IRS Issues Guidance on IRA Distributions to State Unclaimed Property Funds
The Internal Revenue Service has issued two new guidance documents on the transfer of individual retirement account funds into a state unclaimed property fund.
Browsing: Wealth Management
A Leader for Our Time
ABA Chairman Jim Edwards takes office at an unexpectedly difficult moment—and with a uniquely suited portfolio of skills.
ABA Urges DOL to Withdraw Proposal on Proxy Voting
The American Bankers Association today urged the Department of Labor to withdraw a recent proposal that would add significant regulatory requirements regarding a fiduciary’s proxy voting activity under the Employee Retirement Income Security Act.
For Community Banks, COVID-19 Brings Existential Concerns to Fore
Business conditions were most often called the single biggest challenge facing community banks, according to an annual survey released yesterday by the Conference of State Bank Supervisors.
FinCEN Final Rule Establishes AML Requirements for Trust Companies, Private Banks
The Financial Crimes Enforcement Network has issued a final rule establishing minimum standards for anti-laundering programs for institutions lacking a federal functional regulator, including state chartered non-depository trust companies, private banks and non-federally insured credit unions.
SEC Expands Accredited Investor and QIB Definitions
The Securities and Exchange Commission today approved amendments to the definitions of “accredited investor” under Regulation D and “qualified institutional buyer” definition under Rule 144A.
DOL Issues Interim Final Rule on Lifetime Income Illustrations
The Department of Labor today issued an interim final rule implementing section 203 of the bipartisan Secure Act of 2019 requiring that defined contribution plans (such as 401(k) plans) include two lifetime income illustrations on a plan participant’s pension benefit statement at least once every 12 months.
ABA Supports DOL’s Re-Proposed Fiduciary Rule, Recommends Adjustments
ABA today welcomed the Department of Labor’s long-awaited re-proposal to regulate investment advice fiduciaries under the Employee Retirement Income Security Act.
ABA Urges DOL to Withdraw Proposal Limiting ESG Investment
The American Bankers Association this week urged the Department of Labor to withdraw a proposal that would limit pension fiduciaries’ consideration of environmental, social and governance-related issues when selecting plan investments.
Podcast: Healing ‘Pain Points’ for Multigenerational Family Businesses
Wendy Cai-Lee leads one of the latest crop of U.S. de novo banks: Piermont Bank, opened to address “pain points” faced by middle-market businesses.