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.
Emerging Legislation:
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.