Financial Institutions

Thursday, 08 February 2018

Wire Fraud Continues To Plague Financial and Other Industries

Written by The Rehmann Team

Banks are all too familiar with wire fraud that occurs in just about every imaginable situation. One industry facing a dramatic increase in wire fraud: real estate. According to the FBI, the Internet Crime Complaint Center saw a 480% increase in the number of complaints filed last year by those who work in the real estate industry. In 2017, cyber criminals stole or attempted to steal almost $1 billion from real estate purchase transactions, up from $19 million in 2016...

Thursday, 08 February 2018

Equipment Finance on Uptick with New Tax Structure

Written by The Rehmann Team

2018 tax reform has inspired more and more companies to announce hikes in employee pay, employee bonuses, enhanced benefits, increased charitable contributions and more. The tax reform also raised optimism that businesses will use their significant tax savings to expand operations to maximize opportunities in a thriving U.S. economy...

Thursday, 08 February 2018

Strong Compliance Programs Must Focus on Bank-Specific Risks

Written by The Rehmann Team

The Treasury Department  Financial Stability Oversight Council‘s 2017 annual report describes significant financial market and regulatory developments and recommendations to promote U.S. financial stability, noting that regulatory agencies should promote economic growth by preventing financial crises and minimizing regulations that increase costs without commensurate benefits. This report is relevant to bank management because it underscores an emerging trend among examiners who are focusing on an individual bank’s ability to acknowledge, manage and mitigate their own unique risks as part of a larger strategy that will allow for easing regulations while ensuring stability of the financial system...

Friday, 27 October 2017

Exam fees may be latest fight in regulatory reform

Written by Rehmann Team

In September, the House passed an appropriations bill including a measure that seeks to put all three federal regulators – the Fed, the OCC and the FDIC – onto appropriations. This could open the door to higher exam fees because if regulators are forced to go though the congressional appropriations process, it could potentially increase their costs to cover their own supervisory activities. In other words, the bill could restrict their budgeting and force them to seek more revenue … in the form of higher exam fees. The OCC already charges assessments for federally chartered institutions, which cover the agency’s operating costs including exam fees...

Monday, 11 December 2017

Accounting and tax update for today's financial institutions

Written by The Rehmann Team

The accounting and tax tips your need to know today.  Accounting standards and regulations are becoming more complex and costs to comply are on the rise. Let Rehmann keep you informed of the latest accounting and tax changes to keep your institutions moving forward...

Friday, 27 October 2017

Regulatory agencies issue updated CECL Q&A

Written by Rehmann Team

In June 2016, the Financial Accounting Standards Board (FASB) issued a new accounting standard that introduces the current expected credit losses (CECL) methodology for estimating allowances for credit losses. The standard applies regardless of bank size, for institutions that file regulatory reports that conform to U.S. GAAP...

Regulatory agencies listened to bankers’ feedback when developing the new Consolidated Reports of Condition and Income for Eligible Small Institutions (FFIEC 051), a shorter call report to replace FFEIC 041. The new call report, used since March 31, 2017, balances banks’ requests for a less burdensome reporting process with the need to collect enough data to monitor the condition, performance, safety and soundness of financial institutions. FFIEC 051 applies to approximately 5,200 banks with domestic offices only and assets of less than $1 billion. An institution’s total assets are measured as of June 30 each year to determine its eligibility to file FFIEC 051 beginning in March of the following year...

Friday, 27 October 2017

Was the Equifax breach avoidable?

Written by Rehmann Team

Cybersecurity has been a hot issue in the banking industry for years, with regulators pushing bank leadership to mitigate risks by testing the security of platforms and online delivery channels to expose potential weaknesses. Equifax learned the hard way just how important this is. Cybercriminals found and exploited a flaw in Equifax’s website in March 2017. Since Equifax failed to patch the hole, it was used again in May, June and July in a massive data breach...

Friday, 27 October 2017

FIL-22-2017: Adoption of supervisory guidance on model risk management

Written by Rehmann Team

The FDIC is adopting the Supervisory Guidance on Model Risk Management previously issued by the Fed and the OCC. However, it is not expected to apply to FDIC-supervised institutions with under $1 billion in total assets, unless the institution's model use is significant, complex, or poses elevated risk to the institution. The guidance addresses supervisory expectations for model risk management, including: model development, implementation, and use; model validation; and governance, policies and controls. The FDIC is adopting this guidance due to bank’s increasing use of and reliance on data-driven, quantitative tools...

Friday, 04 August 2017

Shortage of appraisers raises concerns

Written by Rehmann Team

The FDIC, the Board of Governors of the Federal Reserve System, the OCC, and the NCUA are aware of the issues related to the shortage of certified and licensed appraisers, and how that impacts timely real estate appraisals in rural areas. The agencies have issued an advisory that is not a new policy, but rather highlights the authorization for temporary practice permits and temporary waivers. Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) requires that appraisals for federally related transactions (FRT) be performed by individuals who meet certain certification or licensing requirements. An FRT is any real estate transaction that the FDIC or any FDIC-regulated institution engages in or contracts for, and requires the services of an appraiser...

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