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The Federal Reserve announced on July 15 that it would extend a temporary exemption from Regulation O to allow bank directors and shareholders to receive Paycheck Protection Program loans from their related banks. Reg O generally limits lending activity to bank directors, shareholders, officers and businesses owned by these persons. The exception—which applies only to PPP loans—will be extended through …
July 2020
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July 18, 2020
Executive News: Taking your eyes off the ball
Just about every banker I know, and certainly every bankers’ trade association I know, has been up to his/her/their eyeballs in Paycheck Protection Program matters – loans, guarantees, forgiveness applications and so forth since April. Four separate pieces of legislation have been passed by this Congress dealing with the subject, followed by several sets of (very confusing) rules and regulations …
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July 18, 2020
Second phase of OBRP slated to start this month
The Oklahoma Department of Commerce announced a second phase of the Oklahoma Business Relief Program, which will begin later this month. Phase II of the OBRP is scheduled to begin at 8 a.m. on Tuesday, July 14. Another $50 million has been designated for use in the Program. Additionally, when sending in OBRP applications, the Department of Commerce mentioned frequent …
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July 18, 2020
PPP extended into August
The Paycheck Protection Program was extended through Aug. 8 after a measure passed through the U.S. Senate and House early this month and was signed by President Trump. The U.S. House of Representatives approved an extension of the Paycheck Protection Program on July 1, only hours after the U.S. Senate approved the measure to extend the Paycheck Protection Program. The …
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July 18, 2020
Oklahoma Bankers Hall of Fame taking nominations
The OBA will be taking nominations for 2020 Oklahoma Bankers Hall of Fame inductees through the middle of July. The Hall of Fame was created by the OBA Board of Directors to honor individual bankers for their contributions to the banking industry and the State of Oklahoma. In addition, the Hall of Fame is intended to recognize bankers’ achievements on …
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July 15, 2020
OBA needing bank info on Oklahoma Business Relief Program
The OBA is the process of collecting information from banks concerning the Oklahoma Business Relief Program. Specifically, we need to know the total number of applications your bank currently has on hand that were not submitted before the portal closed. We’d appreciate the info as soon as possible. Please email the OBA’s Adrian Beverage at adrian@oba.com, or reply to this …
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July 15, 2020
Special message from OBA President/CEO Roger Beverage
Longtime OBA President and CEO Roger Beverage filmed a special video webcast message to share with all Oklahoma bankers. It can be viewed by clicking through the link below. If you do not have audio and/or video capabilities on your computer, you can download the transcript of his message by clicking here (.pdf).
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July 15, 2020
Special message from OBA President/CEO Roger Beverage
Longtime OBA President and CEO Roger Beverage filmed a special video webcast message to share with all Oklahoma bankers. It can be viewed by clicking through the link below. If you do not have audio and/or video capabilities on your computer, you can download the transcript of his message by clicking here (.pdf).
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July 14, 2020
SBA releases update to Procedural Notice
Last night, the Small Business Administration released an update to the Procedural Notice covering PPP Lender Fee Payments and the 1502 Reporting Process. This covers several updates and clarifications, but the largest item is it provides details on the how the monthly reporting will work on PPP loans. As a reminder, the initial 1502 report on your PPP loans was …
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July 14, 2020
July 2020 OBA Legal Briefs
Mortgage maturity date, 46 O.S. § 301 Appraisal update Reg E error claims and ‘unjust enrichment’ HMDA thresholds More on the death of savings transfer limits Mortgage maturity date, 46 O.S. § 301 By Pauli D. Loeffler One of the more frequently asked questions the OBA Legal and Compliance Team receives concerns when a Notice of Extension/Modification of Mortgage must …