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Financial Institutions Encouraged to Work with Consumers during the Shutdown
On January 11, 2019, the federal financial institution regulators and state regulators issued a press release encouraging financial institutions to work with consumers during the federal government shutdown.
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Tax Reform Makes Some Parking Related Expenses Non-Deductible
Based on recent interim guidance released by the IRS, it is now clear that in some cases portions of maintenance and other expenses paid for parking lots a business owns may be considered non-deductible starting for amounts paid in 2018.
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Bureau Releases Assessment of ATR, QM and Mortgage Servicing Rules
On January 10, 2019, the Consumer Financial Protection Bureau (Bureau) published assessment reports on the Ability to Repay, Qualified Mortgage, and Mortgage Servicing rules.
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Compliance a Top Priority of NCUA in 2019
The National Credit Union Administration (NCUA) released its supervisory priorities for 2019. NCUA outlined six priority areas and two of the first three are compliance related. The number one priority is Bank Secrecy Act (BSA) compliance. NCUA stated that its exams will be even more in-depth, with a focus on customer due diligence rules and […]
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Will the Government Shutdown Impact Your Tax Filings?
The current federal government shutdown could not have come at a worse time for the IRS with the start of tax season right around the corner. Reports have indicated that only 12% of IRS employees are considered to be “essential” and still working through the shutdown.
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Bureau Issues Consent Order for Regulation E Violations
On January 3, 2019, the Bureau of Consumer Financial Protection (Bureau) issued a consent order against USAA Federal Savings Bank (Bank) for Regulation E violations.
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Remittance Transfer Rule Violations
In October 2018, the Consumer Financial Protection Bureau (CFPB) issued the Remittance Rule Assessment Report (Report). The Report looked into the effectiveness of the Remittance Transfer Rule (Rule), which was published as a final rule back in February of 2012. Among other items of interest in the report it was reported that noncompliance with the […]
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No Clawback Planned for Higher Estate and Gift Tax Limits
Beginning in 2018, the Tax Cuts and Jobs Act increased the federal estate and gift tax lifetime limits to approximately $11.2 million per person or over $22 million for married couples. This is great news for many business owners including financial institution shareholders. These thresholds are expected to increase slightly each year with inflation before […]
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Agencies Issue Joint Statement on BSA/AML Innovation
On December 3, 2018, the financial institution agencies (agencies) issued a joint statement to encourage financial institutions to utilize, when appropriate, innovative approaches to comply with the Bank Secrecy Act/anti-money laundering (BSA/AML) requirements.
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Reimbursing Moving Expenses Has Become More Expensive
With record low unemployment and more bankers retiring every day, it has become common for financial institutions to reimburse moving expenses in order to lure new employees or entice existing ones to relocate between branches. Unfortunately, the Tax Cuts and Jobs Act (“TCJA”) has made that process more expensive starting in 2018.