OKBanker Direct

October 2021

• October 28, 2021

  Budget reconciliation package does not initially contain IRS reporting provision

  The American Bankers Association reported today the Biden Administration and House leaders released the framework and legislative text of the Build Back Better plan. We are pleased to report after reviewing the package it does not contain any language on the ABA, state bankers association, banker and consumer-opposed tax information reporting proposal. Please note, however, the release of the framework and text is …
• October 13, 2021

  Budget reconciliation package likely to include IRS reporting provision

  The American Bankers Association reported that House Speaker Nancy Pelosi (D-Calif.) told reporters Tuesday that Democrats plan to include a controversial tax reporting provision in their budget reconciliation package to require banks to report information to the IRS on gross inflows and outflows on customer accounts above a certain de minimis threshold. Pelosi did not specify what the threshold would …

September 2021

• September 14, 2021

  OBA highlights three points of action on IRS reporting proposal

  As early as next week, Congress is expected to begin considering a new tax reporting requirement that would require banks to report information on account flows to the Internal Revenue Service. The proposal would require financial institutions to track and submit to the IRS information on every account that has a minimum balance of $600. This proposal raises serious data …

July 2021

• July 23, 2021

  SBA offering webinar on changes coming to the PPP Forgiveness Portal

  Dustin Allen with the SBA’s Oklahoma District Office would like to invite all Oklahoma lenders to attend a webinar on changes coming to the PPP Forgiveness Portal. This update will focus on the new Direct Forgiveness process and how lenders can opt in. The webinar will be held on Monday, July 26 at 10 a.m. and should last 30-45 minutes. …

June 2021

• June 17, 2021

  Juneteenth holiday enacted; federal government to close Friday

  Breaking news courtesy the ABA: President Biden this afternoon signed legislation recognizing Juneteenth as a federal holiday. The new June 19 holiday commemorates the day in 1865, two and a half years after the Emancipation Proclamation and two months after the end of the Civil War, when hundreds of thousands of enslaved men and women in Texas finally learned they …
• June 7, 2021

  SBA releases information on correcting PPP forgiveness errors

  The Small Business Administration is establishing a forgiveness payment correction process for lenders that made a mistake in requesting the accurate forgiveness amount. Effective immediately, lenders can send a platform message, using message type of “Payment or Reconciliation Questions”, to request forgiveness payment corrections. The message must include the SBA loan number, the amount of the correction being requested and …

May 2021

• May 4, 2021

  Paycheck Protection Program funding has been exhausted

  Breaking news from the ABA: The Small Business Administration has just informed trade associations that Paycheck Protection Program funding has been exhausted and that the PPP application portal will stop accepting applications for loans from most lenders. SBA said that it has reserved approximately $6 billion in funding for previously submitted loan applications subject to hold codes that have yet …

March 2021

• March 31, 2021

  Nominating Committee for OBA first vice chair selected

  Memorandum To: All OBA-Member Banks Re: Nominating Committee for First Vice Chair Pursuant to Section 6.3 of the By Laws of the Oklahoma Bankers Association, OBA Chairman Rick Walker is required to appoint four current board members to serve on the Nominating Committee for the office of first vice chair. The Committee is chaired by the Immediate Past Chair, which …

August 2020

• August 17, 2020

  OBA issues banks education credit

  While 2020 is only about half over, it has definitely been memorable. Unfortunately, it included the cancellation of our Annual Meeting and Convention. You may recall your 2020 membership dues included a registration for the Convention. While we missed seeing you at convention, we still want to make things right. To do so, we have created a $500 credit for …
• August 7, 2020

  Forgiveness platform user guide released

  The Small Business Administration has released its platform user guide for forgiveness applications, and the forgiveness portal will be up and running on Monday. Several bankers have called us and said they are ready to start submitting the forgiveness applications they’ve already processed on Monday, especially those working with companies like OBA’s endorsed vendor Abrigo, where approved applications have been …