News & Analysis as of

Nonprofits Financial Services Industry

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Fee Savings from CITs in 403(b)s Could Cover 6 Months of Retirement—If Fiduciaries Pay Attention

Vanguard’s latest report makes a blunt point: allowing collective investment trusts (CITs) in 403(b) plans could save the median plan participant about 0.08% to 0.09% annually compared to mutual fund fees—translating into...more

Allen Matkins

Governor Proposes Further DFPI Growth While Cutting DFPI Administered Grants To Nonprofits

Allen Matkins on

Article IV, Section 12(a) of the California Constitution requires the Governor within the first 10 days of the year to  submit to the Legislature, with an explanatory message, a budget for the ensuing fiscal year.  Last...more

Morrison & Foerster LLP

The Other Shoe Drops: The California DFPI Issues Proposed UDAAP Regulations for Providers of Commercial Financing to Small...

Two weeks after the issuance of its commercial financing disclosure regulations, the California Department of Financial Protection and Innovation issued a Notice of Proposed Action with draft regulations that would (1) expand...more

Goodwin

OCC Proposes Rules for CRA Benchmarks and Fair Access

Goodwin on

In the News. The Office of the Comptroller of the Currency (OCC) issued a long-awaited rule seeking comment on its proposed approach to determine the Community Reinvestment Act (CRA) evaluation measure benchmarks, retail...more

Goodwin

Financial Services Weekly Roundup: The OCC’s True Lender Test Embraces A Simplified Solution

Goodwin on

In This Issue. The Office of the Comptroller of the Currency (OCC) proposed a rule that would establish that a national bank or federal savings association is the “true lender” of a loan if, as of the date of origination, the...more

Morgan Lewis

Update to DC Requirement for Nonprofits to Renew District Tax Exemptions

Morgan Lewis on

The District of Columbia Office of Tax and Revenue will no longer require nonprofit organizations that received determination letters from the Internal Revenue Service more than four years ago to provide affirmation letters...more

Morgan Lewis

DC Requires Nonprofits to Renew District Tax Exemptions

Morgan Lewis on

Beginning this year, the District of Columbia (DC) Office of Tax and Revenue (OTR) is requiring nonprofit organizations that claim DC tax-exempt status to reapply for tax exemption through an online renewal process. DC OTR...more

Ballard Spahr LLP

Massachusetts Issues Industry Letter On Applicability of MLO Licensing to Individuals Employed by Nonprofit Entities

Ballard Spahr LLP on

On June 15, 2017, the Massachusetts Division of Banks (Division) issued an industry letter to clarify when an employee of a nonprofit agency is required to obtain a mortgage loan originator (MLO) license. The Division...more

Morgan Lewis

Into the Ether: EEA Another Showing of Support for Distributed Ledger Technology

Morgan Lewis on

On February 28, a consortium of 30 companies announced the formation of the Enterprise Ethereum Alliance (EEA), a nonprofit foundation designed to “build, promote, and broadly support Ethereum-based technology best practices,...more

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