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Contracts for deed FAQ: Reg D early withdrawal penalties Flood program extended TRID timing requirement waivers SCRA is still in the news Contracts for deed By Pauli D. Loeffler What is a contract for deed? Title 16 O.S, §11A provides: All contracts for deed for purchase and sale of real property made for the purpose or with the intention of …
October 2020
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October 20, 2020
Week of Oct. 19
In This Issue… ABA, others urge Congress to address forgiveness issues FDIC survey shows 95 percent of U.S. households were banked in 2019 Office Depot offers coupons for OBA members OSU Extension aiming to help farm financial programming OBA education corner … ABA, others urge Congress to address forgiveness issues The American Bankers Association and seven other financial trade groups …
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October 11, 2020
Executive News: Four weeks out, all is well … ?
… umm … maybe. Maybe not. The upcoming election is about four weeks away. This year has been interesting/challenging, to say the least. That being the case, I have just a couple of quick election-related observations. The Trump Administration seems to be in the crosshairs of this dreaded COVID-19 virus: First it was Hope Hicks; then it was the president …
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October 11, 2020
ABA, OBA create voting toolkit
It’s officially October, and news on the presidential election is on every corner. The conversation has taken over social media, television and even the dinner table. While talking about the election is a great way to educate yourself and others, the most essential part is exercising your right to vote. The American Bankers Association has teamed with the Oklahoma Bankers …
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October 9, 2020
SBA streamlines PPP loan forgiveness for $50,000 or less
The Small Business Administration tonight released a streamlined loan forgiveness application for Paycheck Protection Program loans of $50,000 or less. The forgiveness application, Form 3508S, includes certifications from the borrower but does not require calculations to be submitted with the application. Applicants must submit documentation verifying forgivable payroll and non-payroll expenses. Borrowers are required to retain the documentation supporting their …
September 2020
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September 29, 2020
Week of Sept. 28
In This Issue… Free-to-all ABA anti-phishing campaign kicks off Final call: Emerging Leaders Academy applications due on Oct. 1 Social Security Administration services available to all OBA education corner … Free-to-all ABA anti-phishing campaign kicks off The ABA has designed an anti-phishing campaign that is an excellent tool for all bankers. It is offered free to all bankers, ABA members …
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September 22, 2020
Executive News: Next big hurdle: DEI, compliance concerns
We’ve all been impacted by the COVID-19 pandemic, some more than others. As many of you who read this column know, my wife and I have been self-quarantined since mid-March. Most days I work from home and I find the environment surprisingly calm and productive. On at least a weekly basis, I go to the office when no one else …
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September 22, 2020
Navigating work absences due to closed schools
Crowe & Dunlevy As the school year begins, Oklahoma’s banks once again face the challenge of accommodating the need for employees to be home to care for school-age children due to the negative impacts of the COVID-19 pandemic. This article focuses on the relevant paid leave mandates of the Families First Coronavirus Response Act, the challenges caused by the varying …
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September 22, 2020
Pandemic strikes banks’ net income in second quarter
On August 25, the Federal Deposit Insurance Corporation reported the banking industry saw a 70 percent decline in net income when compared to net income in 2019. The Agency said liquidity and capital levels remain strong enough to meet loan demand and absorb any losses in the future. Although economic stress related to the COVID-19 pandemic continued to affect bank …
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September 16, 2020
September 2020 OBA Legal Briefs
Advertise this way, everyone is doing it! Trust documents Advertise this way, everyone is doing it! By Andy Zavoina Penalties: In just over a month we heard of not one, two, or three cases of the Consumer Financial Protection Bureau (CFPB) enforcing advertising requirements on mortgage lenders, but four. Let’s cut to the chase for a recap of these enforcement …