Oklahoma Bankers Association We make bankers better!
We have finally reached the first deadline at the state legislature – it felt like we would never get here!
We started the session tracking 546 bills, and after the deadline, we are now tracking significantly fewer.
We will be spending the next couple of weeks hearing bills on the floor in the house of origin. While the first couple of weeks have seemingly and illogically gone both fast and slow, I would say it has been positively productive so far.
The bills we wanted to pass are still moving and the majority of the bills we wanted to fail did just that.
Unfortunately, there is one bill we oppose still alive, which I’ll discuss. I’ll also go into a little detail on the three other bills so you have an idea of what we are working on.
HB 3121 (Rep. Lepak)
This bill is commonly referred to as the “De-Banking Bill” – its intent is to somewhat mirror President Trump’s executive order on de-banking.
This new law establishes definitions and guidelines for “adverse actions” taken by financial institutions against individuals or entities, specifically defining instances of discrimination based on the exercise of religion, free speech or lawful economic activity.
It requires financial institutions, with assets or transactions over $100 billion, to provide specific reasons for adverse actions if requested by the affected person within 90 days.
Financial institutions are prohibited from discriminating in the provision of financial services, conspiring to discriminate and providing false or misleading information regarding adverse actions.
Violations of this section are deemed unfair or deceptive practices, allowing the attorney general or other officials to seek remedies under Oklahoma’s Consumer Protection Act.
Affected individuals may pursue civil action for damages, preventive relief and recovery of attorney fees and court costs.
While this bill only applies to banks that are $100 billion or more in total assets, and can only affect Oklahoma state-chartered banks, you might think it won’t touch any of our state-chartered banks. In that assumption, you are mostly correct. Still, there are several reasons we are strongly opposed to this bill:
We are sick and tired of the state legislature picking on banks and using them as the guinea pigs for their political victories. We’ve had so many bills over the years that are targeted at financial institutions – when are other industries going to get their ticket to the party?!
Do you remember when Dodd-Frank was signed into law and was only going to impact banks over a certain size and leave smaller community banks alone? Exactly. Just because this bill supposedly impacts only those that are over $100 billion in total assets, we all know they are more than capable of ratcheting the number down in the future.
WE ARE STRONGLY OPPOSED TO THIS BILL.
HB 3020 (Rep. Lepak)
This bill is an OBA-introduced piece of legislation that will hopefully provide you additional tools when fighting fraud on behalf of your customers.
It adds new language to and amends Title 6 to accomplish the following:
Allows banks (voluntary) to place a 10-business-day transaction hold if it suspects a protected adult (over 62 or as defined by title 43A) is the victim of financial exploitation occurring, having occurred or being attempted.
Allows the hold to be extended by 10 business days if the bank’s investigation leads to a reasonable belief of financial exploitation or upon the request of law enforcement or APS.
Allows banks to reach out to a trusted contact or other person related to the account.
Provides an exception to the Financial Privacy Act for banks to provide information during an ongoing financial exploitation investigation by APS or law enforcement.
Immunizes banks for their decision to place or not place a hold and to provide or not provide information during an ongoing investigation.
This bill has passed out of both committees with no questions nor any NO votes.
HB 3244 (Rep. Bashore)
This is another OBA-introduced piece of legislation that makes life much more difficult for those who hope to commit fraud on our most vulnerable customers.
First, it expands the definition of pattern of criminal offenses to better encapsulate modern fraud techniques:Section 425 of Title 21, increases penalties for anyone engaging in a pattern of criminal offenses. Current law requires the person to have engaged in criminal offenses in two or more counties in this state. The revised statute will better fit with modern criminal techniques by including criminal offenses committed:
In two or more municipalities in this state.
In a municipality and an unincorporated portion of the same county.
Within the state and outside the state.
Within the state and an act committed online.
Second, it closes a potential charging loophole whereby the criminal exploits a vulnerable or elderly adult or a minor into committing a crime.
Criminals often use coercion, deception, intimidation or other means to exploit vulnerable adults, the elderly or minors into committing crimes on their behalf. This bill makes it a crime to do so. This allows prosecutors to charge criminals for their actions in causing the crime to be committed by a vulnerable or elderly adult or a minor, even though the criminal did not commit the crime directly.
The bill also enhances the fines and penalties for criminals who engage in a pattern of such exploitation.
Third, it greatly enhances Oklahoma’s identity theft laws.
Increases the list of items of other persons, the possession of which with fraudulent intent, is unlawful. Current law lists only a few basic items such as driver’s license numbers, social security numbers or account numbers. The amended law would expand that list to include items used by modern criminals, such as:
Security codes, PIN numbers, bank logos, peer-to-peer payment login, usernames and passwords, answers to account security questions, digital credit cards, digital wallet keys, credit history, tribal cards, IMEI phone information, DNA, fingerprints and many other items used by modern criminals to commit identity theft.
Prohibits the use of a stolen or synthetic identity or to falsely portray oneself as a business, financial institution or government entity, to obtain money, credit or anything of value.
Enhances penalties for identify theft, aggravated identity theft and multiple convictions.
Increases cooperation among law enforcement agencies, fraud investigators and similarly acting employees at banks, credit unions and other financial institutions.
• • •
As everyone knows, 2026 is an election year. Currently, in fact, we’re only about 15 weeks away from the June primary elections.
Some of you love election years and some can’t wait for it to be over. Regardless of which side of the fence you fall on, it’s here and it won’t be going anywhere.
With that said, the best voters are educated voters, and we have the perfect opportunity for you. Coming in April, we are having our spring round of Bankers’ Night Out events. We’ve invited statewide candidates to join us at these events; they’ll each have a few minutes to tell their story their plans should they be elected.
I’d encourage you to strongly consider joining us at one of the locations closest to you. Below are the details. Shoot me an email if you are interested in attending and we’ll take it from there.
Tulsa, April 7.
Oklahoma City, April 8.
Ardmore, April 14.
Krebs, April 16.
Guymon, April 23.
Additionally, lunch editions will be held on April 7 in Grove, and on April 23 in Woodward.