Tag: Federal

After a very brief ‘shutdown’ in the wee hours of Saturday, March 23, Congress finally got its work done to fund the government. Neither Democrats nor Republicans were particularly pleased with the outcome; the hallmark of a successful compromise. Unfortunately for Speaker Mike Johnson, who currently has a one-vote majority in the House and a small but vocal faction of his Caucus that has threatened to oust him, this isn’t something he can just brush over.

It’s a new month and the good news is that Congress finally passed a government funding bill that lasts through September; unfortunately, it’s only half of the government.

Contractors are prohibited from filing mechanic’s liens on public projects like highways, schools or fire stations, as this would lead to public real estate foreclosure. Instead, they are offered alternative security in a performance bond as a guarantee against the failure of the other party to meet the contract obligations. Why it matters: Understanding the prohibition of mechanic’s liens on public projects and the role of performance bonds is important for contractors to secure their financial interests and ensure fulfillment of contractual obligations.

Competition creates significant consumer benefits, including increased innovation, efficiency, variety, quality and lower prices. Antitrust laws, which prevent companies from unfairly dominating markets or stifling competition, ensure that customers have options. Why it matters: Understanding and complying with antitrust laws is essential in the credit industry to preserve competition, prevent violations that could lead to severe penalties including fines and imprisonment, and maintain a company’s reputation and future business opportunities.

After a brief respite of bipartisanship in January, the border security and foreign aid package is officially dead in the water, and the Senate’s busy legislative calendar has effectively stalled the bipartisan tax package that the House passed last week. In other words, everything is back to normal in D.C. On Wednesday, Jan. 31, the House passed, by a strong margin of 357-70, a bipartisan tax package that extended the increased child tax credit for another two years as well as several business tax provisions that were part of the Trump tax cuts in 2017. Most notably:

In response to global conflicts, the U.S. and its allies have increased economic sanctions and enforcement measures against various countries. Businesses can minimize their exposure to these changes by regularly monitoring sanction updates, understanding applicable laws, integrating sanctions compliance into regulatory processes and strengthening Know-Your-Customer (KYC) policies. Why it matters: The noticeable surge in, attention to and enforcement of international trade requirements and regulations underscore the need for credit managers to stay vigilant and be aware of potential …

It looks like Congress made a New Year’s Resolution of its own: getting its homework done on time! Congress appears to have reached a tentative deal to keep the government open and fund it through Sept. 30. This is in stark contrast to the last two times (October and November of last year) in which a last-minute extension was passed with little notice and less than a day to spare. So, the question is: what changed?

The Anti-Money Laundering Act of 2020 (AMLA) established the Corporate Transparency Act (CTA), which requires FinCEN to establish and maintain a national registry of beneficial owners of entities that are considered to be reporting companies. Information collected pursuant to the CTA will be stored in a private database, according to the American Bar Association (ABA). Enacted in 2021 but taking effect on January 1 of this year, the CTA intends to combat illicit activity including tax fraud, money laundering and financing for terrorism by capturing more ownership information for specific U….

It feels a bit like déjà vu, as we are just over a week away from another potential government shutdown on Nov. 17 with no real solution in sight. Despite this, the political tea leaves in DC are pointing towards a relatively painless resolution, at least for a few months. To understand why, here’s a recap of the historic search for a new Speaker of the House last October.