Financial Services General
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Senate Passes Tax Reform Bill With Last Minute Changes
Early Saturday, December 2, 2017, the Senate passed their version of the Republican tax bill in a 51-49 vote along party lines. Though the version passed makes progress towards the goal of lower corporate tax rates, several last minute provisions may impact financial institutions and their shareholders.
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Unexpected Provision in the Senate Tax Bill Impacts Institutions With Mortgage Servicing Rights
As the Republican tax proposals continue to evolve through the House and Senate, one unexpected provision in the Senate bill released November 21, 2017, has come to light that may impact community banks, mortgage companies, and other financial institutions that service loans.
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Arbitration Rule Overturned by Senate
On October 24th, the Senate voted 51-50 to strike down the Consumer Financial Protection Bureau’s new Arbitration Rule, with Vice President Mike Pence casting the tie-breaking vote.
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Republicans Issue Much Anticipated Tax Reform Plan
The Trump administration in coordination with the House Ways and Means Committee and Senate Committee on Finance released their much anticipated tax reform plan. Though the plan remains sparse on details, the document includes several provisions that may impact financial institutions .
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CFPB Bans Arbitration Clauses
On July 10th, the Consumer Financial Protection Bureau (CFPB) issued a 775 page rule banning companies, including financial institutions, from using mandatory arbitration clauses.
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CFPB Proposes Changes to the Prepaid Account Rule
On June 15th the Consumer Financial Protection Bureau (CFPB) issued a proposal to make several changes to the prepaid accounts rule in Regulations E and Z.
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FinCEN Issues Designation of Exempt Person Proposal
The Financial Crimes Enforcement Network (FinCEN) issued a proposal to make two changes to the “Designation of Exempt Person” (DoEP) form.
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Banks Can Now Submit Annual Reports Electronically
On October 25th, the FDIC issued FIL-71-2016, granting depository institutions the ability to file annual reports and other reports and notices required under Part 363 electronically through the FDIC’s secure website, FDICconnect (FCX), rather than in paper form. This is applicable to all institutions with assets greater than $500 million in total assets.
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NCUA Amends Policy on Annual Privacy Notices
A new National Credit Union Administration policy reduces how many credit unions must issue privacy notices annually to members.
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New CUSO Online Registration Begins February 1
The National Credit Union Administration announced that credit union service organizations will have between February 1 and March 31 to register with NCUA’s new CUSO Registry.