FDIC Provides Temporary Audit Relief for Banks with COVID-Bulked Balance Sheets
For banks that have experienced rapid and possibly short-term inflows of assets and deposits during the coronavirus pandemic, the FDIC...
Tax and Accounting
SEC Publishes Final Rule on Bank, S&L Investor Disclosures
The Securities Exchange Commission today published in the Federal Register its final rule updating required disclosures that bank and savings...
ABA Advocates for Removal of Physical Presence Requirement for Spousal Consent
In a letter to the Internal Revenue Service yesterday, the American Bankers Association and several insurance trade groups requested that...
IRS Exempts Lenders from Reporting PPP Loan Forgiveness
The IRS has issued new guidance directing lenders not to file information returns or furnish statements to borrowers to report...
Treasury Inconclusive on CECL Effects, Calls for Further Study
While noting emerging indicators that credit availability declined and lending standards tightened in early 2020, the Treasury Department yesterday said...
ABA Receives SEC Preclearance on MSLP Accounting
The Securities and Exchange Commission today informed ABA that it does not object to the association’s conclusion that Main Street...
ABA, Trades Call for Cross-Border Tax Administration Relief
In a follow-up to an April letter discussing COVID-19-related challenges regarding tax withholding, the American Bankers Association, the International Banking...
Agencies Finalize Three Rules Issued as Part of Pandemic Response
The federal banking agencies today finalized several rules originally issued as interim final rules during the spring weeks of the...
FDIC: Bank Profits Fall amid Ongoing Pandemic; Community Bank Income Grows
FDIC-insured banks and savings institutions earned $18.8 billion in the second quarter of 2020, a 70% decline from a year...
ABA Recommends Focus for Congressionally Mandated CECL Study
As the deadline for an ABA-advocated, congressionally mandated Treasury Department study of the current expected credit loss standard looms, ABA...
