ABA Offers Recommendations for IRS Priority Guidance Plan
The American Bankers Association this week submitted to the Internal Revenue Service its feedback on what should be included in the agency’s 2019-20 priority guidance plan.
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Climate-Related Disclosures Task Force Issues 2019 Status Update
The Task Force on Climate-Related Disclosures found that 78% of companies it reviewed disclosed at least some climate-related information in 2018, up from 70% two years prior.
Sen. Tillis Introduces Bill to ‘Stop and Study’ CECL
Sen. Thom Tillis (R-N.C.) yesterday introduced a long-awaited bill—S. 1564—calling for a delay in the implementation of the Financial Accounting Standards Board’s current expected credit loss standard until a quantitative impact study can be completed to understand its likely effects it will have on the economy.
The New Revenue Recognition Framework Is Here
Although the revenue recognition rule may not significantly affect banks’ traditional revenue reporting, institutions will not know for sure until they have implemented the full, five-step process.
AICPA Calls for Delay in FASB’s Lease Accounting Standard for Private Companies
The American Institute of CPAs wrote to the Financial Accounting Standards Board this week seeking a delay in the implementation of a new lease accounting standard.
S. 2155 Rule Changes to Be Done by Year-End, Regulators Say
The heads of the banking agencies told lawmakers that they expect to have regulatory changes from the S. 2155 regulatory reform law implemented by year-end.
FASB Issues Limited CECL Transition Guidance
Responding to requests from certain specialty lenders, FASB yesterday said it would allow companies to avoid CECL by electing a “fair value option” for certain assets.
ABA Calls for CECL Delay, Quantitative Impact Study in Letter to Rep. Meeks
In a letter to Rep. Gregory Meeks (D-N.Y.) today, the American Bankers Association reiterated its call for a delay in the implementation of the current expected credit loss accounting standard until a quantitative impact study can be conducted and the full economic effects of CECL can be determined.
Otting, McWilliams: Agencies Moving Toward More Risk-Based AML Approach
The federal banking agencies plan to reintroduce the examination manual for anti-money laundering/Bank Secrecy Act compliance later this year, Comptroller of the Currency Joseph Otting told the Senate Banking Committee today.
Citing Economic Risk, Senators Call for CECL Delay, Study
Led by Sens. Thom Tillis (R-N.C.) and Doug Jones (D-Ala.), a bipartisan group of 15 senators wrote to the Federal Reserve and FDIC today urging a delay in the implementation of the Current Expected Credit Loss model for loan loss accounting until after the agencies can study CECL’s economic effects.