Alabama Bank News

The second week of the session saw the introduction of the centerpiece of the Alabama Bankers Association’s 2020 legislative agenda: The Elderly and Vulnerable Adult Financial Exploitation Prevention Act. Sponsored in the House by Financial Services Committee Chairman Rep. Chris Blackshear (R-Phenix City) and ...Read More

Question: Regarding CTRs, when there is an aggregated transaction, what are the requirements in order for the transaction to be considered an aggregated transaction?   Answer: The bank would report as an aggregated transaction only if, 1) the financial institution did not identify any ...Read More

by Charles Prueter, Waller On the first Tuesday in March, the Supreme Court will hear oral argument in a momentous case: Seila Law LLC v. Consumer Financial Protection Bureau, No. 19-7. Readers familiar with this piece of litigation will recall that the question here ...Read More

Question: Our bank has a question for CRA reporting.  When we have start-up businesses, do we report the revenue as “unknown” since there is no real revenue information (only projections)?   Answer: For start-ups, the bank should use $0 if the business is pre-revenue. ...Read More

Question: Can I use proof of disclosing the Closing Disclosure to the borrower from the Title Company, or does the proof have to be from us the Lender?   Answer: As far as specific evidence of delivery for the Closing Disclosure, Reg. Z doesn’t ...Read More

by Michael Rediker and Mike Murphey, Porter White & Co. The Financial Accounting Standards Board (“FASB”) has mandated a new methodology known as Current expected Credit Loss (“CECL”) to calculate a bank’s Allowance for Loan and Lease Losses (“ALLL”). Currently, ALLL estimates charges over ...Read More

by Marc Adesso and Kevin Tran, Waller Evolution of Federal Hemp Legislation For decades, federal law failed to distinguish hemp from other varieties of the cannabis plant, all of which were made illegal under the Controlled Substances Act of 1970 (the “Controlled Substances Act”).  ...Read More