News Topic: Accounting
Search Results
Bluevine enhances business checking with features for accountants
Santander flags accounting flaws at U.S. subprime auto loan unit
Former FASB chair defends his legacy as more than CECL
Russell Golden, who just stepped down from the Financial Accounting Standards Board, says he wants to be remembered for encouraging open discourse over new rules and efforts to simplify financial accounting. ... Read full article
Don’t use coronavirus as an excuse to derail CECL
Lawmakers delayed the new accounting standard as part of the stimulus package, but they shouldn't let bankers persuade them to eliminate it outright. ... Read full article
CECL impact delayed two years
Regulators are allowing banks that implemented the loan-loss standard to forestall any capital hits until 2022. ... Read full article
CECL is a real threat to the financial system
The new accounting standard meant to prevent another financial crisis could actually trigger one. ... Read full article
FASB extends CECL deadline for most lenders
The decision gives the vast majority of banks and credit unions another year to implement the controversial accounting method for loan losses. ... Read full article
'What a bunch of Luddites!': Comments of the week
Readers react to Congress vetting Facebook's Libra, heavily debate whether to delay CECL, opine attempts to roll back overdraft laws and more. ... Read full article
Agencies are close to finishing Volcker Rule changes: FDIC's McWilliams
The head of the Federal Deposit Insurance Corp. previously had said regulators were weighing numerous options for addressing criticism of their 2018 proposal. ... Read full article
House lawmaker warns of CECL's impact on Fannie, Freddie
Rep. Blaine Luetkemeyer, R-Mo., told the mortgage giants' chief federal regulator that the Financial Accounting Standards Board’s new model for estimating loan losses could pose risk across the mortgage market. ... Read full article
Accounting gaffe surfaces at First Bancorp in Puerto Rico
The San Juan company disclosed an error in the way it calculated the provision for losses in its commercial loan book. ... Read full article
Weakness in internal controls surfaces at Valley National
The New Jersey bank did not say exactly what the problem was, but it is beefing up how allegations of financial-reporting violations are reported to upper management. ... Read full article
Hope Bancorp puts material weakness in its rearview mirror
The issue had forced the Los Angeles company to scuttle its deal to acquire U&I Financial in Washington state. ... Read full article
Wells Fargo hits two milestones on road to fix corporate governance
Wells Fargo, which has been told by the Fed that it needs to improve its governance and controls, on Thursday received an important thumbs-up from its outside auditor and also named the four senior directors who will retire next month. ... Read full article
Comerica promotes Muneera Carr to CFO
Comerica's chief accounting officer since 2010, Carr will replace David Duprey, who is retiring early next year. ... Read full article
Why this once-skeptical banker is now sold on new loan-loss rule
Timothy Zimmerman, who once called CECL a dangerous proposal, now sees a justification for the FASB standard. And he is urging bankers to start working on plans to comply with the change. ... Read full article
'Elections have consequences': Comments of the week
American Banker readers share their views on the most pressing banking topics of the week. Comments are excerpted from reader response sections of AmericanBanker.com articles and our social media platforms. ... Read full article
Better accounting is first step to satisfied customers
Profit and loss accounting is the least customer-centric process in the entire banking system. Overhauling it would improve banks’ culture and approach to digital banking. ... Read full article
Silicon Valley Bank, Xero partner on data sharing
The bank and cloud accounting platform will offer services to mutual customers via API. ... Read full article