Industry Reports | Alabama Bank News

Compliance Q&A: Filing Deadline For SAR Continuing Activity

Breaking, Compliance Q&A, Industry Reports, Publications

Question: By what day do we have to file the continuing activity SAR? Is it Day 90 or Day 120? Answer: The guidance provides that “Financial institutions with SAR requirements may file SARs for continuing activity after a 90-day review with the filing ...Read More

Solving the Banking Industry’s Cannabis Conundrum

Breaking, Industry Reports, Politics, Publications

by Rob Nichols While there is still a healthy — and appropriate — debate on whether cannabis should be legalized at the federal level, there is growing consensus that something must be done to address the cannabis conundrum affecting banks. The need for a ...Read More

Supreme Court Update for Banking and Financial Services Professionals

Breaking, Industry Reports, Legal, Publications

by Charles W. Prueter The Supreme Court has picked up its pace of late, including issuing three opinions in the last month or so in cases that were previewed on these pages. From financial consumer protection to securities enforcement to class arbitration, these cases ...Read More

2019 Regular Session: Week 6 Recap

Capitol Notes, Industry Reports, Politics, Publications

The Alabama Senate had its first “shutdown” day of the 2019 session yesterday, as members of the upper chamber spent a considerable amount of time debating just one bill. Senate Bill 220, sponsored by Sen. Greg Albritton (R-Atmore) is a proposed constitutional amendment that, ...Read More

2019 Regular Session: Week 5 Recap

Breaking, Capitol Notes, Industry Reports, Legal, Politics, Publications

House Bill 419, the Financial Institution Excise Tax Reform Act, was amended and favorably reported by the House Ways & Means – General Fund Committee on Wednesday. Thanks to the good work of the bill’s sponsor, Rep. Kyle South (R-Fayette), committee members had no ...Read More

Free Publicity for Banks Offering First-time Homebuyers Savings Accounts

Industry Reports

Since Jan. 1, Alabamians have been eligible to open a new type of tax-advantaged savings account designed to encourage home ownership. Known as an “Alabama First-Time and Second Chance Home Buyer Savings Account,” eligible account holders – an individual who resides in Alabama and ...Read More

Compliance Q&A: Branch Sale and HMDA Reporting Requirements

Breaking, Compliance Q&A, Industry Reports, Publications

Question: We are selling one of our branches next month. The branch only has one HMDA loan to date. Do we need to report that loan on the HMDA LAR? The bank that is purchasing the branch is not a HMDA-reporting bank. Answer: Assuming ...Read More

2019 Regular Session: Week 3 Recap

Breaking, Capitol Notes, Industry Reports, Legal, Publications

Major issues are still on tap in the fledging 2019 Regular Session, with more controversial topics popping up seemingly every week. As legislators began the third week of the session, issues such as repealing “Common Core,” legalizing medical marijuana, and adopting one of two ...Read More

Major Court Victory for Alabama Banks

Industry Reports, Legal

Alabama banks had a big day in court last Friday, as the Alabama Supreme Court withdrew a harmful 2018 opinion related to future advance mortgages. In September 2018, the Court ruled in GHB Construction v. West Alabama Bank & Trust that a future advance ...Read More

Compliance Q&A: Business Loans and Personal Guarantees

Breaking, Compliance Q&A, Industry Reports, Publications

Question: On a business loan where we have personal guarantees, do we have to check MLA on the guarantees, since they are acting as individuals? Answer: No, because a business loan is not a covered transaction under the MLA. The MLA applies to ...Read More

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