August 31, 2020
The AICPA has updated its technical accounting guide to explain how a lender should account for a forgivable loan that a borrower received under the Paycheck Protection Program (PPP). Because of the unique nature of PPP loans, the AICPA has been issuing staff answers to technical accounting questions.
June 23, 2020
Many financial institutions are working with borrowers on loan modifications, but a joint statement from a group of financial institution regulatory agencies details certain short-term modifications due to COVID-19 and the classification rules for troubled debt restructurings.
April 16, 2020
Banks and credit unions have some wiggle room under FASB rules when reporting interest income on loans modified as a result of the coronavirus economic stimulus package, an issue critical to earnings.
April 7, 2020
The Coronavirus Aid, Relief, and Economic Security Act enacted a variety of changes for financial institutions, businesses, and individuals, including a chance for lenders and borrowers to explore a more streamlined assistance process.
March 26, 2020
The FASB supports a new regulatory statement to push banks to work with borrowers impacted by the coronavirus so that loans can be modified quickly and easily.
December 11, 2019
The FASB recently issued amendments to clarify five issues under its credit loss accounting standard.
October 21, 2019
The FASB has approved proposals to delay the effective dates of its leases, credit losses, hedging, and long-duration insurance contract standards.
October 8, 2019
Congress has taken a big step toward making it easier and safer for cannabis businesses – and the businesses that serve them – to engage in the mainstream financial services sector.
October 6, 2019
The FASB intends to give smaller financial institutions more time to adopt its new credit loss standard, but banks should not use this as an excuse to delay preparations for the accounting change.
August 14, 2019
The London Interbank Offered Rate is the most common reference rate in the global financial markets. But, by 2021, it will have been phased out in response to a series of scandals.
January 14, 2019
Community banks and credit unions will have more time before they’re required to apply the credit losses standard as a result of new FASB guidelines.
August 2, 2018
A decade after the global financial crisis shook the United States into a recession, rules that placed strict regulations on thousands of small and medium-sized banks have been lifted. That means more flexibility for banks and potential borrowers.
January 24, 2018
Fraud can have a major impact on a company’s value. In their 2016 Report to the Nations on Occupational Fraud and Abuse, the Association of Certified Fraud Examiners (ACFE) estimates that companies lose approximately 5 percent of revenues to internal theft and financial misstatement each year.
December 8, 2017
As financial institutions face increased regulatory scrutiny and mounting risks, a robust risk assessment process and internal audit function are essential to help protect the bank, its management and board.
August 7, 2017
While lending regulations have been the recent regulatory hot-topic, banks should continue to be concerned about the Bank Secrecy Act (BSA) and the impending changes associated with the new due diligence standards regarding beneficial ownership.
June 26, 2017
As we mentioned in our previous article, there is uncertainty around the Consumer Financial Protection Bureau (CFPB) and its current structure under the new administration.
February 20, 2017
“Regulation has actually been horrible for big business, but it’s been worse for small business,” President Donald Trump said. “Dodd-Frank is a disaster.”
October 19, 2016
The recent devastation in the southeastern United States will likely result in heightened regulatory attention to flood regulation compliance. Flood insurance laws and regulations have been, and continue to be, a hot topic with regulators.
July 15, 2016
Familiarity breeds contempt. That’s how some bank compliance officers have come to regard the TILA-RESPA Integrated Disclosure Rule (TRID). I’ve heard some compliance officers transform the acronym into “The Reason I Drink.”
July 15, 2016
The Financial Accounting Standards Board (FASB) has released a long-awaited accounting standard that responds to some concerns prompted by the global financial crisis.
March 11, 2016
With the Consumer Financial Protection Bureau (CFPB) cracking down on improper lender compensation plans, banks should anticipate increased scrutiny in this area from their primary regulator.
November 20, 2015
On Nov. 11, 2015, the Financial Accounting Standards Board (FASB) decided that large banks that file with the SEC would apply the new CECL standard in annual and interim periods beginning after Dec. 15, 2018, which will mean the first quarter 2019 and year end 2019 filings.
April 10, 2015
In 2014 alone, the Financial Crimes Enforcement Network (FinCEN) and regulatory agencies assessed over $2 billion in penalties for violating the Bank Secrecy Act (BSA.) So while lending and deposit regulations have garnered a lot of attention recently, don’t let your team become lax about BSA compliance.
March 6, 2015
At a recent banking conference, it became clear that the topic keeping CEOs and CFOs up at night is cybersecurity. Boards and their audit committees are also troubled about cybersecurity with good reason.
March 6, 2015
On Oct. 2, 2014, the Federal Financial Institutions Examinations Council (FFIEC) released Financial Institution Letter 50-2014 (FIL-50-2014) — providing some good news for private banks.
March 6, 2015
The regulatory environment continues to evolve in 2015 with new disclosure requirements taking effect Oct. 3, 2015.