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Banking & Finance

Overhaul does have supporters

Recently passed federal banking reform has the potential to lock low- and moderate-income Mississippians out of credit opportunities and other financial services.  Or maybe not. Mississippi’s banking commissioner, bankers and banking analysts see a curtailing of credit and other banking opportunities as an unintended consequence of the Dodd-Frank Wall Street Reform and Consumer Financial Protection Act. The Mississippi State Conference ...

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New regs put bankers ‘in the crosshairs’

Regulatory concerns replacing instincts a real worry Oceanside hotel rooms are not the only empty spaces on Mississippi’s Gulf Coast. The offices in which Chevis Swetman’s loan officers do their business are not anywhere as filled as the long time head of People’s Bank would like to see them. He’s got money to lend to individual consumers and businesses, but ...

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Community Bank opens another office

TUPELO — Community Bank held the grand opening for its new Tupelo Main Office Aug. 10. The bank’s 11,000-square-foot facility at 1317 North Gloster features three drive-through lanes and a separate ATM drive-thru. It is staffed by 12 full-time staff members. Community Bank formerly operated out of a temporary facility located off South Front Street, which opened in late 2006. ...

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Founding director retires from The First

HATTIESBURG — David E. Johnson has retired from his positions as chairman of the board and as an active member of the board of directors of The First Bancshares Inc. and The First, A National Banking Association. Johnson now serves as director emeritus upon his retirement. Johnson served as chairman since 1998. He was also a founding director of the ...

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‘Massive burden’

Mississippi bankers believe Consumer Protection Bill is addressing the wrong symptom and doing little to address the problems that led to economic downturn The Dodd-Frank Wall Street Reform and Consumer Protection Act (H.R.4173) was signed into law by President Barak Obama July 23. The act puts the stiffest restrictions on banks and Wall Street since the Great Depression, clamping down ...

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Rule writing ahead a key for clarity and reason in industry

President Obama signed an historic banking reform law July 21, but the overhaul of the rules governing the nation’s banking and financial services sector is far from finished. The full extent of the change that lies ahead for banks in Mississippi and elsewhere will hinge on the rule writing that bank regulators will begin in earnest over the next few ...

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Employment tax audits take center stage with Internal Revenue Service

Started with individual returns, then business and partnership returns The Internal Revenue Service is extending its National Research Program to cover employment taxes and their contribution to the tax gap. Businesses could face random audits under the program as soon as this fall. This program began with a concentration on individual returns and then moved on to examine business and ...

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All affected by tax changes

Increases of as much as $400B would touch every individual and business in U.S. The federal Patient Protection and Affordable Care Act, known as the universal health coverage mandate, represents the most significant social legislation enacted in decades. It’s estimated this act contains over $400 billion in tax increases that have the potential to affect all individuals and businesses in ...

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Fraud prevention

  Financial institutions enhance value of internal audits by including fraud prevention   As financial institutions face new technology and changing regulatory practices, fraud prevention, which has always been crucial, gains more importance. Certified public accountants suggest that incorporating fraud prevention with internal audits will enhance the value of audits while addressing the problem of fraud.   Hans Pettit, a partner ...

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Pearson never had any doubt

Banking in family’s DNA   John Pearson was destined to be a banker. “My father was a banker at a small independent bank in the Delta, so it’s what I grew up knowing about. He always loved what he did, so when it was time for me to go to college, I naturally gravitated towards a major in banking and ...

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