Oklahoma Bankers Association We make bankers better!
In This Issue…
- From Adrian’s desk …
- ABA, ICBA, other associations state opposition to Credit Card Competition Act
- Vehicle titling update: Key changes coming April 7, July 1
- Organized ATM jackpotting groups still active, affects insurance coverage for banks
- Keynote speaker joins OBA convention lineup
- 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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Bankers’ Night Out events continue this week! We make our Oklahoma City stop tonight, specifically at the Embassy Suites. We’ll have a special guest in Oklahoma Attorney General (and governor candidate) Gentner Drummond!
It’s not too late to get signed up to attend!
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I was absolutely stoked to see the massive response from bankers signing up for the Service Oklahoma biweekly calls, after we mentioned it in last week’s OBA Update! I received literally HUNDREDS of emails from bankers wanting to take part in the calls!
We had our first one on Monday, and the next one is set in two weeks. Get signed up today, and check out the latest update from the Service Oklahoma folks below in this OBA Update!
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We ain’t done yet! The Nebraska men’s basketball team is taking part in something called the College Basketball Crown, which I’ve heard is a tournament of some sort out in Las Vegas. We play Arizona State on Monday, so I still get a chance to root on the Big Red for at least one more game!
ABA, ICBA, other associations state opposition to Credit Card Competition Act
The American Bankers Association and Independent Community Bankers of American joined eight other associations representing banks, credit unions and payment providers on Monday in restating their opposition to the Credit Card Competition Act, which would impose new network routing mandates on financial institutions that issue credit cards.
Sen. Dick Durbin (D-Ill.) has stated his intention to reintroduce the bill in the current Congress. Durbin previously cosponsored the bill with Sen Roger Marshall (R-Kan.) In a letter to lawmakers, the associations said any effort to expand the power of the federal government to intervene in the credit card market would harm consumers, small businesses and financial institutions by reducing choice, increasing costs and fraud risks, and creating economic challenges for smaller financial institutions.
Among other things, the associations pointed to recent paper by a University of Miami finance professor found that small businesses would be put “at a further competitive disadvantage” to large stores if the bill were to become law, estimating that most of the savings will accrue to retailers with $500 million or more in annual sales.
Vehicle titling updates: Key changes coming April 7, July 1
Thanks for joining the recent call with the Service Oklahoma team! We appreciate your partnership and great questions. Below is a quick overview of what’s changing and when, along with answers to the most frequently asked questions received.
What’s Changing and When
Effective April 7, 2025:
- Electronic Lien Placement for Dealers: Dealers will be able to add liens electronically through their OkCARS account, streamlining the process for lienholders.
- Expanded Vehicle Information Access: Dealers and lienholders will gain access to more vehicle information via OkCARS, including key details to support transactions—even outside normal business hours.
Effective July 1, 2025:
- Full Transition to Electronic Titles: Oklahoma will move fully to electronic liens and titles (ELT).
- Standard paper titles will no longer be printed.
- Lienholders will manage records electronically.
- Dealers will use an Electronic Bill of Sale for title transfers.
These updates support Oklahoma’s 2022 title-holding policy and follow national trends to modernize vehicle services, improve security and simplify transactions for our industry partners.
FAQs: Your Questions, Answered
Q: After July 1, will paper titles still be available?
A: Standard paper titles will no longer be printed. For out-of-state sales or special circumstances, a paper title can be requested through OkCARS or at a licensed operator.
Q: Are there user roles with limited access to add or release liens?
A: Yes. More details on user roles and permissions will be shared soon.
Q: For out-of-state sales, can the customer request a paper title?
A: Yes, a customer can request an Oklahoma title if they are selling the vehicle out-of-state. If an active lien is present on the vehicle title will be mailed to the lienholder since Oklahoma is a title-holding state.
Q: Can insurers obtain an OkCARS account?
A: Only registered lienholders can obtain an OkCARS account.
Q: Can liens be released online? What about current paper liens?
A: Yes, if the lien appears in your OkCARS account. Paper lien releases do not need to be retained.
Q: Do we need a third-party vendor to manage ELT?
A: No. Everything can be managed through your OkCARS account.
Q: Where are electronic titles sent?
A: Notifications will be in your Action Center. We’ll confirm additional details soon.
Q: How will customers know when to transfer the title and pay taxes?
A: They’ll use the Electronic Title Bill of Sale form to complete the process at a licensed operator.
Q: How can we add multiple bank users under a single lienholder ID?
A: The admin user can add others via the “Manage Profile” section in OkCARS. Instructions coming soon!
Q: Can OkCARS support multiple bank branches with separate logins?
A: Yes. Branches can be added under one login, and the admin can assign users.
Q: Will electronic titles still require notarization for private sales?
A: Yes. The Electronic Title Bill of Sale includes notarization.
