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Valuation Considerations for Financial Institutions
This blog was authored by my colleague Gwendolyn Duda, a signing director in our valuations, forensics, litigation, and investigations (VFLI) group. In a time of competitive economic conditions, valuations of financial institutions are increasingly instrumental for supporting business strategy decisions. Financial institutions continue to face near-term headwinds with rising inflation, rising interest rates leading to […]
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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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Including Digital in Your Budget Process- Part 1 of 2
Just as the timeless holiday song says, it’s the most wonderful time of the year– budget season! Every year at this time, financial institutions are planning their budget for the upcoming year. If you are part of the budget approval team, not only do you need to make sure you work on your “maybe next year” […]
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New Wisconsin State Tax Exemptions for Financial Institutions
This blog was authored by my colleague Chan-Yu Wang, a tax director in our financial services group. Wisconsin Exempts Certain Commercial and Agricultural Loan Income from State Taxation On July 5, 2023, Tony Evers signed the Wisconsin 2023-2025 budget (2023 Wisconsin Act 19) which included a significant favorable exemption from taxation on commercial and agricultural […]
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Regulation E: What Everyone is Talking About
Reg E is a very customer-centric regulation, and that concept does not appear to be changing anytime soon.
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Reporting Loan Modifications with the Implementation of CECL
As a part of the adoption of CECL, institutions are also adopting ASU 2022-02 Financial Instruments – Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures. This standard eliminates the concept of a troubled debt restructuring (TDR). As a result of this elimination, it removes the requirement to individually evaluate TDRs for impairment as CECL is already calculating lifetime losses for all loans in the portfolio. Under CECL, you are allowed to individually evaluate loans for allowance levels, but this evaluation is no longer predicated on the prior definition of an impaired loan. However, the standard did not eliminate the requirement for institutions to disclose information about loan modifications where the borrower is experiencing financial difficulty.
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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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A Trust Company & the Bank Secrecy Act: Is your BSA program good, or good enough?
While all aspects of the Bank Secrecy Act (BSA) rules may not be required for a trust company that are required for depository financial institutions, the oversight obligation and importance is not diminished. Trusts intrinsically have elevated risk based on the transparency of structure, ownership, and purpose. Section 352 of the USA PATRIOT Act requires […]
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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 […]
