Sunday, March 26, 2023

Jeremy Cowen

Executive News: Looking ahead to last-minute legislation

Well, here we are: In my opinion, this is the most dangerous time for any industry. We are within weeks of the first round of midterms for President Biden. History will tell you if Congress is controlled by the same party as the president, it will suffer a loss of congressional seats and usually control of the House. The current …

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‘Banks are safe’ PSAs available

The Oklahoma Bankers Association has created “Banks are safe” public service announcements for its member banks, both in advertising form as well as in story form, ready for display at the bank or for insertions into local newspapers. These free ads and stories echo the Association’s successful “Nothing’s Safer Than Money In The Bank” public relations campaigns from the past …

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State Banking Department addresses Skip-A-Payment

The Oklahoma State Banking Department issued a statement this weekend concerning the FDIC’s position on the Skip-A-Payment program. The OSBD has yet to receive any complaints on the program, although the FDIC has recently determined it is “unfair and deceptive” unless accompanied by “clear and adequate disclosures. Below is the full statement from the OSBD: We understand the FDIC’s position …

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FDIC releases advisory on insurance, crypto

The FDIC issued an advisory to banks in late July regarding what it says are misrepresentations by some cryptocurrency companies that their products are eligible for FDIC deposit insurance coverage or that customers are FDIC-insured if the crypto company fails. “Over the past several months, some crypto companies have suspended withdrawals or halted operations. In some cases, these companies have …

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OBA partners with ABA, CUNA, other state bankers associations to oppose credit card routing mandates

In a letter sent to the entire House and Senate, a coalition made up of 51 state bankers associations and state credit union associations and leagues from across the country joined the American Bankers Association and Credit Union National Association in strongly urging lawmakers to oppose Sen. Roger Marshall’s and Sen. Dick Durbin’s deeply flawed “Credit Card Competition Act of …

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