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Tax Reform Shows Early Signs Of SMB Bank Lending Impact

PYMNTS

tax reform led to much chatter and some confusion about exactly how changes would impact the nation’s small businesses (SMBs). Department of Treasury finalized rules that apply to SMBs on qualifying for a 20 percent tax deduction, with the National Federation of Independent Business (NFIB) applauding the initiative.

Taxes 122
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The Biggest Banking, Regulatory Challenges For Today’s Entrepreneur

PYMNTS

National Small Business Week is this week in the U.S., and finance experts are celebrating with new data on the state of the entrepreneurial community. But analysts from Bank of America, Square, Navcom and the National Association for the Self-Employed warn that challenges for some SMBs have reached new heights, too.

Taxes 144
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The Need for a FinCEN Database

Abrigo

The US is at a disadvantage without a national beneficial ownership registry. . Customer due diligence (CDD) and enhanced due diligence (EDD) have become common phrases in the anti-money laundering community. This was long before the United States passed legislation in 2018 to unveil the secrecy of legal entity ownership.

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Remembering 9/11 – A Pivotal Day for BSA/AML Professionals

Abrigo

BSA was intended to detect illicit activity through cash and monetary instruments to catch tax evaders using secret foreign bank accounts. See Part I: Implications for Community Financial Institutions. October 26 is now nationally recognized as BSA/AML Day.) Stay up-to-date on the latest FinCEN Priorities.

Training 195
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Hiring Pains, Revenue Optimism Hit Small Business Week

PYMNTS

Despite the optimism, 64 percent revealed they did not benefit from recent tax reform, and more than one-third are concerned about the health of the national economy. SMBs turned to online lenders when seeking funding in 2018 , the latest analysis from Funding Circle and Oxford Economics found. Thirty-two percent of U.S.

Survey 115
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CFPB looks at connection between financial assistance for medical care and medical collections

CFPB Monitor

Nevertheless, a large percentage of low-income consumers in 2018 had at least one medical collection on their credit reports. percent had at least one medical collection on their credit report in December 2018, a rate that is nearly three times the rate for people without children earning the same amount.

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FinCEN announces $8 Million BSA Enforcement Action: The Resurrection of AML Penalties

Abrigo

Now is the time for community financial institutions to pay attention. Millions of dollars in suspicious activity were not reported to FinCEN in a timely or accurate manner, including those connected to tax evasion, illegal gambling, money laundering, and other financial crimes. . Fundamentals of BSA. The world is watching the U.S.,

Resources 195