Money Talk: Colliers International Now Independent, Local Operations Remain Same

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COLLIERS INTERNATIONAL NOW INDEPENDENT, LOCAL OPERATIONS REMAIN SAME
Toronto-based FirstService Corp. recently completed the spin-off its commercial real estate arm Colliers International Group Inc., creating two separate, standalone companies that officials said will benefit clients and shareholders of both entities over the long-term.

Colliers’s shares now trade on the Nasdaq stock exchange under symbol “CIGI” and the Toronto exchange under symbol CIG. FirstService, a property management company, now trades on both the Nasdaq and Toronto exchanges under the stock symbol “FSV.”

In Arkansas, Colliers is the state’s largest property manager and full-service commercial real estate services firm with offices in Little Rock and Bentonville. Company officials say local and state operations will remain the same.

“The fact that Colliers International is now one of the leading publicly traded commercial real estate firms in the world does not change our local operations or the way we service our clients, to whom we will continue to bring innovative, forward-thinking solutions to the table that encompass a robust business and commercial real estate perspective,” said Kevin Huchingson for Colliers Arkansas operations. “Locally our leadership structure also remains the same, with our principals and market leaders continuing to serve local businesses by delivering exceptional service.”

FEDERAL AGENCY TAKES OVER REGULATION OF ‘NONBANK’ AUTO FINANCING COMPANIES
The federal Consumer Financial Protection Bureau (CFPB) has taken over the regulation of the nation’s larger “nonbank” finance companies that make, acquire or refinance over 10,000 or more auto loans or leases in a year.

Under new federal regulations, the CFPB will oversee the activity of the nation’s nonbank auto financing companies to ensure they are complying with federal consumer financial laws, including the Equal Credit Opportunity Act, the Truth in Lending Act, the Consumer Leasing Act, and the Dodd-Frank Wall Street Reform and Consumer Protection Act’s (Dodd-Frank Act) prohibition on unfair, deceptive, or abusive acts or practices.

Currently, the Bureau supervises auto financing at the largest banks and credit unions. The new regulations extend that supervision to any nonbank auto finance company. Auto loans are the third largest category of household debt, behind mortgages and student loans. American consumers had about $900 billion in auto loans outstanding in the fourth quarter of 2014.

IRS LEADS PUBLIC-PRIVATE PARTNERSHIP TO COMBAT IDENTITY THEFT
The Internal Revenue Service has joined with representatives of tax preparation and software firms, payroll and tax financial product processors and state tax administrators to announce a sweeping new collaborative effort to combat identity theft refund fraud and protect the nation’s taxpayers.

The agreement — reached after the project was originally announced March 19 — includes identifying new steps to validate taxpayer and tax return information at the time of filing. The effort will increase information sharing between industry and governments; standardized sharing of suspected identity fraud information and analytics from the tax industry to identify fraud schemes and locate indicators of fraud patterns; and continued collaborative efforts going forward, IRS officials said.

Many major system and process changes will be made this summer and fall by the participants in order to be ready for the 2016 filing season. The public-private partnership also will continue this cooperative, collaborative approach to address not just short-term issues but longer-term issues facing the tax community and taxpayers.

U.S. TREASURY PUBLISHES ASSESSMENTS ON MONEY LAUNDERING, TERRORIST FINANCING THREATS
The U.S. Department of the Treasury issued the National Money Laundering Risk Assessment (NMLRA) and the National Terrorist Financing Risk Assessment (NTFRA) to help the public and private sectors understand the money laundering and terrorist financing methods used in the U.S.

The assessments also help U.S. financial institutions and regulators mitigate the risks that these activities pose to the U.S. financial system and national security, and the status of current efforts to combat these methods. In doing so, these assessments enable the U.S. government and financial institutions to more effectively detect and combat illicit finance, Treasury officials said. To view the assessments, click here.