Thursday, April 18, 2024

Week of Jan. 2

In This Issue…

Treasury issues guidance on stock repurchase excise tax

The Treasury Department last week issued initial guidance regarding a new annual excise tax that applies to repurchases of a publicly traded corporation’s stock that takes place after Dec. 31, 2022.

The tax was included as part of the Inflation Reduction Act, which was passed by Congress in August 2022. Among other things, the guidance addresses the types of transactions subject to the tax, how the tax is calculated, and basic rules to prevent avoidance of the tax. Comments on the guidance will be accepted 60 days after publication in the Federal Register.

The Treasury Department also issued initial guidance on the Inflation Reduction Act’s 15% alternative minimum tax, which applies to large companies earning an average of more than $1 billion annually beginning in 2023. This guidance also has a 60-day comment period.

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Happy New Year’s!

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

With the Christmas and New Year’s holidays behind us, we at the OBA wanted to just pass along a note we will be back in the office during our regular days and times for the upcoming future. Feel free to reach out to us with any questions or needs – we’re here in the new year to make bankers better!

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OBA education corner …

A new year has begun and we hope all your resolutions are still intact! While contemplating that gym workout today, take a little time to prepare for upcoming continuing education opportunities available through the OBA:

  • 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.
  • 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.
  • 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.
  • 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.

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