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Search OptionsFinancial ServicesAgencies Adopt Final Rule Excluding Community Banks from Volcker Rule
On July 9, 2019, the FRB, FDIC, OCC, CFTC and SEC announced the adoption of a final rule to exclude certain community banks from the Volcker Rule's restrictions on proprietary trading, consistent with the Economic Growth, Regulatory Relief, and Consumer Protection Act. The final rule was… Is Your Organization in Compliance With IRS Rules on Employer Identification Numbers?
On March 27, 2019 the IRS announced that taxpayers can no longer request an employer identification number (“EIN”) unless the “responsible party” named on the application has a Social Security number (“SSN”) or Individual Taxpayer Identification Number (“ITIN”). This change goes into effect on May… Indiana Court Upholds Department of Financial Institutions Ruling on Auto Dealer Electronic Titling Fees
On October 10, 2018 the Marion County Superior Court ruled in Webb Ford, Inc. v. Indiana Dep’t of Fin. Insts., Cause No. 49D03-1801-PL-002762 (Marion Cnty. Sup. Ct. Jan. 22, 2018), denying the auto dealer’s petition for judicial review and affirming the Indiana Department of Financial Institutions… Banking Marijuana-Related Businesses
On March 21, 2018, Governor Holcomb signed a bill legalizing the sale and use of CBD oil in Indiana.[1] CBD oil is derived from industrial hemp, which like marijuana, is banned by federal law. This leaves Indiana’s financial institutions asking: can we bank these businesses? The Legal Landscape … Indiana DFI Issues Advisory Letter Reinforcing Position on Dealer Convenience Fees
The Indiana Department of Financial Institutions (the “IDFI” or the “Department”) recently issued Consumer Credit Advisory Letter 2018-02 (the “Advisory”) providing further guidance to financial institutions and auto dealers who assess an electronic auto title recording fee (“Convenience Fee” or… President Trump Signs Dodd-Frank Reform Into Law Providing Regulatory Relief to Community Banks
President Trump signed Senate Bill 2155, the “Economic Growth, Regulatory Relief, and Consumer Protection Act,” (the “Reform Act” or the “Act”) into law on May 24, 2018. The Act represents the first meaningful rollback of certain provisions of the Dodd-Frank Wall Street Reform and Consumer… Indiana DFI Enforcement Action Against Auto Dealer Underscores the Importance of Ensuring Indirect Lending Partners Understand Consumer Credit Laws
A recent enforcement action by the Indiana Department of Financial Institutions (the “IDFI” or the “Department”) against an auto dealership is a reminder to all dealers engaged in “consumer credit sale” activities in Indiana of the importance of understanding the nuances of the Indiana Uniform… Is Your Website Compliant with the Americans With Disabilities Act?
While financial institutions are typically aware of their responsibilities under the Americans with Disability Act (the “ADA” or the “Act”) as they relate to the maintenance of their physical office spaces and overall general corporate policies, application of these same principles to an… The Department of Defense Issues an "Interpretative Rule" to the Military Lending Act - Auto and Personal Property Lenders Faced With Regulatory Uncertainty
Financial institutions offering purchase money auto and personal property loans received an unwanted holiday surprise from the Department of Defense (the "DoD" or the "Department"), with the December 14, 2017 "Interpretative Rule" (the "2017 Interpretative Rule") to the Military Lending Act (the… CFPB Issues Final Payday and Installment Loan Rule
The Consumer Financial Protection Bureau (the “CFPB” or the “Bureau”) released their Payday, Vehicle Title and Certain High Cost Installment Loans Rule (the “Final Rule”) on October 5, 2017. While the Final Rule is primarily aimed at the payday and vehicle title loan industry, it will also impact… When Is An Acting Director Not Really An Acting Director? Richard Cordray's Parting Shot Against The Trump Administration.
Richard Cordray officially resigned as the first Director of the Consumer Financial Protection Bureau (the "CFPB" or the "Bureau"), on Friday, November 24, 2017. While Mr. Cordray's resignation was previously announced, the industry did not anticipate the parting shot he would make against the… September/October Hoosier Banker: Waiving HELOC Closing Costs – While keeping line of credit open
As seen in the September/October 2017 issue of the Indiana Banker Association's Hoosier Banker. Question: Our chief lending officer wants to run a new promotion waiving all closing costs on home equity lines of credit, but is concerned that borrowers will pre-pay the loan before the bank recoups… |
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