Banking


The Federal Financial Institutions Examination Council (FFIEC) in March issued the Retail Payment Systems Booklet, which contains revised guidance for examiners, financial institutions and technology service providers on risks associated with retail payment systems ( www.ffiec.gov/ffiecinfobase/html_pages/it_01.html ). It is the latest in a series of updates to the 1996 FFIEC Information Systems Examination Handbook . Established in 1979 to prescribe uniform principles, standards and report forms and to promote uniformity in the supervision of financial institutions, the council ( www.ffiec.gov ) comprises the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corp., the National Credit Union Administration, the Office of the Comptroller of the Currency and the Office of Thrift Supervision.

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These year-end tax planning strategies address recent tax law changes enacted to help taxpayers deal with the pandemic, such as tax credits for sick leave and family leave and new rules for retirement plan distributions, as well as techniques for putting your clients in the best possible tax position.

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