More about Scott Klitsch
Scott is the leader in CLA’s Financial Institutions group, and a member of the National Assurance Technical Group. He has 15 years of experience with audit and accounting services for financial institutions of all sizes.
Blog Posts by Scott Klitsch:
-
Your Institution Received a CDFI Rapid Response Program Grant Award. Now what?
This blog was authored by my colleague, Kira Sexton, a signing director in our financial institutions practice in Indianapolis. In June, the U.S. Department of the Treasury awarded 863 community development financial institutions (CDFIs) with $1.25 billion in grants through the CDFI Rapid Response Program (RRP). These funds were provided to the CDFI Fund from the 2021 […]
-
Accounting considerations for Payroll Protection Program (PPP) loan forgiveness
Many of you are familiar with the blog post we shared with you in April 2020 focused on the accounting considerations of processing and funding PPP loans. We wanted to update that post with a larger focus on the forgiveness process. Our summary of the primary accounting considerations financial institutions should consider, during the forgiveness […]
-
Changes to FDICIA Audit Requirements
On October 20, 2020, the FDIC issued an interim final rule (IFR) to provide temporary relief from the financial statement audit requirements under FDICIA for banks that have experienced temporary growth due to participation in the Paycheck Protection Program (PPP), or other stimulus activities and programs. The IFR is effective immediately and appears to provide effective relief by allowing most institutions to […]
-
Form 1502 Guidance Reveals Additional Clawbacks
This blog is being posted on behalf of my colleagues, Susan Sabo and Todd Sprang, principals in CLA’s financial institutions practice. On May 21, 2020, the SBA issued more guidance to lenders about the Paycheck Protection Program (PPP) Lender Processing Fee Payment and 1502 Reporting Process. Within the eight-page document, the SBA reiterates aspects of […]
-
COVID-19 Related Loan Modifications
This blog is being posted on behalf of my colleagues, Susan Sabo and A.J. Eschle, principals in CLA’s financial institutions practice. As we enter the middle of May, many financial institutions are facing their next set of challenges in the COVID-19 environment – loan modifications. Financial institutions are now documenting the various types of COVID-19 related […]
-
Stress Testing During a Stressful Pandemic? How Stress Testing Can Help
This blog is being posted on behalf of my colleague, Erica Crain, leader of CLA’s national credit risk services. It is no surprise stress testing would move to the top of the list during a global pandemic and economic crisis. If there is one thing present in most people and in most places right now, […]
-
Video: Insights on the Main Street Lending Program
In today’s video, Todd Sprang, Susan Sabo, and Charlie Cameron from the CLA Financial Institution team discuss their insights into the Main Street Lending programs. Their discussion includes: How should financial institutions account for PPP loans? What are the impacts to capital from PPP Loans or the Liquidity Facility? What are the key aspects of the Main Street […]
-
Accounting considerations for Financial Institutions that funded Payroll Protection Program (PPP) loans
Many lenders are participating in the PPP and loans are currently being disbursed to borrowers across the country. These loans contain complex accounting considerations such as deferred fees, guarantees, and loan forgiveness. Our summary of the primary accounting considerations financial institutions should consider over the life of the PPP loans is included below. Record the […]
-
Video: Credit Risk Management in Times of Uncertainty
In today’s video, Todd Sprang, Susan Sabo, and Erica Crain from the CLA Financial Institution team discuss managing credit risk in these uncertain times.
-
Recording Available: PPP Updates and Insights
This video is a recording of Tuesday’s CLA Livestream in case you missed our live event. Jennifer Rohen, Todd Sprang, and Jack Rybicki cover key updates and insights related to lending through the Paycheck Protection Program (“PPP”). Some of the questions covered include: How has the guidance been clarified and updated? How have financial institutions […]