Oklahoma Banker Direct

As you know, the SBA today officially announced that it has exhausted its $349 billion in Paycheck Protection Program funding. Since Oklahoma bankers know better than most how critically important it is for Congress to authorize additional funds for this program, we urge you to make a direct appeal to congressional leadership. Senate Majority Leader McConnell, Senate Minority Leader Schumer, …

As of the morning of April 16, the funds for the Paycheck Protection Program have been depleted. While we expect Congress to appropriate more funds for the PPP soon, in the meantime the Small Business Administration and Treasury Department will not be processing any more loan requests through the PPP. “There is currently a bill being discussed in congress that …

The following question was asked: Please provide guidance on how to proceed with directors of banks receiving PPP loans under Reg O. Here is the response from the SBA: 13 CFR 120.110(a)(15) (currently 120.110(0)) – prohibiting loans to businesses in which the Lender or CDC, or any of its Associates owns an equity interest. The business is eligible but it …

Many bankers have asked where they can find their SBA Code/Authorization code. The SBA has just confirmed that the “Authorization Code” is the local SBA District Office Code. The SBA Office Code for the Oklahoma District Office is 0680.

The OBA just received word the PPP system is temporarliy down to make system upgrades. We are told it will be back up soon; however, we do not know an exact time frame. Keep sending us (roger@oba.com; adrian@oba.com) questions about any issues that are making it difficult to participate in the PPP and we’ll do our very best to get …

There have been many questions regarding participation of faith-based organizations in the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan Program (EIDL). Click here to view an SBA document addressing frequently asked questions.

(includes updated time) CFPB Director Kathy Kraninger will make her first visit to Oklahoma City on Nov. 14 to do a number of things, which includes a briefing with OBA-member banks. The meeting will be held at 10:30 a.m. on Thursday, Nov. 14 in the conference room at Valliance Bank, which is located at 1601 NW Expressway, Oklahoma City, OK …

(Information courtesy of ABA) The U.S. Department of Agriculture on Tuesday issued an interim final rule establishing new regulations and procedures for the legal production of industrial hemp, as required by the 2018 Farm Bill. The Farm Bill reclassified hemp as a legal agricultural commodity, but questions remained, including those related to banks’ ability to serve hemp producers and hemp-related …

Last night, we distributed a Banker Direct in which we included the news about the U.S. House of Representatives’ passage of H.R. 1595, the SAFE Banking Act. The bill was placed on the suspension calendar (meaning it was non-controversial) and passed 321-103, with nine members not voting. We were able to access the vote tally late last night and the …

The U.S. House of Representatives passed the SAFE Banking Act earlier today in a 321-103 bipartisan vote. The Act would help legal cannabis-related businesses gain access to banks without punishment from federal banking regulators. The bill would also help banks meet the needs of their communities while also reducing the possibility of cash-motivated crimes at marijuana-related businesses because of their …