The American Bankers Association urged the IRS yesterday to delay the use of new draft forms W-4P and W-4R, which are used to determine the appropriate amount of federal income tax to be withheld for various types of retirement distributions.
In a significant move today, the Federal Reserve proposed new guidelines that it will use when evaluating requests for master accounts with the Fed or access to the agency’s financial services.
The American Bankers Association today submitted a letter of support for H.R. 2561, the Promoting Access to Capital in Underbanked Communities Act of 2021, which would establish a three-year phase-in period for new banks to comply with federal capital standards, among other provisions designed to promote de novo banking.
As the Financial Crimes Enforcement Network prepares to create a new beneficial ownership registry, ABA made several recommendations that should guide the agency as it develops the database—including that FinCEN ensure usability and ease of access for reporting companies, law enforcement and financial institutions.
The Federal Housing Finance Agency today finalized a rule requiring Fannie Mae and Freddie Mac to develop resolution plans to facilitate their rapid and orderly resolution in the event that the FHFA is appointed receiver—similar to the resolution plans that the nation’s largest banks are required to develop.
The Federal Reserve is focused on addressing “long-standing disparities” in unemployment, “because they weigh on the productive capacity of our economy,” Federal Reserve Chairman Jerome Powell said today during remarks at an industry event.
Recent legislative changes will keep banks’ Bank Secrecy Act officers busy for years to come. Here’s a CEO’s-eye view of AML/BSA changes on the horizon.
In an address during ABA’s Emerging Leaders Forum today, Rep. Young Kim (R-Calif.), one of the first Korean American women to serve in Congress, thanked the banking industry for its work getting funds to small businesses through the Paycheck Protection Program and urged attendees to engage with lawmakers and share how important banking is to communities.
The American Bankers Association today urged the National Credit Union Administration to withdraw a proposed rule that would expand the range of permissible lending activity for credit union service organizations, or CUSOs.
To help more borrowers take advantage of historically low mortgage interest rates, the Federal Housing Finance Agency today announced a new refinance option for low-income borrowers who have single-family mortgages backed by Fannie Mae or Freddie Mac.