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Open letter to Congress, Oklahoma delegation, from Oklahoma banker

October 17, 2017

I was recently in D.C. with 70 fellow bankers. During our visit, Rep. Lucas took time out of his busy schedule to meet with us for a few minutes. His dedication is greatly appreciated.

During our visit, a hot topic was tax reform. As I understand it, the bill would have an easier road if it were revenue neutral. I have two ideas that might help with that. First, recently, a massive 1099 reporting requirement was put on the books and then removed, which I applauded, however, I do agree that livestock sale barns should 1099 sales. I was in public accounting for 13 years before entering banking and I think this would be a revenue generator.

Secondly, I suggest the unrelated business income tax for non-profits be enforced. For example, credit unions were established in the 1930s to provide small dollar loans and financial services to people of modest means within a defined group. Last year, 52 percent of mortgages originated by credit unions were to upper-income consumers. Mortgages are not small dollar loans. In addition, credit unions "expand" the rules to allow anyone as a member and advertises such in ads. Modest means is defined annually by HUD and income levels are posted on the HUD site. Last year alone, Tinker Federal Credit Union would have paid $7.6 million in taxes. Not only would enforcing taxation of activities above the entities' approved tax-exempt status help balance Federal tax reform with NO NEW taxes, it would also benefit the State of Oklahoma as pass-through taxable income helping to solve our state's budget crisis and, I hope, give teachers the pay they deserve.

I thank you in advance for your consideration.


Sandy Werner
CEO — First National Bank & Trust of Elk City
Vice Chairman — OBA


Nondeductible portion of OBA dues calculated

BKD, LLP, has performed a calculation representing the nondeductible portion of member dues attributable to lobbying expenditures for the OBA's year ending April 30, 2017.

The source of the information used to determine this percentage included the Association's general ledger and an estimate of the percentage of time related to applicable personnel's involvement with lobbying activities by management of the Association. The OBA has reviewed the details involved in the calculation and have indicated it appears to represent the lobbying expenses for the year ending April 30, 2017.

As a result of these procedures, it has been determined the applicable percentage, as previously described to be 15.92 percent.

If you have any question, please contact Lea Ann Jackson at the OBA.

Equifax data breach impacts millions

One of the nation's largest credit reporting bureaus sustained a significant data breach late last week, and the breach may have a significant impact on a number of issues, including legislative proposals.

Courtesy the OBA's Elaine Dodd, below are some links for our OBA bankers to gain more information on the breaches and how it affects them. The first three are from Brian Krebs. He has been advocating security freezes for years now and it is still the best first response in Elaine's opinion. It would also be a good time to remind customers of the big three for money security: 1. Check your bank statements (paper or online) frequently; 2. Check your credit card statements regularly; 3. Monitor your credit report throughout the year (www.annualcreditreport.com). Be aware and you will stay safe!

ABA survey: Online, mobile are most popular banking channels

Forty percent of Americans manage their bank accounts online more frequently than any other method, according to a recent survey conducted by Morning Consult on behalf of the American Bankers Association.  One in 4 consumers (26 percent) use their mobile devices most often to conduct their banking business, while 18 percent visit their bank's branch the most frequently.

When asked “Which of the following methods do you use most often to manage your bank account?” consumers responded as follows:
  • Internet (Laptop or PC) – 40 percent;
  • Mobile – 26 percent; 
  • Bank Branches – 18 percent;
  • ATM – 7 percent;
  • Telephone – 4 percent; 
  • Mail – 2 percent; and 
  • Don't know/No opinion – 3 percent


Featured Product...

No Weapons window clings

A new law allows licensed Oklahomans to carry unconcealed handguns. The Oklahoma Self-Defense Act also allows banks and other entities to ban weapons on their premises.

The OBA has developed these window clings for banks to display at all entrances to the bank.

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Financial Equipment Co.

Sales and service of banking equipment such as teller machines, check encoders, coin and currency counters, coin wrappers, cash dispensers, currency discriminators and paper shredders, cash recyclers and cash mangement systems.