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2020 Regular Session: Week 2 Recap

Breaking, Capitol Notes, Politics, Publications

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

Compliance Q&A: CTRs and Aggregated Transactions

Breaking, Compliance Q&A, Industry Reports, Publications

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

2020 Regular Session: Week 1 Recap

Breaking, Capitol Notes, Industry Reports, Politics, Publications

Legislators returned to Montgomery last Tuesday for the start of the 2020 Regular Session. When representatives and senators arrived in the capital last year, they were laser-focused on “Rebuild Alabama,” legislation that increased the gasoline tax and allocated new revenue to transportation projects. But ...Read More

Supreme Court Update for Banking and Financial Services Professionals

Breaking, Industry Reports, Legal, Publications

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

Compliance Q&A: CRA Reporting

Breaking, Compliance Q&A, Publications

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

Preview of the 2020 Alabama Legislative Session

Breaking, Capitol Notes, Industry Reports, Politics, Publications

The 2020 Regular Session of the Alabama Legislature begins tomorrow at noon. This is the second regular session in the current four-year term for Alabama’s 140 legislators. Though representatives and senators return to Montgomery years away from their own re-election, the atmosphere remains somewhat ...Read More

Compliance Q&A: Closing Disclosure

Breaking, Compliance Q&A, Publications

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

CECL Impact on Banking

Board Briefs, Breaking, Publications

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

Compliance Q&A: Mortgage Payments

Breaking, Compliance Q&A, Publications

Question: We have a few questions about mortgage payments. Our core is set up so that mortgage payments are applied in the following order: The monthly escrow is put into the escrow account. The remainder is applied to interest. If anything remains after interest ...Read More

The Current State of Hemp Banking

Board Briefs, Breaking, Publications

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

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