News

The OBA just got off the phone with Treasury Secretary Steve Mnuchin. He said directly: 1. Setting up this program has taken a monumental effort on the part of Treasury and the SBA. 2. More than 1,200 banks are already in the program and making PPP loans now. 3. Bank directors ARE ELIGIBLE to participate in the PPP process! It …

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.

OKLAHOMA CITY — With the COVID-19 pandemic impacting communities and businesses across the state, Oklahoma banks are focused on helping as much as they can. The Paycheck Protection Program will offer some relief to small businesses in Oklahoma as it launches on Friday, April 3. Oklahoma bankers, however, do ask for patience from the public as the program begins. Financial …

The 202o OBA Convention planned for May 18-20, 2020 has been postponed in order to protect the health and well-being of our attendees and speakers. We are working our hardest to reschedule the event and updates will be provided as they become available. Thank you for your understanding and please do not hesitate to reach out with questions.

In This Issue… OBA weekly call with bankers concerning COVID-19 response available for download Treasury releases assistance for small businesses, information for lenders SBA Form 750 available for bankers Interested in leading our Emerging Leaders? Let us know … TODAY! OBA education corner …

Who can get a loan? Businesses, including self-employed and independent contractors, nonprofits (501 C3), veterans’ organizations (501 C19) and tribal business concerns with less than 500 employees. Where do I apply? Any federally insured depository (bank or credit union). How much can I borrow? Up to $10 million but not more than 2.5 times average monthly payroll. How much will …

Federal Deposit Insurance Corporation Chairman Jelena McWilliams addressed the Financial Stability Oversight Council on Thursday, highlighting the agency’s ongoing efforts to provide the necessary flexibility to both banks and their customers in response to the coronavirus (COVID-19) pandemic. “I want to underscore that our banks are safe,” McWilliams said. “Your FDIC-insured deposits are safe. […] The FDIC was borne out …

(As of March 25, 2020) COVID-19 continues to take its toll as it impacts communities in Oklahoma and across the country, and America’s banks are helping to  lead the way and taking steps to respond to the needs of individuals and small business owners directly affected. Note: This support will vary by institution and the customer’s specific circumstances. As a customer, …

COVID-19 is causing many concerns with consumers, but access to your money shouldn’t be one of them. Here are the top five things you need to know about your money and banks under “Safer At Home.” 1. You have continued access to your funds and bank services. Banks are considered an essential service which means you continue to have access …

Business continuity planning during pandemics must include compliance considerations at every level and in every department of the bank—the current COVID-19 crisis is no different. Compliance Alliance developed these tools for all banks across the United States – regardless of membership – for the challenging weeks ahead. Here are the bank pandemic planning tools: COVID-19 Essential Critical Infrastructure Worker Credential …