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Inside Washington (11/07/2012)
  • WASHINGTON ((11/8/12)--In the aftermath of Hurricane Sandy, the Internal Revenue Service (IRS) has announced additional tax relief to affected individuals and businesses. Following recent disaster declarations for individual assistance issued by the Federal Emergency Management Agency (FEMA), the IRS announced Wednesday that affected taxpayers in Connecticut, New Jersey and New York will receive tax relief. Other locations may be added in coming days based on additional damage assessments by FEMA. The tax relief comes in the form of postponed tax filing and payment deadlines that occurred starting in late October. As a result, affected individuals and businesses will have until Feb. 1, 2013 to file certain returns and pay any taxes due …
  • WASHINGTON (11/8/12)--The Federal Deposit Insurance Corp. (FDIC) will brief its community bank advisory committee Thursday on initiatives it is considering after regional meetings this year revealed top community bank concerns. The FDIC noted that banks around the country said they expect better pre-examination work from the agency, a change banks said would increase exam efficiency. Banks also want timely post-exam reports and consistency in those reports with what was said on-site by examiners. Another top area of concern named by banks: operational challenges in their sector, including succession planning for bank management and attracting qualified personnel. (American Banker Nov. 7) …
  • WASHINGTON (11/8/12)--It appears as if U.S. regulators will miss the yearend deadline to complete Basel III capital and liquidity requirements. Regulators have received more than a thousand comment letters on the proposal (American Banker Nov. 7). The letters are substantive and agencies must summarize them and consider how outstanding questions will be answered, said Karen Shaw Petrou, a managing partner at Federal Financial Analytics Inc. Community bankers have also called on assistance from Congress. Lawmakers from both parties sent letters to regulators arguing that the Basel III requirements were too complex for community banks. Eight of the 27 countries that are part of the Basel Committee on Banking Supervision have completed their rule-writing process. Regulators have also been strained by derivatives reform and the so-called Volcker rule, which places limits on proprietary trading, said Gregg Rozansky, a counsel in the financial institutions advisory and financial regulatory group of Shearman & Sterling …


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