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Friday, December 20, 2013

Agencies Request Comment on Tax Refund Allocation

Federal banking regulators have requested comment on proposed guidance to clarify whether a bank’s tax refund should go to the holding company or the insured institution. The guidance would direct the insured institutions to expressly acknowledge in their tax allocation agreements that the holding company receive any refund as an agent.

The guidance comes after disputes between bankrupt holding companies and failed insured institutions over ownership of tax refunds.

Comments on the proposal are due Jan. 21, 2014.

Read the proposed guidance.

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