Financial Institutions

Friday, 28 June 2013

Are AML procedures being followed?

Written by Rehmann Team

You may want to conduct additional training if you’re not sure everyone at your financial institution is up to speed on AML procedures. Otherwise, you could be subject to FINRA fines for failing to establish and implement adequate anti-money laundering programs and other supervisory systems to detect suspicious transactions. One firm, Atlas One Financial Group, LLC in Miami, and several of its executives learned this lesson the hard way. The firm was fined $350,000 because for nearly four years, it failed to identify suspicious account activity or adequately investigate several AML “red flags,” according to a FINRA investigation...

Friday, 28 June 2013

Delinquency rates on loans and leases at commercial banks

Written by Rehmann Team

lRecent data shows a downward trend in the percentage of delinquent loans and leases, as reported each quarter by commercial banks. The biggest drop in delinquency rates is reported in Commercial Real Estate Loans with the rate dipping from 7.84 percent to 3.77 percent in the past two years...

Tuesday, 14 May 2013

Update on the Section 179 deduction tax break

Written by Rehmann Team

The Section 179 deduction is valuable because it allows businesses to deduct as depreciation up to 100 percent of the cost of qualifying asset additions in Year 1 instead of depreciating the cost over a number of years. The American Taxpayer Relief Act of 2012 (better known as the "fiscal cliff" legislation) included several taxpayer-friendly changes to the Section 179 rules. More Generous Deduction Limits For qualifying property placed in service in tax years beginning in 2012 and 2013, the fiscal cliff legislation restored the maximum Section 179 deduction to $500,000 (same as for tax years beginning in 2010 and 2011). Without this change, the maximum deduction for tax years beginning in 2012 was scheduled to drop to only $139,000 ($125,000 adjusted for inflation), and the maximum deduction for tax years beginning in 2013 would have been only $25,000...

Wednesday, 03 April 2013

Social media risk management program

Written by Rehmann Team

Texting. Tweeting. Online postings. There are more ways than ever before to share news, information and product offers from your financial institution with prospective clients...

Wednesday, 03 April 2013

BASEL III liquidity coverage ratios announced

Written by Rehmann Team

The Basel Committee recently issued the revised Liquidity Coverage Ratio (LCR), an essential component of the Basel III global reforms intended to strengthen global capital and liquidity regulations in an effort to create a more resilient banking industry. The LCR, which was first announced in December 2010, promotes the short-term resilience of a bank's liquidity risk profile by ensuring it has adequate unencumbered high-quality liquid assets (HQLA) that can be easily and immediately converted into cash in private markets to meet its liquidity needs for a 30-day period. Adequate LCR improves the banking sector's ability to absorb shocks arising from financial and economic stress from any source, thus reducing the risk of spillover from the financial sector to the real economy. The revisions to the LCR incorporate changes to the definition of range of assets eligible as HQLA and refinements to the assumed inflow and outflow net cash rates to better reflect actual experiences in times of stress...

The Consumer Financial Protection Bureau (CFPB) has released its final rule to amend Regulation Z, which implements the Truth in Lending Act (TILA), to implement those parts of Dodd-Frank relating to a consumer’s ability to repay home loans. The changes will take effect on January 10, 2014. Regulation Z requires creditors writing residential mortgages to make a “reasonable and good faith determination based on verified and documented information that the consumer has a reasonable ability to repay the loan according to its terms” by considering certain underwriting factors. Under Dodd-Frank, this rule is expanded from coverage of just higher-priced mortgages to the entire mortgage market...

Tuesday, 02 April 2013

Remittance Transfer Rule (Amendment To Reg E) delayed

Written by Rehmann Team

Although this amendment was scheduled to go into effect on February 2013 and has been delayed, there are proposed changes about which financial institutions that participate in remittance transfers should be aware. Federal consumer protection rules have not previously been applied to most of the billions of dollars in remittance transfers that U.S. consumers send each year...

Tuesday, 02 April 2013

Electronic filing of BSA-SAR starts April 1

Written by Rehmann Team

As BSA administrator, FinCEN is transitioning from industry-specific paper forms to one electronically-filed dynamic and interactive BSA-SAR that must be used by all filing institutions to report suspicious activity as of April 1, 2013. Based on their type, financial institutions currently provide data on four separate forms. FinCEN is integrating four institution-specific SARs into one electronic data collection process. While the previous five parts of the SAR-DI remain with changes to their titles and order of completion, data fields from other industry SARs that may be new to depository institutions, as well as specific data fields that are new to all types of industry filers, are included in the electronic filing...

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