Commissioner Attends Federal Reserve's 10th District Conference
Banking Commissioner Mick Thompson recently attended the 10th District Commissioners Conference hosted by the Federal Reserve Bank of Kansas City. Accompanying the Commissioner from Oklahoma were Deputy Commissioner Dudley Gilbert and Bob Toler, who is now serving as Review Officer with the Oklahoma State Banking Department. The Commissioners Conference provides an opportunity for all states in the Federal Reserve’s 10th District (Colorado, Kansas, Missouri, Nebraska, New Mexico, Oklahoma, and Wyoming) to share their concerns and strategies directly with each other and officials from the Federal Reserve. The Commissioners also receive information from the Reserve Bank regarding the economy in the district as well as regulatory initiatives that the Reserve Bank may be considering. At this year’s conference, Commissioner Thompson took the opportunity to sign an updated version of a Cooperative Examination Agreement between with the Oklahoma State Banking Department and the Federal Reserve Bank of Kansas City. The new Agreement provides details regarding how the OSBD and the Fed will coordinate examination of Fed-member institutions in Oklahoma.
pictured above: Review Officer Bob Toler and Deputy Commissioner Dudley
pictured left to right: Assistant Deputy Commissioner Jeff Bagby, Deputy Commissioner Dudley Gilbert, Assistant Deputy Commissioner Wayne Arbuthnot
Deputy, Assistant Deputies Attend CSBS Legal, Deputy Seminars
Deputy Commissioner Dudley Gilbert recently attended the annual Legal Seminar hosted by the Conference of State Bank Supervisors. This year’s Legal Seminar was attended by agency counsel from 29 states, the District of Columbia, and attorneys representing the FDIC and Federal Reserve Bank. The program included numerous presentations and discussions, including a status update on the lawsuit filed by CSBS against the Comptroller of the Currency in connection with the OCC’s proposal for a non-bank charter for “fintech” companies. There was also a docket review of litigation around the country relating to financial institutions and their regulators. The attorneys then reviewed the Interstate Cooperative Agreement entered into among all the state banking departments that enables seamless supervision of banks operating in an interstate environment.
CSBS also scheduled a Deputy Conference to overlap with the final day of the Legal Seminar. Assistant Deputy Commissioners Wayne Arbuthnot and Jeff Bagby from the Oklahoma Banking Department joined deputy commissioners from 25 other states in attendance at the Deputy Conference. During the overlapping session, the deputy commissioners and attorneys heard from Paul Cummings, a retired special agent with the Department of Homeland Security. Mr. Cummings described how his work in Texas relied significantly on suspicious activity reports filed by bankers. He explained how he would start and build a case against large money laundering and drug operations by reviewing SARs filed against individuals that otherwise had no criminal record. He stressed how important it is to file the SARs even though the banking community often questioned whether the SARs were monitored or acted on by law enforcement.
The Deputy Conference provided the attendees an opportunity to discuss various supervisory initiatives directly with the representatives from the FDIC and Federal Reserve Bank. The deputy commissioners also heard from CSBS regarding proposed changes and improvements to the accreditation program for member agencies as well as the Examination Tools Suite (ETS) utilized by examiners in their preparation of an exam report.
Wilson Completes First Year at GSBC
Examiner Mo Wilson completed the first year of the Graduate School of Banking at Colorado three-year curriculum in July. The first week of the two-week agenda consisted of intense study of Bank Financial Analysis, Asset/Liability Management, Fundamental of Leadership and Economics for Community Bankers which included a case study of assessing a bank performance and implementation of strategies of improvement for the case study bank.
The second week focused on courses of Marketing Financial Services, Navigating the Regulatory Environment, Effective Use of Technology and Business Law in Financial Institutions. Wilson will be required to complete three projects - comprised of Asset/Liability Management, Bank Financial Analysis and Current Issues/internet Services - prior to the commencement of next year’s two-week session. These projects will be 12-15 page reports due throughout the year.
