Happy holidays and merry Christmas from your family here at the OBA! In observance of Christmas, our offices will be closed on Monday, Dec. 25, as well as Tuesday, Dec. 26. We will re-open at our normal time on Wednesday, Dec. 27.
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Four bankers make up 2023 class for Oklahoma Bankers Hall of Fame
The Oklahoma Bankers Hall of Fame inducted its 2023 class – its fifth – today at the Oklahoma History Center in Oklahoma City. Nevyle Cable, with First National Bank & Trust Co., Okmulgee; Jim Hamby, with Vision Bank, in Ada; the late Harry Leonard, a longtime banker and former state banking commissioner; and Ted McGuire, with RCB Bank, in Claremore; …
Read More »FinCEN raises alert on COVID-19 tax credit fraud schemes
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network recently issued an alert to financial institutions concerning fraud schemes related to the COVID-19 Employee Retention Credit (ERC) and is urging vigilance in identifying and reporting related suspicious activity. Ongoing fraud and scams related to the ERC have been identified that, to date, have resulted in 323 investigations involving more than $2.8 …
Read More »Nondeductible portion of OBA dues calculated
The calculation representing the nondeductible portion of member dues attributable to lobbying expenditures has been made for the OBA’s year ending April 30, 2023. The source of the information used to determine this percentage included the Association’s general ledger and an estimate of the percentage of time related to applicable personnel’s involvement with lobbying activities by management of the Association. …
Read More »State Banking Board approves 60% reduction in 2024 assessments
The Oklahoma State Banking Board voted unanimously at its November meeting to reduce the assessments paid by Oklahoma state-chartered banks. The 2024 assessment rate was discounted 60% for each bank with assets less than $1 billion and 15% for each bank with assets more than $1 billion. During the meeting held Nov. 15, State Banking Commissioner Mick Thompson discussed increased …
Read More »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 November. Interested banks should contact Kathryn Donovan in the OBA accounting department: kathryn@oba.com.
Read More »Agencies pinpoint 2024 regulatory thresholds
The Consumer Financial Protection Bureau, Federal Reserve and Office of the Comptroller of the Currency announced on Monday the 2024 threshold for whether higher-priced mortgage loans are subject to special appraisal requirements will increase from $31,000 to $32,400. At the same time, the Fed and CFPB announced an increase in the dollar thresholds used to determine whether certain consumer credit and …
Read More »FDIC amends Risk Management Manual
The FDIC has amended its Risk Management Manual of Examination Policies to update and clarify instructions on uninsured deposit and commercial real estate concentrations, found in section 16.1. The manual provides FDIC examiners information relating to examination activities and supervisory practices.
Read More »Treasury Department issues final rule on paying canceled Treasury checks
A final rule will be enforced beginning Dec. 1 regarding financial institutions’ liability for paying canceled Treasury checks without waiting to receive the return information. The Treasury Department’s new processing system will now allow financial institutions to receive the return information quicker, which shares if the checks were canceled. Consequently, the “reasonable efforts” currently protecting these financial institutions will change. …
Read More »OBA hosts Zoom meeting with attorney general’s office on alien ownership of Oklahoma real estate
The OBA hosted a Zoom meeting with Brad Clark, from the Oklahoma attorney general’s office, on Monday discuss the changes made to Title 60 O.S. § 121 – Alien ownership of Oklahoma real estate. You can click here to watch and download the entire meeting, along with questions and answers at the end, and also click here to download and view the slides Clark …
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