Breaking | Alabama Bank News

What Alabama Banks Should Know About The California Consumer Privacy Act

Board Briefs, Breaking, Industry Reports, Legal, Publications

by Dhruv Sharma, McGlinchey On Jan. 1, California’s Consumer Privacy Act (“CCPA”) went into effect, activating the most onerous privacy regime in the nation. Broadly speaking, CCPA grants consumers the right to know what personal information is being collected from them; know how that ...Read More

Impacts of the CARES Act on Creditors’ Rights and Bankruptcy

Board Briefs, Breaking, Publications

By James Bailey and Chris Hawkins On March 27, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) became law. The new law contains several temporary amendments to the Bankruptcy Code, some of which apply in the business bankruptcy context and some ...Read More

Compliance Q&A: HMDA Reporting Question

Breaking, Compliance Q&A, Publications

Question: This is a HMDA question. Borrower was scheduled for closing, but because a home inspection that the borrower ordered did not go as they planned, the borrower ended up cancelling closing. The bank did not require this inspection and all underwriting conditions had ...Read More

Federal Court: PPP Loan Applicants Can’t Sue the Bank over PPP Rules

Board Briefs, Breaking, Legal, Publications

by Brian Malcom With the promise of low-interest or no-interest loans, and even the possibility of loan forgiveness, small businesses rocked by COVID-19 have recently turned to banks to apply for federally guaranteed funds. These funds are vital to many small businesses in order ...Read More

Alabama Legislature Concludes its 2020 Regular Session

Breaking, Capitol Notes, Industry Reports, Legal, Politics, Publications

MONTGOMERY, Ala., May 22, 2020 — The oddest session of the Alabama Legislature in recent memory, if ever, adjourned on Monday. Disrupted by the coronavirus pandemic, more than half of the actual working days of the session were conducted in a State House closed ...Read More

Breaking, Compliance Q&A, Publications

Q: This is a CARES Act question on credit bureau reporting for consumer-purpose loans. For those loans that have requested forbearance or other payment accommodations during the pandemic, we are not reporting those accounts as late (nor charging fees). However, if a loan does go ...Read More

2020 Regular Session: Update on Immunity Legislation

Breaking, Capitol Notes, Politics

May 8, 2020 – Legislators returned to Montgomery on May 4 with an eye toward completing the 2020 Regular Session, but their arrival to the capital city felt somewhat unusual. Because maintaining social distancing guidelines is nearly impossible in the State House, many legislators ...Read More

Compliance Q&A: Reg D Amendments – Temporary or Permanent?

Breaking, Compliance Q&A, Publications

Question: Regarding the recent Regulation D amendments, are these temporary or permanent changes? Answer: As the interim final rule is currently written, these changes do appear to be permanent, and not tied directly to the current COVID-19 pandemic: “In January 2019, the FOMC announced ...Read More

2020 Regular Session: Scheduling Update

Breaking, Capitol Notes, Industry Reports, Politics

Legislative leaders this week provided important updates on the schedule for the remainder of the Alabama Legislature’s 2020 Regular Session. As a reminder, legislators left Montgomery on March 12 for a planned spring break period, with representatives scheduled to return to the State House ...Read More

OCC Offers Information Regarding STIF Rule

Breaking, Industry Reports

OCC Revises Short-Term Investment Fund Rule https://www.occ.gov/news-issuances/federal-register/2020/nr-occ-2020-38-federal-register.pdf The Office of the Comptroller of the Currency (OCC) today announced an interim final rule to revise its short-term investment fund (STIF) rule for national banks acting in a fiduciary capacity. The rule allows the OCC to ...Read More

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