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Nacha's Supplementing Data Security Requirements Rule

4/20/2021

Nacha’s Supplementing Data Security Requirements rule expands the existing ACH Security Framework to explicitly require large, non-financial institution Originators, Third-Party Service Providers, and Third-Party Senders to protect account numbers (consumer and non-consumer) used in the initiation of ACH entries by rendering them unreadable when stored electronically. Read more!

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IRS Extends Certain Tax Filing and Payment Deadlines to May 17

4/1/2021

The Internal Revenue Service confirmed in an announcement on March 29, 2021, that individuals have until May 17, 2021 to meet certain deadlines that would normally fall on April 15. 

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Deadline Extended for PPP Loan Applications

4/1/2021

The U.S. Senate passed legislation (PPP Extension Act of 2021) on March 25, 2021 that provides a 60-day extension for eligible employers to apply for a Paycheck Protection Program (PPP) loan. The House of Representatives approved the legislation on March 16, 2021.

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New IRS Guidance Regarding Tax Due Date Change 2021

3/18/2021

On Wednesday, March 17th, the U.S. Treasury Department and Internal Revenue Service extended the due date of individual Federal income tax returns and the deadline to make contributions to IRAs and HSAs from April 15, 2021 to May 17th, 2021.

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Nacha's Limitation on Warranty Claims Rule

3/18/2021

Effective June 30, 2021, Nacha’s Limitation on Warranty Claims Rule will expressly limit the time in which an RDFI may make a claim against the ODFI’s authorization warranty.

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CFPB Finalizes HPML Escrow Exemptions

3/11/2021

The Consumer Financial Protection Bureau (CFPB) issued a final rule amending the higher-priced mortgage loan (HPML) escrow rule. The final rule exempts certain insured depository institutions and insured credit unions from the requirements to establish escrow accounts for HPMLs.

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To Compete in Fintech, Banks Must Build on Pandemic-Driven Digital Transformation

3/9/2021

Lockdowns during the pandemic precluded face-to-face transactions at bank branches, forcing even “late adopter” banking customers to embrace digital banking and compelling financial institutions to roll out digital alternatives for those transactions—sometimes overnight. When the pandemic eventually subsides, banks may be tempted to rein in those digital transformation initiatives.

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Nacha's Differentiating Unauthorized Return Reasons Rule - Phase 2 Becomes Effective April 1, 2021

3/3/2021

Nacha is implementing the Differentiating Unauthorized Return Reasons Rule in two phases. Phase 1 became effective on April 1, 2020, and Phase 2 becomes effective on April 1, 2021. Read more!

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Supplementing Fraud Detection Standards for WEB Debits Rule

2/16/2021

Currently, ACH originators of WEB debit entries are required to use a “commercially reasonable fraudulent transaction detection system” to screen WEB debits for fraud. Effective March 19, 2021, Nacha will enhance this rule to make it explicit that “account validation” is part of a “commercially reasonable fraudulent transaction detection system.”

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New Same Day ACH Processing Window

2/2/2021

Effective March 19, 2021, this new rule expands access to Same Day ACH by allowing Same Day ACH transactions to be submitted to the ACH Network for an additional two hours every business day. Learn more...

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WEBINAR MATERIALS: Strategies for Maximizing PPP Loan Forgiveness PART 8

1/12/2021

On December 21st, Congress passed the long-awaited $900 billion COVID-related Tax Relief Act (COVIDTRA) as part of the Consolidated Appropriations Act, 2021. In this webinar, we break down the PPP provisions, discuss the latest guidance from the SBA, and more. Access materials here.

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Selecting an Anti-Money Laundering Software for Your Institution (Part 2 of 3)

12/1/2020

(Part 2 of 3) Selecting your financial institution’s anti-money laundering (AML) software is a highly critical and usually expensive decision. There are five key decision-making steps to help avoid common pitfalls during the process: planning, implementation, initial testing, activity analysis, and ongoing maintenance. 

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Creating a Culture of InnovationFireside Chat

11/4/2020

In this first-ever Saltmarsh Fireside Chat, Kristen Stogniew, Esq., CFE, and the panel tackle an important issue not often associated with community banking – innovation. 

