The Office of the Comptroller of the Currency today released its annual update to the Bank Accounting Advisory Series, a document containing staff responses to frequently asked questions from the banking industry and bank examiners on a variety of accounting issues. The document assumes all banks are using the CECL. Topics covered include loan modifications, credit losses and the elimination of accounting for troubled-debt restructurings by creditors that have adopted updated FASB standards.
House passes bills on stablecoins, digital assets, CBDCs
The House voted in favor of two bills to create a regulatory framework for payment stablecoins and digital assets. House members also voted in favor of a separate bill to ban the Federal Reserve from issuing a CBDC.