Banking


The SEC issued an order extending until September 30, 2005, the date by which banks must comply with certain broker registration requirements of the Gramm-Leach-Bliley Act, which repealed a provision of the Securities Exchange Act of 1934 that had allowed such institutions to engage in securities activities without registering as brokers or dealers ( www.sec.gov/rules/exorders/34-51328.htm ). Meanwhile the commission will amend interim rules it adopted to aid full compliance with the narrower requirements.

The Federal Reserve Board, the Federal Deposit Insurance Corp., the National Credit Union Administration and the Office of the Comptroller of the Currency issued final joint guidance to help insured depository institutions address concerns federal and state bank regulators, consumers, financial institutions and their trade representatives have raised about overdraft protection programs ( www.federalreserve.gov/boarddocs/press/ ). The guidance focuses on how the institutions should address safety and soundness considerations, manage legal risks and apply best practices in administering such programs and offering them to consumers.

NEWS

IRS sets start date for tax season

The IRS announced that tax season will start in late January and that it will issue refunds to taxpayers despite the partial shutdown of the federal government.

PODCAST

Why CPAs can’t wait on automation tools

What do accounting firms waiting on others to develop AI, automation, and data analytics tools have in common with a baseball fan sitting in a stadium filling with water at an exponential rate? The answer could determine your firm’s fate.