Publications | Alabama Bank News

2020 Regular Session: Week 5 Recap

Breaking, Capitol Notes, Politics, Publications

As predicted in last week’s edition, the association’s top 2020 legislative priority, the Financial Exploitation Prevention Act, unanimously passed the House of Representatives on Tuesday morning. The final vote was 99-0. Bill sponsor Rep. Chris Blackshear (R-Phenix City) did a masterful job of explaining ...Read More

HMDA and Automated Underwriting System Reports

Breaking, Compliance Q&A, Publications

Question: In some cases, our bank pulls an Automated Underwriting System (AUS) report, but ultimately not used in making the credit decision. Instead, the application is manually underwritten, and those results are used to make the credit decision. For HMDA purposes, do we still ...Read More

2020 Regular Session: Week 3 Recap

Breaking, Capitol Notes, Publications

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

Compliance Q&A: Six Transaction Limit and Reg D

Breaking, Compliance Q&A, Publications

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

2020 Regular Session: Week 2 Recap

Breaking, Capitol Notes, Politics, Publications

The second week of the session saw the introduction of the centerpiece of the Alabama Bankers Association’s 2020 legislative agenda: The Elderly and Vulnerable Adult Financial Exploitation Prevention Act. Sponsored in the House by Financial Services Committee Chairman Rep. Chris Blackshear (R-Phenix City) and ...Read More

Compliance Q&A: CTRs and Aggregated Transactions

Breaking, Compliance Q&A, Industry Reports, Publications

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

2020 Regular Session: Week 1 Recap

Breaking, Capitol Notes, Industry Reports, Politics, Publications

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

Supreme Court Update for Banking and Financial Services Professionals

Breaking, Industry Reports, Legal, Publications

by Charles Prueter, Waller On the first Tuesday in March, the Supreme Court will hear oral argument in a momentous case: Seila Law LLC v. Consumer Financial Protection Bureau, No. 19-7. Readers familiar with this piece of litigation will recall that the question here ...Read More

Compliance Q&A: CRA Reporting

Breaking, Compliance Q&A, Publications

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

Preview of the 2020 Alabama Legislative Session

Breaking, Capitol Notes, Industry Reports, Politics, Publications

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

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