June 2020
Executive Briefing
IRS – Form 1042-S Reporting
The Internal Revenue Service has recently updated its list of foreign countries that have information exchange agreements with the United States. This impacts Form 1042-S reporting by financial institutions that pay deposit interest to non-resident aliens (NRAs).
CFPB – CHARM Booklet
The Consumer Financial Protection Bureau (CFPB) has released a revised edition of the Consumer Handbook on Adjustable Rate Mortgages (CHARM) booklet.
NCUA – Share Insurance For Joint Accounts
The National Credit Union Administration (NCUA) has published proposed changes to its share insurance regulations dealing with joint accounts.
Credit Union Call Report
The National Credit Union Administration (NCUA) has published several changes to the Credit Union Call Report that will become effective with the June 30, 2020 filing.
Bank Call Report
The Federal Financial Institutions Examination Council (FFIEC) has announced several changes to the Bank Call Report that will become effective with the 6/30/20 filing.
Short Compliance Topics
• OCC – Permissible Interest Rates
• NCUA – Real Estate Appraisals
• Interstate Banking – Loan-To-Deposit Ratios
• FDIC – Sign & Advertising Requirements
• Interagency – Liquidity Coverage Ratio
• Capital – Supplementary Leverage Ratio
Emerging Issues