On September 17, 2019, the Federal Deposit Insurance Corporation (the “FDIC”) passed a final rule providing qualifying community banking organizations the ability to opt-in to a new community bank leverage ratio (“CBLR”) framework, which will greatly simplify regulatory determinations regarding capital adequacy and eliminate the need for qualifying community banking organizations to calculate and report quarterly risk-based capital ratios in their Call Reports. Continue reading to learn more about the rule, the CBLR framework, qualifying criteria for community banks and how a community bank can opt-in.
SEC Proposes Rules to Update Guide 3 Statistical Disclosures for Public Banking Organizations
On September 17, 2019, the Securities and Exchange Commission (the “SEC”) proposed rules that would update the statistical disclosures currently required by Industry Guide 3, Statistical Disclosure by Bank Holding Companies (“Guide 3”) applicable to public bank holding companies, banks, savings and loan holding companies and savings and loan associations. The proposed rules are intended to also codify certain Guide 3 disclosures as well as eliminate other disclosures that overlap with SEC rules, Generally Accepted Accounting Principles and International Financial Reporting Standards.
Repost: Illinois’ Legalization of Marijuana May Change the Drug-Free Workplace Landscape
This below article was originally posted on Vedder Thinking on June 20, 2019
Recreational cannabis is poised to become legal in Illinois in 2020, and Illinois employers should consider the impact now. In late May 2019, the Illinois House and Senate approved the Cannabis Regulation and Tax Act (the “CRTA”), which Illinois Governor J.B. Pritzker has promised to sign into law.
Continue reading: https://www.vedderprice.com/illinois-legalization-of-marijuana-may-change-the-drug-free-workplace-landscape
A Small Win: Illinois to Phase-Out Franchise Tax
On June 5, 2019, Illinois Governor J.B. Pritzker signed a $40 billion state budget bill into law. Among the various provisions included in the over 300 page budget is a provision providing for the phase-out of Illinois’ corporate franchise tax beginning on January 1, 2020.
Continue Reading A Small Win: Illinois to Phase-Out Franchise Tax
Repost: Illinois General Assembly Passes Bill to Require Annual Reporting of Board Diversity
This below article was originally posted on Vedder Thinking on June 4, 2019.
On Saturday, June 1, 2019, The Illinois General Assembly passed a bill (the “Diversity Disclosure Bill”) requiring most publicly held companies organized or headquartered in Illinois to include detailed demographic diversity information in their annual reports. Bill intended to provide data to support future policy changes to address underrepresentation of women and minorities on public company boards.
Continue reading: https://www.vedderprice.com/illinois-general-assembly-passes-bill-to-require-annual-reporting-of-board-diversity-information