Oklahoma Bankers Association We make bankers better!
In This Issue…
- From Adrian’s desk …
- CFPB to start new Sec. 1071 rulemaking
- ELT updates now live: What bankers, lienholders should know
- ‘The Bankers From Oklahoma’ are back! OBA Convention registration opens!
- 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!
• • •
I’m currently in California at our Senior Management Conference! We had a great first day on Monday, hearing from BOK’s Steve Wyett and FHLB’s Drew Simmons. The golf scramble in the afternoon was a blast as well. Today, we have more sessions lined up, headlined by a community bank outlook from Chet Fenimore.
We’re having to divide and conquer a bit here at the OBA as the ABA’s annual Washington Summit is this week, as well. The OBA’s Scott Thompson and Megan McGuire are representing us there.
It’s definitely a busy time of the year, with both those things, our Bankers’ Night Out events continuing (Enid this week!) and convention looming (registration is now open)!
• • •
The champion has been crowned, let the confetti fly! Nope, I’m not talking about Florida’s win last night. I’m, of course, talking about how my ‘Huskers defeated UCF to win the inaugural College Basketball Crown tournament on Sunday! I’m still not sure what a “College Basketball Crown” tournament is, exactly, but it has the word “crown” right there in the title, and we won our last game of the season, so …
CFPB to start new Sec. 1071 rulemaking
In a court filing last week, the Consumer Financial Protection Bureau said its leadership has directed staff to initiate new rulemaking to implement Section 1071 of the Dodd-Frank Act and plans to soon release a proposal to possibly replace or change its current rule.
The CFPB in 2023 released a final rule implementing Section 1071, which requires financial institutions to report data on small-business lending. Critics said the rule was unwieldy and would create numerous compliance headaches, especially for smaller institutions. Several lawsuits followed, including one brought by the Texas Bankers Association and American Bankers Association. The CFPB was also sued by the Revenue Based Finance Coalition in U.S. District Court for Southern Florida. In a filing today in that case, the CFPB noted that its leadership has changed since the original rule was finalized, with Office of Management and Budget Director Russ Vought currently serving as the bureau’s active director. The bureau asked the court to suspend any further action until it has proposed a new rule.
The CFPB did not elaborate on when the proposed rulemaking would be released or what it would contain. The bureau proposed submitting reports to the court every 90 days during the rulemaking process, with the parties in the case conferring within 30 days of a new final rule to decide whether they want to proceed with the lawsuit.
ELT updates now live: What bankers, lienholders should know
Service Oklahoma has officially launched several enhancements to the Electronic Liens and Titles system, continuing its mission to modernize vehicle services and improve the experience for lienholders, dealers, licensed operators and customers across the state.
What’s New (Effective April 7):
- Electronic Lien Placement by Dealers: Dealers now join lienholders in the ability to add liens electronically for any lienholder through their OkCARS accounts. This enhancement builds on the functionality already available to financial institutions and helps streamline processes, reduce paperwork delays and improve overall efficiency.
- Electronic Title Bill of Sale: For vehicles with electronic titles, ownership will now transfer using a new, notarized bill of sale form available on the Service Oklahoma website.
- Expanded Vehicle Information Access: Lienholders and dealers can now access additional vehicle information through OkCARS, providing key details needed for transactions even outside of regular title office hours.
Looking Ahead: Full Transition Coming July 1
On July 1, all titles will transition to electronic, with limited exceptions. Existing paper titles will remain valid until the next transaction, at which point they will be converted to electronic format.
Need Support?
- FAQs — Click here to view FAQs outlining how these changes may affect you.
- Training Guide — Access step-by-step instructions for adding liens in OkCARS.
- Watch the Demo — View the recorded demo from last week’s virtual session for a walkthrough of the new features.
- Contact Us — For questions related to ELT or lienholder accounts, email the Service Oklahoma team at ELTaccounts@service.ok.gov.
‘The Bankers From Oklahoma’ are back! – OBA convention registration opens!
The bankers are back in town — and registration for the 2025 OBA Convention is officially open!
Join us in Oklahoma City this May for the can’t-miss event of the year – packed with valuable sessions, networking and a chance to reconnect with Oklahoma’s banking community. Whether you’re looking to expand your knowledge or simply enjoy a great time with fellow professionals, this event has something for every banker.
The connections are real, the conversations are waiting and your name tag is practically begging for a lanyard. We may not have fiddles or guitar solos, but we do have the ultimate gathering this side of Stillwater. Register now to secure your spot!
May 12-14, 2025
The Skirvin Hilton
1 Park Avenue
Oklahoma City, OK 73102
*Due to pricing structure online registration is not available.
OBA education corner …
Wow, the series finale to 1923 landed this weekend. The tear ducts for many of us watching must have gotten clogged up with some dust toward the end. Where can one buy the gun used by Spencer Dutton? While reminiscing fondly on the series, or wondering just what the heck we’re talking about here, make sure to take part in some upcoming continuing education opportunities for you and your staff in the coming weeks!
- Customer Due Diligence And Enhanced Due Diligence – 2-Part Series, April 15/24, webinar — The new account interview should be used to establish a baseline of expected behavior for our customers both business and consumer.
- Compliance Management System Essentials, April 16, webinar — This program provides a practical, risk-based review of the basic requirements of a CMS.
- 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.
- Bi-Monthly Compliance Briefing, April 17, webinar — A bi-monthly update to help you keep up with changes and deadlines in the compliance area in a quick and easy format.
- Demystifying Trusts: Establishing Deposit Accounts and Loans, April 17, webinar — This webinar will provide attendees with information on doing business with trusts, including best practices in establishing deposit account and loan relationships.
- Understanding the Role of the Notary Public, April 24, webinar — In this webinar, you’ll learn about Notary Public responsibilities and notarial acts, basic laws and liability.
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!