The recent issues involving community and regional banks, such as Silicon Valley Bank, Signature Bank, and First Republic, have led depositors to flock to the larger banks, such as Chase. Chase’s CFO Jeremy Barnum, in Chase’s earnings call last Friday, stated that Chase saw “significant new account opening activity and meaningful deposit and money market fund inflows” and they estimate that they “have retained approximately $50 billion of these deposit inflows at quarter end.” Barnum elaborated that these inflows reversed an intra-quarter trend of increased deposit outflows.
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) published its guidance materials on March 24, 2023, to help companies understand the requirements of the Beneficial Ownership Information Reporting Rule, which will become effective on January 1, 2024. The rule was implemented under the Corporate Transparency Act to assist regulators in combatting crime and fraud.
Welcome to the Amundsen Davis Corporate Legal Update where our attorneys blog about insights on corporate governance, securities regulations, M&A news and more.
- FinCEN to Extend Initial Reporting Deadline for the Corporate Transparency Act
- Wisconsin Personal Property Tax Repealed: What it Means for Business Owners
- Is Nothing Sacred? Cyberattacks May Impact Director and Officer Fiduciary Duties
- What the Show Succession Teaches Us About Planning for a Family Business
- Five Tips for Business Owners When Selling
- Federal Antitrust Agencies Propose New Guidelines for Review of M&A Transactions
- U.S. Supreme Court Opens Door for Companies to Face Lawsuits in Any State They Are Registered to Do Business
- Calming Depositor Angst at Community Banks
- New Guidance on the Beneficial Ownership Information Reporting Rule
- Cryptocurrency Companies Should Expect More SEC Enforcement in the Near Future