I had the opportunity to attend the National Retail Federation annual conference, the “Big Show,” last week, and my first observation is that it is indeed a big show. It fills every corner of the Javits Center in New York, and it took a full day just to wander through the exhibit space. Wandering around the hall, I saw a few consistent themes coming out of this year’s show:
Many large personal U.S. auto insurers made time in 2015 to refresh their policies and address the issue of ridesharing by offering ridesharing endorsements. Rolling those endorsements out nationwide and getting more insurers to offer them is still a work in progress, and insurers need to consider three pitfalls.
It is no secret that banks struggle to effectively serve small businesses. Internal battles to serve these clients have existed within financial institutions for quite a while: battles between commercial banking teams claiming to offer more of the functionality these customers need and the consumer teams promising greater solution ease of use. Unfortunately, in recent years, the size of the battlefield has grown. Banks are no longer just fighting internally and among themselves—a new set of players have set their sights on these customers, and their impact is growing.
The FinCEN guidance provides substantial clarification around filing SARs and CTRs for marijuana-based businesses. In essence, the guidance states institutions should file SARs and CTRs as if the customer is an illegal business, though not necessarily terminate the account. This could easily cause some confusion, since this deviates from the normal practices; in most cases, an entity known to be operating illegally would be terminated along with the SAR filing.