Week of Oct. 30

In This Issue…

• From Adrian’s desk …
• OBA hosts Zoom meeting with attorney general’s office on alien ownership of Oklahoma real estate
• Federal Reserve proposes new rule on interchange fees
• Bank Performance Report available for OBA members
• OBA TikTok Time …
• OBA education corner …

From Adrian’s desk …

By Adrian Beverage
OBA President & CEO

Just some random tidbits that might be of interest to our bankers this week!

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I hope you enjoyed our Zoom session with the Oklahoma attorney general’s office on Monday. We discussed changes made to Title 60 O.S. § 121 – Alien ownership of Oklahoma real estate and had Brad Clark from Attorney General Gentner Drummond’s staff as our guest. Visit the story below for links and downloads pertaining

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We hosted Rep. Stephanie Bice in our offices today. She stopped by and met with several bankers. The 5th District congresswoman answered some questions and gave us all a little insight on the drama going on at the U.S. Capitol during what has been an incredibly interesting past few weeks.

Stephanie is a strong supporter of our industry, and even took time out of her schedule last month to give OBA Washington Visit attendees an after-hours tour of the Capitol building. We’re always happy to visit with her!

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Thursday was a good day for ALL banks as the injunction on the Sec. 1071 Final Rule was expanded to encompass ALL banks. The original partial injunction, issued on July 31, was only for member banks of the American Bankers Association and/or the Texas Bankers Association. On Thursday, however, a U.S. district judge, based in Texas, barred the Consumer Financial Protection Bureau from implementing and enforcing the Sec. 1071 Final Rule against all banks and financial institutions, regardless of trade association membership, pending the U.S. Supreme Court’s issuing of its opinion on the constitutionality of the CFPB’s funding structure.

We’re excited by this as the OBA fights diligently for ALL its member banks, whether they be ABA members or not. It was a positive moment for the WHOLE of the banking industry.

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Speaking of the ABA, Megan McGuire and I were in Chicago last week for the ABA State Issues Summit. While there, Megan took part in a panel about state associations’ annual Washington, D.C. visits. It was a well-deserved moment for Megan who helped spearhead our record-breaking triple-digit attendance on our own Washington Visit last month!

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Don’t look now, but Nebraska football is on a three-game winning streak – it’s first such streak since 2016! The Bugeaters are tied atop the Big 10’s West Division, and while that’s not necessarily a grand achievement in and of itself, the fact they look competent and motivated does my heart well! One more win for bowl eligibility, let’s not jinx anything!

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OBA hosts Zoom meeting with attorney general’s office on alien ownership of Oklahoma real estate

The OBA hosted a Zoom meeting with Brad Clark, from the Oklahoma attorney general’s office, on Monday to discuss the changes made to Title 60 O.S. § 121 – Alien ownership of Oklahoma real estate.

You can click here to watch and download the entire meeting, along with questions and answers at the end, and also click here to download and view the slides Clark used during the meeting.

Here is the link to take you to new affidavit forms to comply with the changes in the new law along with FAQs. The page will soon be updated with FAQs from the Land Title Association.

For reference, the highlighted section below is new law that goes into effect on Wednesday.

1. No alien or any person who is not a citizen of the United States shall acquire title to or own land in this state either directly or indirectly through a business entity or trust, except as hereinafter provided, but he or she shall have and enjoy in this state such rights as to personal property as are, or shall be accorded a citizen of the United States under the laws of the nation to which such alien belongs, or by the treaties of such nation with the United States, except as the same may be affected by the provisions of Section 121 et seq. of this title or the Constitution of this state. Provided, however, the requirements of this subsection shall not apply to a business entity that is engaged in regulated interstate commerce in accordance with federal law.
2.  On or after the effective date of this act, any deed recorded with a county clerk shall include as an exhibit to the deed an affidavit executed by the person or entity coming into title attesting that the person, business entity, or trust is obtaining the land in compliance with the requirements of this section and that no funding source is being used in the sale or transfer in violation of this section or any other state or federal law. A county clerk shall not accept and record any deed without an affidavit as required by this section. The Attorney General shall promulgate a separate affidavit form for individuals and for business entities or trusts to comply with the requirements of this section, with the exception of those deeds which the Attorney General deems necessary when promulgating the affidavit form.

