Banking & Finance

  • Arkansas Business Features Article by Attorney Robert Smith
    2017-06-13

    Arkansas Business Features Article by Attorney Robert Smith

    Robert Smith's article on CIBC Act compliance challenges was featured this week in Arkansas Business. According to Robert, the federal Change in Bank Control Act may be the most often overlooked — and one of the most often violated — of all banking regulations. Inadvertent violations have grown more common given the increase in estate planning-related stock transfers by shareholders planning the next generation of ownership. Complex ownership structures often make it difficult to determine whether a filing is required. A review of the act's basic requirements suggests some steps to avoid problems.

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  • News Alert: New Proposed Chapter 13 Rules Provide Traps for Secured Lenders
    2017-06-07

    News Alert: New Proposed Chapter 13 Rules Provide Traps for Secured Lenders

    A process to come up with a standard national Chapter 13 Plan has resulted in a number of proposed changes to the Bankruptcy Rules which have a target effective date of December 1, 2017. A national chapter 13 Plan has been proposed and will be mandatory unless a judicial district opts-out by adopting a “Local Form” that complies with new bankruptcy rule 3015.1. Judicial districts in Arkansas appear poised to opt-out and adopt their own local plan but the form has not yet been finalized. Attorney Harry A. Light explains the proposed rules in more detail.

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  • News Alert: Change in Bank Control Act Present Compliance Challenges
    2017-05-23

    News Alert: Change in Bank Control Act Present Compliance Challenges

    The Change in Bank Control Act ("CIBC Act") may be the most often overlooked (and, likely, one of the most often violated) of all banking regulations. Inadvertent violations have recently become more common in Arkansas given the increase in estate planning related stock transfers by shareholders planning for the next generation of ownership. These transfers commonly run afoul of the provisions of the CIBC Act.

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  • ESOP Can Be a "Win-Win-Win" for Closely Held Banks
    2017-05-09

    ESOP Can Be a "Win-Win-Win" for Closely Held Banks

    An employee stock ownership plan (“ESOP”) is a powerful and effective tool that can be used by a closely held bank to address many different issues within the bank. An ESOP when used in the right circumstances can provide the following advantages: Shareholder succession, employee benefits and tax benefits to the bank.

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