Regulatory Compliance Update
By: Hickman Beckner, Vice President
June 27, 2016 – Comments due on the FDIC’s proposed rule that would facilitate prompt payment of insured deposits when banks fail.
July 1, 2016 – Effective date for the IRS temporary regulations that remove the automatic extension of the deadline for filing form W-2.
September 23, 2016 – Effective date for Phase 1 of NACHA’s same-day ACH processing. Phase 1 covers deposits only.
October 3, 2016 – Mandatory compliance date for the Department of Defense final rule implementing the Military Lending Act for active duty service members and their dependents.
Some new bills have been introduced in Congress that will impact financial institutions:
Senior Safe Act would create a “safe harbor” for personnel that have received training in identifying and reporting the suspected exploitation of a senior citizen when they report a suspected case to a covered agency.
Financial Institution Customer Protection Act would end Operation Choke Point.