Without ECIP Fix, Many Eligible CDFIs, MDIs Will Be Left Out of Key Investment Opportunity
Time is running out for the Federal Reserve to make a simple but critical fix to ensure infusions of funds reach disadvantaged communities.
Browsing: Tax and Accounting
ABA, Trade Groups Call for Withdrawal of Foreign Tax Credit Regulations
The American Bankers Association joined with a broad-based group of trade associations in a letter expressing strong concerns on final foreign tax credit regulations that were issued by the U.S. Treasury Department and the Internal Revenue Service in January.
FASB Rejects Further Deferral of CECL
Earlier this week, the Financial Accounting Standards Board considered and rejected further deferral of the current expected credit loss accounting standard for those banks that have yet to adopt it.
Podcast: Exit Interview with Jelena McWilliams, Part 1
The outgoing FDIC chairman discusses bank innovation, FDITech, post-COVID exams and the agency’s COVID response in part one of this interview.
Beyond the Headlines on CECL’s Early Results
Credit loss estimation is complicated, and CECL’s lifetime loss objective makes it even more so. While a robust quantitative impact study is still needed, this study suggests the countercyclical regulatory transition mechanism should be made permanent.
Tax Law Changes Teeter in a Sharply Divided Senate
As the start of a presidential term, 2021 was an active year for considering potential changes in tax law. But what does that mean for 2022?
IRS Releases Final Regs on Tax Implications of Post-Libor Modifications
Shortly before the cessation of two U.S. dollar Libor tenors on Dec. 31, the IRS last week issued final regulations on the tax consequences of the transition away from Libor.
ABA Cautions FASB on Enhanced Disclosures as Replacement for TDRs
ABA today expressed support for a Financial Accounting Standards Board proposal that would eliminate the current accounting guidance for troubled debt restructurings, or TDRs, but cautioned that proposed expanded disclosure requirements for loan refinancing and restructurings by creditors when a borrower is experiencing financial difficulty could “unintentionally introduce additional cost and complexity that outweighs the benefits of eliminating TDRs.”
FASB Proposes Changes to TDR Accounting, Vintage Disclosures
The Financial Accounting Standards Board today proposed to eliminate its accounting guidance for troubled debt restructurings, or TDRs, while enhancing certain loan disclosure requirements for certain loan refinancing and restructurings by creditors when a borrower is experiencing financial difficulty.
21 House Democrats Call for IRS Reporting Proposal to be Cut from Spending Bill
A group of 21 Democratic representatives wrote to House leadership today calling for the removal of the Biden administration’s controversial proposal for financial institutions to report information on gross inflows and outflows on all accounts above a certain de minimis threshold.