The global financial system is resilient, with large banks much better capitalized, less leveraged and more liquid, according to the Financial Stability Board’s report on post-crisis reforms issued today.
As banks prepare to implement the current expected credit loss accounting standard, the financial regulatory agencies have issued a proposed interagency policy statement on allowances for credit losses and proposed interagency guidance on credit risk review systems.
The Financial Accounting Standards Board today voted to extend the implementation of the current expected credit loss standard for certain financial institutions, as proposed earlier this year.
The credit union industry has strayed from its original tax-exempt purpose and its tax exemption can no longer be justified, according to an economist at the nonpartisan Tax Foundation, a respected research group in Washington, D.C.
Implementation of the Consumer Financial Protection Bureau’s 2015 Home Mortgage Disclosure Act rule resulted “astoundingly high” costs for creditors, the American Bankers Association said in a joint comment letter with the Bank Policy Institute, Consumer Bankers Association, Housing Policy Council and Mortgage Bankers Association today.
As the Financial Accounting Standards Board prepares to vote this week on a delay of its current expected credit loss accounting standard for some—but not all—banks, Reps. Vicente Gonzalez (D-Texas) and Ted Budd (R-N.C.) today called on FASB to consider extending the delay to all companies and to immediately begin a quantitative impact study of CECL.
Banks and credit unions should receive the same treatment when operating on military bases, American Bankers Association President and CEO Rob Nichols wrote in an joint op-ed with the heads of the Associations of Military Banks of America and the Independent Community Bankers of America.
As the Financial Accounting Standards Board prepares to vote this week on a delay of the CECL accounting standard for certain companies, the Center for Responsible Lending on Friday warned that the standard could seriously affect credit availability to low- and moderate-income borrowers.
The federal banking regulators’ standardized approach for counterparty credit risk proposal, or SA-CCR, could have unintended consequences for commercial end users—such as corn producers or beverage manufacturers—who rely heavily on financial derivatives.
FHFA Director Mark Calabria said he expects Fannie Mae and Freddie Mac to retain earnings for up to 18 months as the GSEs work to rebuild capital, according to reports Thursday.