Federal Advocacy
NBA meets virtually and in DC for visits with Nevada's Senate and House delegates.
State of Nevada
NBA works with state legislators during session years and with interim committees in off years. In additional to supporting efforts to promote financial literacy, affordable housing and economic development, we work to ensure Nevada is an environment where banks can provide the best products and services to customers.
Thank you to our GR Committee members for all of your work during session. NBA will be working closely with interim Nevada's legislative committees throughout the second half of 2023 and during 2024.
Scroll down for a copy of the End of Session Report.
Regulatory
Nevada Bankers engage with State and federal regulators regularly. Member feedback is a critical piece of helping regulators with their job of providing effective, safe and meaningful oversight. In addition lt irregular meetings with our State FID, NBA works closely with federal regulataors and also offers members a chance to engage in person during the Fall DC visit.
Compliance Alliance
Compliance Alliance Question of the Week
Q: What are some of the differences between a revocable and an irrevocable trust?
A: As trust laws (and the governing documents themselves) tend to be very nuanced and vary from state-to-state, the following is intended only to be a non-exhaustive, high-level view at some of the basic distinctions between a revocable and irrevocable trust.
Revocable trusts, broadly, are legal instruments / entities that can be amended, altered, or terminated (revoked) during the life of the trust subject to the wishes of the grantor of the trust. The beneficiaries of these trusts will most often be the grantor themselves, along with immediate family members or descendants (i.e. spouse, children, grandchildren, etc.). They are often called “living” trusts or “inter vivos”, as they exist during the lifetime of the grantor.
Irrevocable trusts, on the other hand (and as their name suggests) are generally much more “set in stone.” The grantor cannot modify, change, or terminate the trust or its terms after its creation. This is not exactly an absolute rule, as an irrevocable trust can in many cases be amended, but generally this can only be done via court order; moreover, this can usually only be done if all parties (the settlor, trustee, and beneficiaries) agree on the modification, if some of the parties (i.e. all of the beneficiaries but not the settlor, or even some of the beneficiaries and the settlor) agree. It can also be done circumstantially – that is, if the nature / purpose of the trust has changed / been undermined, or if the trust is no longer fiscally feasible. Lastly, you may see in a trust a clause called the “power of appointment” – this is a contingency granted to the settlor or trustee to change the trust (in likely very limited ways) per the terms of the trust – most often to select / add new trustees. These are often “testamentary” trusts, meaning that they are created via the Will of the settlor, and triggered upon their death.
Compliance Alliance offers a BSA / AML / OFAC Toolkit with a number of additional resources: https://compliancealliance.com/find-a-tool/by-toolkit/bsa-aml-ofac/
Also offers a comprehensive suite of compliance management solutions. To learn how to put them to work for your bank, call (888) 353-3933 or email info@compliancealliance.com and ask for our Membership Team.
Sign Up for a live Compliance Hub demo:
Compliance Alliance Hub for Trust
Trust Tools for Compliance is a stand-alone program designed specifically to assist and support wealth management divisions and brick-and-mortar money managers with their regulatory compliance needs. To learn more, call (888) 353-3933 or email info@compliancealliance.com and ask for our Membership Team.
Sign Up for a live Compliance Hub Trust Demo.
Compliance Hub for Mortgage
Bankers Alliance now gives you easy access to Mortgage Tools—a collection of proprietary regulatory compliance tools with more than 200 worksheets, checklists, trainings and more & a live hotline chat feature connecting you to attorneys and compliance experts—all designed to safeguard internal operations, strengthen business practices, and develop exam-ready organizations. To learn more, call (888) 353-3933 or email info@compliancealliance.com and ask for our Membership Team.
Sign up for a live Mortgage Demo
Review Alliance – DID YOU KNOW?
Did you know that the settings in your loan and deposit software should match the settings in your core?
- It is important that items such as fees and interest methods on disclosures match the fees and calculations your core is performing.
- After a core conversion, it is especially important to ensure that your new system still matches the disclosures you are giving your customers.
Review Alliance, an independent group of compliance specialists offering banks deep-dive audits of their existing transactions, recommendations about program enhancements or guidance on future safety and soundness. In 2020, we added Virtual Compliance Officer - a new shared service-model using bank-dedicated compliance officers; perfect for monitoring and guiding your bank remotely. To learn how to put them to work for your bank, call (833)-683-0701 or email info@bankersalliance.org and ask for our Membership Team.
For timely compliance updates and resources, subscribe to Compliance Alliance’s email newsletters.
