The largest credit unions should be required to file Form 990 -- the standard return filed by most nonprofit entities -- with the Internal Revenue Service, Senate Finance Committee Chairman Orrin Hatch (R-Utah) said in a letter to the IRS’ acting commissioner today.

A new joint proposal from the Federal Reserve, FDIC and the OCC will give banks the option to phase in the regulatory capital effects of the Current Expected Credit Loss standard, the Federal Reserve announced today.

With the new tax law limiting the deductibility of net business interest expense, the Treasury Department and the Internal Revenue Service today issued guidance on the calculation of the limitations and related rules, pending the formal release of proposed regulations.

Banks with defined benefit pension plans will need to make previously unanticipated changes in first quarter Call Reports, according to banking regulators. 

With the New York Federal Reserve beginning to publish the Secured Overnight Financing Rate -- or SOFR -- next week, the American Bankers Association today wrote to the Financial Accounting Standards Board in support of including the overnight index swap rate based on SOFR as a benchmark interest rate for hedge accounting purposes, as an alternative to U.S. dollar Libor.

If bank capital is a form of currency, how is tax reform shaping the dealmaking environment, from community banks to midsize and regionals?

A little after midnight this morning, the Senate voted to pass a $1.3 trillion spending bill that will fund the government through the end of the fiscal year on Sept. 30.

The Basel Committee today issued a proposed technical amendment to bank disclosure requirements in light of new expected credit loss accounting models being implemented worldwide. 

Sports naming rights deals -- like Golden1 Credit Union’s $120 million deal for the arena of the NBA’s Sacramento Kings -- are just one sign that credit unions no longer need any federal tax subsidy, a respected tax analyst said today.

The Financial Accounting Standards Board has issued a draft proposal allowing companies to capitalize certain implementation costs relating to new systems that operate on cloud technology, an issue that was first raised to FASB by members of the American Bankers Association’s Accounting Administrative Committee.