Oklahoma Bankers Association We make bankers better!
In This Issue…
- From Adrian’s desk …
- Survey: Consumers think Congress should hold credit unions accountable
- ABA pushes FCC for action on illegal texts
- Be aware of fraudulent emergency data requests
- 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!
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I’ll hit the road AGAIN today, this time headed west to speak at a Western Oklahoma Bankers Association event. I’ll share with them the results and outlook from the election and how it could and will affect banking in the near future.
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Speaking of the elections, they’re over! Well, kinda … we’re still waiting on a number of House races to finish, mostly in California districts. The final Senate race was called earlier this morning as Democratic candidate Ruben Gallego defeated Republican Kari Lake in the race for an open seat in Arizona. The seat was held by Kyrsten Sinema, a one-time Democrat who switched to independent but continued to caucus with the Democratic Party. Sinema retired at the end of her term.
Despite the final in Arizona, Republicans still grabbed control of the Senate with a 53-47 margin. The House remains undecided, although Republicans look to have an advantage needing to win much fewer uncalled races than the Democratic Party.
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Guess what! Nebraska football didn’t lose this past weekend! Of course, the ‘Huskers didn’t win either, but I find my former point far more encouraging! The Cornhuskers were on a bye err … OFF week! (Our communications director, and my editor, Jeremy fervently HATES the term “bye week” when used in reference to a regular-season weekend without a scheduled game. In fact, there’s a good chance he’s typing these words right now to fix what Adrian I just wrote.)
Considering how the past few weeks have gone for Nebraska – and how they’ve also unfolded for our state’s teams – I’ll take a lossless weekend as a victory!
Survey: Consumers think Congress should hold credit unions accountable
U.S. consumers believe federal credit unions should be held accountable for meeting the same legal standards as the banks they compete with for customers every day, according to a new survey conducted by Morning Consult on behalf of the American Bankers Association.
In addition, three times as many consumers believe credit unions should pay federal taxes just like banks compared to those who feel they should not (51% vs. 17%, respectively). Only 17% of Americans are aware that credit unions do not pay federal taxes, while 84% are unaware of credit unions’ tax-exempt status.
By a 5-to-1 margin (59% vs. 12%), consumers believe that credit unions should have the same disclosure and taxation requirements as other tax-exempt organizations. Most tax-exempt organizations must file a special IRS form called Form 990 to ensure basic transparency and compliance with U.S. laws for non-profits. Most tax-exempt organizations also pay taxes on business income unrelated to their tax-exempt mission. Credit unions not only enjoy a federal tax exemption but are also exempt from filing Form 990 and from paying unrelated business income tax.
ABA pushes FCC for action on illegal texts
As part of its anti-fraud policy agenda, the American Bankers Association last week continued to push the Federal Communications Commission to issue new rules to help stem the flow of illegal texts and calls to consumers, sending a letter to the agency.
The FCC had been scheduled to consider the new rules during the agency’s meeting on Sept. 26, but the rules were removed from the agenda two days before the meeting. ABA was joined by multiple stakeholders, including the National Consumer Law Center and financial trade associations, in pushing the FCC to act.
ABA also is asking bankers to submit comments urging the FCC to adopt the new rules.
Be aware of fraudulent emergency data requests
(Note: The following information was originally sent out as an OBA Fraud Alert on Nov. 7.)
Last week, the FBI issued a Private Industry Notification involving fraudulent emergency data requests.
An emergency data request is from a government authority used in emergency circumstances to request information immediately from a business. The process also bypasses additional reviews of the request for legitimacy.
What is most alarming about the alert is the indication cyber-criminals are selling guides on the dark web to teach buyers how to use this process to submit fraudulent subpoenas, including the availability of .gov email addresses to facilitate the fraud.
As a reminder, the following statutes apply in the State of Oklahoma: service by personal delivery, service by mail, service by publication, service by secretary of state, service by acknowledgment, service by other methods. The Oklahoma statutes do not indicate service may be made by electronic transmission (email or fax).
12 O.S. §2004
Process
12 O.S. §2004.1
Subpoena
OBA education corner …
You know what one of the coolest bands that ever existed is? U2. You know what one of the most annoying bands that ever existed is? U2. Some of us were listening to a podcast this week probing through the Irish band’s history, and it’s really fascinating. The quartet became beloved in the early 80s, eye-roll inducing in the last part of the same decade, masters of irony in the early 90s, atonal in the last part of that decade, beloved pop-rockers in the early 2000s and intruders on our iPhones in the 2010s. Has there ever been a band with more ups and downs? While you ponder this rhetorical question, spare a little brainpower on upcoming continuing education opportunities for you and your staff!
- Top Compliance Issues with Flood Programs, Nov. 20, webinar — This session explains in detail the most common pitfalls and challenges related to flood insurance.
- Most Common TRID Issues, Nov.21, webinar — Learn to reduce the risks of noncompliance as we explore TRID hot spots, gray areas and frequently-violated provisions.
- Being Strategic with Base Compensation for Non-Executive Positions, Nov. 21, webinar — This webinar focuses on performance-based compensation approaches that community and regional financial institutions should consider to attract and motivate staff level employees and officers.
- Understanding the Role of the Notary Public, Nov. 26, webinar — In this webinar, you’ll learn about Notary Public responsibilities and notarial acts, basic laws and liability.
- Compliance Issues on Digital Banking: Online Account Opening, Mobile Deposits, P2P and Online Accounts Services, Dec. 3, webinar — What do you need to know and do to be in compliance with Customer Identification Program (CIP), Customer Due Diligence (CDD), identity theft programs, disclosures, E-Sign and many other issues?
- 2024 Performing Commercial Evaluations, Dec. 4, Oklahoma City — Tailored specifically for internal bank members responsible for reviewing or conducting commercial evaluations, this course provides a robust framework for mastering the intricacies of property evaluation.
- The Role of the Audit Committee, Dec. 4, webinar — This session will review the responsibilities of the Audit Committee. It will provide a sample charter and identify the key reports this committee must regularly review to effectively manage their role.