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Selecting an Anti-Money Laundering Software for Your Institution (Part 1 of 3)

10/27/2020

(Part 1 of 3) Selecting your financial institution’s anti-money laundering (AML) software is a highly critical and usually expensive decision. There are five key decision-making steps to help avoid common pitfalls during the process: planning, implementation, initial testing, activity analysis, and ongoing maintenance. 

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WEBINAR MATERIALS: Strategies for Maximizing PPP Loan Forgiveness, Part VII

9/17/2020

In this webinar we provide real-world scenarios to answer your common questions related to the deadline to file, payroll taxes, potential new bills, and latest guidance. Access webinar materials here.

 

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ALLL: Do Big Banks Know Something that Community Banks Don't?

8/28/2020

Community banks are fighting many headwinds, the remote working environment, squeezed net interest margin, and deferral of loan payments to name a few. One thing most community banks may not have addressed is the need to increase their Allowance for Loan and Lease Losses (ALLL) for COVID-19 related risk.  

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Bank CFO Update: Comments Regarding Recent Regulatory Guidance on Loan Modifications

8/18/2020

With all the attention on PPP loan origination and forgiveness, the issue of how to account for loan modifications has been left simmering on a back burner. In recent weeks, two regulatory releases provided helpful and practical guidance for community bankers already thinking about how best to consider the proper loan credit grade for loans impacted by COVID.

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Bank Directors and Executive Management: Thoughts on Strategic Planning for 2020

8/11/2020

If you are like most community bankers, you are probably feeling about as refreshed and full of energy as a marathon runner at the 24-mile marker. Almost all community banks are facing the same basic banking challenges currently, and that list of challenges would be a great start in identifying the issues to discuss and consider during a Strategic Planning meeting in the current environment.

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Temporary Suspension of Reclamation Debits Scheduled to End August 17, 2020

8/4/2020

The Bureau of the Fiscal Service will remove the suspension that was instituted on April 2, 2020, regarding the process of debiting a Receiving Depository Financial Institution’s (RDFI) Federal Reserve Bank (FRB) master account. 

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WEBINAR MATERIALS: Strategies for Maximizing PPP Loan Forgiveness, Part V

7/23/2020

Our webinar provides practical real-world scenarios to highlight key changes since the start of PPP, including current events, hot topics, potential new bills, and latest guidance on forgiveness applications. Access webinar materials here.

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AICPA Issues Accounting Guidance for PPP LendersTechnical Questions and Answers (TQA) under Section 2130

7/2/2020

PPP lenders have had many questions about how to account for these types of loans and report on their arrangements. The AICPA and its Depository Institutions Expert Panel have released several Technical Questions and Answers (TQA) under Section 2130. We've summarized the TQAs related to PPP Loans here.

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WEBINAR MATERIALS: Strategies for Maximizing PPP Loan Forgiveness, Part IV

6/30/2020

Our webinar provides practical real-world scenarios and focuses on key considerations for PPP loan forgiveness, including the latest guidance on new forgiveness applications, and 8-week vs. 24-week decisions and pitfalls. Access webinar materials here.

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PPP Loan Forgiveness Assistance

6/11/2020

If your business has received a Paycheck Protection Program (PPP) loan from the Small Business Administration (SBA), you may be concerned about meeting the loan forgiveness requirements. Our team can assist with reviewing forgiveness applications that present questions or need additional analysis and are here to address your questions regarding overall forgiveness.

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WEBINAR MATERIALS: Strategies for Maximizing PPP Loan Forgiveness, Part III

6/10/2020

Our presentation held on Wednesday, June 10th discussed the Paycheck Protection Program Flexibility Act (PPPFA), properly documenting expenses and answering frequently asked questions so you can maximize your PPP loan forgiveness. Access webinar materials here.

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Identifying Third-Party Senders for Financial Institutions

6/10/2020

The need to identify and control risk in ACH origination should be a top priority for all Originating Depository Financial Institutions (ODFIs). Identification of third-party senders is a key part of risk discovery. Below are some keywords that can be used to search your database and/or originator files to help identify possible third-party activity. 

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