Author: Alexis Long

13

December

Blog Image

Bank Wire

FinCEN creates exception to Beneficial Ownership Rule As part of its efforts to combat money laundering and other fraudulent activity, the Financial Crimes Enforcement Network (FinCEN) issued its Beneficial Ownership Rule, effective for new accounts opened on or after May 11, 2018. The rule requires banks, as part of their customer identification programs, to verify … Continued

Read More

13

December

Blog Image

Keeping due diligence on the front burner

Every banker knows the importance of due diligence in determining whether to make a loan. But it’s easy to backslide and rely on just a few superficial financial markers that may, or may not, indicate creditworthiness. Here’s a reminder of some due diligence steps to take to help you dig deeper and ensure your bank’s … Continued

Read More

13

December

Blog Image

Do you need a bank holding company?

Do you need a bank holding company? For years, the vast majority of U.S. banks have used a bank holding company (BHC) structure. Recently, however, several prominent regional banks have elected to shed their BHCs by merging them into their subsidiary banks. This development has many community banks wondering whether the BHC model has become … Continued

Read More

11

December

Blog Image

Tax-Saving Moves

It’s not too late for businesses to implement some 2018 tax-saving moves. One is making the most of the new deduction for qualified business income. For tax years starting after 2017, taxpayers other than corporations may be entitled to a Sec. 199A deduction of up to 20% of their qualified business income. For 2018, if … Continued

Read More

29

November

Blog Image

Growing Pains

5 Tips for Boosting Core Deposits As interest rates continue to rise, competition among banks for core deposits is heating up. This creates a challenge for community banks striving to grow their core deposits to fund lending activities. On the one hand, banks need to consider paying higher rates to attract deposits. On the other … Continued

Read More