ABA Data Bank: Bankers Look Deep Into Past for CECL Prep
More than three-quarters of financial institutions will gather data from five or more years back as they prepare to implement the Current Expected Credit Loss standard.
Browsing: Tax/Accounting
ABA Supports Bill to Make 199A Tax Deduction Permanent for S-Corps
The American Bankers Association today joined more than 100 trade organizations in a letter of support for H.R. 216, the Main Street Tax Certainty Act of 2019—a bipartisan bill introduced by Reps. Jason Smith (R-Mo.) and Henry Cuellar (D-Texas) in the House.
Luetkemeyer, McHenry Query SEC on CECL Effects
Senior House Financial Services Committee member Blaine Luetkemeyer (R-Mo.) and Ranking Member Patrick McHenry (R-N.C.) today wrote to Securities and Exchange Commission Chairman Jay Clayton expressing concerns about the coming CECL loan loss accounting approach and its effects on markets and investors.
FASB Keeps CECL Unchanged; ABA Continues to Urge Impact Study
The Financial Accounting Standards Board today declined to make changes to its current expected credit loss model, as proposed by a group of regional banks, speeding CECL on its path to being implemented for Securities and Exchange Commission registrants as scheduled in 2020.
Florida’s Sanchez: ‘Corporate Welfare’ for Credit Unions Must End
Congress cannot proclaim its support for community banks while allowing tax-subsidized credit unions to continue growing and competing against banks on a tilted playing field, Florida Bankers Association President and CEO Alex Sanchez wrote in a Fox Business op-ed today.
ABA-Backed Bill Would Level Playing Field for Banks on Farm Real Estate Loans
Rep. Steve Watkins (R-Kan.) today introduced the Enhancing Credit Opportunities for Rural America Act (H.R. 1872), which would end taxation of interest earned from agricultural real estate loans.
IRS Issues Proposed Regulations on BOLI Transfers
The Internal Revenue Service and the Treasury Department has issued proposed regulations related to new reporting rules for certain transfers of life insurance policies that were included in the 2017 tax reform law.
Lands of Opportunity
How a new tax incentive could drive commercial lending in rural communities.
Podcast: Where Banks Are on CECL, and Where They Need to Be
With the Current Expected Credit Loss standard for loan loss accounting coming into effect for many banks — and the vast majority of bank assets — on Jan. 1, 2020, where are bank CFOs and managers in the process of implementing CECL, and what challenges are they seeing?
Luetkemeyer Warns of CECL’s Negative Consequences for Consumers, Community Banks
Rep. Blaine Luetkemeyer (R-Mo.) today warned of the negative consequences that the Financial Accounting Standards Board’s current expected credit loss standard could have on community banks and consumers if implementation moves forward.