The Setting Every Community Up for Retirement Enhancement (SECURE) Act, as part of the Further Consolidated Appropriations Act, 2020 (H.R. 1865, as amended) was signed into law on December 20, 2019. It will bring with it changes to retirement plans including individual retirement accounts (IRAs). Financial institutions offering IRAs should become familiar with the changes beginning with tax year 2020. Some of the notable IRA enhancements include: Extending the age for which minimum distributions from […]
Month: January 2020
AGENCY CRA MANEUVERS
There has been recent activity on the proposed Community Reinvestment Act (CRA) regulations, but it is not clear whether the process is moving in a positive direction or not. Brainard Explains FRB Position The Federal Reserve Board (FRB) decided not to join the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Company (FDIC) in issuing the proposed revisions to the CRA regulations. On January 8, 2020 FRB Governor Lael Brainard […]
ARE YOU LIBOR READY?
Many financial institutions make consumer loans, residential mortgage loans, and commercial loans with pricing based on the London Inter-Bank Offered Rate (LIBOR). In 2017 the United Kingdom’s Financial Conduct Authority (the regulator that oversees the LIBOR panel) announced that, by the end of 2021, it will discontinue the index. The Federal Reserve Board of Governors and the Federal Reserve Bank of New York (FRBNY) in conjunction with the U.S. Treasury Department’s Office of Financial Research have […]
WISH YOU WERE HERE!
The Compliance Resource team sends you greetings from sunny St. Petersburg, Florida! We’ve flown south to warmer temperatures to enjoy a few days of team building, meeting with our Board of Advisors to decide what we can offer you this year and beyond, and also to present a couple of important training sessions. We’re having a blast taking in the sights of beautiful St. Pete, from the stunning views, world-renowned art, and lovely beaches to […]
HAPPY NEW YEAR!
To all of the dedicated compliance professionals that we have the privilege to work with throughout the year, we wish you a healthy, prosperous, and fulfilling new year. Jack Holzknecht Amy Faust Robin Cooper Brent Vincent