Saturday, June 15, 2024

Week of Sept. 4

In This Issue…

From Adrian’s desk …

By Adrian Beverage
OBA President & CEO

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

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Over the last couple of weeks, we have heard from bankers their customers are being contacted by unsolicited groups, mainly offering credit and insurance.

Under the Fair Credit Reporting Act, Equifax, Experian, Innovis and TransUnion are permitted to include your customers name(s) on lists used by creditors or insurers to make form offers of credit or insurance.  The FCRA also allows you the ability to “opt-out”, which prevents consumer credit reporting companies from providing your credit file information for firm offers of credit or insurance that are not initiated by the customer.

The website will provide you all the information that you need and answer any questions you may have.  We’ve talked with several bankers who are considering adding the website to their current site.

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The president and CEO of the Federal Reserve Bank of Atlanta commented that the current monetary policy seems to be “appropriately restrictive” during a speech late last week.

Raphael Bostic, while speaking at a central bank conference in South Africa, said he believes current policy is correct to return inflation to the Fed’s 2% target.

“I think we should be cautious and patient and let the restrictive policy continue to influence the economy, lest we risk tightening too much and inflicting unnecessary economic pain,” Bostic said. “That does not mean I am for easing policy any time soon. Inflation in the United States is still too high. The battle against inflation has seen significant progress. Inflation is well off the very elevated levels we saw in the last year, but it’s essential that it be brought all the way back to our target.”

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The ABA is hosting a free “Fall Advocacy Outlook” webinar at 1 p.m. on Tuesday, Sept. 12. The webinar is open to member and non-member banks. Please tune in as ABA’s leadership and senior staff outline the host of priorities we will focus on this Fall.

See details and registration information below:

Free ABA Webinar: Fall Advocacy Outlook
ABA President and CEO Rob Nichols, Chairman Dan Robb and ABA staff will share the latest on key issues facing the banking industry this fall, including the outlook for post-Silicon Valley Bank regulatory changes, the ongoing threat posed by the Durbin-Marshall credit card bill and ABA’s ongoing legal challenges to the CFPB. Bankers will learn the latest on ABA’s advocacy efforts and learn how they can engage on behalf of the industry. Learn more and register.

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My Nebraska Cornhuskers football team hit a small road bump this past week on their way to the national championship. Our return to relevance remains undaunted, however: The only variable is time. Meanwhile, though, did you catch the news about the world-record volleyball game in Lincoln last week?

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Report: FDIC needs to improve threat information sharing with banks

The FDIC could improve the effectiveness of its processes to ensure that financial institutions receive actionable and relevant information about threats and vulnerabilities resulting from cyberattacks, financial crimes and natural disasters, the agency’s Office of Inspector General said in a new report released last week.

The report is a follow-up to a 2022 review that concluded the FDIC had not established effective processes to analyze and disseminate actionable threat information to the financial institutions it supervises.

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Agencies propose guidance to enhance resolution planning at large banks, invite comment

The Federal Deposit Insurance Corporation and Federal Reserve Board last week invited public comment on proposed guidance to help certain large bank holding companies further develop their Dodd-Frank Act Title I resolution plans.

These resolution plans, also known as “living wills,” describe a bank holding company’s strategy for rapid and orderly resolution under bankruptcy in the event of material financial distress or failure.

The guidance would generally apply to bank holding companies and foreign banking organizations with more than $250 billion in total assets but that are not the largest and most complex companies, which are already subject to guidance on resolution planning. The guidance would address the specific characteristics of, and risks posed by, this group of companies.

The guidance is organized around key areas of potential vulnerability, such as capital, liquidity, and operational capabilities that could be needed in resolution. Distinct from the guidance to the largest and most complex companies, the proposal would provide agency expectations for both single point of entry and multiple point of entry strategy needs, which are different strategies companies may adopt for their rapid and orderly resolution. It also would propose that foreign banking organizations develop their U.S. resolution strategies to be complementary to their global resolution plans.

The proposed guidance will be published in the Federal Register, with comments due by November 30, 2023.

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OBA Washington Visit ready for you to register – deadline Monday!

The OBA’s Annual Washington Visit has been scheduled for Sept. 24-26 and the deadline to register is approaching on Monday!

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. Deadline for registration cannot be received any later than Sept. 11.

If you have any questions, contact Megan McGuire at the OBA.

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2024 Oklahoma Views & Vistas Calendar order deadline approaching

The 2024 Oklahoma Views & Vista Calendar is ready to be purchased – but you have to order yours by Sept. 15 to meet the final deadline!

Remember: The 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 …

College football season started with a cheer this weekend! Whether your team played a resounding form of the sport, or seemed to be barely pigskin-adjacent, I’m sure we’re all excited for the upcoming weeks! all is almost here! While you prepare for all the good games to come, take the time to prepare for upcoming continuing education opportunities available through the OBA:

  • Effectively Auditing for Compliance, Sept. 13, webinar — In this session, we will discuss how to develop a compliance audit program that adequately addresses examiner expectations. We will highlight those areas of compliance with the highest risk, so you know where to focus your valuable time. In addition, we will provide examples and tools you can incorporate into your program.
  • SSAE18, SOC 1, SOC 2 – What Do I Need?, Sept. 13, webinar — We will explore the different types of Service Organization Control reports provided by vendors and highlight the best items that should be requested from vendors. In addition to what report(s) to ask for, we will explore different SOC report types in detail, to highlight what to look for and why.
  • Digital Banking Issues – What Are The Compliance Requirements?, Sept. 19, webinar — We are seeing a rapid shift in the way financial institutions interact with their customers and conduct business to a more remote, online delivery model. Not that these capabilities haven’t always been present, but ever since the pandemic, much more business is conducted remotely, and this is a trend we can expect to continue. What are the requirements to keep in mind when conducting business in this fashion?
  • Avoiding Check Fraud Liability: From Prevention To Loss Allocation, Sept. 19, webinar — This webinar provides attendees with tips to avoid check fraud losses, as well as an overview of the laws that apply to loss allocation when check fraud occurs.
  • Legal Essentials: What Every Lender Needs To Know, Sept. 22, webinar — This program covers important legal issues and concepts which must be understood and consistently applied to avoid litigation and better serve customers.

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