Following ABA’s recent request, the IRS today said it would extend the compliance deadline for new proposed executor reporting requirements.
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The OCC today issued a proposal that would make several regulatory adjustments as part of its efforts under the Economic Growth and Regulatory Paperwork Reduction Act to reduce unnecessarily burdensome or outdated banking rules.
As technology evolves, state-level stalwarts such as elder financial abuse and foreclosure are now sharing the legislative spotlight with novel issues generated from the success of Airbnb, Uber and other “sharing economy” firms.
The Financial Crimes Enforcement Network yesterday issued a proposal clarifying who is exempt from filing Reports of Foreign Bank and Financial Accounts, or FBAR, under the Bank Secrecy Act.
In a joint op-ed with several trade group CEOs today, ABA President and CEO Rob Nichols voiced his opposition to the Department of Labor’s proposal to redefine who counts as a fiduciary under the Employee Retirement Income Security Act.
By vote margins of 22 to 14, the House Education and Workforce Committee approved two bills that would provide alternatives to the Labor Department’s rule redefining who counts as a fiduciary under the Employee Retirement Income Security Act.
While banks face a looming shortage of trust officers in the coming years, a mix of recruiting, grooming, networking and politicking will go a long way to close the gap.
We need to take a hard look at the structure of public and private retirement systems and reinforce financial literacy among beneficiaries, says Carl Tannenbaum.
By a 245-186 vote, the House yesterday passed H.R. 1090, which would require the Department of Labor to wait 60 days to finalize its controversial rule redefining who counts as a fiduciary under the Employee Retirement Income Security Act after the Securities and Exchange Commission issues its final rule before making its own rule.
ABA and two other trade groups today commented on the process for transferring the Treasury Department’s new “myRA” account balances to private-sector Roth IRAs, identifying several risks that need to be further investigated before a default arrangement for rollovers can be considered.