Wednesday, May 22, 2024

Week of Oct. 23

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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The Fed reemphasized the strength of the banking system in its biannual financial stability report released last week. It did, however, point out the issues of high interest rates and the risks banks face in the future, particularly related to a slowdown in economic growth.

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I hope everyone in attendance enjoyed our Oktoberfest Golf Tournament on Monday. I know I had a great time in the windy, yet still solid weather conditions, alongside my playing partners Troy Appling, Mick Thompson and Jeff Adkins! Make sure you check out our newest feature in this week’s OBA Update below, OBA TikTok Time … , where we asked a handful of our golfing guest what music they would like to hear as they walk up to take a shot!

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The post-season drive remains alive for my Nebraska Cornhuskers after a 17-9 win over Northwestern on Saturday. It wasn’t pretty. It rarely is. Yet, a win is a win, and now my ‘Huskers are 4-3 and need to figure out how to pull out two victories in final five weeks. It’s not exactly a murderer’s row of opponents – Purdue, Michigan State, Maryland, Wisconsin and offensively-challenged Iowa.

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New real estate ownership laws go into effect Nov. 1 – OBA to host Zoom meeting with attorney general’s office

During the last legislative session, there were changes made to Title 60 O.S. § 121 – Alien ownership of Oklahoma real estate.  The highlighted section is new law that goes into effect on Nov. 1, 2023.

  1. No alien or any person who is not a citizen of the United States shall acquire title to or own land in this state either directly or indirectly through a business entity or trust, except as hereinafter provided, but he or she shall have and enjoy in this state such rights as to personal property as are, or shall be accorded a citizen of the United States under the laws of the nation to which such alien belongs, or by the treaties of such nation with the United States, except as the same may be affected by the provisions of Section 121 et seq. of this title or the Constitution of this state. Provided, however, the requirements of this subsection shall not apply to a business entity that is engaged in regulated interstate commerce in accordance with federal law.
  2.  On or after the effective date of this act, any deed recorded with a county clerk shall include as an exhibit to the deed an affidavit executed by the person or entity coming into title attesting that the person, business entity, or trust is obtaining the land in compliance with the requirements of this section and that no funding source is being used in the sale or transfer in violation of this section or any other state or federal law. A county clerk shall not accept and record any deed without an affidavit as required by this section. The Attorney General shall promulgate a separate affidavit form for individuals and for business entities or trusts to comply with the requirements of this section, with the exception of those deeds which the Attorney General deems necessary when promulgating the affidavit form.

The affidavit is only required for deeds transferring ownership of real estate to a non-U.S. citizen or entity on or after the Nov. 1, 2023, effective date. It does not apply to deeds filed of record prior to that date nor does it apply to leases or personal property. If the bank is making a purchase money loan for real estate on or after the effective date, it will require that the affidavit be executed by the purchaser and recorded with deed.

Here is the link to take you to new affidavit forms to comply with the changes in the new law.

At 3 p.m. on Monday, Oct. 30, the OBA will host a Zoom call with the Oklahoma Attorney General’s office to walk us through the changes and answer any questions you may have. All bankers are welcome to join. Below are the details:

OBA/Attorney General Zoom Meeting
https://us06web.zoom.us/j/82441259028?pwd=Ma8PZYSpyCRDjn8E7s6inTAYnAuXTH.1

Meeting ID: 824 4125 9028
Passcode: 145906

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If using telephone audio:
• 1 (346) 248-7799

Meeting ID: 824 4125 9028
Passcode: 145906

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Banking agencies release CRA regulation changes

The Federal Reserve, FDIC and Office of the Comptroller of the Currency today released their final rule revising how they will assess compliance with the Community Reinvestment Act.

The Fed Board of Governors voted this morning to issue the rule, and the FDIC board is set to do so this afternoon as this issue of OBA Update is being released. We will have more information to follow once the rule has been completely vote upon. In the meantime, here are some related links of interest:

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OBA TikTok Time …

Welcome to a new, semi-regular feature in the OBA Update: OBA TikTok Time!

The OBA created a TikTok account to feature fun, entertaining little video segments that feature our bankers and those who work with them. No, you don’t have a TikTok account to view these short videos as you can navigate directly there just by using the link we provide you here in the OBA Update.

We’ll feature our most recent TikToks each week in the TikTok Time of the OBA Update. This week, for our premiere edition, we sauntered around the OBA Oktoberfest Golf Tournament to ask an incredibly important question: “What would be your walk-up music for your next shot?

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OBA education corner …

So many people griped about the “hot” weather this past weekend. It’s confounding: “Hot” is when it’s 100-plus degrees in July and August. “Hot” is not 90 degrees with a cool evening. When we’re buried up in a El Niño winter story in a couple of months, then maybe we can reconsider what “that’s hot” means … and we don’t mean Paris Hilton’s catchphrase. So, even if you’re sweating or freezing, take the time to prepare for upcoming continuing education opportunities available through in climate-controlled conditions at the OBA:

  • Leading An Exceptional Team, Oct. 27, webinar — Leading an exceptional team is every manager’s goal, right? Unless the manager is burned out, burned up or not well prepared.
  • HMDA Essentials, Oct. 31, webinar — Now with a key exemption being revoked by the CFPB in December of 2022, knowing what to do and how to do it has never been more important.
  • Best-Ever Compliance Checklists for Commercial Loans, Nov. 2, webinar — Don’t let compliance traps trick you – discover the best practices for business-entity documentation, underwriting documents, guarantors and security interests to ensure your success!
  • 2023 HR Fall seminar, Nov. 3, Oklahoma City — In this seminar we will discuss the latest in federal and state regulations including AI and how it is affecting businesses. We will have an open discussion session regarding compensation, retention, benefits, dress codes, recruiting and other hot topics in HR.

Finally, take note of the dates for the 2024 OBA schools! Sure, it’s a few 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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