Week of Oct. 24

October 25, 2022

In This Issue…

OBA Golf Tournament reschduled for Nov. 14; registration re-opened!
Agencies announce threshold for smaller-loan exemption
CFPB issues guidance to address junk data in credit reports
OBA education corner …

OBA Golf Tournament rescheduled for Nov. 14; registration re-opened!

Due to adverse weather conditions, the OBA Oktoberfest Golf Tournament (previously set for Monday, Oct. 24) has been rescheduled for Monday, Nov. 14.

Show off your golfing skills or simply join your banking peers as a social registrant at the 2022 OBA “Oktoberfest” Golf Tournament on Nov. 14 at River Oaks Golf Club in Edmond.

The tournament fee is $150 and the registration deadline is Nov. 10. The tournament will begin with registration and lunch. Immediately following the tournament, we will hold an awards ceremony. Sign up now to reserve your spot. We hope to see you on the course!

Not golfing? Join your banking peers as a social attendee for lunch, refreshments and fellowship on the patio. Social attendee registration fee is $50.

Click here to access the registration form. If you are interested in sponsorship opportunities, contact Thi Pham.

Tournament Schedule
9 a.m. — Registration Open & Continental Breakfast
10 a.m. — Shotgun Start (lunch on the course)
Immediately Following Golf — Awards

Agencies announce threshold for smaller-loan exemption from appraisal requirements

The Consumer Financial Protection Bureau, the Federal Reserve Board and the Office of the Comptroller of the Currency announced recently the 2023 threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans will increase from $28,500 to $31,000.

The threshold amount will be effective Jan. 1, 2023, and is based on the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers, known as CPI-W, as of June 1, 2022.

The Dodd–Frank Wall Street Reform and Consumer Protection Act added special appraisal requirements for higher-priced mortgage loans, including that creditors obtain a written appraisal based on a physical visit to the interior of the home before making a higher-priced mortgage loan. The rules implementing these requirements contain an exemption for loans of $25,000 or less, adjusted annually to reflect CPI-W increases.

CFPB issues guidance to address junk data in credit reports

The Consumer Financial Protection Bureau issued guidance last week to consumer reporting companies about their obligation to screen for and eliminate obviously false “junk data” from consumers’ credit reports.

Companies need to take steps to reliably detect and remove inconsistent or impossible information from consumers’ credit profiles. For example, many children in foster care have large amounts of information on their credit reports that is clearly junk data because as minors they are prohibited from entering into most contracts for credit.

You can click here to read the CFPB guidance.

OBA education corner …

The next time Oklahoma needs a good downpour (or frog strangler, as the OBA’s resident Hartshorne native Jeremy Cowen describes them), the OBA will just schedule a golf tournament! Don’t let the soggy beginning of the week get you down: to get your energy going, think about about upcoming continuing education opportunities available through the OBA:

Advanced Commercial Loan Documentation, Nov. 2, webinar — Everything a commercial loan officer should know about the core commercial loan documentation package.
Lending to Municipalities, Nov. 3, webinar — We will discuss credit services for municipalities and other local government organizations.
CRE Lending: Cash Flow Analysis & Cap Rates, Nov. 7, webinar — This program covers the key variables and concepts for determining CRE cash flow and transaction-level stress-testing.
2022 Fall HR Seminar, Nov. 8, Oklahoma City — Human resources has changed a lot over the
years, especially during the pandemic. With 2023 around the corner, it’s up to HR to predict what will essentially shape the future of work in the upcoming year and define priorities accordingly.
Preventing Human Smuggling, Human Trafficking, Elder Fraud and Identity Theft, Nov. 8, webinar — During this program we will conduct staff training to detect and prevent four big crimes against your customers.
Strategies for Succession Planning and Talent Management, Nov. 10, webinar — Every company, regardless of industry, is trying to figure out how to attract and retain the right talent. Organizations are also striving to achieve their goals and fulfill their vision described in their strategic plan.
Basic Cash Flow Seminar, Dec. 1-Tulsa; Dec. 2-Oklahoma City — This seminar will explore various cash flow techniques as they apply to a wide-range of business scenarios including both business and personal (business owner) applications.

Finally, update your 2023 calendars for all the upcoming schools offered by the OBA!

Intermediate Banking — Feb. 6-10; June 5-9.
Commercial Lending — March 5-10.
Compliance — Aug. 21-25.
Consumer Lending — Oct. 2-6.
Operations — Nov. 13-17.