Week of July 24

In This Issue…

Oklahoma attorney general opposes FDIC’s proposed special assessment

Oklahoma Attorney General Gentner Drummond is leading a coalition of nine attorneys general urging the Federal Deposit Insurance Corporation to reverse course on its proposed rule to impose a special assessment on banking organizations.

The would-be rule is an effort to recover the costs of bailing out elite depositors like venture capitalists and foreign nationals at Silicon Valley Bank and Signature Bank.

“The banking industry and the public at-large should not be forced to subsidize the federal government’s own mishandling of a crisis of their creation,” Drummond wrote in a letter sent July 21 to FDIC Chairman Martin Gruenberg. “It is fundamentally unfair to pass on special assessment costs to other banking institutions who engaged in responsible business practices, unlike SVB and Signature.”

Drummond noted the assessment would ultimately be paid by average Americans.

“The Proposed Rule will also burden the entire banking industry, as well as American taxpayers who will ultimately bear the brunt of the special assessment fees,” Drummond wrote. “The special assessment may not be directly levied against them, but those costs will ultimately be passed on to taxpayers.”

Oklahoma’s letter was joined by Idaho, Louisiana, Mississippi, South Carolina, South Dakota, Tennessee, Texas and Utah.

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ACH network same-day payments grow in 2023

The ACH Network saw significant growth in same-day ACH payments in the first half of 2023, according to figures released by Nacha today.

The value of same-day ACH payments for the first half of the year was $1.2 trillion, a 51.7% increase from the year prior. The volume of same-day ACH payments was up 13.7%.

In the second quarter, there were 199.4 same-day ACH payments made via the network, totaling $612.5 billion. For the second quarter overall, there were 7.8 billion ACH payments made, totaling $20 million. Volume was up 4.3% and value was up 2.9% from the same quarter last year. B2B payments, meanwhile, increased 10.4% from a year earlier to more than 1.6 billion payments.

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Oklahoma Bankers Hall of Fame accepting nominations for 2023

The Oklahoma Bankers Hall of Fame is now accepting nominations for the upcoming 2023 class; additionally, the process of selecting inductees has been updated.

First, for those interested in nominating a banker, here are some downloadable forms linked below – please return all nominations to Adrian Beverage (adrian@oba.com):

Second, as mentioned, there is a new process for selecting the inductees to each class. After discussion with leadership at the Oklahoma Hall of Fame about its processes, and learning about other methods from other organizations, the induction procedure for the Oklahoma Bankers Hall of Fame has been updated.

After all nominations have been received by OBA President and CEO Adrian Beverage, he will forward those nominees to the OBA chair (currently, Bryan Cain), who will convene a committee of 11 individuals in September to select the inductees. These 11 individuals will be made up of the OBA’s Executive Committee, who will join a banker selected by the OBA chair from each of the OBA’s six geographical groups, as well as a member of the OBA Emerging Leaders Division. The specific committee members will be completely anonymous to everyone outside of the current OBA chair.

These committee members will select the final inductees from the group of nominees given. They will also discuss any possible posthumous inductees who may have not been nominated.

Once the inductees have been selected, the OBA chair will inform Beverage and notification and preparations will be made by the OBA staff for the induction ceremony, which will be held this year on Dec. 7 at the Oklahoma History Center in Oklahoma City.

Following the 2023 selections, the current selection committee will disband and a new committee will be picked the following year by the next OBA chair. Aside from the OBA chair and executive committee, the selection committee will remain anonymous with only the other committee members from that specific year knowing their identities.

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2024 Oklahoma Views & Vistas Calendar available for early-bird orders

The 2024 Oklahoma Views & Vista Calendar is now ready to be purchased – order yours by Aug. 1 to get the special low price of just $1.10 per calendar – pricing after Aug. 1 is $1.25 per calendar.

Deadline is Sept. 15.  This is a great way to share your bank’s logo and information to your customers!

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OBA education corner …

We’ve hit the hot-and-dry portion of the summer … finally. It seems weird to say that in late July, but the previous weeks have seemed to be more like a Louisiana summer rather than an Oklahoma one. Now, it just simply feels like a good, old fashioned heat wave, which is something some people actually like. It’s a good thing they do, because the heat is definitely on this week! While you ponder all these musical tie-ins, take a little time to prepare for upcoming continuing education opportunities available through the OBA:

  • Advertising Compliance, Aug. 1, webinar — UDAAP is also a huge concern. You have to be aware of the differences between luring someone vs. deceiving them (UDAAP). This webinar will help you learn what you can say, what you can’t say, when to say it, etc.
  • Section 1071 Final Rule: What you Need to Know Now, Aug. 1, Oklahoma City — This seminar, delves into the final rule, how it differs from the proposed requirements, and what your institution needs to know to ease the regulatory burden and make the implementation process as smooth as possible.
  • TRID for Beginners, Aug. 2, webinar — Attendees will learn the basics and the general concepts found throughout the TRID requirements.
  • Flood Insurance Essentials, Aug. 9, webinar — This two-hour webinar explains the issues financial institutions face regarding flood insurance and the essentials needed to comply. Participants will receive a detailed manual that serves as a handbook long after the program is completed.
  • Building New Business Procedures – Beneficial Ownership Changes, Aug. 15, webinar — During this webinar, we will incorporate the new procedures for beneficial ownership registration and verification.
  • 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.
  • 2023 Basic New Accounts Seminars, Aug. 29-Tulsa; Aug. 30-Oklahoma City — Unfortunately, new account personnel are too often trained “on the job,” which results in an environment of potential vulnerability and unnecessary losses for the bank.

Also, take note of the dates for the 2024 OBA schools! Sure, it’s several months away, but for planning purposes, we always try to get the info to you as soon as possible!

      • Intermediate School, Session I — Feb. 5-9.
      • Commercial Lending School — March 3-8.
      • Intermediate School, Session II — June 3-7.
      • Compliance School — Aug. 19-23.
      • Basic Banking School — Sept. 16-19.
      • Consumer Lending School — Oct. 7-11.
      • Operations School — Nov. 18-22.

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