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Data-Driven Success: Enhancing ROI in Digital Marketing
Learning new approaches to marketing while leveraging banking data is proving to be effective in today’s ecosystem.
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Accounting Considerations for Visa Class B Conversions
This blog was authored by my colleague Scott Klitsch, the managing principal of the financial services quality group. Update as of April 16, 2024: Visa has formally issued their Prospectus on April 8, 2024. Holders of Visa Class B-1 shares have until 11:59 pm New York City time on May 3, 2024, to tender their […]
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Proposed Regulations Clarify Bad Debt Deductions for Regulated Financial Companies
This blog was authored by my colleague Trevor Huisman, a tax principal within our financial services group. On December 27, 2023, the IRS and Treasury released proposed regulations (REG-121010-17) that would update the standard used to determine when a debt instrument held by a regulated financial company or group would be considered worthless. The proposed […]
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Including Digital in Your Budget Process- Part 2 of 2
In Part 1 of this blog series, we focused on the importance of considering digital in your budget process by leveraging data to help identify organizational priorities. As we wrap up this series, we’ve provided foundational best practices to get you on the right path during the upcoming budget season. As a supplement to this […]
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Occupational Fraud in Financial Institutions
This blog was authored by my colleague Kyle Shafer, a manager in our forensic services group. The bank failures have put the spotlight on financial institutions as a result of significant industry regulations. Financial institutions continue to be a target for fraud, but in the modern age of technology and digital advancements prevention and detection […]
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1071 & What that means to your Financial Institution
Most financial institutions (FI) are aware of the current regulatory requirements to collect demographic information for applicants on certain covered transactions and soon similar demographic requirements will soon apply to small business applications. On March 30, 2023, the Consumer Financial Protection Bureau (CFPB) issued the small business lending rule as final, which implements the small […]
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Mail Theft and Fraud and SARs…“Oh My!” FinCEN Alert on Mail Theft and SAR Requirements
Have you heard that checks are a dying breed? The industry has been saying that longer than I have been in banking, and that more than half the time I have been alive, yet checks are still being negotiated! According to an article by the Federal Reserve Bank of Atlanta, while checks as a preferred […]
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With Interest Rates Soaring, Borrowers Turn to Buydown Agreements
As interest rates and property values remain at a steady high, borrowers are trending towards 2-1 temporary buydown agreements to keep their initial mortgage payments down. These borrowers are hopeful that they will be able to refinance in the future to bring their payments down permanently.
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Fair Isaac Corporation (FICO) Raises Credit Fees for 2023
On November 22, 2022, the National Consumer Reporting Agency (NCRA) sent a letter to its members announcing that most mortgage lenders would see price increases from Fair Isaac Corporation (FICO) in 2023. Subsequently, FICO released a statement confirming that prior to September 1, 2022, it had informed the three credit reporting agencies (Equifax, Experian, and TransUnion) that it had adopted a new tier-based royalty structure for credit fees.
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Financial Services Impacted by New R&D Capitalization Requirements
This blog was authored by my colleague Sean Croteau, a director in our federal tax strategies group. There are new rules requiring the capitalization of Section 174 costs that apply across many industries, including financial services. Banks, insurance companies, and other players in the financial services space often spend significant resources on research and development […]