Wednesday, May 22, 2024

Week of Dec. 26

In This Issue…

CFPB announces annual threshold adjustments for Truth in Lending Act

The Consumer Financial Protection Bureau last week announced the 2023 dollar amounts for the annual threshold adjustments for Regulation Z, which implements the Truth in Lending Act.

For open-end consumer credit plans under TILA, the threshold that triggers requirements to disclose minimum interest charges will remain unchanged at $1 in 2023. For HOEPA loans, the adjusted total loan amount threshold for high-cost mortgages in 2023 will be $24,866. The adjusted points-and-fees dollar trigger for high-cost mortgages in 2023 will be $1,243.

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Happy New Year’s!

Happy New Year’s from your family here at the OBA!

In observance of the New Year’s holiday, our offices will be closed on Monday, Jan. 2. We will re-open at our normal time on Tuesday, Jan. 3.

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OBA education corner …

Christmas is done, and only New Year’s Eve and Day stand between us and getting back into the routine of dating things “2023”. While preparing for the end-of-year and beginning-of-year festivities, take a little time to prepare for upcoming continuing education opportunities available through the OBA:

  • Understanding the Basics of Cryptocurrency and Digital Assets, Jan. 5, webinar — This session is designed to introduce you to the virtual currency world which can then be utilized to enhance the financial institution’s role in understanding, training, and monitoring for suspicious activity related to virtual assets.
  • Mortgage Origination Compliance, Jan. 6 & 11, webinar — In this 2-part webinar, we’ll discuss all the relevant requirements and considerations in the origination process.
  • Best Practices in Processing Subpoenas, Garnishments and IRS Tax Levies, Jan. 10, webinar — This webinar will provide attendees with the best practices and red flags for dealing with the various legal documents served upon financial institutions.
  • Utilizing Ratio Analysis to Determine Financial Strength, Jan. 11, webinar — Learn the five vital signs of any organization and the ratios required to identify them.
  • The Right of Setoff: What Bankers Need to Know, Jan. 17, webinar — The Right of Setoff is a complicated, but effective, tool for collecting debts owed to a bank. Learn the best practices and dangers that can arise when using the power.
  • 2023 FORVIS-OBA CECL Seminar, Jan. 18, Oklahoma City — CECL is effective for non public entities beginning in the first quarter of 2023. This half-day session is designed for those with direct responsibility for the ACL calculation as well as decision makers in your bank.
  • Fair Lending Essentials, Jan. 18, webinar — Fair lending is always in the regulatory spotlight. We continue to see violations and enforcement actions across the country. This seminar provides a thorough review of the basic tenets of Fair Lending and a review of recent cases and regulatory actions.
  • IRA Update – Annual Review for Banks, Jan. 18, webinar — As many of you have experienced, IRAs have had many changes over the last three years – including the SECURE Act of 2020, the CARES Act of 2020, the Proposed Regulations released in February 2022 and the IRS Notice 2022-53 to put the proposed regulations “on hold”. This is a must-attend webinar to grasp the latest rules and regulations regarding beneficiaries and the 2023 Cost of Living Adjustments.
  • Reg. E Error Resolution: Top Mistakes to Avoid, Jan. 19, webinar — Increased debit card usage has led to increased exposure to unauthorized activity. In this session, we will address what actually constitutes an error under the Regulation, what you need to do to comply with investigation requirements and how to avoid mistakes during the error-resolution process.
  • Compliance Management, Jan. 19, webinar — This webinar will look at the expectations/requirements related to a financial institution’s compliance management system.
  • Women in Banking Luncheons, Jan. 20-Broken Arrow; Jan. 24-Oklahoma City — Join our OBA Women in Banking Committee as we learn from industry leaders on their challenges, successes and navigating a rewarding banking career.
  • 2023 Compliance Updates, Jan. 26-Tulsa; Feb. 2-Oklahoma CityThe updates provide a review of issues and concerns facing every bank’s compliance team. Hot topics, trends and common compliance mistakes will be covered.

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