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Monday, June 16, 2014

Federal banking regulators issued formal guidance to help determine whether a bank’s tax refund should go to the holding company or the insured institution. To protect the insured institution’s ownership of a tax refund, the guidance directs the insured institutions to expressly acknowledge an agency relationship with a holding company in their tax allocation agreements.

The guidance, which includes sample language for tax allocation agreements, came after disputes between bankrupt holding companies and failed insured institutions over ownership of tax refunds. Banks are expected to review their agreements to ensure compliance by October 31.

Read the guidance.
Read ABA’s staff summary.

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