Oklahoma Bankers Association We make bankers better!
In This Issue…
- From Adrian’s desk …
- State banking board approves reduction in 2025 assessments
- Bank fraud group schedule meetings for early December
- OBA offices closed Thursday, Friday for Thanksgiving
- 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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We held our monthly board meeting today, as well as a meeting of the Government Relations Council. In a nod to it being so close to the Thanksgiving holiday, we convened both meetings via Zoom to be helpful for those out of the office.
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President-elect Trump, last week, nominated hedge fund manager Scott Bessent as Treasury secretary. Bessent is the founder of investment firm Key Square Group and a former partner at Soros Fund Management. If confirmed by the Senate, he will succeed current Treasury Secretary Janet Yellen.
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They did it! They did it!
The “they” in this case are my Nebraska Cornhuskers, who finally, FINALLY, reached bowl eligibility thanks to a win against Wisconsin on Saturday. Later the same evening, many of you may have heard about a little game that took place in Norman where the Oklahoma Sooners also reached bowl eligibility. I may or may not have been among those on the field after the game ended … I’ll leave the answer open-ended.
Saturday was a good day.
State banking board approves reduction in 2025 assessments
At its meeting on Nov. 20, the Oklahoma State Banking Board approved the State Banking Commissioner Mick Thompson’s recommendation to reduce assessments paid by Oklahoma state-chartered banks.
After setting assessments at the rate first established in 2004, the board then approved a discount of 70% for banks with assets less than $1 billion and 25% for banks with assets exceeding $1 billion. Based on estimates, this year’s reduction will result in the Department operating with a budget deficit for 2025 and require it to use a portion of its reserve funds to make up the difference. Commissioner Thompson emphasized the Department should not hold excessive reserve funds, and said the board’s action will allow the Department to maintain a reserve account that provides a reasonable cushion for unplanned events, but will also fit within the governor’s call to be fiscally responsible.
Commissioner Thompson stated a reduction in assessments is one of the ways the Banking Department can reduce regulatory burden on state-chartered institutions. He recognized most regulatory matters are issued from the federal government and states cannot directly eliminate that burden. He stated that any savings achieved by a reduction in assessments, however, can be redirected toward other operations and help offset increased costs incurred to comply with federal laws.
This year’s reduction amounts to over $5.2 million, and the total reduction in assessments for Oklahoma banks over the past several years is more than $30 million.
Bank fraud groups schedule meetings for early December
The OBA will host the fourth quarter’s Bank Fraud Investigators Group meeting at 9:30 a.m. on Friday, Dec. 6th in the Harris Event Center at the Oklahoma Bankers Association.
This meeting is for financial institutions and law enforcement in the state of Oklahoma to network and discuss electronic crimes such as card fraud, wire/ACH fraud, internet scams, crypto scams, ATM fraud/jackpotting, etc. It is open to any financial institution or law enforcement officer whose duties include prevention, detection or investigation of electronic crimes targeting the financial sector. The meeting should last approximately 1-2 hours, depending on attendance and length of discussions.
For questions, please contact sharon@oba.com.
Additionally, the IS MAFIA meeting will be held 9 a.m. on Friday, Dec. 13 at Valliance Bank (first-floor conference center), 1601 NW Expressway, Oklahoma City.
This meeting is for financial institutions in the state of Oklahoma to network and discuss cybersecurity issues affecting our industry. A completed non-disclosure agreement is required before attending. The form can be found here and can be submitted to Cherry Wilson, with The Bankers Bank, prior to the meeting, or you can bring the completed form to the meeting. The guest speaker for this meeting will be Geoff Wilson, with Go Security Pro. He will be talking about securing O365 and exchange environments.
OBA offices closed Thursday, Friday for Thanksgiving
The OBA offices will be closed Thursday, Nov. 28, and Friday, Nov. 29, for the Thanksgiving holiday.
We will reopen at our regular time on Monday, Dec. 2.
Happy Thanksgiving!
OBA education corner …
Friday is going to be an exciting time! HBO releases a documentary (dockumentary?) on the yacht rock phenomenon of the 70s and 80s! What is yacht rock? Well, if you’ve ever heard the subtle strains of Christopher Cross, Michael McDonald, Ambrosia, Chicago, Little River Band or Seals and Crofts, you’ve heard yacht rock! It’s essentially soft rock with a chill vibe. While watching the documentary, and trying to decipher just whatever the heck McDonald says in any of his songs, take a second to also gander at the schedule of upcoming continuing education opportunities for you and your staff!
- Controlling the Risks of Power of Attorney Documents, Dec. 5, webinar — This session will equip you with the knowledge and insights to navigate even the most challenging situations with ease.
- Oil and Gas Lending, Dec. 5, webinar — The energy sector is strong again and so is the market for oil and gas lenders.
- The State of UDAAP: Where Are We Now?, Dec. 6, webinar — In this webinar we’ll discuss understanding what examiners are focusing on, including areas where a clear rule or regulation might not even apply.
- Commercial and Business Lending Basics for Support Personnel, Dec. 9, webinar — This webinar is designed to take the mystery out of the commercial lending process and the confusing terminology often used by lenders.
- IRS Information Reporting: Rules and Forms, Dec. 10, webinar — In this webinar, learn about the rules around tax reporting, including Taxpayer Identification Numbers (TINs), as well as the many forms financial institutions must report, with an emphasis on when and exactly what to report.
- Opening and Managing Formal Trust Accounts: The Good, the Bad and the Ugly, Dec. 10, webinar — When opening these special accounts, you need to know about proper documentation, CIP and signature card responsibilities.
- TRID: Changed Circumstances – Triggers and Documentation, Dec. 12, webinar — Don’t miss out on this opportunity to learn how to address and handle changes during the loan application process, reset tolerances and avoid costly cures.
- Real-Time Payments Workshop: A Guide for Financial Institutions, Dec. 13, webinar — This interactive session will help resolve confusion around the myths and confusion of commonly misunderstood rules.