Thursday, February 2, 2023

Week of Jan. 23

In This Issue…

ABA, ICBA: CFPB wants small bank input on credit card fee rules

The Consumer Financial Protection Bureau is required by law to seek input from community banks and credit unions with assets of than $850 million or less before moving forward with rulemaking on credit card penalty fees, given the proposal would have a significant economic effect on a substantial number of small financial institutions, ABA and four industry associations reiterated recently in a letter to the agency.

The groups previously raised the issue in an August 2022 letter, noting the Small Business Regulatory Enforcement Fairness Act requires the CFPB to seek input early in the rulemaking process from small banks likely to be affected by new regulation.

The CFPB last year issued an advance notice of proposed rulemaking to review credit card fees charged by financial institutions, which Director Rohit Chopra has often derided as “junk fees.” More recently, the agency announced plans to issue a proposed rulemaking on the fees later this month.

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Participate in our director compensation survey

The OBA is partnering with Blanchard Consulting Group for the 2023 Director Compensation Survey, which is currently open for participation!

This survey only includes financial institutions and focuses on director compensation for 2022, including meeting fees, committee fees, retainers, equity, benefits and total director compensation.  The survey also includes an assessment of chairperson fees and has ten director compensation trends questions.  Data cuts will be broken out by asset size and/or region, where available.

Below is the pricing for the 2023 Director Compensation Survey results (survey findings will be provided via email in .pdf format):

  • OBA member bank — Survey participant: $250.
  • OBA member bank — Non-participant: $550.
  • OBA Strategic Member: $750.

To complete the survey, please click on the link below.  Download the excel file and email the completed survey to surveys@blanchardc.com

The deadline to complete the survey is Friday, Feb. 24.    

 Click here to download the 2023 Blanchard Director Compensation Survey

There is also a separate PDF file with instructions on how to complete each of the tabs. This is also included in the excel workbook.

Instructions Link

If you would like to pre-order your copy of the survey or if you have any questions, please contact Laura Roth at surveys@blanchardc.com or 612-850-0153 or contact thi@oba.com.

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Bankers at state capitol: Register for OBA’s 2023 Contact Banker Program

We have set the dates for the 2023 Contact Banker Program. Click here to find a sign-up form with the dates for this year’s program. Please select dates that work best for you and return you form to megan@oba.com. Once we have the groups finalized, we will send an email confirmation for your date.

On the date you select, there will be a short briefing before we start walking the halls of the Capitol. Please know, we will stay together as a group the entire morning. We will do our best to have you spend a few minutes with both your state senator and state representative to either start a new relationship or strengthen one already in place. We won’t ask you to discuss current legislation – we want you to just chat with your members about issues facing your community or other pressing matters. Depending on what week you select, we will either sit in on a committee meeting or in the gallery to watch the action on the floor. Once we have finished all of our business at the Capitol, the OBA Government Relations Team will take everyone to lunch to discuss the events of the morning.

Everyone at the Capitol knows bankers are involved in the political process and watching how they vote. All of this success is because of the Contact Banker Program. This program is meant for all employees at the bank. There is no cost to attend other than your time.  Please complete this registration form and send it to megan@oba.com.

Questions? Please contact Megan McGuire (megan@oba.com / 405-424-5252).

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OBA Intern Program ready for 2023

An OBA program to be aware of is the OBA Intern Program.

The Intern Program will be active in 2023 and we’re looking for participating banks! For more information on this IMPORTANT program – important not only to aspiring students, but also to participating banks – Contact the OBA education department at (405) 424-5252 or click here for more information!

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OBA education corner …

As we look outside out windows here at the OBA offices, snow has just started falling … big, wet flakes of snow, plummeting earthward … only to see it melt immediately upon striking the ground. Oh well. While we all wait for some type of accumulation so we can build a snowman, lets take a little time to prepare for upcoming continuing education opportunities available through the OBA:

  • State of HMDA in 2023, Jan. 31, webinar — In this webinar, we’ll review all the pain points of HMDA, including actions taken and a variety of data points.
  • Basic Real Estate Loan Documentation, Jan. 31, webinar — This webinar provides a comprehensive overview of essential real estate loan documentation requirements, regulatory compliance issues, sound loan administration issues and best practices.
  • Marketing in 2023: Digital and Social Media Compliance Considerations, Feb. 1, webinar — Today’s marketing department has the benefit of many advertising options, including social media, websites, TV, radio and more. Whether your promotions are digital, print or televised, multiple compliance regulations strictly prescribe what can be said, the elements that should be included and how they should be displayed. Compliance violations can result in fines or lawsuits.
  • Advanced TRID Compliance, Feb. 2, webinar — This webinar will take a look at the TRID from an advanced perspective.
  • IRA Annual Reporting Requirements to IRS, Feb. 10, webinar — Although the IRS may never see your bank IRA forms, they will see the results of the contribution and distribution choices and coding when the annual 1099-Rs and 5498s are submitted to the IRS. One of the biggest sources of letters and bills sent out to bank clients is either a mistake made by the bank by incorrect IRS reporting or possibly the client not completing their tax forms correctly. How do we know the difference and who must do the correction?

Additionally, the Oklahoma Bankers Association 2023 Senior Management Conference is scheduled for April 2-4 at the Bellagio in Las Vegas. One of the key benefits in the conference will be talking with your peers. Attendees at the OBA 2022 Senior Management Conference will be surrounded by those with similar titles, similar workloads, similar problems and likely solutions to issues that can be just as similar. If you have any questions or want to get signed up, contact the OBA’s education department at 405-424-5252.!

Finally, NOW is the time to get involved in your Association, and one good way to accomplish this is to join one of our committees! We are now taking names for those interested in our committees for the 2022-2023 year. By participating with the group three to four times a year, you learn more about your profession, meet other bankers, share ideas and become better at what you do.

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