Breaking Archive

During the third week of the 2020 Regular Session, the association’s top legislative priority, the Financial Exploitation Prevention Act, advanced out of the House Financial Services and Senate Banking and Insurance Committees on Wednesday. Legislators on each committee asked productive, incisive questions about the ...Read More

Question: In regard to the six-transaction limit imposed in Regulation D, can a bank reduce this limit to only two transactions?   Answer: Yes, the bank may set stricter limits than required under Reg. D. There is not a prohibition in doing using a ...Read More

Question: Regarding CTRs, when there is an aggregated transaction, what are the requirements in order for the transaction to be considered an aggregated transaction?   Answer: The bank would report as an aggregated transaction only if, 1) the financial institution did not identify any ...Read More

Legislators returned to Montgomery last Tuesday for the start of the 2020 Regular Session. When representatives and senators arrived in the capital last year, they were laser-focused on “Rebuild Alabama,” legislation that increased the gasoline tax and allocated new revenue to transportation projects. But ...Read More

Question: Our bank has a question for CRA reporting.  When we have start-up businesses, do we report the revenue as “unknown” since there is no real revenue information (only projections)?   Answer: For start-ups, the bank should use $0 if the business is pre-revenue. ...Read More

The 2020 Regular Session of the Alabama Legislature begins tomorrow at noon. This is the second regular session in the current four-year term for Alabama’s 140 legislators. Though representatives and senators return to Montgomery years away from their own re-election, the atmosphere remains somewhat ...Read More

by Michael Rediker and Mike Murphey, Porter White & Co. The Financial Accounting Standards Board (“FASB”) has mandated a new methodology known as Current expected Credit Loss (“CECL”) to calculate a bank’s Allowance for Loan and Lease Losses (“ALLL”). Currently, ALLL estimates charges over ...Read More