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.
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.
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.
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.
How a new tax incentive could drive commercial lending in rural communities.
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?
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.
Loan committees and chairs should be positioned to play a role to facilitate discussions about the new loan loss accounting standard.
With the Arkansas legislature considering a bill that would allow state and municipal entities to deposit public funds in credit unions, a pair of op-eds today in the Arkansas Business publication made the case for ending state and federal tax subsidies for credit unions that pursue bank-like activities.
As banks prepare to implement the Financial Accounting Standards Board’s current expected credit loss standard, Federal Reserve Board Chairman Jerome Powell said that the agency will be “watching carefully” to see how the standard will affect banks and the economy.