News

Tax Alert: Book-Tax Conformity on Bad Debts and the Express Determination Letter

Posted: Wednesday, September 10, 2014 - 12:14:32 PM

As we have recommended in the past, we strongly suggest that at the onset of every regulatory examination by your Primary Federal Regulator you request them to issue an Express Determination Letter (EDL). The EDL allows you to automatically apply to the IRS for Book-Tax Conformity on Bad Debts Expenses. This affects a couple key items on your tax return.

Compliance Alert Update (2)

Posted: Monday, April 13, 2015 - 8:40:06 AM

Regulatory Overview (Violations and Item of Interest)

Compliance Alert Update (1)

Posted: Monday, April 13, 2015 - 8:40:07 AM

Spring Updates

Tax Alert: New Regulatory Capital Reporting

Posted: Monday, April 13, 2015 - 8:40:07 AM

New Regulatory Capital Reporting

COMPLIANCE ALERT UPDATE

Posted: Monday, April 13, 2015 - 8:40:07 AM

Compliance Alert Update: Consumer Financial Protection Bureau Changes

Posted: Monday, April 13, 2015 - 8:40:07 AM

Regulation Z generally prohibits a creditor from making a mortgage loan unless the creditor determines that the consumer will have the ability to repay the loan. The June 2013 Ability to Repay/Qualified Mortgage (ATR/QM) Concurrent Final Rule provides an exemption to these requirements for: Creditors with certain designations, Loans pursuant to certain programs, Certain nonprofit creditors, and Mortgage loans made in connection with certain Federal emergency economic stabilization programs.

Compliance Alert; May 2013

Posted: Monday, April 13, 2015 - 8:40:07 AM

Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) amends the Equal Credit Opportunity Act (ECOA) to require financial institutions to report information concerning credit applications made by women- or minority owned businesses and small businesses. The amendments made by the Dodd-Frank Act require that certain data be collected and maintained under ECOA, including the number and date the application was received, the type and purpose of loan applied for, the amount of credit applied for and approved, the type of action taken with regard to each application and the date of such action, the census tract of the principal place of business, the gross annual revenue, and the race, sex, and ethnicity of the principal owners of the business. The CFPB expects to begin developing proposed regulations concerning the data to be collected and appropriate procedures, information safeguards, and privacy protections for information-gathering under this section.

Tax Alert: State of Ohio Use Tax Audits

Posted: Monday, April 13, 2015 - 8:40:07 AM

We have recently become aware of an increased effort underway by the State of Ohio to perform Use Tax Audits of businesses in an effort to collect tax revenues that should have been paid in recent years.

Compliance Alert: July 2013

Posted: Monday, April 13, 2015 - 8:40:07 AM

May 29, 2013: The Consumer Financial Protection Bureau (CFPB) finalized rules to facilitate access to credit by creating specific exemptions and modifications to the CFPB’s Ability-to-Repay rule for small creditors, community development lenders, and housing stabilization programs. The amendments also revised rules on how to calculate loan origination compensation for certain purposes. Today’s final rule amends the CFPB’s Ability-to-Repay rule, which was finalized in January of this year.

Tax Alert: New IRS Tangible Assets Regulations

Posted: Monday, April 13, 2015 - 8:40:07 AM

New IRS Tangible Assets Regulations

TAX ALERT: New IRS Position on OREO Expenses

Posted: Monday, April 13, 2015 - 8:40:07 AM

New IRS Position on OREO Expenses

COMPLIANCE ALERT April 2014

Posted: Monday, April 13, 2015 - 8:40:07 AM

Ability-to-Repay (ATR) Standards 12 CFR 1026.43(c) (Reg Z)

COMPLIANCE ALERT UPDATE - April 2014

Posted: Monday, April 13, 2015 - 8:40:07 AM

Equal Credit Opportunity Act (Reg B)

COMPLIANCE ALERT UPDATE August 25, 2014

Posted: Monday, April 13, 2015 - 8:40:07 AM

The New Integrated Mortgage Disclosures (Final rule effective on 8/1/15)

COMPLIANCE ALERT UPDATE August 22, 2014

Posted: Monday, April 13, 2015 - 8:40:07 AM

Servicemembers Civil Relief Act (SCRA)