Publications | Alabama Bank News

Compliance Q&A: Publicly-traded Company & Beneficial Ownership

Compliance Q&A, Publications

Q. We have a publicly traded company that wants to open a checking account. I believe the company would be excluded from the beneficial ownership information, but would we still have to collect information for a controlling person? A. If the customer is a publicly traded ...Read More

Compliance Q&A: HELOC Promissory Note Considerations

Breaking, Compliance Q&A, Publications

QUESTION: Do we have to disclose the loan officer’s NMLS ID on the promissory note for a HELOC? ANSWER: While Regulation Z does have a specific requirement to include the NMLS ID on the promissory note, it excludes open-end credit which would include a ...Read More

Capitol Notes: Regular Legislative Session Continues

Breaking, Capitol Notes, Politics, Publications

ARPA Tax Relief The Senate passed SB 152 Thursday, which would ensure that Alabamians are not required to pay state income taxes on expanded benefits under the American Rescue Plan Act (“ARPA”). Such pandemic relief benefits include an increased child tax credit, increased dependent ...Read More

Compliance Q&A: Closed-end Threshold for Partial Exemptions

Breaking, Compliance Q&A, Publications

QUESTION: What is the current closed-end threshold for partial exemptions? When does it change? ANSWER: The partial exemption closed-end threshold is currently 500 transactions in each of the two previous years and is not currently scheduled to change. There is currently a full reporting ...Read More

CAPITOL NOTES: Special Session Concludes, Regular Session Resumes This Week

Breaking, Capitol Notes, Publications

The Special Session called by Gov. Kay Ivey concluded last Thursday, as the Legislature gave final approval of a bipartisan plan to invest some $772 million in American Rescue Plan Act (“ARPA”) funds. The $772 million comes as part of Alabama’s $1.1 billion initial ...Read More

Compliance Alliance: Open-end Threshold for Partial Exemptions

Breaking, Compliance Q&A, Publications

Question: What is the current open-end threshold for partial exemptions? When does it change? Answer: The partial exemption open-end threshold is currently 500 transactions in each of the two previous years and is not currently scheduled to change. There is currently a full reporting ...Read More

CAPITOL NOTES: Special Session to Allocate Funding from the American Rescue Plan Act Continues

Breaking, Capitol Notes, Politics, Publications

Gov. Kay Ivey put the 2022 Regular Legislative Session on hold last week by calling a special session to prioritize the allocation of federal COVID relief funds received from the American Rescue Plan Act (“ARPA”). Legislators are working to determine how best to invest ...Read More

Compliance Q&A: Advertising and RESPA Section 8 Considerations

Breaking, Compliance Q&A, Publications

Question: Can you give us some tips drafting an MSA for a joint advertising campaign to avoid a RESPA Section 8 issue? Answer: As I am sure you have found, “marketing services agreements” is definitely a hot topic. It is still unclear to what ...Read More

WASHINGTON UPDATE: Cryptocurrencies: Unlocking Banking’s ‘New Frontier’

Breaking, Publications

By Rob Nichols, American Bankers Association In case you haven’t noticed, cryptocurrencies are an increasingly hot topic of conversation in this country. According to a Pew Research Center survey fielded in November, 86% of Americans said they have heard about cryptocurrencies, and 16% said ...Read More

Compliance Q&A: Bank Travel Club Considerations

Breaking, Compliance Q&A, Publications

Question: We are considering an arrangement with our construction builder customers where they would get a set amount of “credit” (points) for every spec loan closed with us. The points would be eligible to apply discounts associated for an annual trip with the Bank’s ...Read More

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