All banks are now subject to the Current Expected Credit Loss (CECL) model, requiring them to recognize an immediate allowance for expected credit losses over an asset’s life. First introduced…
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In 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2022-02, Financial Instruments — Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. The ASU…
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In January, the Consumer Financial Protection Bureau (CFPB) finalized a rule that bans the inclusion of medical bills on credit reports. It also prohibits lenders from using medical information in…
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Community banks continue to deal with a shortage of skilled labor and rising employee benefit costs. So many are turning to bank-owned life insurance (BOLI). BOLI is a highly tax-efficient…
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For community banks, a strong internal audit program is a critical tool for ensuring regulatory compliance, managing risk, maintaining operational efficiency, and inspiring confidence in their financial and reporting practices.…
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In the rapidly evolving digital landscape, community banks are increasingly vulnerable to sophisticated cyber threats that jeopardize sensitive customer information and institutional integrity. To mitigate these risks, it is imperative…
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