Limit on deductibility of executive compensation lowered for TARP participants
Feb. 26, 2010
New executive compensation rules apply to entities participating in the troubled asset purchase programs established under the Emergency Economic Stabilization Act (EESA) of 2008. The Treasury has established the Troubled Assets Relief program (TARP). If your institution is a TARP participant, the deductibility of salaries and severance payments made to your "senior executive officers" (SEOs) may be limited. Full Story
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FDIC Board Approves Proposed Rule to Seek Prepayment of Assessments
Oct. 2, 2009
Accounting for warrants issued in conjunction with the United States Treasury Department's Capital Purchase Program (CPP) Full Story
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FTC extends deadline for enforcement of Red Flags rule
July 31, 2009
To assist small businesses and other entities, the Federal Trade Commission staff will expand its efforts to educate them about compliance with the "Red Flags" Rule and ease compliance by providing additional resources and guidance to clarify whether businesses are covered by the Rule and what they must do to comply. To give creditors and financial institutions more time to review this guidance and develop and implement written Identity Theft Prevention Programs, the FTC will further delay enforcement of the Rule until November 1, 2009. Full Story
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Increased Capacity of Financial Institutions to Acquire 2009 and 2010 Bonds
Feb. 16, 2009
Of significance to many financial institutions, the American Recovery and Reinvestment Act of 2009, passed last week by Congress, expands the exceptions to the rules imposed on financial institutions which limit their ability to deduct the interest expense attributable to holding tax-exempt bonds. Full Story
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Attention Banks - Accounting for Warrants
Feb. 11, 2009
Accounting for warrants issued in conjunction with the United States Treasury Department's Capital Purchase Program (CPP) Full Story
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SEC Approves One-Year Extension for Small Businesses From Auditor Attestation Requirement in Sarbanes-Oxley Act.
June 23, 2008
The Securities and Exchange Commission announced it has approved a one-year extension of the compliance date for smaller public companies to meet the Section 404(b) auditor attestation requirement of the Sarbanes-Oxley Act. Click here
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Want a better CAMELS rating?
July 13, 2007
If your bank's CAMELS rating on your last FFIEC exam wasn't what you'd like it to be, perhaps we can help. Click here
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FASB 157 to impact banks dramatically
Oct. 14, 2006
While FASB 157, Fair Value Measurements, applies to all companies, regardless of industry or size, financial institutions will feel a more pronounced impact. Click here
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Tax planning issues and opportunities abound for financial institutions
Sep. 19, 2006
I recently had the pleasure of leading several short discussion sessions with financial institution officers and controllers at the Tennessee Bankers Association in Nashville. This article summarizes some of the issues and opportunities for tax planning for financial institutions that we discussed at those sessions. Click here
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SEC takes steps toward improving SOX implementation
July 20, 2006
In reaction to feedback about the phenomenal cost of implementing Sarbanes-Oxley Section 404 (SOX), the Securities and Exchange Commission (SEC) is taking steps toward issuing additional guidance and, hopefully, reducing some of the burden and associated costs. Click here
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Final rule clarifies capital treatment for securities borrowing transactions
March 14, 2006
On February 22, 2006, the FDIC, the Federal Reserve Board and the Office of the Comptroller of the Currency, issued a joint final rule, which clarifies the capital treatment for securities borrowing transactions. The ruling applies only to banks and bank holding companies that are subject to the Market Risk Capital Rule, which tend to be large banking organizations with significant trading activity. Click here
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Report examines computer intrusion violations in depository institutions, offers guidance on SARs
Feb. 14, 2006
The Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) publishes periodically The SAR Activity Review -- Trends, Tips & Issues. The issue published on October 31, 2005 identifies trends in suspicious activity reports and provides guidance on preparing and filing SARs. Click here
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FDIC Board approves raising the asset threshold for internal control assessments and attestations
Jan. 9, 2006
On Tuesday, November 8, 2005 the FDIC Board voted to raise the asset size threshold from $500 million to $1 billion for requirements relating to internal control assessments and attestations by management and external auditors. Click here
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Protect your bank and customers against identity theft
April 3, 2005
According to a September 2003 Federal Trade Commission (FTC) report, almost 10 million people were victims of identity theft in 2002. The dollar loss is estimated at $48 billion and the time spent by victims resolving the related problems is estimated at almost 300 million hours. Click here
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SEC extends Section 404 compliance date for non-accelerated filers
April 3, 2005
In a release issued March 2, 2005, the Securities Exchange Commission announced that it has further extended the deadline for non-accelerated filers and foreign private issuers to comply with Section 404 of the Sarbanes-Oxley Act (SOX). Click here
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If you're waiting to begin Sarbanes-Oxley testing, don't
Jan. 10, 2005
According to Wynne E. Baker, CPA, CBA, CFSA, the member in charge of KraftCPAs' banking industry group, "Implementing the testing of internal control over financial reporting (ICOFR) required by Sarbanes-Oxley is more burdensome and time-consuming for our public clients than any of us could have imagined." Click here
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