Alabama Bank News

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

Compliance Q&A: HELOCs & HMDA

Breaking, Compliance Q&A, Publications

Q: In determining whether the bank reports a HELOC for HMDA purposes, does the bank need to consider denied, withdrawn and approved but not accepted HELOCs into the threshold of 200? A: The count is based on the number of open-end lines of credit ...Read More

Capitol Notes: Week 3 Recap

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

As planned, the Legislature did not meet in session this week. After two busy weeks, this week’s hiatus provided an opportunity to reassess COVID protocols and sanitize the State House. Over the next four weeks, the Legislature will meet for 10 legislative days, followed ...Read More