Oklahoma Bankers Association We make bankers better!
In This Issue…
- From Adrian’s desk …
- Deepfake technology to impact bank fraud in coming year
- Associations file suit challenging Fed’s stress-testing framework
- 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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Just another short note from my desk today, being it’s New Year’s Eve. I hope everyone enjoys themselves tonight and are ready to start 2025 in a great way!
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First its on, then it’s off, then on again and now off again. The ping-pong show that is the beneficial ownership registry deadline has been– at least for now – paused. Last week saw the ever-changing rule flip twice, with a deadline of Jan. 1 announced Monday, only for it to go back on indefinite hold as of Friday.
As we’ve done, we’ll keep all our bankers apprised of any other changes in this saga via our OBA Updates and OK Banker Directs.
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My ‘Huskers ended their season on a winning note in the Fenway Bowl this past weekend … at least from what I could discern with the obstructed view on television.
Deepfake technology expected to impact bank fraud in coming year
Banks are expected to see increased use of deepfake technology to commit fraud in the upcoming new year.
Free, easily accessible deepfake tools now allow perpetrators (amateur or experienced) to exploit organizations. Bankers can expect to see a rapid increase in malicious use of AI aimed at financial services companies since our industry is considered a national critical infrastructure.
Now would be a great time to review your processes for outgoing funds or sensitive data requests, be it from a bank officer or a bank customer. The cybersecurity information sheet, Contextualizing Deepfake Threats to Organizations, provides more information.
For grins (or scares!), check out https://frankonfraud.com and search for “deepfake.” You’ll see more than 40 stories in less than a year regarding the prolific use of deepfakes to commit fraud, including executive extortion.
Associations file suit challenging Fed’s stress-testing framework
Various association, including the American Bankers Association, The Bank Policy Institute, Ohio Bankers League filed litigation last week against the Federal Reserve, challenging aspects of the stress testing framework the Fed uses to establish certain bank capital requirements.
The lawsuit is focused on the lack of transparency in the current stress testing process, with the groups challenging the “opaque aspects” of the framework and claiming it violates federal laws including the Administrative Procedure Act, which prohibit agencies from regulating in secret. The groups reiterated they do not oppose stress testing or capital requirements, which they said are “instrumental to the safety and soundness of the U.S. financial system.”
On Dec. 23, the Fed announced it is considering changes to the bank stress tests and will seek public comment on what it called “significant changes to improve the transparency of its bank stress tests and to reduce the volatility of resulting capital buffer requirements.” The Fed said it is exploring the change due to “the evolving legal landscape.” In filing last week’s lawsuit, the groups acknowledged the Fed’s announcement as a positive step, but they say the litigation is still needed to preserve the plaintiffs’ legal rights given an upcoming statute of limitations deadline.
OBA education corner …
Everybody enjoy themselves while celebrating new year’s tonight! Either before the party or after, make sure to take a look at the upcoming continuing education opportunities for you and your staff in 2025!
- 2025 Financial Statement Analysis, Jan. 29-Tulsa; Jan. 30-Oklahoma City — This program provides bankers with a thorough understanding of the key elements of the commercial borrower’s cash flow and relate these elements to the requirements of safe and sound loan structure.
- Basic Personal & Business Tax Return Analysis, Jan. 31, Oklahoma City — Attend this proactive seminar and gain an understanding of the often complex and confusing topic of TAXES!
- 2025 Current Matters and Common Questions on the Call Report, Jan. 10, webinar — This two-hour webinar is designed to equip Call Report preparers and reviewers with the insights and tools needed to stay compliant and accurate in 2025.
- Reconsiderations of Value: Regulatory Expectations and How to Put Together Your Process, Jan. 13, webinar — The regulatory agencies recently issued their Final Interagency Guidance on ROVs, which creates clear expectations on mortgage lenders to formulate and execute programs to provide customers with access to ROV requests, as well as how to handle them once received.
- B2B Payments Trends and Innovations: Strategies for Financial Institutions, Jan. 13, webinar — This webinar will explore the latest trends and innovations in B2B payments, with a particular focus on the strategies financial institutions can employ to optimize their payment processes, integrate instant payments and stay ahead in a competitive market.
- ACH Rules Update: Navigating Nacha’s New Rules, Jan. 14, webinar — Attendees will gain knowledge on key updates and explore the industry-wide impact of these rules and new fraud monitoring requirements coming in March 2026.
- Handling Deceased Deposit Accounts and Checks After Death, Jan. 14, webinar — Your account holder passed away and the family is grieving. Yet, in the midst of all the grieving and honoring of a life, the legal and compliance clock is ticking.
- The 2025 State of Training in Financial Services, Jan. 15, webinar — Discover the latest trends and insights shaping employee training in financial services with this FREE webinar!
- You’ve Been Served: Best Practices in Processing Subpoenas, Garnishments and Tax Levies, Jan. 15, webinar — This webinar will provide attendees with best practices and red flags for dealing with the various legal documents served upon financial institutions.
- Alert! Federal Regulatory Agencies Issues Guidance on Elder Programs, Jan. 16, webinar — On Dec. 4, the federal regulatory agencies issued a joint statement to provide supervised institutions with examples of risk management and other practices that may be effective in combating elder financial exploitation.
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!