How to Contend With a 21st Century Ransom Note
Ransomware attacks are becoming more numerous, sophisticated and costly, especially during the COVID-19 pandemic.
Browsing: Reporting
Fed to Automate Non-Merger-Related Adjustments to Capital Stock Subscriptions
In a move that would significantly reduce the annual reporting burden on banks, the Federal Reserve today proposed to automate non-merger-related adjustments to member banks’ subscriptions to Reserve Bank capital stock.
FDIC Provides Clarification on Financial Reporting Competition
The FDIC provided additional information today for banks working with competitors in its “tech sprint” competition in financial reporting innovation.
GOP Senators Caution Fed on Climate Risk Regulations for Banks
A group of Republican senators this week cautioned Federal Reserve Chairman Jerome Powell that using financial regulation and supervision to advance environmental policy objectives “would be beyond the scope of the Federal Reserve’s mission,” and urged against taking additional actions with regard to climate-related risks.
ABA, SIFMA Weigh in on Reporting Changes for Government Securities Dealers
ABA and the Securities Industry and Financial Markets Association on Friday wrote to the Federal Reserve and the Office of Management and Budget offering support for the renewal of and proposed changes to reporting requirements for form FR 2004, which is used to collect information from government securities dealers.
FASB Expands Proposal on Narrow Goodwill Accounting Relief to Include Privately Held Banks
The Financial Accounting Standards Board announced this week that in response to comments by ABA and others, it will expand the scope of a recent proposal on goodwill accounting alternatives for evaluating triggering events.
IRS Publishes Additional Guidance on Information Reporting for SBA Subsidies
The Internal Revenue Service this week instructed lenders that had, in accordance with previous Small Business Administration guidance, filed or furnished to borrowers form 1099-MISC for subsidies paid by the SBA to file and furnish corrected forms that exclude these subsidized loan payments.
Fed’s Brainard Highlights Need to Understand, Manage Climate Change Risk
Speaking at a virtual industry event today, Federal Reserve Board Governor Lael Brainard highlighted the need to understand risks related to climate change, noting that it is “vitally important to strengthen the U.S. financial system” to meet this challenge.
Small Biz Panel to CFPB: Prioritize Simplicity, Consistency in Section 1071 Rules
Small entities expected to be affected by the Consumer Financial Protection Bureau’s Dodd-Frank Section 1071 rulemaking recommended that the CFPB prioritize simple options in rulemaking, with clear written guidance and alignment definitions and reporting with other federal data regimes
ABA Offers Feedback to CFPB Ahead of 1071 Rulemaking
In a comment letter to the Consumer Financial Protection Bureau today, the American Bankers Association offered feedback on a recent outline of the proposals the bureau is considering to implement Section 1071 of the Dodd-Frank Act, which concerns the collection of credit application data for women-owned, minority and small businesses.