WVML Press
Read more: FTC Delays Enforcement of Red Flag Rule Requiring Identity Theft Prevention Programs
New federal regulations, known as “red flag rules”, require financial
institutions and creditors to develop and implement written
identity-theft-prevention programs. Because of the definition of
“creditor”, many municipalities may be affected by these regulations.
A municipality that provides a service to customers and collects payment later must comply with the red flag rules. The
red flag rules are part of the federal Fair and Accurate Credit
Transactions (FACT) Act of 2003. Under these regulations, financial
institutions and creditors with covered accounts must have
identity-theft-prevention programs in place by November 1, 2008 to
identify, detect and respond to patterns, practices, or specific
activities that could indicate identity theft.
Housing Stimulus Legislation Signed Today Has Added Bonus: New FHLBank Powers to Boost Low-cost Financing of Public Projects- The housing stimulus legislation signed into law today by President Bush contains a little-mentioned but significant provision to assist public projects across the Mountain State.
Read more: Housing Stimulus Legislation Signed Today Has Added Bonus
This document is now available here .
A public hearing on the ordinance for the proposed fee was held during the meeting, after which the ordinance was given its third and final reading and was approved by the council. As a result of its approval, the fee will take effect Sept. 1 but will not apply to any building permit that was filed with the city of Martinsburg on or before Aug. 31.
The workshop featured Jason Haught, Chief Finance Official for the WV Public Employees Insurance Agency. Mr. Haught advised that with recent changes to governmental accounting standards via GASB Statements 43 & 45, employers will now have to begin recognizing the expense of providing post employment benefits prior to paying such. Per GASB 45, governmental entities must now recognize this expense as it is incurred, or earned by the employee. This expense encompasses both the amortization of benefits earned in the past and current year’s benefits.
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