Week of Feb. 20

February 20, 2017

OBA Bankers’ Night Out programs ready for spring

The dates for the OBA Bankers’ Night Out programs have been finalized. Mark your calendar for the date of the program that’s in your area of the state and plan to attend. Bring your coworkers with you so that everyone can be up to speed on the most recent developments affecting their job.

As in the past, the schedule for each of these meetings is:

5:30 p.m. – Drinks
6:15 p.m. – Program
7 p.m. – Dinner

PRE-REGISTRATION IS REQUIRED. The cost is $40 per person. Click here for a registration form.

Locations and dates for this year’s events are:

Lawton, March 23;
Oklahoma City, March 28;
Tulsa, March 29;
Guymon, April 11;
Krebs, April 19;
Enid, April 20.

Court of Appeals to hear CFPB case en banc

The Court of Appeals for the D.C. Circuit has agreed to hear the appeal in PHH Mortgage v. Consumer Financial Protection Bureau, a case involving the constitutionality of the Consumer Financial Protection Bureau. The appeal will be argued in front of the entire Court rather than just another three-judge panel on May 24, 2017.

A three-judge Circuit panel ruled in October that the CFPB was unconstitutionally structured because Congress set up an Agency directed by a single person, with no oversight and who cannot be removed by the president except for cause.

“The ruling pretty much ends the possibility that President Trump will have much of an argument for firing (CFPB Director Richard) Cordray before his term ends next year,” OBA President and CEO Roger Beverage said . “If he tries (to fire Cordray), he’ll end up in an interesting legal fight that will suck more of the air out of his new Administration, so I’m guessing this idea is on the back-burner, at least for a while.”

This case came about as a result of action taken by Cordray to overturn a ruling by an independent administrative law judge who recommended a fine against a mortgage lender (PHH) alleging “kickbacks” from mortgage insurers to the company. The original fine set by the judge was $6.5 million and Cordray increased it to more than $100 million.

CFPB exploring use of alternative data for credit scoring

The following comes courtesy the ABA:

The Consumer Financial Protection Bureau is seeking feedback on the benefits and risks of using alternative data sources — such as mobile phone bills and rent payments — to help consumers establish a credit history. Using this information could help expand access to affordable credit to consumers who lack a traditional credit history built from mortgages, credit cards and other loans, the CFPB said. The bureau estimates that as many as 45 million Americans have either insufficient or nonexistent credit histories.

In its investigation, the Bureau will consider how using alternative data sources could improve creditors’ ability to assess creditworthiness, and whether it would add additional cost or complexity to the credit application and approval process. The CFPB will also examine the privacy and data security implications of using alternative data sources, and how certain demographic groups might be affected if alternative data were factored into credit scoring models.

TBA, IBAT settle ADA lawsuit

In a discussion over the weekend with Texas Bankers Association President Eric Sandberg, the TBA and the Independent Bankers Association of Texas have tentatively agreed to a settlement with the Pennsylvania law firm that was notifying banks and other small businesses about potential violations of the Americans with Disabilities Act involving both vision and hearing-impaired consumers. The settlement was based on a Texas law that prohibits “barratry” which is the equivalent to the unauthorized practice of law.

“We have not had a bevy of complaints from member banks about this issue,” said OBA President Roger Beverage. “I know there are some instances of these demands that have been made against Oklahoma companies, and if any member bank has received one or know someone who has, we’re asking them to notify the OBA so that we can make an effort to get it resolved with minimal (if any) cost.”

OBA scholarship applications being taken

Each year, the Oklahoma Bankers Association awards a $1,000 scholarship to an incoming freshman who has a parent, grandparent, sibling or spouse who is a Professional Member of the Association. The student must enroll in an accredited Oklahoma institution of higher education. The applicant must also be graduating from an Oklahoma high school. A panel of bankers will select the winning applicant.

Click here for the 2017 scholarship application. Applications are due May 1, 2017.

If you have questions, contact Megan McGuire at our office at (405) 424-5252 or by email at megan@oba.com.

Women In Banking program set for March

Women in senior level or high-potential middle management positions in the banking industry in Oklahoma are invited to attend a forum on March 28 hosted in partnership with the OBA and the Community Bankers Association of Oklahoma. The forum will address topics critical to bankers today and will provide industry and leadership development knowledge that will enhance their careers and networks.

Event topics include:

Economic Update by Kansas City Fed President Esther George;
Community banking regulations;
Cybersecurity;
Creating and cultivating diverse networks, teams and boards;
Utilizing social media to build brands;
Panel discussion with top women leaders in Oklahoma.

Attendees will also receive resources and the opportunity to network with other professionals.

Click here to register!

OBA education corner …

While the weather continues to be all over the place, one thing you can always count on is quality education programs from the OBA! Check out the following:

Ransomware and Cyber Extortion, Feb. 24, webinar — Ransomware and cyber extortion cases are on the rise, with over a billion dollars in losses. With this training, we will teach institutions a useful set of skills.
Overdraft Protection Programs, Feb. 27, webinar — Learn about regulatory expectations for overdraft protection programs.
Basic Personal and Business Tax Return Analysis, Feb. 27, webinar — Attend this proactive seminar to gain an understanding of the often complex and confusing topic of TAXES!
FCRA Review and Update, March 2, webinar — We will review the numerous subparts and appendices in both the CFPB’s and FRB’s Regulation V and the FCRA and FACTA.
Achieving Unclaimed Property Compliance Best Practices, March 2, webinar — Get an overview of the law and basic tips to better manage and control this important compliance responsibility.
UCC Rules: Secured Transactions, March 3, webinar — Leave with an understanding of how to document, close and record secured transactions covered by Revised Article 9 of the UCC.
Commercial Construction Lending, March 6, webinar — Construction loans for commercial real estate (CRE) remain a major part of commercial bank lending.
Health Savings Accounts, March 7, webinar — How do we strike that perfect balance between customer responsibility and custodial responsibility on Health Savings Accounts, and what kind of firewalls can we put in place to prevent constant monitoring?
Vital Check and Deposit Issues, March 8, webinar — Every single day the frontline handles routine matters that can cost your financial institution thousands of dollars if there is an error.
Best-Ever Compliance Checklists for Commercial Loans, March 8, webinar — This colorful checklist, patterned after the popular Best-Ever Consumer Checklists, will guide bankers through those traps and ensure compliance.
Legal Liabilities When Check Fraud Occurs, March 9, webinar — Check fraud losses are estimated to exceed $18 billion each year.
Regulation E Final Changes on Prepaid Cards, March 9, webinar — The new rule applies specific federal consumer protections to broad swaths of the prepaid market for the first time.
2017 Branch Manager School, March 21-22, Oklahoma City — Register your branch leadership teams now and give them the chance to polish their skill sets to synchronize their abilities with what is required to make the branch hum.

Also, the OBA is proud to promote the recognition of bankers who have devoted 50 or more years of service to the banking industry. All eligible nominees will be honored at the 2017 OBA Convention on May 24 at the Embassy Suites in Norman.

Click here to download a nomination form. If you have any questions, please contact Janis Reeser at 405-424-5252 or janis@oba.com.