Auditing/Accounting
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The Importance of a Risk Based Audit Plan
What is your process to create your internal audit plan? Gone are the days of pulling together an internal audit plan on the fly basing your decision on a rotational schedule, auditable areas that had the most exceptions in the previous year, or what areas may fit into your budget.
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Payment Systems & Cybersecurity
In an effort to push more capabilities and flexibility to members and customers, financial institutions have embraced automated payment platforms such as FedLine and SWIFT. These services make it easy to exchange funds between individuals and businesses across the country and across borders. Naturally, with the expanded use of these technologies, the cybersecurity risks that correspond to these technologies increase as well. The risks not only threaten the institutions that use these services, but they threaten the organizations that provide them
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NCUA’s Risk-Based Capital Rule is approaching – what does it mean for your Credit Union?
fter a series of extensions, the new standard is effective January 1, 2022. The 2015 Final Rule restructures the NCUA’s current prompt corrective action (PCA) regulations by replacing the existing risk-based net worth ratio with a new risk-based capital ratio for “complex” federally insured, natural-person credit unions. The changes resulting from the new rule result in a risk-based capital calculation more consistent with that used for corporate credit unions and those of other banking agencies, such as the OCC. The new well-capitalized ratio threshold will increase from 7% to 10%.
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Looking Ahead in 2022
One of CLA’s strategic advantages is our deep industry specialization. As we look to get a leg up on 2022 and absorb the lessons learned from 2020 and 2021, we see numerous opportunities and areas of focus for our financial institution clients. If we’ve learned anything during this time, it’s that we need to look at risk differently in this ever-changing environment.
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CECL Blog Series – Part #7
This blog post will continue our CECL Blog Series, where we’re hoping to answer you your CECL Questions one blog at a time!
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CECL Blog Series – #6
This blog post will continue our CECL Blog Series, where we’re hoping to answer you your CECL Questions one blog at a time!
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Guidance for Credit Unions Capitalizing Interest
The NCUA Board voted to remove the prohibition on the capitalization of interest for loan modifications and workouts.
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CECL Blog Series – Part #3
This blog post continues our CECL blog series, where we hope to answer your CECL questions one blog at a time.
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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 […]
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CECL Blog Series – Part #2
This blog post will continue our CECL Blog Series, where we’re hoping to answer you your CECL Questions one blog at a time!