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FinCEN Wants to Talk BSA Reporting with Hurricane-Affected Banks

Oct 1, 2018 | NewsWatch Today
The Financial Crimes Enforcement Network said financial institutions affected by Hurricane Florence should contact FinCEN and their functional regulator as soon as practicable to discuss any delays in their ability to file Bank Secrecy Act reports. FinCEN can be reached at [email protected].

Agencies Issue Customer Identification Program Exemptions

Oct 1, 2018 | NewsWatch Today
Federal regulators exempted loans for property and casualty insurance policies from Customer Identification Program rules. Banks engaging in insurance premium finance lending must continue to comply with all other regulatory requirements implementing the Bank Secrecy Act, including the requirement to file suspicious activity reports.

Facebook Breach Affects 50M Users

Oct 1, 2018 | NewsWatch Today
Facebook announced a security breach affecting nearly 50 million accounts.

‘Tax Reform 2.0’ Passes House

Oct 1, 2018 | NewsWatch Today
The House passed legislation to permanently extend the lower individual tax rates included in the tax reform law signed late last year. Known as “Tax Reform 2.0,” the package of bills would lock in lower rates set to expire at the end of 2025, though it is not expected to be taken up by the Senate. In addition to cutting the top C-corp rate, the ICBA-supported Tax Cuts and Jobs Act of 2017 reduced the individual rates affecting Subchapter S banks.

DOJ Indicates Support for ADA Website Flexibility

Sep 28, 2018 | NewsWatch Today
The Justice Department told members of Congress that it is evaluating whether to issue guidance on web accessibility standards under the Americans with Disabilities Act. Responding to a bipartisan letter from 103 members of Congress requesting clarity, the DOJ stood by its interpretation that the law applies to websites, but left room for a flexible approach.

Bureau Opening Regional Office in Atlanta

Sep 24, 2018 | NewsWatch Today
The Bureau of Consumer Financial Protection said it will relocate its southeast regional office from Washington, D.C., to Atlanta, Ga., in late 2019. The bureau already has regional offices in New York, Chicago and San Francisco that host supervision staff, enforcement attorneys and other personnel. The southeast regional team has been temporarily based out of the bureau’s D.C. headquarters since its inception.

Free Credit Freezes Are Here

Sep 24, 2018 | NewsWatch Today
A provision of S. 2155 requiring credit reporting agencies to freeze consumer credit reports at no charge took effect Friday. These security or credit freezes restrict access to credit files to reduce identity theft.

ICBA to IRS: Maximize Sub S Access to Tax Deduction

Sep 24, 2018 | NewsWatch Today
ICBA and other banking groups called on the IRS to reconsider its approach to implementing the Tax Cuts and Jobs Act’s 20 percent tax deduction for pass-through businesses. In a joint comment letter, ICBA said the agency should allow all permissible banking activities to be eligible for the deduction.

Agencies Advance 18-Month Exam Cycle

Aug 24, 2018 | NewsWatch Today
Federal regulators issued interim final rules to enact an ICBA-advocated provision of the S. 2155 regulatory relief law expanding eligibility for the 18-month exam cycle. As authorized by the ICBA Plan for Prosperity-inspired law, the interim final rules generally apply the extended exam cycle to institutions with less than $3 billion in total assets.