Week of Jan. 10

January 11, 2022

In This Issue…

CFPB Section 1071 proposal deemed ‘unnecessarily far-reaching’ by ABA
Banks notice rise in fraud, associated costs in 2021
Banking school scholarships available
OBA education corner …

CFPB Section 1071 proposal deemed ‘unnecessarily far-reaching’ by ABA

While ABA and state bankers associations support fair lending laws and regulations, they are concerned about the CFPB’s long-awaited proposed rule to implement Section 1071 of the Dodd-Frank Act, which concerns the collection of credit application data for small businesses, including women- and minority-owned businesses.

The groups stated in a lengthy comment letter that the proposed rule’s costs might have a major impact on small banks and their small business customers, and urged a larger exception for small institutions.

To read the full story by the ABA, click here.

Banks notice rise in fraud, associated costs in 2021

According to a new survey from LexisNexis Risk Solutions, banks experienced more monthly fraud attacks in 2021 than the previous year.

The data determined that the average number of monthly fraud assaults for banks with annual turnover of more than $10 million has climbed from 1,977 to 2,320 since 2020.

To read the full report from LexisNexis, click here.

Banking school scholarships available

Several scholarships are now available to bankers from OBA-member banks for various graduate schools of banking and programs at those GSBs.

Applications should be submitted to the OBA’s Janis Reeser by email (janis@oba.com), regular mail (643 N.E. 41st St., OKC, 73105) or fax (405-424-4518).

Below are the available scholarships. Contact the OBA education department for more specific information about each scholarship:

GSB-Madison HR School Scholarship: $1,050 — Deadline: Feb. 1.
GSB-Madison Prochnow Scholarship: $1,500 each of three years — Deadline: March 18.
GSB-Colorado Future Leaders Scholarship: $1,500 each of three years — Deadline: March 17.
SWGSB Millennium Scholarship: $1,500 — Deadline: March 18.

OBA education corner …

Happy New Year from your friends here at the OBA! A new year brings new beginnings and a busy winter season, but don’t forget to look at the upcoming education opportunities, including the following:

Loan Structure Documentation and Compliance Seminar, Jan. 12-Tulsa; Jan. 13-Oklahoma City — Attend this proactive seminar and receive a thorough overview of commercial lending requirements from a “loan” structure, documentation, and compliance perspective.
Social Media Compliance and Best Practices, Jan. 13, webinar — Social media posts are a great way to communicate with existing customers and gain new ones as well, but what can we posts? What disclosures must be provided? How do we respond to a consumer complaint received via social media?
The Right of Setoff, Jan. 19, webinar — Do you know when the right of setoff is allowed and when it isn’t? Do you know if your financial institution has a statutory or contractual right of setoff? Do you understand the financial risks of using your setoff rights incorrectly? If you don’t know the answers to these questions, make sure to attend this valuable webinar.
BSA Officer Annual Training, Jan. 20, webinar — During this class we will cover the topics for your annual training. We will get you updated and ready for a good examination with many hot spots discussed and hopefully you will avoid some of the issues that many institutions are facing in 2021.
Basic Real Estate Loan Documentation, Jan. 26, webinar — This webinar provides a comprehensive overview of essential real estate loan documentation requirements, regulatory compliance issues, sound loan administration issues and best practices.
Women In Banking Lunch And Learn, Jan. 26, Oklahoma City — Join us for our next Women In Banking luncheon, where we’ll discuss ways to identify risks to your digital security, how to protect yourself and steps you can take to recover if you are breached.
Creating the Right ERM Program, Jan. 27, webinar — Are you creating your first ERM Program for your bank? Do you want to ensure your current program is complete yet keep it simple? If yes to either question, this webinar is for you!
CRE Appraisals: Regulations and the Review Process, Jan. 31, webinar — This program provides a concise overview of the various rules and guidelines, plus key nuances that have created differences among the approaches taken by banks and endorsed or supported by their regulators.
Top 10 Loan Documentation Mistakes and How to Avoid Them, Feb. 1, webinar — This webinar draws upon the speaker’s 25 plus years of teaching loan documentation and practicing law. Experienced bankers will benefit from confirmation of knowing “the right thing to do.” New lenders will learn to avoid the most frequent exceptions and loss-causing mistakes.
Writing an Effective Credit Memorandum – 2 Part Series, Feb. 1 & 8, webinar — This course teaches skills required to write an effective credit memorandum. Learn to emphasize important factors and trends without stating the obvious. In short, your credit memoranda should present relevant, material facts, along with your thoughts and opinions. Both sessions are required receive credit.
ACH Rule Changes: Stay Compliant, Feb. 2, webinar — The ACH Rules continue to change and it more important than ever that you are compliant. Bring your 2022 ACH Rule Book and we’ll make sure you are comfortable with the changes. We’ll also take a look at what happened last year, as a refresher. Join us for this important session.
Five Best Practices for Reg E Disputes, Feb. 2, webinar — Our topic for the webinar will focus on several simple steps to handle Reg E customer disputes and inquiries. Understanding the rules will help you satisfy the regulators but can also SAVE YOUR FINANCIAL INSTITUTION MONEY by only paying the claims that you are required to reimburse for unauthorized transactions.
New Cybersecurity Incident Notification Rule – What Do You Need to Know?, Feb. 3, webinar — In this webinar, you will learn, the definitive requirements of the new Incident Notification Rule, definitions of “Incident” and “Notification Incident” specified in the Rule, actions to take immediately, how the new Rule affects the rest of your Incident Response Program and components of an IRP that help achieve the new Rule requirements.
2022 OBA Intermediate School, Feb. 7-11, June 6-10, Oklahoma City — Presented in two sessions, this school is designed to prepare students to serve effectively and profitably the needs and desires of their banks and the banking public. A major objective of the program is to instill an appreciation for and an understanding of the operations and interrelationships of departments within a bank.