Wednesday, February 21, 2024

Week of Nov. 21

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 State Banking Board has dramatically reduced its assessment percentage for state-chartered banks during its November board meeting. You can read more details in the story below in this OBA Update, but I want to take a second in my part of the Update here to personally thank Oklahoma State Banking Commissioner Mick Thompson and his team for the leadership and foresight that allowed this reduction to occur. The department is funded by those assessments, and the fact they will be cut by more than half in 2024 is an absolute testament to how well the banking department is managed!

The Banking Department has recommended a discount to bank assessments EACH year for the past decade. Over that time, Oklahoma state-chartered banks have saved more than $20 million in assessments through discounts! Again, what an incredible job being done by our friends down the street here on Lincoln Boulevard!

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Speaking of our esteemed banking commissioner, we hope you will join us on Dec. 7 to welcome in a new class to the Oklahoma Bankers Hall of Fame. The new inductees will join Mick, who was part of the 2019 class of honorees into the Hall.  You can also read more about it in the story below in this OBA Update.

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We held our November OBA board meeting this morning by conference call. We’ve traditionally held each November board meeting by conference call, simply because so many board members are usually out of town for the Thanksgiving holiday and it allows them an opportunity to still take part. We take December off from board meetings, but will reconvene in person in January.

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I wish I could delve deep into my psyche to discover the damage Nebraska football has done to it this season, but I’m not a trained trauma psychiatrist. I can say there aren’t many bristles left on this brush after watching them lose in overtime at Wisconsin on Saturday.

It all comes down to this weekend in the rivalry game against Iowa. Weirdly, my ‘Huskers are favored, even if just by a point-and-a-half. Not so weirdly, the over/under on the game was initially set at 27.5 points, which I believe is one of the lowest – if not THE lowest – over/under mark in the history of college football. Hey, that’s just Cornhuskers football: We’re all about setting records!

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State Banking Board approves 60% reduction in 2024 assessments

The Oklahoma State Banking Board voted unanimously at its November meeting to reduce the assessments paid by Oklahoma state-chartered banks.

The 2024 assessment rate was discounted 60% for each bank with assets less than $1 billion and 15% for each bank with assets more than $1 billion.

During the meeting held Nov. 15, State Banking Commissioner Mick Thompson discussed increased federal regulatory burden on financial institutions over the past few years, and especially since the large bank failures in March 2023. He also provided details to the Banking Board regarding the agency’s 2024 budget and how the Department has sought to lower its own expenses so any savings could be passed on to the industries it regulates.

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Nondeductible portion of OBA dues calculated

The calculation representing the nondeductible portion of member dues attributable to lobbying expenditures has been made for the OBA’s year ending April 30, 2023.

The source of the information used to determine this percentage included the Association’s general ledger and an estimate of the percentage of time related to applicable personnel’s involvement with lobbying activities by management of the Association. FORVIS has reviewed the details involved in the calculation and have indicated it appears to represent the lobbying expenses for the year ending April 30, 2021.

As a result of these procedures, it has been determined the applicable percentage as previously described to be 21.38%.

If you have any questions, please contact Lea Ann Jackson at the OBA.

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OBA soliciting CD bids

The OBA will be purchasing several Certificates of Deposit for investment soon. All interested banks are encouraged to contact us.

The certificates will range from 90 days to 24 months, and most will be in the amount of $245,000 – to be funded the last week of November.

Interested banks should contact Kathryn Donovan in the OBA accounting department: kathryn@oba.com.

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Oklahoma Bankers Hall of Fame fifth class set for induction

The OBA is proud to announce the group of inductees for the Oklahoma Bankers Hall of Fame, with the ceremony set for Dec. 7 in Oklahoma City.

The Oklahoma Bankers Hall of Fame Luncheon & Induction Ceremony honoring Nevyle Cable, Jim Hamby, the late Harry Leonard and Ted McGuire will recognize the fifth group to be inducted into the Hall of Fame, as voted on by a panel of their banking industry peers.

The ceremony will be held over lunch at 11:30 a.m. on Dec. 7 at the Oklahoma History Center, which is located at 800 Nazih Zuhdi Dr., in Oklahoma City.

If you are interested in attending the event, please RSVP by Nov. 30 to the OBA’s Joan Anderson (joan@oba.com) at 405-424-5252. The cost for an individual seat is $75 and $700 for a table of 10.

Additionally, contact Thi Pham (405-424-5252, thi@oba.com) for sponsorship opportunities.

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OBA education corner …

Hey, it got a little chilly on Monday … and it looks like it might continue the rest of the week! Maybe winter IS coming! While you’re waiting, and also wondering why TV shows like to repeat themselves, take the time to check out our upcoming continuing education opportunities!

  • Wire Transfers: Staying Compliant and Avoiding Fraud Loss, Nov. 28, webinar — Recent successful cyberattacks on international wire transfers have raised the bar on examiners’ expectations for your security system and risk monitoring of international and domestic wire transfers. Are you prepared?
  • Assessing Your Commercial Borrower’s Insurance Coverage, Nov. 29, webinar — The commercial loan documents checklist typically lists “evidence of insurance.” Don’t check that off your list without making sure you have reviewed the Certificate of Insurance and assessed your borrower’s coverage.
  • Consumer Real Estate Loans, Nov. 29, webinar — Take this opportunity to deepen your knowledge of the current compliance rules and take your loan processing skills to the next level.
  • Being Strategic With Base Compensation for Non-Executive Positions, Nov. 30, webinar — This webinar focuses on performance-based compensation approaches that community and regional banks should consider to attract and motivate staff level employees and officers.
  • Courageous Conversations, Dec. 1, webinar — Have you ever avoided a tough conversation because you don’t like conflict? Congratulations, you are among friends.
  • Most Common TRID Issues, Dec. 1, webinar — Even though we’ve been living for the TILA-RESPA Integrated Disclosures (TRID) rule for nearly a decade now (believe it or not), compliance has been frustratingly elusive.

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