Fortner Bayens, P.C. Banking Letter - May 2018 Edition

FDIC's Information Technology Risk Examination (InTREx) Program

Keith A. Ferguson, CISA, CISSP, CRISC

The FDIC revised its information technology and operations risk (IT) examination procedures to a more efficient approach called the Information Technology Risk Examination (InTREx) Program. InTREx is a superior, risk-based method to performing IT examinations that ensures bank management identifies and addresses IT and cybersecurity risks swiftly and efficiently. 

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A Refresher on Common Fiduciary Errors

Charles J. Garrison, CPA

As the year-end audit and tax cycle concludes, we turn our attention to Trust Department and Trust Company examinations, as most fiduciary service providers are required to undertake an annual examination. This provides an opportunity to share common patterns we note during our reviews.

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AMT Credits are Now Refundable Under the New Tax Law

Mark Corey, CPA, JD

The Tax Cuts and Jobs Act brought historic changes to the US tax system and one major change that has not received much attention is the Alternative Minimum Tax (AMT) credit as it relates to corporate taxpayers.

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Potential Changes to the Enforcement of the Community Reinvestment Act            

Philip J. Schuyler, CPA

The Community Reinvestment Act (“CRA”), enacted in 1977, has not been substantially revisited since the Clinton administration in 1995. The CRA not only outlaws redlining practices, but also requires lenders to make loans to those communities within their geographical footprint as defined by branch locations.

In April, Joseph Otting, the Comptroller of the Currency, informed the Bankers Association's Government Relations Summit that the OCC’s top policy proprieties are changing regulations on the CRA, the Bank Secrecy Act and small-dollar lending.  

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Legislation to "Redesign" the IRS Moves Forward

David J. Bayens, CPA

In April, the House Ways and Means Committee unanimously approved legislation to “redesign” the IRS.  Committee Chairman Kevin Brady, R-Texas, stated, “It’s been 20 years since Congress and the Ways and Means Committee last considered major legislation to overhaul the IRS.  During that time much has changed, and the IRS must change with it.”

This bipartisan effort produced a set of bills addressing: taxpayer frustration in communicating with the IRS, property seizure abuse, dispute resolution, information technology, and cyber threats.

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