Q: What’s the turnaround time for a lien to appear in OkCARS?
A: The lien will show on OkCARS once the licensed operator has completed the lien request.
For further questions or support, reach out to us at eltaccounts@service.ok.gov. More training materials and guidance will be provided ahead of both April 7 and July 1.
Thanks again for your engagement with the expansion of Electronic Liens and Titles – more updates coming soon!
Organized ATM jackpotting groups still active, affects insurance coverage for banks
A search for key word “jackpotting” in OBA.com returns Fraud Alerts and other stories dating back to 2018.
In 2024, we mentioned the increase in these ATM attacks on June 3, Aug. 19, Oct. 28, and Nov. 1. Jackpotting is a term used to describe cyber attacks on ATMs with the intent to illegally dispense cash without debiting an account. These man-In-The-middle attacks can drain an ATM quickly. On March 21, attacks were attempted on NCR ATMs in Oklahoma City and Edmond. On Monday, attacks were attempted on Diebold ATMs/ITMs in the Clarksville, Arkansas, area.
The cash inside the ATMs is covered by your financial institution bond. The damage that occurs to the ATM during an attack is normally covered by the property and casualty policy. Insurance carriers may now require ATMs to be updated to bind coverage on the financial institution bond. Some carriers are requiring a bank’s ATMs to be re-keyed so a master or universal key cannot open them (jackpotting mitigation). Carriers may also require concrete rebar pillars that protect the front of stand-alone ATMs (hook-and-chain burglary mitigation). Some banks are installing ATM cages. These cages help protect the machine from jackpotting and hook-and-chain attacks.
For additional bank guidance, see this Fraud Alert from June 6, 2024.
Keynote speaker joins OBA convention lineup
A former U.S. ambassador and member of the George W. Bush administration will headline the upcoming OBA convention as the keynote speaker.
Frank Lavin is a seasoned expert in global affairs, international trade and political strategy. With a distinguished career spanning diplomacy, business, and policy analysis, he brings a unique perspective on the intersection of politics, economics and world events. Lavin served on the National Security Council staff, as White House political director, then as the U.S. Ambassador to Singapore and later as under secretary for international trade at the U.S. Department of Commerce, where he led trade policy initiatives and business development strategies worldwide.
In addition to his government service, Lavin has held leadership roles in global banking and corporate strategy, advising businesses on navigating complex international markets. His insights on political risk, economic trends and U.S. foreign policy make him a sought-after speaker for conferences, corporate events, and leadership forums.
Known for his lighthearted and engaging style, Lavin delivers sharp analysis with a touch of humor, making even complex topics accessible and thought-provoking. Whether discussing the latest global developments, U.S. politics, or economic shifts, he provides audiences with actionable takeaways and a clearer understanding of what lies ahead.
OBA education corner …
Major League Baseball’s Opening Day, one of the greatest times on the sports calendar, is Thursday! Oh sure, the Dodgers and Cubs already played a couple games last week in Japan, but those BARELY count. Get out your peanuts and popcorn and root, root, root for the Atlanta Braves … er, whatever your team of choice, but don’t forget to take part in some upcoming continuing education opportunities for you and your staff in the coming weeks!
- Safe Deposit Boxes: Opening, Managing and Avoiding Potential Legal Issues, April 2, webinar — This session is ideal for new accounts staff, branch managers, compliance officers, and anyone that uses safe deposit boxes.
- Fair Lending Workshop for Community Banks, April 2, webinar — Join us for this special 2-hour class and workshop for community bankers to explore the requirements and the environment for Fair Lending standards.
- Understanding Commercial Loan Documents, April 7, webinar — Understanding commercial loan documents and being able to explain their content can help you expand customer relationships. In this webinar, you’ll gain insight into the various documents required for loans.
- The Rules and Regulations Governing ACH Transactions, April 10, webinar — Join the Payments Professor for a webinar that will demystify these rules, helping you understand when, where and how they apply in various ACH scenarios.
- Controlling the Risks of Power of Attorney Documents, April 10, 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.
- 2025 Rural Bankers/Ag Conference, April 17, Oklahoma City — Dr. Dave Kohl, an academic Hall of Famer in the College of Agriculture at Virginia Tech, will bring his keen insight into the agriculture industry gained through extensive travel, research, and involvement in ag businesses.
- Frontline Excellence (formerly known as Essential Teller) Seminar, April 22-Oklahoma City; April 23-McAlester; April 24-Tulsa — These seminars are programs that cover five pivotal modules for today’s frontline professionals. They serve as an important reminder about the significance of their role, serving as the CEOs of the customer experience and reinforcing the importance of their actions and reactions as a reputation builder for your brand.
Additionally, are you interested in joining an OBA board or committee? Click here to complete the Committee Interest Form for 2025-2026. We would love for you to get involved!