Oklahoma Bankers Association We make bankers better!
In This Issue…
- From Adrian’s desk …
- Thompson hired as OBA general counsel
- FDIC issues additional information on revised signage regulations
- OBA soliciting CD bids
- Holiday signs available; welcome to new strategic member, endorsed vendor
- 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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This week, we’re preparing for one of my favorite days on the OBA’s calendar: the induction ceremony for the Oklahoma Bankers Hall of Fame. This year’s event is Thursday at the Oklahoma History Center and will honor four truly deserving bankers: Guy Berry III, Herschel Brewster, Brad Krieger and Gregg Vandaveer.
We hope you’ll join us to recognize this amazing quartet!
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In interesting news this past couple of days, a pair of credit unions were hit by hefty fines over the last week from the Consumer Financial Protection Bureau. VyStar Credit Union was fined $1.5 million for allegations of faulty online banking, while Navy Federal Credit Union was waylaid by a $95-million penalty for illegal overdraft fee allegations.
• • •
Football is dumb.
I’m sure all Cornhusker, Sooner and Cowboy fans can agree, especially after this past weekend.
Thompson hired as OBA general counsel
The OBA has hired attorney Scott Thompson as its new general counsel. Thompson will join the Association after the holidays in early January.
He will join Pauli Loeffler in the OBA Legal Department.
Thompson is an attorney and executive with extensive experience in both private practice and in-house corporate legal work. For the last nine years, Thompson has served as the general counsel and executive vice president at SpiritBank in Tulsa.
Thompson earned his law degree from The George Washington University National Law Center in Washington, D.C., in 1996, where he was recognized as a Jacob Burns Scholar and was a member of the Phi Delta Phi Legal Fraternity. During law school, Scott worked at Williams & Jensen P.C., a governmental relations law firm, where he supported attorneys with political and legal analysis and helped represent clients before Congress and federal agencies. After law school, he worked on Capitol Hill for Rep. Bill Brewster, of Oklahoma, and Rep. James Maloney, of Connecticut.
After returning to Oklahoma, Thompson joined Riggs, Abney, Neal, Turpen, Orbison & Lewis, in Oklahoma City, where he was involved in the State v. R.J. Reynolds tobacco lawsuit and other complex legal matters. In 1999, Thompson joined Lester, Loving & Davies in Edmond, where he became a partner in 2002. He represented clients in regulated industries such as banking and alcoholic beverages, as well as businesses, state agencies and municipalities. Thompson also served as an administrative law judge for the Oklahoma Merit Protection Commission, overseeing appeals related to state employee discipline.
In 2016, Scott joined SpiritBank. He advised senior management and the board of directors on legal and business issues, managed litigation, and worked with regulators. He also handled legal matters related to loan workouts, foreclosures, and collateral issues, drafted loan documents, responded to legal questions throughout the bank, drafted leases and sales agreements related to bank-owned properties and worked closely with department heads on legal issues.
FDIC issues additional info on revised signage regulations
The FDIC announced today that it has updated its questions and answers related to the final rule on the use of the agency’s name and logo by financial institutions.
The new Q&As cover key implementation topics such as the use of the digital sign and placement of the official sign in bank branches, the agency said in a financial institution letter.
The FDIC last year adopted new requirements regarding the display of the official FDIC sign in banks and bank digital channels. More recently, the agency extended the compliance date for the rule to May 1, 2025.
OBA soliciting CD bids
The OBA will be purchasing several Certificates of Deposit for investment soon. All interested banks are encouraged to contact us.
The certificates will range from 90 days to 24 months, and most will be in the amount of $245,000 – to be funded the last week of December.
Interested banks should contact Kathryn Donovan in the OBA accounting department: kathryn@oba.com.
Holiday signs available; welcome to new strategic member, endorsed vendor
Holiday closing signs for banks are available from the OBA, just in time for the, well, HOLIDAYS!
Additionally, we’d like to welcome a new strategic member and endorsed vendor.
New strategic member: mhp.si
mhp.si a national award-winning marketing agency with 50-plus years of experience, and specializes in data-driven digital strategies for banks. As a Google Premier Partner, mhp.si delivers measurable ROI through performance marketing and end-to-end reporting, allowing clients to know exactly how much they pay for each application by tactic and campaign. The agency leverages digital techniques, taking over the household where 88% of financial decisions are made.
Contact: Tim Whitley
2300 Cottondale Lane, Suite 300
Little Rock, AR 72202
Phone: (501) 773-2700
Email: twhitley@mhp.si
Website: https://mhp.si/
New endorsed vendor: Check Printing Contract Consulting
Check Printing Contract Consulting (CPCC) negotiates check printing agreements on behalf of banks. Its principal had a 32-year track record as a top sales performer for one of the country’s largest check printers. Since early 2015, more than 325 institutions have chosen Check Printing Contract Consulting to impartially negotiate their next check printing agreements. About 95% of its clients choose to stay with their current vendors. The check vendor funds CPCC’s full consulting fee as a portion of the negotiated savings. A bank with 30,000 checking accounts would typically enjoy five-year total contract savings of $500,000 or more.
Contact: Greg Baitt or Jim Schartman
499 Locklie Drive
Cleveland, OH 44143
Phone: (216) 396-0225
Email: greg.baitt@checkprintingconsulting.org or jim.schartman@checkprintingconsulting.org
Website: https://checkprintingconsulting.org/
OBA education corner …
I know we touched on this in last week’s education corner, but did everyone get a chance to watch Yacht Rock: A DOCKumentary on HBO the day after Thanksgiving?! What a wonderful trip down memory lane! It went heavy on the Steely Dan (not necessarily a bad thing), and we’re still unsure if Toto qualifies as yacht rock, but it was 90 minutes well worth watching as you’ll gain a handful of ear worms. While trying to eject the sound of Michael McDonald’s voice out of your head, take a few minutes to check out the upcoming continuing education opportunity from the OBA!
- 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.
- Best-Ever Compliance Checklists for Commercial Loans, Dec. 17, webinar — Discover the best practices for business-entity documentation, underwriting documents, guarantors, and security interests to ensure your success.
- Regulation E: Errors & Disputes, Dec. 18, webinar — This webinar will dissect the Regulation E error resolution requirements in plain English.
- New FDIC Signage Requirements and FDIC Insurance Review: How Much of My Deposits are Covered?, Dec. 19, webinar — Do you understand all the new requirements, and are the changes in place?
Also, take note the dates for the 2025 OBA schools have been set! Mark them down on your calendars and be ready for when registration opens for each!
2025 OBA banking schools
Intermediate School, Session I Feb. 3-7
Commercial Lending School March 2-7
Intermediate School, Session II June 2-6
Compliance School Aug. 18-22
Consumer Lending School Oct. 6-10
Operations School Nov. 17-21