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CAPITOL NOTES: Week 7 Recap

Breaking, Capitol Notes, Industry Reports, Politics, Publications

MONTGOMERY, Alabama, March 19, 2021 — Week 7 of the 2021 Regular Session saw some of the lengthiest floor debate of the session so far, particularly in the House of Representatives. On Tuesday, representatives debated what they termed an “agency calendar.” Designed to help public ...Read More

Compliance Q&A: Cashier’s Check & Reg CC

Breaking, Compliance Q&A, Industry Reports, Publications

Q: For a cashier’s check, and holds, under Reg. CC, isn’t the bank required to make the first $5,525 available by the next business day? A: Actually, Reg. CC allows the bank to combine the large deposit hold with a case-by-case hold. This would ...Read More

Revised Brokered Deposits Rule Eases Path for Bank-Fintech Deposit Programs

Board Briefs, Breaking, Industry Reports, Publications

By Chris Couch, McGlinchey FDIC on Jan. 22 finalized revisions to its Brokered Deposit Rule (the Rule), identifying a clear path for financial technology (FinTech) companies to partner with banks in generating deposits. While the Rule acknowledges (and ostensibly leaves in place) the statutory ...Read More

Capitol Notes: Week 6 Recap

Capitol Notes, Industry Reports, Politics, Publications

MONTGOMERY, Ala., March 12, 2021 — The biggest story of the sixth week of the 2021 Regular Session happened during the first few hours of State House activity on Tuesday, as Senate Bill 214, the comprehensive casino/lottery/sports betting legislation sponsored by Sen. Del Marsh ...Read More

Compliance Q&A: Money Market Accounts & Reg CC

Compliance Q&A, Publications

Q: Are money market accounts covered under Regulation CC? A: Money market accounts, or MMDAs, are considered savings accounts and are not subject to Regulation CC. Reference: “a) Account. (1) Except as provided in paragraphs (a)(2) and (a)(3) of this section, account means a ...Read More

Breaking, Industry Reports, Legal, Politics, Publications

Supreme Court Update for Banking and Financial Services Professionals by Charles W. Prueter Congress enacted the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) one year ago this month, creating — among other stimulus programs — the Paycheck Protection Program (PPP). And like ...Read More

Capitol Notes: Week 5 Recap

Breaking, Capitol Notes, Legal, Publications

MONTGOMERY, Ala., March 5, 2021, Montgomery, Ala. — The fifth week of the 2021 Regular Session saw the introduction and advancement of several pieces of legislation important to the association. On Tuesday, legislation was introduced in the House and Senate that would govern how ...Read More

Compliance Q&A: Investment Properties & HMDA

Breaking, Compliance Q&A, Industry Reports, Publications

Q: Are investment properties with a loan purpose of Code 4 HMDA reportable? A: Code 4 for “Loan Purpose” corresponds to “Other Purpose.” You do not report “Other” purpose loans that are “business purpose.” Reference: Code 4—Other purpose Data Point “(5) Loan Purpose, Reportable ...Read More

A Robust Recovery Requires Consistent ‘Rules of the Road’

Breaking, Industry Reports, Politics, Publications

By Rob Nichols Over the course of the pandemic, the U.S. economy has been tested like never before and has more than proven its resilience. That’s thanks in no small part to our large and diverse financial system: a network of financial institutions of ...Read More

Capitol Notes: Week 4 Recap

Breaking, Capitol Notes, Legal, Politics, Publications

MONTGOMERY, Ala., February 26, 2021 — The association’s top legislative priority, the Elderly and Vulnerable Adult Financial Protection Act, has passed the Legislature and is headed to Gov. Kay Ivey’s desk! Senate Bill 181 gives financial institutions the discretion to refuse or delay a ...Read More

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