Sens. John Kennedy (R-La.) and Kevin Cramer (R-N.D.) today introduced the No Red and Blue Banks Act, which would prohibit the General Services Administration from “awarding contracts to certain insured depository institutions that avoid doing business with certain companies that are engaged in lawful commerce based solely on social policy considerations.” This restriction would only apply to contracts awarded after the bill takes effect.
ABA submitted a comment letter to the IRS requesting that the agency delay by 12 months the effective date of its new "code Y" reporting requirement on Forms 1099-R and 5498 for qualified charitable distributions made by individual...
In addition to California, for example, five states are currently debating similar laws for companies of various sizes. Among other recommendations, ABA also recommended flexibility in how commercial loan exposures and emissions are categorized by industry.
The strength of the federal banking system remains sound, the OCC reported in its most recent semiannual risk perspective report. The report covers risks facing national banks, federal savings associations, and federal branches and agencies based on data...
ABA sent a letter in response to the Treasury's request for information regarding modernizing payments to and from the U.S. government, outlines recommendations to help the agency reach its deadline to transition all federal payments that are currently...
Provisions welcomed by ABA and the state associations include a narrow version of the ACRE Act and a permanent Section 199A deduction that levels the playing field for Subchapter S banks.
The order permits banks to obtain TIN information from a third party rather than the customer as long as the bank otherwise complies with the customer identification program rule.
