Thursday, April 18, 2024

Week of Sept. 25

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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I’m in Washington, D.C., with 100 of my closest friends for the OBA’s Annual Washington Visit! Today’s another big day on the docket as we meet with our Oklahoma delegation and go on a tour of the U.S. Capitol building, led by our own U.S. representative, Stephanie Bice!

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We’ll have more details from the visit in upcoming OBA Updates, as well as the October issue of the Oklahoma Banker newspaper. In the meantime, however, make sure you’re keeping up with the OBA’s Facebook and Instagram pages as the OBA’s vice chair, Alicia Wade, pried the controls out of Jeremy’s hands commenced a “social media takeover” while she’s in Washington with the group!

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Another weekend, another victory for my Cornhuskers this past weekend. Of course, the meatchickens await this weekend, which could make for a long, long day.

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ABA, business groups seek extension on comments for proposed overtime rule

The American Bankers Association and dozens of business organizations asked the Labor Department on Monday to extend by 60 days the comment period for its proposal to increase the number of employees who are subject to overtime and minimum wage requirements.

In a joint letter, the groups noted the proposed rulemaking includes a nearly 55% increase in the minimum salary threshold and automatically updates the threshold every three years. Additional time is needed for regulated entities to analyze the potential effects of the department’s proposal on their operations and the broader economy, they said.

In August, the Labor Department’s Wage and Hour Division proposed that employees who earn up to $1,059 per week, or $55,068 annually, would automatically be subject to federal overtime and minimum wage requirements. Current regulations issued in 2019 set the salary level at $684 per week, or $35,568 annually. Above that level, an employee may be exempted from federal overtime and minimum wage requirements if the employee performs certain duties. The agency gave the public until Nov. 7 to comment, which ABA and the other groups argued isn’t enough time given the ramifications of the rulemaking.

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OBA joins other banking associations urging rejection of credit card routing mandates

A proposed bill that would impose routing requirements on banks that issue credit cards is an anti-consumer, anti-competitive and cynical attempt by the largest global merchants and biggest grocery chains to obtain a subsidy for themselves, the OBA, American Bankers Association and 48 other state bankers associations said last week in a letter to House and Senate leaders.

The Credit Card Competition Act was introduced by Sens. Dick Durbin (D-Ill.) and Roger Marshall (R-Kan.) in the Senate and by Reps. Lance Gooden (R-Texas) and Zoe Lofgren (D-Calif.) in the House. In their letter, the OBA and its sister associations said the bill was written to deliver a major payday for big retail and big grocery at a time when giant retailers have been getting even bigger. They also said not to be fooled by claims the legislation would exempt community banks or help small businesses, as the same claims were made a decade earlier during the Durbin Amendment debate, “yet small, ‘exempt’ banks saw a quarter of their debit card revenue disappear and fraud costs increased after it became law.”

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Deluxe offers free check security seminar

With 12 billion checks still being written each year, it’s vital that you have the tools to protect your customers and your business. This free webinar will introduce you to those tools, including:

  • high security features;
  • best practices to implement at your financial institution;
  • additional screening services for all MICR products to help detect and mitigate fraud.

Click here for more information.

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OBA education corner …

Summer refuses to let us go. Of course, here in Oklahoma, we’re used to summer being a little stubborn. We wish it would hurry up and cool down just a tad, as we’re itching to celebrate with some Oktoberfest beers (and golf tournaments!). While you await the cooler weather, take the time to prepare for upcoming continuing education opportunities available through the OBA:

  • Director Compensation Trends and Compensation Committee Best Practices, Oct. 2, webinar — This webinar will provide market data and best practices information surrounding board compensation and compensation committee responsibilities.
  • Controlling The Risks Of Power Of Attorney Documents, Oct. 3, webinar — Are you ready to tackle the complexities of power of attorney documents with confidence? This session will equip you with the knowledge & insights you need to navigate even the most challenging situations with ease.
  • 20 Legal Ownerships Of Accounts, Oct. 3, webinar — This program is an A-to-Z on account ownership and documentation.
  • Bi-Monthly Compliance Briefing – October, Oct. 4, webinar — A bi-monthly update to help you keep up with changes and deadlines in the compliance area in a quick and easy format.
  • How To Build A Robust Security Training Program, Oct. 5, webinar — In this FREE course, we’ll discuss the key elements in building a comprehensive and effective security awareness program, and help you start to understand what it means to build a security-first culture.
  • Demystifying Trusts: A Guide to Establishing Deposit Accounts and Loans, Oct. 10, webinar — This webinar will provide attendees with information on doing business with trusts, including the best practices in establishing deposit account and loan relationships.
  • Current Matters and Common Questions Impacting the Call Report, Oct. 11, webinar — This webinar will bring participants current with regulatory and accounting changes that impact the Sept. 30, 2023, Call Report and provide answers to the most frequently asked questions during 2023.
  • Vendor Management – How Model Risk Fits In, Oct. 12, webinar — In this educational session, the presenter provides best practices based on the FFIEC IT Examination Handbook to help you develop a simple, yet comprehensive, vendor management program.
  • Real Estate Lending Compliance, Oct. 16-17, Oklahoma City — This two-day program provides an overview of the real estate lending requirements from ten regulations, along with comprehensive coverage of selected topics, policy suggestions, employee training tips, audit techniques and steps to eliminate past problems.
  • Advanced BSA/AML/CFT Update, Oct. 25-Tulsa; Oct. 26-Oklahoma City — This program provides current trends and tools for today’s BSA officers and BSA team members. It also assists financial institutions in meeting the annual training requirements by the BSA regulations.
  • 2023 OBA Operations School, Nov. 13-17, Oklahoma City — This school is designed to prepare junior-level officers to mid-level operations managers to manage effectively and efficiently an operations function within a bank. Students are exposed to numerous concepts that impact your bank’s bottom line.

Additionally, the 2023 Rural Economic Outlook Conference, hosted by OSU Extension, will take place on Oct. 11 in Stillwater. This all-day event is a must for those who work closely in the agricultural markets.

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.

Finally, just a quick note to also mark your calendars since the OBA Convention and OBA Senior Management dates and location have already been set for next year! The 2024 OBA Convention will be held May 13-15 at the Skirvin Hilton in Oklahoma City. Meanwhile, the 2024 OBA Senior Management Conference will be held on April 7-9 at the Waldorf Astoria in Las Vegas. More details will be available in the coming months, but go ahead and get those notes on your calendar today!

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