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CFPB Amends Privacy Notice Requirements
The Consumer Financial Protection Bureau (CFPB) is finally amending Regulation P to provide an exception for financial institutions from having to give annual privacy notices to customers.
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IRS Issues Guidance on Section 199A for S Corporations
This week the IRS issued proposed guidance clarifying, as anticipated, that banks qualify for the new Section 199A deduction as well as providing guidance on other issues impacting the calculation.
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FinCEN Extends Beneficial Ownership Limited Exception for 30 days
On August 8, the Financial Crimes Enforcement Network (FinCEN) extended, by another 30 days, the limited exception to the Beneficial Ownership Rule for some products and services (certificate of deposits/share certificates and loan accounts) that were established prior to May 11, 2018.
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OCC and Fintech Charters
During the past several years our Financial Institutions Group has been contacted by various types of fintech-related groups. The obvious reason for connecting with us is our access to the 900+ community banks we work with throughout the country. Describing “various” types are groups looking to purchase a charter as an incubator for fintech products to “seasoned” […]
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Status of S.2155 (Economic Growth, Regulatory Relief and Consumer Protection Act)
When S.2155 was signed into law on May 24th it marked the beginning of an unknown timeline to initiate and finalize necessary regulations to effectuate change for community bankers. In early July the regulators released a plan to provide relief to larger, regional banks relative to stress testing and living wills. As for community bankers, […]
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Are Business Meals Still Tax Deductible?
The tax reform bill has generated considerable confusion about the deductibility of business meals starting in 2018.
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CLA to Instruct Vendor Management Seminar for ICBA
In a financial environment wrought with strong enforcement actions, rising regulatory expectations, and massive data breaches, community banks must understand and manage a secure network of relationships to ensure customer data, bank transactions, business activity, and shareholders are protected. Relationships with third-party vendors are commonplace and many provide a strategic advantage; however, the rewards aren’t […]
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Tax Reform Section 199A Guidance Delayed
IRS guidance on the 20% Section 199A deduction for S Corporations and other businesses is delayed. Additional guidance is needed to determine if all revenue will qualify and how the deduction will work in practice.
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CFPB Issues HMDA Changes Statement
On July 5, 2018, the Consumer Financial Protection Bureau (CFPB) issued a statement regarding the recently announced changes to the Home Mortgage Disclosure Act (HMDA).
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Simplified 1040 “Postcard” May Cause Confusion for Lenders
The IRS last week released a draft of the new version of the Form 1040 tax return for individuals designed to fit on a postcard. The new form consolidates much of the detail lenders have grown accustomed to and completely reformats the first two pages of the return.