A bill proposing amendments to the Financial Institutions Strategic Transfer (FIST) Act of 2021 has cleared the House banking committee. READ:
A BILL proposing amendments to the Financial Institutions Strategic Transfer Act of 2021 has cleared the House banking committee.
The amendment seeks to allow a two-year extension for transferring nonperforming assets ; an additional three-year period for organizing FISTCs; a 10-year loss carryover period for financial institutions that book losses as a result of the asset transfers; an extension of the period for transferring assets from FISTCs to third parties; and a corresponding extension of tax exemptions and fee waivers on such transfers.
He added that “these transactions become far less attractive to financial institutions so the deferral of losses on sale transfer of NPAs for a maximum of period of only five years is too short for banks and other financial institutions to maintain their financial health.” “Most of the government agencies are using online payments but no one issues an official receipt… at the same time, there is no ledgering system of the Bureau of the Treasury including the government banks,” Mr. Almirol told the committee.Meanwhile, the Trade and industry committee approved on Tuesday bills seeking to strengthen intellectual property laws.
“As content has become more easily transmissible in the digital space, infringement has become more prevalent in the online space,” Mr. Salceda said in his explanatory note.
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