Week of Aug. 7

August 8, 2023

In This Issue…

From Adrian’s desk …
Fed governor: Additional rate hikes expected
Draft documents for Oklahoma Housing Stability Program undergo changes
Have you registered for OBA Washington Visit yet? Here’s some reasons to do so …
OBA education corner …

From Adrian’s desk …

By Adrian Beverage
OBA President & CEO

Just some random tidbits that might be of interest to our bankers today!

• • •

Last week, the State of Oklahoma deposited $222.9 million into the state’s Rainy Day Fund.

The Rainy Day Fund is the state’s savings account. For fiscal year 2023, collections totaled $9 billion, which is approximately $1.6 billion above estimates. There is currently a record number of $1.3 billion in the Fund.

• • •

Oklahoma Insurance Commissioner Glen Mulready has several insurance tips for back-to-school-season. He shared them in a recent post on the department’s website, and I thought they were useful enough to pass along here!

Fed governor: Additional rate hikes expected

Additional increases in the federal funds rate will likely be needed to lower inflation to the Federal Reserve’s 2% goal, Fed Governor Michelle Bowman said in two speeches on Friday and Monday.

Speaking at events in Colorado and Georgia, Bowman noted inflation has cooled since last year’s high but remains elevated. Consumer spending is robust, and demand for workers continues to exceed the supply of available job seekers, putting upward pressure on prices, she said.

Draft documents for Oklahoma Housing Stability Program undergo changes

The Oklahoma Housing Finance Authority received clarification on Aug. 3 from the state that the term “gap financing”, as used in HB 1031x for the Oklahoma Increased Housing Program, does not allow for program funds to be granted.

Therefore, the structure of this program has substantially changed from grant funding to loan funding. Grants for down payment/closing cost assistance are still an allowed use and the structure of that proposed program remains unchanged. Please see the revised white paper and application posted to OHFA’s website on Aug. 4 for additional details.

Draft Documents Added Aug. 4

Additionally, those interested can visit OHFA’s website for program information and to register for one of the upcoming input sessions in the first half of this month.

Have you registered for OBA Washington Visit yet? Here’s some reasons to do so …

The OBA’s Annual Washington Visit has been scheduled for Sept. 24-26 and we challenge you to join the “Race to 100.” We’re striving for 100 bankers in D.C. for the 2023 OBA Washington Visit. We are still finalizing the exact times but know we will meet with the following: ABA, Federal Reserve, FinCEN, Consumer Financial Protection Bureau, FDIC, OCC, Treasury and the Oklahoma delegation. Additionally, Congresswoman Stephanie Bice will lead the group on a behind-the-scenes tour of the Capitol to conclude the visit.

Registration information should be hitting your bank shortly, but you can also download the registration and information form, and get more info on the hotel, by clicking here (.pdf). Click here to access the hotel reservation link.

If you’re still on the fence on whether to join us or not, how about some helpful words from your fellow bankers:

“Politics are decided by those who show up – be a part of the change – #OBAtoDC.” — Mason Bolay, First Bank & Trust Co., Perry.
“Sometimes your voice may seem small, but when the bankers come together in D.C., it is amazing to see how loud our voice can be – numbers matter! It is important our voices stay strong and our lawmakers remember who we are. This is one of my favorite events, to see up and coming bankers interested in the process and begin to get excited about our industry!” — Beth Wright, Shamrock Bank, Coalgate.
“Think about it this way: If you don’t have a seat at the table, then you’re on the menu!” — Bryan Cain, OBA Chair, Sovereign Bank, Shawnee.
“Traveling with the OBA to Washington, D.C. provides an invaluable opportunity for our bankers to speak to congressional delegates on issues that directly affect the banking industry. Through these trips, we are able to hear first-hand from regulators on current issues, and we also appreciate the opportunity to network and build relationships with both the OBA staff and fellow bankers.” — Billy Taylor, Armstrong Bank, Muskogee.

If you have any questions, contact Megan McGuire at the OBA. Oh, and check out our neater-than-popcorn countdown clock until the opening reception of the Washington Visit, on the right margin of the home page of OBA.com!

OBA education corner …

Football camps have started, the best time of the year is upon us! We’re ready to support those boys of fall … even if its still summer yet. One thing many of us look forward to are the soul-pumping network theme songs to NFL football – what’s your favorite? NBC Sunday Night Football? NFL on Fox? NFL on CBS? NFL Network Thursday Night Football? Or, the betting favorite, ESPN’s Monday Night Football? Whichever it is, we hope this has fired you up for the upcoming season! Before you get too excited, though, take a little time to prepare for upcoming continuing education opportunities available through the OBA:

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.
Everything You Need to Know About Reg CC: Holds, Funds Availability, Disclosures & More, Aug. 16, webinar — Hold that check! But … wait, how long can we hold that check? What reasons do we give the account holder for placing the hold? Can we place a hold on a business account? In this session, we will answer all of these questions and more.
Best-Ever Compliance Checklists for Consumer Loans, Aug. 16, webinar — These colorful and easy-to-use checklists are designed to chronologically lead lenders and processors through the various lending compliance requirements.
2023 Audit Seminar, Aug. 17, Oklahoma City — The seminar will focus on the key aspects of a strong internal audit program, internal audit in a modern financial institution, and current events in the banking industry.
Garnishments of Federal Benefit Payments: What a Banker Needs to Know, Aug. 17, webinar — This webinar provides participants with the federal rules that are applicable when processing garnishments on deposit accounts receiving federal benefit payments.
Ransomware, Phishing and Email Compromise: Is Your Incident Plan Ready?, Aug. 22, webinar — Phishing, business email compromise and ransomware are some of the biggest concerns and examination focus for 2023. Having an incident response plan is not a suggestion, it is a requirement. Security breaches are real and inevitable, not to mention increasing every day. Does your plan provide a framework for an effective and timely response?
10 Common Errors on the UTMA, Aug. 22, webinar — It is amazing how many banks go through extreme measures and make so many mistakes regarding the setup, maintenance and termination of this type of account.
Diversity & Inclusion in our Workplace, Aug. 24, webinar — One in five workers have experienced discrimination or unfair treatment at work. In today’s workplace environment, organizations need to face a reality gap and realize more work needs to be done in this area.
Preparing for a Loan Review Before the Regulators Arrive, Aug. 24, webinar — This webinar will prepare the bank for an upcoming safety and soundness examination focusing on overall credit administration, so that correction of deficiencies can be achieved before the regulators arrive.
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.
Supervisor Bootcamp, Sept. 6-Tulsa; Sept. 7-Oklahoma City — Whether you are new or seasoned supervisors, attendees find this supervisor training invigorating, motivating and applicable to managing and supervising others. You will learn how to manage crucial conversations and challenging situations. You will practice a coaching approach that encourages your staff to be engaged and accountable.
2023 OBA Consumer Lending School, Oct. 2-6, Oklahoma City — The total program exposes students to major issues consumer credit managers face. It provides a framework for
examining a bank’s consumer credit programs, policies and procedures.