Monthly Archive:: February 2020

The association’s top legislative priority, the Financial Exploitation Prevention Act, was in line to be on the floor of the House as well as the floor of the Senate on Thursday, but both chambers adjourned before getting to the bills.  Even though they did ...Read More

During the third week of the 2020 Regular Session, the association’s top legislative priority, the Financial Exploitation Prevention Act, advanced out of the House Financial Services and Senate Banking and Insurance Committees on Wednesday. Legislators on each committee asked productive, incisive questions about the ...Read More

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