Oklahoma Bankers Association We make bankers better!
In This Issue…
- From Adrian’s desk …
- More information given on EGRPRA process
- Counterfeit check scam targeting attorneys
- Agencies announce thresholds for consumer credit, upper-level mortgage loans
- 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’m headed to Chicago this week, alongside Megan McGuire, to the ABA’s State Issues Summit. It’s always a great meeting as we get to hear from our peers around the country about their own successes and issues at the state government level. It’s usually helpful to see what might be coming down the pike our way as our own state legislative session looms in February.
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With many states still picking up the pieces following Hurricane Helene, now our friends in Florida are preparing for Hurricane Milton. It’s looking like a true monster, from what I’ve seen and read. Keep everyone in Florida in your thoughts.
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Come golf with us! Or, if golfing isn’t your thing, come hang out with us! The Oktoberfest Golf Tournament in two weeks! It’s a perfect chance for some banker camaraderie!
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We’ve crossed the under-the-month mark and are now exactly four weeks away from the election!
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That was a nice win for Nebraska over a previously undefeated team! Maybe we didn’t set the world on fire with style points, but a win is a win at this points and set us up going into the bye week. Now I can enjoy watching the OU/Texas game this weekend without being distracted by my own Big Red squad.
More information given on EGRPRA process
During the OBA Washington Visit last week, the acting comptroller of the currency mentioned EGRPRA (The Economic Growth and Regulatory Paperwork Reduction Act), which elicited several questions from bankers.
Ryan Portell, with the comptroller’s office, reached out to OBA Chair Alicia Wade late last week with some follow-up information. We’re sharing below what he had to say:
The agencies have split the EGRPRA process into four different public notices that will cover three topics per notice. Currently, the agencies are seeking comments on the following topics. You have until Oct. 30 to submit a written comment.
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- Consumer Protection.
- Directors, Officers, and Employees.
- Money Laundering.
Each agency has a different process for submitting comments, but for the OCC, this link will take you directly to the comment feature on Regulations.gov. You can type your comment into the text box or upload a written letter. Alternatively, you can mail your comment to:
Chief Counsel’s Office
Attention: Comment Processing
Office of the Comptroller of the Currency
400 7th Street SW, Suite 3E-218
Washington, DC 20219
I would also encourage you and your members to sign-up to speak at future public outreach meetings. The OCC hosted the first public outreach meeting last Wednesday, but there will be five more (two virtual and three hybrid). Those dates and locations have not yet been announced, but I am happy to provide that information when it becomes available. If you have any questions or need anything else on my end, please do not hesitate to reach out.
Counterfeit check scam targeting attorneys
This morning, the FBI issued a Public Service Announcement regarding counterfeit check scams targeting law firms.
This scam has been active for decades and, unfortunately, attorneys are still being victimized with some rather large losses. No law firm, large or small, can afford to take a significant loss or damage their reputation by participating in the money mule side of these transactions. Whether “payment” is in the form of a counterfeit check or a wire transfer, the goal is to get the attorney to forward the funds quickly.
Please share this link with your attorney customers. The best mitigation practice is to delay settlement/payout for any new attorney/client relationship for at least 10 days. Especially if they have not met their client in person. Other red flags and tips can be found in the PSA.
Agencies announce thresholds for consumer credit, upper-level mortgage loans
The Federal Reserve and Consumer Financial Protection Bureau last week announced the dollar thresholds used to determine whether certain consumer credit and lease transactions in 2025 are subject to certain protections under Regulation Z, which implements the Truth in Lending Act, and Regulation M, which implements the Consumer Leasing Act.
The agencies are required to adjust the thresholds annually based on the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers, known as CPI-W. Effective Jan. 1, 2025, will apply to consumer credit transactions and consumer leases of $71,900 or less, up from $69,500.
OBA education corner …
Saturday was a hilarious day in college football! Between all the upsets and goalposts being carried through campuses and downtowns, it’s exactly WHY we love college football so much! What awaits this weekend, especially in the Cotton Bowl? Who knows, but while pondering it all, take a second to think about what upcoming continuing education opportunities are right for you and your staff!
- Vendor Management – Agencies Raising Expectations, Plus Recent Developments, Oct. 11, webinar — We’ll discuss the final guidance and what these new expectations are, and how to best improve your vendor management program.
- Controlling the Risks of Power of Attorney Documents, Oct. 15, webinar — Are you ready to tackle the complexities of Power of Attorney documents with confidence? This session will equip you with the knowledge and insights to navigate even the most challenging situations with ease.
- The Top 6 Controls To Reduce Your Risk Of A Cyber Incident, Oct. 15, webinar — What should your organization do to close the gap and reduce your cyber risk?
- 2024 Current Matters and Common Questions on the Call Report, Oct. 17, webinar — As the financial landscape continuously evolves, the Call Report has seen numerous changes over the years.
- 2024 BSA: AML/CFT Compliance Update, Oct. 22-Oklahoma City; Oct. 23-Tulsa — This program not only helps you stay ahead of current trends but also ensures you meet the annual training requirements mandated by BSA regulations.
- Demystifying Trusts: A Guide to Establishing Deposit Accounts and Loans, Oct. 23, webinar — This webinar will provide attendees with information on doing business with trusts, including best practices in establishing deposit account and loan relationships.
- Bank Fraud Investigations 101 Seminar, Oct. 24, Oklahoma City — This class was designed to give you the processes and actions needed to successfully investigate a loss or potential loss event.
- HR Fall Seminar, Nov. 14, Oklahoma City — In this seminar we will explore some of these changing ideas with hiring and retention, DEI, human resource technology, generational differences and more.