Pub. 3 2013-2014 Issue 3

O V E R A C E N T U R Y : B U I L D I N G B E T T E R B A N K S - H E L P I N G C O L O R A D A N S R E A L I Z E D R E A M S November • December 2013 11  FINAL REPAIR – continued Minimize your risk with CHFA’s Cash Collateral Support program. Banks that use the CCS program will receive cash deposits as collateral for a business loan when the business cannot meet the collateral requirements. Close the deal with more customers. Contact CHFA Community Development today. look out for your small business clients 800.877. chfa (2432) www.chfainfo.com financing the places where people live and work tions. In general, the proposed regulations provide that a partial disposition of an asset is allowedwithout making a GAA election, and a GAA election is not required to forgo the loss on a partial disposition of an asset. These regulations are proposed to apply to taxable years beginning on or after January 1, 2014. However, the regulations also permit taxpayers to rely on the provisions of the proposed regulations for taxable years beginning on or after January 1, 2012, and before the applicability date of the final regulations. With the effective date of the regulations around the corner, taxpayers should begin preparing for the impact of the changes. Additional training for accounting staff and changes to processes may be necessary for full compliance. In addition, early adoption of select portions of the final regulations prior to 2014 may be advantageous, depending on your situation. BKD will continue to provide additional guidance on the in-depth implications of the final regulations and their practical application. n This information was written by qualified, experienced BKD professionals, but ap - plying specific information to your situation requires careful consideration of facts and circumstances. Consult your advisor before acting on any matter covered here. Contact the authors at rwconner@bkd.com and shumphrey@bkd.com. Article reprinted with permission from BKD, LLP, bkd.com. All rights reserved. rules, including MLCR. The CLEAR ACT which would apply to all banks under $10 billion in assets and is currently being considered in Congress, is a good starting point. Please contact your regulator and elected representatives and ask them to support an exemption from the Mortgage Loan Compensation Rule, along with exemptions from the Quali- fied Mortgage Rule and the Ability to Repay Rule for all bank portfolio loans. n Koger Propst, CBA Chairman President, Sturm Financial and ANB Bank represent Colorado banks well. We’ll stay in touch. Let us know your feedback. n Don Childears CBA President/CEO  CHAIRMAN’S LETTER – continued  a word from cba – continued The Colorado Bankers Association apologizes that the letter from our board chair - man in our previous issue reflected the incorrect author’s name. Our 2013-2014 Chairman is Koger Propst, of ANB Bank. Note: Banking needs regulatory relief, but use of the word “relief” actually will make changes more difficult to accomplish so “regulatory reform” which sounds more benign is used here.