As CECL Looms, Prepare for Board Discussions
Loan committees and chairs should be positioned to play a role to facilitate discussions about the new loan loss accounting standard.
Browsing: Tax/Accounting
Arkansas Op-Eds Oppose Public Deposits in Credit Unions
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.
Fed to Watch CECL Implementation ‘Very Carefully,’ Chairman Says
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.
Luetkemeyer Seeks Information on CECL’s Effect on GSEs
Rep. Blaine Luetkemeyer (R-Mo.) today wrote to Federal Housing Finance Agency Acting Director Joseph Otting today requesting information on how the Financial Accounting Standards Board’s current expected credit loss standard will affect Fannie Mae and Freddie Mac.
Industry Stakeholders Raise Broad Concerns about CECL at FASB Forum
The Financial Accounting Standards Board’s current expected credit loss standard presents significant operational challenges and stakeholders are concerned about real and potentially severe economic effects, participants noted at a roundtable discussion hosted by FASB today.
Positioning for Pro-Growth Policy
Setting ABA’s government relations agenda for 2019.
ABA Urges Regulators to Delay CECL
Noting the lack of guidance for community banks related to the CECL accounting standard, ABA today wrote to the financial regulatory agencies advising them to request a delay of the standard’s implementation until such guidance is issued.
IRS Proposes Rules for 199A Deductions for Certain Trusts
In addition to final rules generally concerning 199A qualified business income deductions, the IRS last Friday concurrently issued proposed rules addressing how the deduction would affect charitable remainder trusts, split-interest trusts and regulated investment companies.
Beyond Advances
Is your bank leaving FHLB resources on the table?
IRS Issues Final Rules on Pass-Through Deduction for S-Corp Banks
While generally positive, preliminary analysis of the final pass-through rules suggests mixed results for a few issues of concern to S-corp banks.