Noting an environment of “high” credit, strategic, compliance and operational risk, the OCC outlined nine priorities for ongoing midsize and community bank supervision in its Semiannual Risk Perspective report released yesterday.
Browsing: Tax and Accounting
Following advocacy by ABA, state associations, bankers and other financial trade groups, a controversial revenue-raising provision in trade preferences bill H.R. 1295 was removed.
Despite regulators’ action — and ABA’s lawsuit — after the Volcker Rule to protect existing bank investments in trust preferred securities, community bankers are facing the same issue as the Basel III capital standards come into effect, ABA VP Hugh Carney wrote in an American Banker op-ed today.
The Justice Department announced last week that four banks — Société Générale Private Banking (Lugano-Svizzera), MediBank AG, LBBW (Schweiz) AG, and Scobag Privatbank AG — have reached resolutions under the department’s Swiss Bank Program.
Since the Sarbanes-Oxley Act of 2002, banks have placed increased focus on internal audit. In response to member requests, ABA has formed peer groups for internal auditors and groups for those coordinating implementation of the updated COSO internal control framework.
ABA and several financial trade groups wrote to Congress yesterday opposing a revenue-raising provision in H.R. 1295, a trade preferences bill.
Regulatory uncertainty about how the Affordable Care Act’s excise tax on so-called Cadillac health plans will affect health savings accounts is causing employers to eliminate payroll deduction contributions to HSAs, according to a study released today by ABA’s HSA Council.
Responding to draft Basel Committee guidance on bank examination procedures for accounting for expected credit losses, ABA cautioned the committee that regulatory expectations must be proportional to the size and sophistication of individual banks.
The Financial Accounting Standards Board’s own Investor Advisory Committee last week became the latest group to express mixed opinions on FASB’s current expected credit loss proposal, which would require expected credit losses over the life of a loan to be recorded at the time of origination. The 10-member IAC includes a member from the Federal
As the Senate Finance Committee solicits feedback on comprehensive tax reform, ABA and several other business trade groups yesterday urged the committee not to change the tax treatment of employer-sponsored retirement plans and individual savings vehicles like IRAs.