The federal banking agencies today announced two actions intended to help banks ensure the continued flow of credit to households and businesses during the coronavirus pandemic.
Browsing: Tax and Accounting
Asset-liability management is often treated as a compliance exercise, not a decision engine. How can ALM help improve banks’ performance?
The Senate unanimously passed a sweeping $2 trillion stimulus package to provide relief to American consumers and businesses struggling as a result of the coronavirus pandemic.
The IRS has issued a set of frequently asked questions related to the recently announced delay in filing dates for tax returns and certain tax payments.
In a bipartisan letter, Reps. Gregory Meeks (D-N.Y.) and Blaine Luetkemeyer (R-Mo.) today joined the chorus of voices—including FDIC Chairman Jelena McWilliams—calling for the Financial Accounting Standards Board to suspend and delay its Current Expected Credit Loss standard amid the coronavirus pandemic.
Loan modifications for borrowers affected by the coronavirus pandemic will not generally be required to be treated as troubled debt restructurings, federal and state banking agencies said today.
Amid the growing economic fallout from the coronavirus pandemic and public health response, ABA and several other financial trade groups urged the Securities and Exchange Commission to use its statutory authority over public company accounting rules to delay implementation of the Current Expected Credit Loss approach.
Treasury Secretary Steven Mnuchin today announced that at the direction of President Trump, the IRS will extend the tax filing deadline from April 15 to July 15.
In light of the sudden and significant economic changes wrought by the coronavirus pandemic and public health response, FDIC Chairman Jelena McWilliams today asked the Financial Accounting Standards Board to allow banks that have begun implementing Current Expected Credit Loss methodology to postpone it, as well as to impose a CECL moratorium for banks not yet required to implement it.
As previewed by Treasury Secretary Steven Mnuchin yesterday, the IRS today issued a notice confirming that taxpayers may defer their payments that would have otherwise been due on April 15 for up to 90 days.