MB Schoen & Associates

Legislative, Regulatory, Judicial and Accounting Developments

January 2021

LEGISLATIVE DEVELOPMENT
- Amendment to IRC § 7702 – Minimum Rate of Interest

February 2021

LEGISLATIVE DEVELOPMENTS
- COVID Relief Legislation – American Rescue Plan (HR 1319)
- Florida Consumer Privacy Bill (HB 969)
- Virginia Consumer Data Protection Act (SB 1392)
REGULATORY DEVELOPMENTS
- OCC Finalizes Rule Clarifying Role of Supervisory Guidance
- Banking Regulators Finalize NSFR Rule

March 2021

LEGISLATIVE DEVELOPMENTS
- Biden Administration Unveils Infrastructure Plan
REGULATORY DEVELOPMENTS
- Congressman Waters Urges Regulators Not to Weaken Big Bank Capital Requirements

April 2021

TAX DEVELOPMENTS
- Biden Administration Tax Policy Update
JUDICIAL DEVELOPMENTS
- USAA Settles Class Action COI Complaint

May 2021

TAX DEVELOPMENTS
- Biden Releases FY 2022 Budget Proposal
- Treasury Greenbook Released

June 2021

TAX DEVELOPMENTS
- Groom Law Group Asks IRS to Provide Guidance on Repurposing Surplus VEBA Assets
LEGISLATIVE DEVELOPMENTS
- Colorado Legislature Passes Privacy Law

July 2021

TAX DEVELOPMENTS
- IRS Issues Private Letter Ruling Affirming that a Transfer of Insurance Policies from a Parent to a Subsidiary Retains Tax Exempt Status
REGULATORY DEVELOPMENTS
- Banking Regulators Release Proposed Interagency Guidance for Third-Party Relationships Risk Management

August 2021

LEGISLATIVE DEVELOPMENTS
- Government Infrastructure and Tax Legislation Update
ACCOUNTING DEVELOPMENTS
- Bank Accounting Advisory Series Updated
JUDICIAL DEVELOPMENTS
- USAA Class Action Settlement Approved

September 2021

LEGISLATIVE DEVELOPMENTS
- Government Infrastructure and Tax Legislation Update
TAX DEVELOPMENTS
- IRS Priority Guidance Plan – Additional Guidance for Reportable Policy Sales
REGULATORY DEVELOPMENTS
- Bank Regulators Extend Comment Period on Proposed Risk Management Guidance for Third-Party Relationships

October 2021

TAX DEVELOPMENTS
- Tax Legislation – Update
JUDICIAL DEVELOPMENTS
- John Hancock COI Litigation Settlement
REGULATORY DEVELOPMENTS
- Proposed Interagency Guidance on Third-Party Relationships – Comments Submitted

November 2021

TAX DEVELOPMENTS
- Tax Legislation – Update
REGULATORY DEVELOPMENTS
- Banking Regulators Release Computer-Security Incident Notification Final Rule

December 2021

LEGISLATIVE DEVELOPMENTS
- Build Back Better Act Update
OTHER DEVELOPMENTS
- ACLI Releases Update on Life Insurance Benefits During COVID-19 Pandemic