:

Banks offering IOLTA accounts for their attorney customers should be aware that on Oct. 10, 2022,  the Oklahoma Supreme Court amended Rule 1.15 to clarify the meaning and implementation of “interest rate comparability” in the Rule.

Beginning Jan. 1, 2023, to qualify to offer IOLTA accounts to Oklahoma attorneys, banks must pay the same rate of interest on those attorney IOLTA accounts as they pay on other non-attorney accounts with the same balance and other requirements.  The interest earned on IOLTA accounts goes to the Oklahoma Bar Foundation, the official charitable arm of the Oklahoma Bar Association.

IOLTA funds provide monetary support for legal aid for the poor, elderly, children, domestic violence survivors, the homeless and many others, as well as funds for access to justice, law-related education, high school mock trial programs and may other critical law-related charitable programs and activities throughout Oklahoma.

Documentation regarding the changes will be delivered to all banks offering IOLTA accounts on Nov. 15, 2022.

More information will be delivered to those banks who currently participate in the IOLTA Program. Please contact Renee DeMoss, Oklahoma Bar Foundation executive director, with any questions, at reneed@okbar.org or 405-416-7048.

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OBA education corner …

It snowed this week! Winter is not wasting any time in these parts, it appears. While you’re trying to stay warm and dry inside, however, take the time to prepare for upcoming continuing education opportunities available through the OBA:

  • Employment Records and How to Keep Them, Nov. 22, webinar — Bob Gregg, attorney at law, discusses the types of issues that should and shouldn’t be documented and offers guidance for writing your iron clad documentation if ever challenged by the employee, courts or regulators.
  • 2022 Risk Management Seminar, Nov. 29, Oklahoma City — Session is geared to a wide audience of: new risk managers who have been promoted from within, existing risk managers who want to sharpen their skills to become a CRO and seasoned CROs who need to expand their knowledge base to include operational risk or market risk.
  • Director Compensation and Committee Best Practices, Nov. 30, webinar — This webinar will provide information on board of director total compensation including retainers, meeting fees, committee fees, equity compensation, benefits and additional compensation for board and committee chairs. In addition, we will provide best practices for compensation committees including structure, duties and responsibilities.
  • 6 Cs to a Lender’s Decision-Making Process, Nov. 30, webinar — The 6 Cs – character, capacity, capital, collateral, conditions and credit score – are widely regarded as the most effective strategy currently available for assisting lenders in determining which financing opportunity offers the most potential benefits.
  • Anatomy of a Cyber Attack: Ransomware, Dec. 1, webinar — Nearly every ISO and IT manager’s greatest fear is getting THAT phone call – the one where a user says they have a ransom note popping up on their screen. This is one of our greatest fears as well, but with a different spin – getting THAT phone call from a client.
  • Oil and Gas Lending, Dec. 2, webinar — This webinar will provide bankers with a thorough understanding of oil and gas lending, loan documentation, and due diligence. It is a must for any bank that has or is considering loaning against oil and gas loans in its portfolio.
  • 2023 OBA Intermediate School, Session I-Feb. 6-10; Session II-June 5-9, Oklahoma City — Presented in two sessions, the 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.

Finally, speaking of the OBA Intermediate School, make sure to update your 2023 calendars for all the upcoming 2023 schools offered by the OBA!

  • Intermediate Banking — Feb. 6-10; June 5-9.
  • Commercial Lending — March 5-10.
  • Compliance — Aug. 21-25.
  • Consumer Lending — Oct. 2-6.
  • Operations — Nov. 13-17.

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