Breaking | Alabama Bank News

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

Compliance Q&A: Inheritance, Demolition & HMDA

Breaking, Compliance Q&A, Publications

Question: If someone inherits a house and has plans to demolish it and build another house, what is the HMDA purpose? Answer: There is no bright-line rule in the regulations or guidance that delineates when a loan like this crosses the line between ...Read More

Compliance Q&A: Temporary Branch Closure Notification

Breaking, Compliance Q&A, Publications

Question: If we need to temporarily shut down one of our branches to treat for dangerous mold, do we need to give any kind of notice to our regulator? Answer: At the federal level, there’s a specific exemption for temporary closings that are ...Read More

Compliance Q&A: Regulation D and Reserve Requirements

Breaking, Compliance Q&A, Publications

Question: I have a quick question related to Regulation D and reserve requirements. If we offer commercial escrow services to hold funds for two or more parties, are these funds held in escrow generally subject to Reg. D? Answer: Yes, escrow funds are specifically included in the definition of ...Read More

2019 Regular Session: Session Recap

Breaking, Capitol Notes, Politics, Publications

The 2019 Regular Session of the Alabama Legislature ended on May 31. The first regular session of this legislature’s four-year term, and indeed the very first session for many newly-elected legislators, was punctuated with many more “big-ticket” items than might normally be expected. Throughout ...Read More

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