Breaking | Alabama Bank News

Summary of Act 2019-284, the Financial Institution Excise Tax Reform Act

Board Briefs, Breaking, Industry Reports, Legal, Publications

by Bruce Ely and Jimmy Long, Bradley EDITOR’S NOTE: In May of 2018, at the request of the Alabama Department of Revenue (“ADOR”), the Alabama Bankers Association (“ABA”) established a working group of tax experts to study ways to modernize and clarify the statutes ...Read More

Compliance Q&A: Multi-account, Multi-business CTR

Breaking, Compliance Q&A, Publications

Question: John Doe owns 3 different stores. A store clerk of one of the businesses made all the deposits with one teller at one time. All three of the organizations are operated independently of one another: A corp. acct. # 12345 had a cash-in ...Read More

Trust Issues: Alabama Banks Could Be Impacted by Recent Tennessee Legislation

Board Briefs, Breaking, Publications

by Aaron Flinn, Waller For banks with significant trust activities or banks that are considering expansion into new markets, recently passed legislation in Tennessee provides significant benefits that are currently only permitted in Tennessee and South Dakota. Specifically, Tennessee law now permits the creation ...Read More

Compliance Q&A: Flood Insurance

Breaking, Compliance Q&A, Publications

Question: We have a situation where a commercial borrower is purchasing two commercial properties that are in a flood zone. His insurance agent stated that he cannot purchase flood insurance on the properties in question until he owns the properties. We are doing the ...Read More

Does Wayfair Have Just What You Need?

Board Briefs, Breaking, Industry Reports, Legal, Publications

by Paul Leonard One of the more important decisions of the United States Supreme Court in 2018, at least for states, was the Court’s decision in South Dakota v. Wayfair (Wayfair). As widely reported, the Court held in Wayfair that an Internet seller of ...Read More

Compliance Q&A: CD Early Withdrawal Penalty

Breaking, Compliance Q&A, Industry Reports, Publications

Question: Is there a regulatory requirement to charge a 7-day early withdrawal penalty on a certificate of deposit (CD)? Answer: In the first week after a CD is created, there must be an early withdrawal penalty of at least seven days’ simple interest ...Read More

Supreme Court Update for Banking and Financial Services Professionals

Breaking, Industry Reports, Legal, Publications

by Charles W. Prueter & Manning T. Russell “Celebrities: They’re just like us!” Whether you like it or not, this refrain resonates within our popular culture. Perhaps discovering that movie or reality TV stars eat pizza and pump gas — just like us! — ...Read More

Hemp is Here: How Financial Institutions Can Prepare for Alabama’s Newest Industry

Board Briefs, Breaking, Industry Reports, Legal, Publications

by Whitt Steineker and Laney Gifford Centuries after American colonists were required by law to grow hemp, and decades after it was later outlawed by Congress, one of the nation’s oldest and most versatile crops appears to be having a moment. The Jan. 1 ...Read More

Reframing the Credit Union Debate

Breaking, Industry Reports, Legal, Politics, Publications

by Rob Nichols For too long, banks with legitimate concerns about unbridled credit union growth have been portrayed as Goliath picking on David. The truth is that in many states, a credit union is one of the largest local financial institutions, outranking most of ...Read More

Compliance Q&A: Flood Insurance for Detached Structure

Breaking, Compliance Q&A, Publications

Question: We have a property that is partially in a flood zone. The house on the property is not in a flood zone, but the barn on the property is in a flood zone. Do we have to require flood insurance for the barn? ...Read More

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