Oklahoma Bankers Association We make bankers better!
In This Issue…
- From Adrian’s desk …
- OBA creates fraud questionnaire for bank customers
- Associations file suit challenging CFPB overdraft fees cap
- 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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With the Oklahoma Bankers Hall of Fame behind us, we officially head into the holidays season here at the OBA. We held our staff Christmas party last week, as it was the last day all of us will be in the office together for the remainder of the month. Although several of us here will be in and out because of the holiday season, we will remain on our regular schedule this month, outside of being closed on Christmas day and New Year’s Day. Don’t hesitate to reach out as we remain available to help our member banks and bankers!
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Acting Comptroller of the Currency Michael Hsu commented in a speech last week that while he thinks banks and bank regulators could do more to address fraud, they alone cannot solve the overall fraud problems that plague the financial sector.
During a speech on fraud, Hsu said many banks have already increased efforts to mitigate the problem, such as by providing customers with relevant information about trending scams and improving their fraud detection and monitoring systems. He also pointed to industry efforts such as the creation of the ABA’s Fraud Contact Directory and ABA’s partnership with the U.S. Postal Inspection Service to fight check fraud. Still, addressing fraud will require all stakeholders — from banks to social media platforms — “to each pull their weight and to act above and beyond what is currently legally required,” he said.
We’re blessed here at the OBA to have Sharon Lewis on staff, helping all our member banks and the state’s consumers, in recognizing and avoiding fraud. Check out her latest efforts in this week’s Update.
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Is anyone else’s head spinning from transfer portal season in college football? I can’t keep up. I think Nebraska has done well, but the names all seem to fly by, on and off the team, so quickly. I’m glad players are getting more freedom, but I can’t help but miss the days of following a guy from his freshman year until his senior season, all at the same school.
OBA creates fraud questionnaires for bank customers
Frauds and scams targeting our Oklahoma bank customers are at one of their highest-ever volumes.
Scammers will take victim funds any way they can get them: cash, gift cards, wire transfers, money transfer apps, gold, etc. The OBA has also noticed an increase in lawsuits filed by customers against their financial institution for not counseling the customer or stopping the fraud. Even the New York Attorney General’s Office has filed suit against Citibank for failing to protect and reimburse victims of electronic fraud.
And then there is the potential tax ramifications on the stolen funds! (https://www.aarp.org/money/scams-fraud/info-2024/victims-pay-taxes-on-stolen-money.html)
The OBA has carefully constructed a questionnaire and guidance for bankers to use for documenting customer counseling over large withdrawal concerns. Documenting customer counseling can reduce your risk of a lawsuit filed by a scam victim. These documents are shared in Microsoft Word form to allow for customization. Additionally, feel free to reference the FTC’s “How to Avoid a Scam” brochure, which has several tips.
Please contact the OBA Fraud Division at sharon@oba.com if you have any questions.
Associations file suit challenging CFPB overdraft fees cap
The American Bankers Association, last week, joined the Mississippi Bankers Association and other associations representing bankers and credit unions in filing a lawsuit challenging the Consumer Financial Protection Bureau’s effective cap on overdraft fees.
The lawsuit was filed in U.S. District Court for Southern Mississippi.
The CFPB, on Dec. 12, issued a final rule limiting banks with at least $10 billion in assets from charging overdraft fees of more than $5 unless they voluntarily set a cap that covers their actual costs and losses, or treats overdraft protection as a loan covered by the Truth in Lending Act, or TILA. In their lawsuit, the associations argue that overdraft fees can’t be regulated under TILA as they are not credit products, and that CFPB acted arbitrarily and capriciously by failing to consider the costs and benefits of the rule.
OBA education corner …
Did everyone catch the finale of Yellowstone on Sunday night? No spoilers here, but it’s hard to be mad about how things wrapped up, although it’s easy to be sad about things ending. Here’s to hoping for a spinoff with Rip and Beth at some point! While pondering the final scenes of the epic series, take a gander at the upcoming continuing education opportunities for you and your staff!
- 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?
- 2024 Compliance Updates, Jan. 22-Tulsa, Jan. 23-Oklahoma City — These Updates are separated into operations and lending for each day: they can be registered for together or individually.
- 2025 OBA Intermediate School, Session I-Feb. 3-7; Session II-June 2-6, Oklahoma City — Presented in two sessions, the school is designed to prepare students to serve effectively and profitably the needs and desires of their banks and the banking public.
Also, an OBA program to be aware of is the OBA Intern Program.
The Intern Program will be active in 2025 and we’re looking for participating banks! For more information on this IMPORTANT program – important not only to aspiring students, but also to participating banks – Contact the OBA education department at (405) 424-5252 or click here for more information!