Financial Institutions

Wednesday, 02 June 2021

Proposed Guidance Updates for Tax Sharing Agreements

Written by Lisa Newland

In 1998, the Board, FDIC and OCC adopted an Interagency Policy Statement on Income Tax Allocation agreements (also known as tax sharing agreements) that are used by U.S. corporations with a U.S...

Wednesday, 02 June 2021

Digital Banking Keeps Evolving

Written by Liz Ziesmer

Consumer expectations for convenient, digital banking services coupled with demand for live assistance from a highly trained and knowledgeable banking professional when needed are evolving at a rapid pace and pushing financial institutions to be agile, adopt emerging technologies, innovate and plan several steps ahead. Is the industry keeping pace? The Digital Banking Report, “Innovation in Retail Banking 2020,” found that financial institutions ranked themselves lower in digital transformation, innovation and data analytics maturity in 2020 than they did in 2019, possibly because, by comparison, other industries moved even faster to meet service digital consumers. A successful digital transformation requires a corporate culture paradigm shift to embrace the latest technologies throughout the organization, not silo them into selected business lines or departments or to serve only specific products or services...

Wednesday, 02 June 2021

Banking Regulations for Marijuana Businesses Move Forward

Written by Kristin Pawlowski & Beth Berhend

In April, the U.S. House of Representatives voted 321-101 to approve the Secure and Fair Enforcement (SAFE) Banking Act and send it to the Senate, where Majority Leader Chuck Schumer has expressed some support. The SAFE Banking Act would allow financial institutions to provide services to cannabis companies in states where it is legal without facing the threat of federal penalties and sanctions...

Wednesday, 02 June 2021

Denovo Bill Fosters Bank Formation in Underserved Communities

Written by Liz Ziesmer

Only 54 de novo banks have been chartered since 2010, compared to the more than 1,300 that were charted between 2000 and the financial crisis, according to the Independent Community Bankers of America (ICBA). A recent FDIC report on community banking trends noted that the number of local community banks has decreased from 6,802 in 2011 to 4,750 at the end of 2019; the majority of those that ceased operations were bought by other community banks. Combined, these two trends have left many communities – especially rural communities – without a local bank branch. The Promoting Access to Capital in Underbanked Communities Act of 2021 (H...

Tuesday, 10 November 2020

CFPB: Updated FAQs under the CARES Act and FCRA

Written by The Rehmann Team

Soon after the CARES Act was enacted in early 2020, the CFPB published a Compliance Aid to help address consumer reporting requirements. The Compliance Aid was updated in June 2020. Below are some highlights. Under the CARES Act amendments to the FCRA, a consumer whose account was not previously delinquent is current on their loan if they have received an accommodation and make any payments the accommodation requires...

Tuesday, 10 November 2020

CRA Modernization: What’s Up With The OCC, FRB and FDIC

Written by The Rehmann Team

Changing, updating or issuing a new regulation involves myriad complex issues, such as divergent bank business models, different needs of communities across the country and rapidly changing consumer preferences regarding the ways they want to bank and transact business. This is especially true related to CRA because not only bankers and regulators want to understand and respond to the issues, but also consumer and community advocacy groups, economic councils and those interested in public policy. The OCC issued its final rule on May 20, after two years of stakeholder research, changing the agency’s regulations to implement CRA (Regulation BB) and make CRA examination more consistent and predictable.  The rule includes a list of CRA-qualifying activities and a pre-approval process to confirm that a contemplated activity will receive CRA credit...

Tuesday, 10 November 2020

Prepare for the Transition from LIBOR

Written by The Rehmann Team

By the end of 2021, the London Interbank Offered Rate (LIBOR) will be phased out and replaced with a new interest rate reference for new and existing loans. Global financial services have used LIBOR since the 1980s as a reference rate to price mainly variable rate loans and securities, deposits and interest rate hedging transactions, as well as derivatives, discount products, debt securities/commercial paper and even default interest rates.  LIBOR is published daily and is calculated from hypothetical borrowing transactions submitted by a few banks, making it subject to manipulation. In fact, in a 2008 scandal, one banker manipulated LIBOR lower, the opposite of what would be expected during a credit squeeze...

Monday, 09 November 2020

Cybersecurity Best Practices for Remote Workers

Written by The Rehmann Team

While remote workers aren’t a new phenomenon, the number of people working remotely is. Millions are now working remotely due to the Coronavirus pandemic, increasing the risk of sensitive information being compromised and exposed to unauthorized individuals...

Monday, 09 November 2020

FDIC: Temporary Relief from Part 363 Audit and Reporting Requirements

Written by The Rehmann Team

As a result of the global COVID-19 pandemic’s impact on economic conditions, some insured depository institutions (IDIs) have experienced large cash inflows from participation in government relief programs including the Paycheck Protection Program (PPP), Money Market Mutual Fund Liquidity Facility (MMLF), and Paycheck Protection Program Liquidity Facility (PPPLF), among others. This temporary but significant growth in assets means they may be subject to the independent auditing and reporting requirements of Part 363 of the FDIC’s regulations, for fiscal years ending in 2021...

Tuesday, 09 June 2020

Stafford Act Provides Unique Benefit for Companies, Employees

Written by The Rehmann Team

On March 13, 2020 President Trump determined that the COVID-19 pandemic warranted a nationwide emergency declaration as a qualified disaster under the Robert T. Stafford Disaster Relief and Emergency Assistance Act (Stafford Act) and gave employers the opportunity to provide tax-free assistance to employees under Section 139 of the Internal Revenue Code. It has been rarely used since enacted in 2002, when it was added after the September 11 attacks in 2001. Section 139 provides that qualified disaster relief payments from any source that are used to reimburse or pay an individual for eligible expenses in connection with a defined qualified disaster are not subject to income or employment taxes, including Social Security, Medicare and federal unemployment taxes and are generally tax-deductible for the employer...

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