Survey: Regulatory change remains top concern for banks
Keeping up with changing regulations was the top concern for U.S. financial services firms, according to Wolters Kluwer’s annual Regulatory and Risk Management Indicator survey.
Browsing: CECL
Hsu: Banks must document CECL methodologies, assumptions
With many banks expected to implement the current expected credit loss accounting standard in 2023, Acting Comptroller of the Currency Michael Hsu discussed the OCC’s expectations for banks moving to CECL.
Fed: Second CECL tool for community banks to launch June 16
To help community banks successfully implement the current expected credit loss accounting standard, the Federal Reserve next week will launch a second tool, the Expected Losses Estimator.
FASB Rejects Further Deferral of CECL
Earlier this week, the Financial Accounting Standards Board considered and rejected further deferral of the current expected credit loss accounting standard for those banks that have yet to adopt it.
Beyond the Headlines on CECL’s Early Results
Credit loss estimation is complicated, and CECL’s lifetime loss objective makes it even more so. While a robust quantitative impact study is still needed, this study suggests the countercyclical regulatory transition mechanism should be made permanent.
FASB Proposes Changes to TDR Accounting, Vintage Disclosures
The Financial Accounting Standards Board today proposed to eliminate its accounting guidance for troubled debt restructurings, or TDRs, while enhancing certain loan disclosure requirements for certain loan refinancing and restructurings by creditors when a borrower is experiencing financial difficulty.
PCAOB: CECL Deficiencies Suggest Tougher Audits to be Expected
In a recent report, the PCAOB noted ongoing deficiencies in the auditing of loan losses and an increase over 2019 in deficiencies, specifically on the related internal controls auditing.
Fed’s SCALE Method for CECL: Haze Lifted, Questions Remain
The Federal Reserve introduced its CECL Scalable CECL Allowance Estimator, or SCALE, method and tool during an “Ask the Fed” webinar this summer.
FASB to Reconsider TDR, Purchased Loan Accounting Under CECL
The Financial Accounting Standards Board today voted to add two projects to its technical agenda based on feedback it received through its CECL project implementation review process.
Fed: CECL Tool for Community Banks to Launch July 15
The Federal Reserve today said it plans to launch a new tool, the Scaled CECL Allowance for Losses Estimator, or SCALE, to help community banks implement the current expected credit loss standard.