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Illinois Congressman-elect Robert Dold (R-10th) Recommended for House Financial Services Committee

November 20, 2014RobertDold1

Illinois Congressman-elect Robert Dold has been recommended for appointment to rejoin the House Financial Services Committee (HFSC) when the 114th Congress convenes in January. Dold served on this important committee in the 112th Congress. During his previous tenure he was a consistent and strong supporter of Illinois community banks. We again look forward to working with Congressman Dold. 

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Frerichs Wins Illinois State Treasurer Race

November 19, 2014

State Senator Mike Frerichs overcame a 19,000 vote Election Day deficit to become Illinois’ 74th State Treasurer. Absentee and provisional ballot counting came to a close on Tuesday, November 18, and when the dust settled Frerichs led State Representative Tom Cross by just under 9,500 votes.

Cross called Frerichs today to concede and congratulate him on the victory, and although there was no specific mention of a recount, that scenario is highly unlikely considering the cost and the number of votes Cross would have to overcome.

CBAI would like to congratulate Treasurer Elect Frerichs and we look forward to continuing the excellent working relationship we currently enjoy with him as an Illinois State Senator.

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CBAI Urges CFPB to Address HMDA Concerns

October 29, 2014

The Consumer Financial Protection Bureau (CFPB) has proposed new rules to Regulation C to implement amendments to the Home Mortgage Disclosure Act (HMDA). After reviewing the proposal CBAI remains concerned about many of the same issues raised by community bankers, including CBAI member Greg Ohlendorf (President and CEO of First Community Bank and Trust, Beecher), during stakeholder outreach hearings in 2010.

To address these concerns CBAI urged the CFPB to minimize the regulatory burden on community banks by selectively increasing the number of new data points, exempt small community banks from reporting requirements, minimize the penalties for community banks’ unintentional errors in reporting HMDA data, and take all appropriate steps to eliminate the opportunity for others to discover the identity of borrowers through unnecessarily specific data collection particularly in rural and remote areas. Read CBAI Comment Letter.

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Special Baker Market Update and Economic Brief

The Federal Open Market Committee (FOMC) today officially ended QE3 and maintained a commitment to keep rates low for a “considerable time”. The FOMC’s official statement reads, “The committee anticipates, based on its current assessment, that it likely will be appropriate to maintain the 0 to 1/4 percent following the end of its asset purchase program this month, especially if projected inflation continues to run below the Committee’s 2 percent longer-run goal, and provided that longer-term inflation expectations remain well anchored.” Read Baker Assessment of FOMC Actions. Read FOMC Announcement.

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IRA-to-IRA Rollovers - One Per Year (12 Months) Rule

Beginning as early as January 1, 2015, you can make only one rollover from an IRA to another (or the same) IRA in any 12-month period, regardless of the number of IRAs you own. The U.S. Tax Court recently held that you can’t make a non-taxable rollover from one IRA to another if you have already made a rollover from any of your IRAs in the preceding 1-year period (Bobrow v. Commissioner, T.C. Memo. 2014-21).

Learn how this change will impact your customers at www.WoltersKluwerFS.com/Rollovers.

A CBSC Preferred Provider, Wolters Kluwer Financial Services is the market leader in providing compliance, credit, and operational risk management solutions. Its integrated and stand-alone deposit, lending and IRA solutions can help community banks efficiently comply with state and federal regulations.