Week of June 19

In This Issue…

CFPB looks to simplify mortgage servicing rules

Consumer Financial Protection Bureau Director Rohit Chopra said last week the agency will soon propose ways to simplify and streamline mortgage servicing rules, pointing to temporary changes that sought to protect borrowers during the pandemic as a possible guide for future action.

Last fall, the CFPB asked the public for input on ways to reduce risks for borrowers who experience disruptions in their ability to make mortgage payments, including input on the mortgage forbearance options available to borrowers. In particular, the Bureau sought input on the features of pandemic-related forbearance programs and whether there are ways to automate and streamline long-term loss mitigation assistance. It received comments from housing organizations, homeowner advocates, mortgage servicers, and many others.

Chopra, however, didn’t provide any specifics on what changes the CFPB would propose or provide a timeline for when they would be introduced.

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OBA Emerging Leaders Academy accepting applications

Take note the OBA 2023-24 Emerging Leaders Academy is currently accepting applications.

We’re looking for the best and brightest bankers who seek to sharpen their leadership skills. The Academy will help you reach new heights with powerful speakers offering information leaders need for effectively maneuvering in today’s business climate. Each session helps participants become true leaders by understanding those around you through non-traditional methods.

The OBA extends an invitation to any employee of a bank that is a member of the OBA to apply. A panel of bankers will review the applicants and choose those accepted into the Academy (maximum 30 bankers). Participants must attend all sessions to successfully graduate from the program.

There are six sessions to the Academy: Nov. 2, Dec. 7, Jan. 26, Feb. 28, March 28, April 26. Graduation will take place in May 2024 at the OBA Annual Convention.

Click here to apply! Also, for more information, please contact Megan McGuire at (405) 424-5252 or megan@oba.com.

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OBA education corner …

The summer solstice is Wednesday. This means our daylight time will get shorter and shorter, until the winter solstice on Dec. 21. Then it’ll start to get longer again … and over and over. As Billy Joel sang in, “We Didn’t Start the Fire“, and Tracy Lawrence warbled with “Time Marches On“, everything remains in motion. Even Eddie Vedder penned the ironic lyric, “I change by not changing at all.” While trying to decipher all these song lyrics, take a little time to prepare for upcoming continuing education opportunities available through the OBA:

  • Records Management and Retention – Compliance Requirements, June 29, webinar — Review the critical compliance requirements for record retention, and formulate and maintain an effective records management program.
  • Preparing for Your IT Examination, July 6, webinar — There is a big misconception that an IT examination is a technical security assessment focused solely on computer systems, the network, and logical controls.
  • Understanding Qualified Mortgages, July 10, webinar — Even though qualified mortgages have been around for several years, bankers commonly still don’t have a clear (or any) understanding of these loans.]
  • You’ve Been Served: Best Practices in Processing Subpoenas, Garnishments and IRS Tax Levies, July 11, webinar — This webinar will provide attendees with the best practices and red flags for dealing with the various legal documents served upon financial institutions.
  • HMDA A-Z All-Day Streaming, July 12, webinar — HMDA compliance is tough! With all the data you are required to collect and report, there are bound to be mistakes.
  • Utlizing Technology for the Compliance Officer, July 12, webinar — Utilizing various tools and features within readily available technology are a must for the compliance officer.
  • 2023 OBA Compliance School, Aug. 21-25, Oklahoma City — The school is designed to provide an extensive body of knowledge and information on consumer compliance that can contribute to the development of compliance officers and to their associated functions, both of which have become an integral and essential part of our evolutionary banking industry.

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