The IRS issued Notice 2021-61 announcing the 2022 cost-of-living adjustments (COLAs) applicable to dollar limitations for employer-sponsored retirement plans, including individual retirement arrangements (IRAs). The annual contribution limit remains at $6,000 ...
The Consumer Financial Protection Bureau (CFPB) recently published the annual threshold adjustments which become effective January 1, 2022. These threshold adjustments impact certain dollar amounts for several sections of Regulation ...
Five federal agencies, and the state bank and credit union regulators, issued a joint statement last week on managing the transition from LIBOR. The goal of the statement was to ...
The Consumer Financial Protection Bureau (“CFPB”) has revised its Supervision and Examination Manual with new focus on Information Technology (IT). The new IT focused section will identify examination procedures specific ...
The State of Maryland recently enacted legislation revising the way financial institutions determine consumer creditworthiness. Effective October 1, 2021, financial institutions must adhere to rules concerning evaluation of applications. Specifically, ...
New York passed a law that requires banking institutions to pay checks in the order they are received or pay checks from the smallest to largest dollar amount for each ...
After 40 hours of debate, over a four-day period, the House Ways and Means Committee has approved a proposal to be submitted to the House Budget Committee for mark-up. This proposal which ...
On September 1, 2021, the Consumer Financial Protection Bureau (CFPB) issued a notice of proposed rulemaking (NPRM) amending Regulation B to implement the small business lending data collection rules in ...
In August 2021, the FDIC published Conducting Due Diligence on Financial Technology Companies: A Guide for Community Banks with the intent of assisting financial institutions through the process of conducting ...
On July 28, 2021, a bill was reintroduced in the Senate titled the "Veterans and Consumers Fair Credit Act." The bill will add a 36% interest rate cap on all ...