On May 19, 2020, the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation announced a final rule that makes technical changes in the interim final rule (85 FR 29839) that the agencies announced on March 27, 2020. The interim final rule…
read article →Last month, the four largest US banks began releasing their second quarter 2020 earnings reports and many analysts were focused on their updated estimates for credit losses anxious to see the effects of the Covid-19 crisis on these leading financial institutions. These second quarter 2020 earnings releases represent only the second time large bank provision expenses…
read article →Financial institutions continue to prepare for the transition to accounting standard ASU 2016-13, commonly known as CECL. The new accounting standard requires institutions to recognize the full life of loan expected credit loss at the time of origination. As implementation dates creep closer, most are busy gathering data, building models or selecting 3rd party partners, and…
read article →Written by: Jeff Morris, ProBank Austin Financial Institutions of every size, whether public or private, are continuing to invest time, effort, and resources into their preparations for CECL, as implementation dates draw nearer for the largest single accounting standard change to hit the financial services industry in decades. Numerous individuals inside every institution, including board…
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