Alabama Bank News

by Chase Stoecker Title III of the Americans with Disabilities Act (ADA) prohibits discrimination on the basis of disability by places of public accommodation.  It directs businesses to make “reasonable modifications” to standard business practices when serving people with disabilities.  Under Title III of ...Read More

Q: My customer would like to establish a benefit account for a fundraiser they are doing in their community. What type of account should this be and what documentation is needed? A: Generally, benefit or memorial accounts are accounts that will be used in ...Read More

Q: Are banks required to perform OFAC checks on incoming domestic wire transfers? A: OFAC requires banks to implement a program in accordance with the bank’s size, complexity, risk-factors, and other criteria, in order to block transactions with certain individuals and counties on the ...Read More

MONTGOMERY, Ala., April 30, 2021 — In somewhat of a surprising move, the Alabama Legislature had little-to-no controversies on the House and Senate floors this week.  While that was certainly a good thing, especially for the banking industry, it means a litany of controversial ...Read More

Q: The bank is considering approval for a loan request where one of the guarantors has a significant amount of equity holdings in a business which produces cannabis. There is no expectation that any of the loan proceeds will be used use or co-mingled ...Read More

MONTGOMERY, Ala., April 16, 2021 — The Legislature met for two legislative days this week and have now completed 23 legislative days since the start of the 2021 Regular Session on February 2.  Representatives and Senators dealt with a variety of hot topics this ...Read More

The Legislature met for three legislative days this week and have now completed 21 legislative days since the start of the 2021 Regular Session on Feb. 2.  This week saw debate on a variety of controversial topics, including medical marijuana, lottery and gaming, pistol ...Read More