The 2017 GSBC session was attended by over 500 bankers and regulators across the United States. Oklahoma was well-represented with the most attendees outside of Colorado, the host state. The School is designed to emphasize community banking by developing future leaders in banking as well as networking opportunities with colleagues in the industry.
Jones Completes Cannon Financial Institute Trust School
Senior Examiner Daryl Jones attended the Cannon Financial Institute’s Trust Audit, Compliance and Risk Management I School in July. The five day school included attendees from 12 states and Puerto Rico with a mix of regulators, bankers, and trust company employees. The topics covered were: laws and regulations: property laws, conflicts of interest, transfer taxes, probate administration, powers of appointment and various types of different trust and appropriate planning of those trusts.
Please note the remaining official state holidays for 2017.
The Banking Department will be closed during the following dates:
|November 23 & 24
|December 25 & 26
Next Board Meeting ...
Banking Board Meeting: October 18 Cancelled
Credit Union Board Meeting: November 21
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Burcham Speaks at OBA Compliance School
Senior Examiner Shawn Burcham participated as a member of a Regulatory Panel at the 2017 Compliance School hosted by the Oklahoma Bankers Association. This school was designed for banking personnel directly involved in the day-to-day compliance function as well as those who are involved in specific areas. Burcham spoke about what violations are being cited during examinations as well as new and emerging topics that will be implemented for Bank Secrecy Act requirements in the future. The panel consisted of regulators from the OCC, FDIC, FRB and the Oklahoma Banking Department.
pictured above: Janice Reeser, of the Oklahoma Bankers Association, and Shawn Burcham, Senior Examiner
Morphis Attends FFIEC Payment Systems Risk Conference
Regional Examiner Jon Morphis recently attended the FFIEC Payment Systems Risk Conference, held August 14th through August 17th, at the FDIC Seidman Center in Arlington, Virginia. Participants representing the Board of Governors of the Federal Reserve System, CFPB, NCUA, OCC, FDIC, FinCEN, as well as various international and state regulatory agencies, were in attendance. The conference featured several regulatory and industry experts presenting the most recent trends, products, and challenges impacting the global payments ecosystem. The array of topics presented included, Risk and the Changing Payments World; Payments Primer; The Evolving Payments Landscape – Opportunities and Challenges; FS-ISAC Update on Payment Risk; Distributed Ledger Technology in Payments; Clearing & Settlement; Strategies for Improving the US Payments System – Progress Report; Remote Deposit Transfer; Examination Tips & Red Flags; Payment Systems and Third Party Payment Processors; Overview of Electronic Payments Products & Services at FISERV Today; Mobile Security in Financial Services; Payments Risk in the ACH Network; FinTech: Introduction & Trends; Prepaid Debit Cards; Community Bank Payments Risk in the Evolving Payments World: Evolution or Revolution; Developments in Payment Systems; and Understanding Merchant Acquiring Banking. Morphis' attendance of the conference is beneficial to the Banking Department in several ways, but particularly so in application to his responsibilities involving the 104 money transmitter licensees and 14 money order companies currently regulated by the Oklahoma Banking Department.
Wright Attends 2017 AML/BSA Seminar
Senior Examiner Gwen Wright recently attended the 2017 ProBank Austin Anti-Money Laundering and Bank Secrecy Act Two-Day Seminar presented by Mark W. Denver. The two-day school covered in detail the issues regarding the ever-expanding environment of the Bank Secrecy Act. Day one covered the “Basics” which included: Regulatory Requirements, Enforcement Actions, USA PATRIOT Act, Currency Transaction Reporting, Suspicious Activity Reporting, Recordkeeping, and Office of Foreign Assets Control (OFAC). Day two covered the latest regulatory changes and updates from FinCEN and the regulatory agencies. A few of the updates included: Implementing the Beneficial Ownership/Customer Due Diligence program, Third-Party Payment Processors, ACHs, Cyber-Related Events, E-Mail Compromise Fraud, and Marijuana Banking.