The affidavit is only required for deeds transferring ownership of real estate to a non-U.S. citizen or entity on or after the Nov. 1, 2023, effective date. It does not apply to deeds filed of record prior to that date nor does it apply to leases or personal property. If the bank is making a purchase money loan for real estate on or after the effective date, it will require that the affidavit be executed by the purchaser and recorded with deed.

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Federal Reserve proposes new rule on interchange fees

The Federal Reserve has proposed a new rule regarding debit card interchange fees earned by banks. The rule would lower the cap on these fees and require a new review process biennially. The cap would also be updated every other year, applying to debit card issuers.

The ABA and other stakeholders will oppose this proposed new rule. To contact the Federal Reserve and oppose the rule, click here.

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Bank Performance Report available for OBA members

The OBA recently entered a co-branding agreement with Kentucky Bankers Association for a quarterly banking publication called Bank Performance Report.

BPR currently has 350 bank subscribers from across the country. This report is in electronic and/or printed format utilizing data from the quarterly FFIEC Call Reports, from which the BPR ranks overall performance of each bank headquartered in that state. The overall performance ranking is based on each bank’s average ranking across eight different performance categories – net interest, non-interest income, non-interest expense, efficiency, NPAs/equity and reserve, asset quality index, return on assets and return on equity.

The latest BPR, for the third quarter, will be released on Friday.

For more information on the BPR, or to subscribe, click here. You can also learn more about BPR through a recently produced commercial by the group.

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OBA TikTok Time …

Welcome to the continuation of our new, semi-regular feature in the OBA Update: OBA TikTok Time!

The OBA created a TikTok account to feature fun, entertaining little video segments that feature our bankers and those who work with them. No, you don’t have a TikTok account to view these short videos as you can navigate directly there just by using the link we provide here in the OBA Update. For those concerned about security via TikTok, you can also easily view the videos through our Instagram account.

We’ll feature our most recent TikToks each week in the TikTok Time of the OBA Update. This week, for our second edition, we stopped in at the OBA Women In Banking Luncheon and wanted to discuss songs from the woman who made Jason Kelce famous: “What is your favorite Taylor Swift song … and would you sing a few lines of it?”

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OBA education corner …

Well, the cold weather is officially here. We pretty much just skipped from summer to winter with autumn lasting all of a few hours in the middle of last week sometime – you may have missed it because of all the rain. Sigh. Don’t let the early winter doldrums get YOU down, however. You can stay warm inside with the OBA’s continuing education opportunities available in climate-controlled conditions!

• Best-Ever Compliance Checklists for Commercial Loans, Nov. 2, webinar — Don’t let compliance traps trick you – discover the best practices for business-entity documentation, underwriting documents, guarantors and security interests to ensure your success!
• Adverse Action Notices, Nov. 7, webinar — Regulation B and the Fair Credit Reporting Act requirements for adverse action notification in mortgage lending can be very confusing. Knowing how to properly handle loan applications that are denied, incomplete or eligible for a counteroffer is essential knowledge.
• 10 Ways Your Tellers Can Prevent Check Fraud, Nov. 7, webinar — We are all experiencing incredible check fraud. What can our tellers do to help prevent the crimes?
• Unpacking theACH Audit, Nov. 8, webinar — Who performs your annual ACH audit? Whether it is performed in house or by an outside group, you should understand what the audit is and includes.
• Loan Documentation for the Ag Lender, Nov. 9, webinar — This webinar will provide bankers with an essential understanding of agricultural collateral, the risks presented by agricultural lending, agricultural loan documentation and loan administration.
• Commercial Loan Documentation: Ensuring Collateral Attachment and Perfection, Nov. 13, webinar — The purpose of this two-hour webinar is to provide participants with a good understanding of the loan documentation process. Participants will be exposed to the five steps in the loan documentation process.
• Understanding the Role of the Notary Public, Nov. 15, webinar — The webinar provides attendees with the do’s and don’ts of being a Notary Public.
• Marketing and Advertising Compliance All-Day Streaming, Nov. 16, webinar — In this day and age of UDAP/UDAAP, it’s clear that how you say what you say in your advertisements is just as important as what you say.
• Countdown to Beneficial Ownership – Policy, Procedures and Process, Nov. 16, webinar — Ready, set, go! It’s time to update your beneficial ownership policy, procedures and processes!

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