For banks that have experienced rapid and possibly short-term inflows of assets and deposits during the coronavirus pandemic, the FDIC today issued an interim final rule providing relief from auditing, internal control and audit committee requirements that would have resulted from those inflows.
Browsing: Tax and Accounting
The Securities Exchange Commission today published in the Federal Register its final rule updating required disclosures that bank and savings and loan registrants are required to provide to investors, known as Industry Guide 3.
In a letter to the Internal Revenue Service yesterday, the American Bankers Association and several insurance trade groups requested that the IRS make permanent temporary relief from the physical presence requirement for spousal consent.
The IRS has issued new guidance directing lenders not to file information returns or furnish statements to borrowers to report the amount of qualifying loan forgiveness for covered loans made under the Paycheck Protection Program.
While noting emerging indicators that credit availability declined and lending standards tightened in early 2020, the Treasury Department yesterday said it is difficult to find a link between these trends and the current expected credit loss framework due to the coronavirus pandemic.
The Securities and Exchange Commission today informed ABA that it does not object to the association’s conclusion that Main Street Lending Program transactions meet the legal isolation criteria necessary for sale accounting treatment under U.S. generally accepted accounting principles.
In a follow-up to an April letter discussing COVID-19-related challenges regarding tax withholding, the American Bankers Association, the International Banking Federation and several other trade associations wrote to the Organization for Economic Cooperation and Development and the European Commission seeking additional relief for administering tax regulations for cross-border transactions.
The federal banking agencies today finalized several rules originally issued as interim final rules during the spring weeks of the emergency coronavirus response.
FDIC-insured banks and savings institutions earned $18.8 billion in the second quarter of 2020, a 70% decline from a year prior, the FDIC reported today.
As the deadline for an ABA-advocated, congressionally mandated Treasury Department study of the current expected credit loss standard looms, ABA recently wrote to Treasury to provide its view on which aspects of CECL the study must address.