Financial Institutions

Reading Time: 2 minutesAs we previously reported, we believe banks could be eligible for the Employee Retention Tax Credits (ERTC); although it may not be as easy as we originally thought. Most, if not all, states have deemed banking to be ‘essential services’ during the COVID-19 crisis.  Though many banks have elected to …

Read moreEmployee Retention Tax Credits: Are Banks Eligible?

Reading Time: 4 minutesChanges in Appraisal Timelines Banks have found it increasingly challenging to obtain, in a timely manner, the required appraisals and evaluations needed for real estate-related financial transactions. In response, the OCC, FRB, FDIC, and NCUA agencies, working with state financial regulators, have issued an interagency statement to specifically address those …

Read moreHow COVID-19 is Impacting Banking Regulations

Reading Time: 2 minutesThe FFIEC released an update to the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) examination manual on April 15, 2020 for the first time in six years.  As the trend has been with regulatory exams, a risk-based approach is how BSA/AML exams will be designed going forward. Important Exam Manual Update: Be …

Read moreRisk-based Supervision and Your Next BSA/AML Exam

Reading Time: 2 minutesAs part of the CARES Act, many banks are participating in the SBA’s Paycheck Protection Program (PPP), providing funds to hundreds of Americans and small businesses.  Once the loans are funded, then what?  We’ve received many questions on how to account for the PPP loans processing fees – such as, …

Read moreAccounting for PPP Loans

Reading Time: 3 minutesTime’s Up for Old Regulation CC: What’s Changing and Why Regulations, like old computers or cell phones, can become out of date or require updating.  Regulation CC (12 CFR 229), as originally executed, implements the Expedited Funds Availability Act (EFA Act), which was enacted in August 1987 and became effective …

Read moreAction Required for Regulation CC Changes in 2020

Reading Time: < 1 minuteWhen asked the question of how fraud is most often detected within an organization, most people would respond with “auditors” or “internal auditors.”  After all, such an important layer for any organization would seemingly be the folks that come and check to make sure controls are in place, working properly, …

Read moreWho is the Biggest Fraud Detector?