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:
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Federal Reserve facility to purchase PPP Loans
This blog is posted on behalf of my colleague Susan Sabo, financial institutions principal. On April 6, 2020, the Federal Reserve announced a forthcoming facility to purchase Paycheck Protection Program (PPP) loans from financial institutions. The PPP has evolved quickly over the last week and has faced several challenges, including hesitancy from some financial institutions […]
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Your guide to financial institution regulatory deadline extensions.
As a result of the impacts of COVID-19, financial institution regulators have been working to grant extensions to many of the regulatory deadlines that private financial institutions must meet. Below is a summary of these extensions and links to the underlying regulatory guidance. We suggest financial institutions work with their service providers to ensure all […]
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CECL and the CARES Act: What does it mean for your private financial institution?
Financial institutions are facing numerous challenges as the economy and society continue to react to the effects of COVID-19. When the CARES Act was passed last week, it created a need for interpretation and logical implementation. In section 4014, of title IV, most financial institutions took note of the temporary relief from current expected credit […]
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Our perspectives on 2020 interagency loan modification and TDR guidance
In the current environment, many institutions are seeking ways to assist borrowers impacted by the economic distress resulting from the COVID-19 pandemic. On March 22, 2020, Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus, was released. We noted this interagency statement seeks to provide relief from […]