Wednesday, November 30, 2022

Week of Nov. 21

In This Issue…

State Banking Board approves 50% reduction in 2023 assessments

The Oklahoma State Banking Board voted unanimously at its November meeting to reduce the assessments paid by Oklahoma state-chartered banks.

The 2023 assessment rate was discounted 50% for each bank with assets less than $1 billion and 25% for each bank with assets more than $1 billion.

During the meeting held Nov. 16, State Banking Commissioner Mick Thompson explained how the Banking Department implemented several operational changes that have resulted in savings to the agency. He also stated that reducing agency assessments may help offset the cost of increased FDIC insurance premiums banks will begin paying next year.

The Banking Department has recommended a discount to bank assessments each year for the past decade. During that time, Oklahoma state-chartered banks have saved over $20 million in assessments through discounts approved by the State Banking Board. The Banking Department has used the assessment discount as an opportunity to reduce regulatory burden on state-chartered banks.

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Arkansas representative pushes FDIC on re-presented transactions

An Arkansas U.S. representative wrote to the FDIC last week, expressing concern over its supervisory practices related to re-presented transactions.

Rep. French Hill (R-Ark.) commented on the FDIC recently stating the practice of charging multiple non-sufficient funds fees for transactions presented multiple times against insufficient funds may be deceptive or unfair under the Federal Trade Commission Act Section 5’s prohibition on unfair or deceptive acts or practices.

In his letter, Hill raised concern that “in essence, the FDIC is establishing new disclosure standards for NSF fees without warning and without rulemaking.” He asked the agency to provide additional clarity by Nov. 30 on its recent statements and to confirm whether it intends to initiate a rulemaking to establish new disclosure standards for NSF fees.

Click here to read the letter.

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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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OBA education corner …

It’s turkey time! Before you stuff yourself silly and enter a tryptophan coma, however, take the time to prepare for upcoming continuing education opportunities available through the OBA:

  • 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.
  • Basic Cash Flow Seminar, Dec. 1-Tulsa; Dec. 2-Oklahoma CityThis seminar will explore various cash flow techniques as they apply to a wide-range of business scenarios including both business and personal (business owner) applications.
  • 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.
  • Commercial & Business Lending Basics for Support Personnel, Dec. 5, webinar — This webinar is designed to take the “mystery” out of the commercial lending process and the confusing terminology often used by lenders.
  • Understanding the Role of the Notary Public, Dec. 6, webinar — Notaries and others will learn best practices for dealing with issues unique to the financial industry. Help your team know their responsibilities, plus learn basic laws, liability and reviews of various notarial acts.
  • Regulation E: Errors & Disputes, Dec. 8, webinar — This webinar will dissect the Regulation E error resolution requirements in plain English.
  • Regulation B – Small Business Loan Data Collection and Reporting Rules (Section 1071), Dec. 9, webinar — The proposed revisions to Regulation B represent one of the most significant new regulatory events in recent history. All financial institutions, except those that originate less than 25 “covered credit transactions” to “small businesses” in each of the two preceding calendar years, must implement a full compliance management system, including policies, procedures, training and audit.

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