February | 2022 | Alabama Bank News

Legislative Session Reaches Halfway Point

Breaking, Capitol Notes, Publications

The 2022 Regular Session reached its halfway point last week. Lawmakers continued their work on both the General Fund and Education Trust Fund budgets as well as a number of other issues. Read below for details! ARPA Tax Relief Gov. Kay Ivey signed legislation ...Read More

Compliance Q&A: Publicly-traded Company & Beneficial Ownership

Compliance Q&A, Publications

Q. We have a publicly traded company that wants to open a checking account. I believe the company would be excluded from the beneficial ownership information, but would we still have to collect information for a controlling person? A. If the customer is a publicly traded ...Read More

Breaking, Industry Reports, Politics

Broadband Expansion The Alabama Senate on Thursday passed legislation sponsored by Senate Majority Leader Clay Scofield aimed at expanding broadband access across the state. Senate Bill 124 would modify the Alabama Department of Economic and Community Affairs (ADECA) Broadband Accessibility Grant program and its ...Read More

Compliance Q&A: HELOC Promissory Note Considerations

Breaking, Compliance Q&A, Publications

QUESTION: Do we have to disclose the loan officer’s NMLS ID on the promissory note for a HELOC? ANSWER: While Regulation Z does have a specific requirement to include the NMLS ID on the promissory note, it excludes open-end credit which would include a ...Read More

Capitol Notes: Regular Legislative Session Continues

Breaking, Capitol Notes, Politics, Publications

ARPA Tax Relief The Senate passed SB 152 Thursday, which would ensure that Alabamians are not required to pay state income taxes on expanded benefits under the American Rescue Plan Act (“ARPA”). Such pandemic relief benefits include an increased child tax credit, increased dependent ...Read More

Compliance Q&A: Closed-end Threshold for Partial Exemptions

Breaking, Compliance Q&A, Publications

QUESTION: What is the current closed-end threshold for partial exemptions? When does it change? ANSWER: The partial exemption closed-end threshold is currently 500 transactions in each of the two previous years and is not currently scheduled to change. There is currently a full reporting ...Read More

Monthly Archive:: February 2022