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Senate bill would tax capital gains at time of death

Apr 2, 2021 | NewsWatch Today
Sen. Chris Van Hollen (D-Md.) and several other Democratic senators this week introduced legislation that would require estates to pay capital gains tax before assets are distributed to heirs, with an exemption for the first $1 million of capital gains.

FinCEN begins implementing new reporting provisions

Apr 2, 2021 | NewsWatch Today
The Financial Crimes Enforcement Network is seeking public comment by May 5 on implementing new beneficial ownership information requirements.

Agencies issue 2020 HMDA data

Apr 1, 2021 | NewsWatch Today
Regulators released 2020 Home Mortgage Disclosure Act Loan Application Register data for approximately 4,400 HMDA filers. Annual loan-level LAR data for each HMDA filer are made available online by March 31.

CFPB rescinds policy statements granting temporary relief

Apr 1, 2021 | NewsWatch Today
The Consumer Financial Protection Bureau rescinded seven policy statements issued last year that provided temporary flexibilities to financial institutions on mortgage lending, credit reporting, credit cards, and prepaid cards.

Fed adopts rule on supervisory guidance

Apr 1, 2021 | NewsWatch Today
The Federal Reserve Board adopted a final rule outlining and confirming the use of supervisory guidance for regulated institutions.

Agencies issue updated HMDA guide

Mar 31, 2021 | NewsWatch Today
The Federal Financial Institutions Examination Council issued the 2021 edition of “A Guide to HMDA Reporting: Getting It Right!” for HMDA-related data collected in 2021 and reported in 2022.

PPP extension signed into law

Mar 31, 2021 | NewsWatch Today
President Joe Biden signed into law ICBA-advocated legislation to extend the Paycheck Protection Program ahead of its scheduled expiration. Previously, any PPP application not approved by March 31 could not receive PPP funds.

EIPs heading to federal beneficiaries

Mar 31, 2021 | NewsWatch Today
The IRS said it expects to begin issuing additional Economic Impact Payments this weekend to federal beneficiaries who do not normally file a tax return.

Bill would require Fed study on CBDC

Mar 31, 2021 | NewsWatch Today
Reps. Bill Foster (D-Ill.) and French Hill (R-Ark.) recently introduced legislation directing the Federal Reserve to work with other agencies to study and issue a report on central bank digital currencies.

ICBA Thanks President for Signing PPP Extension

Mar 30, 2021 | NewsWatch Today
The Independent Community Bankers of America today thanked President Joe Biden for signing into law ICBA-advocated legislation to extend the Paycheck Protection Program ahead of its March 31 expiration.

Deadline for credit union comment letters extended

Mar 29, 2021 | NewsWatch Today
While ICBA last week submitted its comment letter urging the National Credit Union Administration to withdraw a proposal on credit union services organizations, community banks can still submit comment letters after the agency extended the deadline 30 days.

USDA asks lenders to suspend adverse actions against socially disadvantaged farmers

Mar 29, 2021 | NewsWatch Today
The USDA’s Farm Service Agency asked lenders to suspend adverse actions against guaranteed farm loan borrowers who are members of socially disadvantaged (SDA) groups while the agency develops a method to pay off SDA borrowers' direct and guaranteed loans.