Wednesday, July 16, 2025
We make bankers better!

Week of June 30

July 1, 2025

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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Just another short note “from my desk” today: After driving halfway across the country on vacation, I’m back at work … driving halfway across the state! I’m currently off on the road visiting banks today, and maybe I’ll be stopping by yours!

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I DO want to take time to mention this: Anyone notice who’s in first place in the National League Central?

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New dates set for OBA Washington Visit: Sept. 14-16

Please note: We are shifting the Washington Visit dates to Sept. 14-16 (from the original Sept. 21-23), and the hotel will remain The Mayflower Hotel.

The OBA staff and the OBA Executive Committee made this decision to accommodate adjusted Senate/House calendars.

Click here to register online or submit the registration form available in the brochure. If you have any questions, contact Megan McGuire.

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ABA, state bankers associations signal support for tax provisions in budget bill

As the Senate continues debate around many aspects of the One Big Beautiful Bill Act — the GOP’s budget reconciliation bill — the American Bankers Association, the OBA and all 51 other state bankers associations (including the D.C. Bankers Association and Puerto Rico Bankers Association) sent a letter in support of several key tax-related provisions in the bill.

ABA and the state associations thanked lawmakers for including a narrow version of the Access to Credit for Our Rural Economy, or ACRE, Act, which would reduce the cost of credit in rural communities.

The associations also expressed their support for several tax provisions that the bill would make permanent, among them: the Section 199A deduction that levels the playing field for Subchapter S banks; the enhanced estate tax exemption that protects family-owned businesses (including banks) from having to liquidate to pay estate taxes; the New Markets Tax Credit that banks use to support growth in distressed communities; immediate expensing for R&D costs; bonus depreciation; and basing the Section 163(j) interest deductibility calculation on EBITDA instead of EBIT.

Also welcome, the associations said, were provisions to strengthen the Low-Income Housing Tax Credit and reducing the CFPB’s funding cap to promote accountability at the regulator.

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Agencies allow banks to collect CIP data from third parties

The Financial Crimes Enforcement Network and the three of the federal banking agencies issued an order last week allowing banks a new exemption to customer identification program rule requirements.

As of June 27, banks are permitted, but not required, the option to collect taxpayer identification number information from third parties rather than directly from bank customers when opening accounts.

Under the CIP rule, banks must collect a TIN from U.S. customers who open accounts, which is usually their Social Security number. FinCEN last year asked for public input on the potential risks and benefits if banks were permitted to collect partial SSN information and use reputable third-party sources to obtain the full SSN prior to account opening, an exemption that was previously extended to credit card accounts.

The new order permits banks to obtain TIN information from a third party rather than the customer as long as the bank otherwise complies with the CIP rule.

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Electronic title issuance launch begins

The state officially began issuing electronic titles by default for title transactions today, with limited exceptions.

To ensure that you have a seamless experience, the Service Oklahoma team will continue to support you in the months ahead. Just email ELTaccounts@service.ok.gov if you have questions or need assistance with your OkCARS accounts.

As a reminder, although Service Oklahoma has begun issuing titles in an electronic format, there are limited exceptions. In addition, licensed dealers still receive paper titles by default unless they opt in to electronic titles. Furthermore, the transition to electronic titles does not mandate electronic lien filing. Lienholders continue to have the option to process lien transactions in person, by mail or electronically.

Additional Resources
If you need a refresher on all steps related to electronic title issuance, these documents provide a comprehensive overview.

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OBA education corner …

Alan Jackson’s song “Chattahoochie” came on the radio this morning and immediately got us to thinking about the all-time best “summer” songs! While Jackson’s hat tilt toward pyramids of beer cans suits the country music crowd, those looking for a little less twang could also enjoy Jimmy Buffett’s “Margaritaville.” For those more predisposed to hip hop, it’s hard to pass up “Summertime,” by D.J. Jazzy Jeff and the Fresh Prince, while 80s children (and Karate Kid aficionados) might prefer Bananarama’s version of “Cruel Summer.”  Whatever your choice, we should all agree that Labor Day weekend should be reserved for Don Henley’s “The Boys of Summer” … but we’re not there yet! While curating your summer playlists, keep up to date with what’s happening on the continuing education front, including the following:

  • Total TRID Training – 4-Part Series, July 7, 8, 14, 17, webinar — Though TRID has been a part of the compliance landscape for nearly a decade, its complexity makes it one of the most commonly cited violations year after year.
  • You’ve Been Served: Best Practices in Processing Subpoenas, Garnishments and Tax Levies, July 8, webinar — This webinar will provide attendees with best practices and red flags for dealing with the various legal documents served upon financial institutions.
  • The Board Secretary Role: Organizing, Planning, Tracking & Maintaining Accurate Records, July 10, webinar — The board secretary’s role goes far beyond just being the “note taker” at meetings. They must be the chief organizer, ensuring compliance requirements are met, understanding governance issues, planning meetings, developing reports and preserving corporate records.
  • Red Flags for Money Laundering, July 10, webinar — Your staff is the eyes and ears on the ground to protect your institution from being used by money laundering operations.
  • Compliance Requirements for Records Management and Retention, July 11, webinar — Review of the critical compliance requirements for record retention, and formulating and maintaining an effective records management program.
  • The Right of Setoff: What Financial Institutions Need to Know, July 17, webinar — The right of setoff is a complicated, but very effective, tool for collecting debts owed to a financial institution. Learn the best practices and dangers that can arise when using this process.
  • Hot Topics in the IT Examinations, July 18, webinar — Attend this session to understand the hot topics that examiners are looking for in technology and security.
  • BSA/AML Training for Staff, July 15, webinar — This year has brought many new issues for the BSA team as beneficial ownership rules continue to drop out in increments.
  • 2025 New Accounts Documentation and Compliance, Aug. 13-Tulsa; Aug. 14-Oklahoma City — Managing risk is the top priority for all financial institutions, starting at the new account desk.
  • 2025 OBA Compliance School, Aug. 18-22, Oklahoma City — This school is designed to provide an extensive body of knowledge and information on consumer compliance that can contribute to the development of compliance officers and to their associated functions, both of which have become an integral and essential part of our banking industry.

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