In This Issue…
- From Adrian’s desk …
- FinCEN raises alert on COVID-19 tax credit fraud schemes
- Oklahoma Bankers Hall of Fame fifth class set for induction – still seats available for ceremony!
- OBA Intern Program ready for 2024
- OBA TikTok Time …
- 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 this week!
• • •
I’m in northwest Oklahoma visiting banks today! If you happen to be in the Buffalo/Alva area, look for a tall, redhead in a green Chevy Tahoe pulling into your parking lot!
• • •
I hope everyone had a wonderful Thanksgiving holiday. My family and I spent the time away from work in Branson, Missouri – always a fun trip for us and the kids!
• • •
As Black Friday descends behind us, I always wonder at this time of year, around Christmas, what the financial outlook is for the economy. I’m pleased to see sales on Black Friday were record-setting, and the upcoming weeks heading into the holidays appear to be set for positive developments!
• • •
Welp. College football season is over … for me at least. In a way, it’s a relief – as I shared in the the OBA TikTok you can see below. I guess Charlie Brown can only have the football yanked away by Lucy so many times before it simply gets old.
FinCEN raises alert on COVID-19 tax credit fraud schemes
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network recently issued an alert to financial institutions concerning fraud schemes related to the COVID-19 Employee Retention Credit (ERC) and is urging vigilance in identifying and reporting related suspicious activity.
Ongoing fraud and scams related to the ERC have been identified that, to date, have resulted in 323 investigations involving more than $2.8 billion of potentially fraudulent ERC claims throughout tax years 2020, 2021, 2022, and 2023. Further, these fraudulent claims added to, and disrupted, the IRS’s ERC claim review process, which created a significant backlog and caused delays in the processing of legitimate ERC claims filed by eligible businesses.
The alert provides an overview of typologies associated with ERC fraud and scams, highlights select red flags to assist financial institutions in identifying and reporting suspicious activity, and reminds financial institutions of their reporting requirements under the Bank Secrecy Act.
Oklahoma Bankers Hall of Fame fifth class set for induction – seats still available for ceremony!
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, and there are still seats available, although the number is beginning to dwindle!
If you are interested in attending the event, please RSVP by Nov. 30 to the OBA’s Joan Anderson (email@example.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, firstname.lastname@example.org) for sponsorship opportunities.
OBA Intern Program ready for 2024
An OBA program to be aware of is the OBA Intern Program.
The Intern Program will be active in 2023 and we’re looking for participating banks! For more information on this IMPORTANT program – important not only to aspiring students, but also to participating banks – Contact the OBA education department at (405) 424-5252 or click here for more information!
OBA TikTok Time …
Welcome to the continuation of our 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 here in the OBA Update. For those concerned about security via TikTok, you can also easily view the videos through our Instagram account.
We’ll feature our most recent TikToks each week in the TikTok Time of the OBA Update. This week, we stayed in-house and asked OBA staffers “What they were most thankful for over the Thanksgiving holiday?”
OBA education corner …
No. If we refuse to believe it, it won’t be true, right? The college football regular season can’t really be done. I guess for some of us, it isn’t … but, for some of us, it most certainly is. Whether you await the postseason or next season, take the time to check out our upcoming continuing education opportunities!
- 10 Common Errors on Fiduciary Accounts, Dec. 5, webinar — Your account holder, the federal government or the court has named someone legally to act on his or her behalf. Now what? What can these caregivers and fiduciaries do? What supporting paperwork must each bring?
- Regulation E: Errors & Disputes, Dec. 6, webinar — This webinar will dissect the Regulation E error resolution requirements in plain English.
- New Final CRA Regulations: What Do They Mean For Your Bank?, Dec. 6, webinar — We’ll discuss who has to do what and when, and set the stage for individual banks’ formation of working groups and stakeholder meetings, so you can understand how these changes impact your bank.
- Business Accounts with New Beneficial Ownership Rules, Dec. 7, webinar — We know a great deal about who is in and who is out for beneficial ownership 2024 but our banking regulation is still delayed.
- IRS Information Reporting: Rules and Forms, Dec. 13, webinar — It’s that time of the year again – when thoughts turn to holiday parties and gift-giving … no, really, IRS reporting issues and the myriad rules to follow and forms to complete!
- 2023 Call Report Recap and Look Into 2024, Dec. 13, webinar — This 90-minute webinar will include a discussion of regulatory and accounting changes impacting the fourth quarter of 2023 and those proposed to impact 2024.
- Navigating the FedNow Rules and Regulatory Compliance Environment, Dec. 13, webinar — Learn how to navigate the intricate web of the FedNow Service Operating Rules, Circular 8, and Regulations J, E, and more, to gain an understanding of the rules and regulations that apply to FedNow instant payments.
- 2024 OBA Intermediate School, session I-Feb. 5-9, session II-June 3-7, Oklahoma City — Presented over two sessions, the school is designed to prepare students to serve effectively and profitably the needs and desires of their banks and the banking public. A major objective of the program is to instill an appreciation for and an understanding of the operations and interrelationships of departments within a bank.