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06/16/2016

FASB issues new guidance on credit losses accounting

On Thursday, June 16, 2016, The Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) with a new loan loss accounting framework, also known as the current expected credit loss model (CECL), a significant departure from its current standard for accounting for loan losses. Overly simplified, CECL shifts the timing for recording loan losses to require bankers to record, at the time of loan origination, the credit losses expected throughout the life of the asset portfolio, both on loans and held-to-maturity securities. It is anticipated that implementation of the new standard will result in increases in the allowance for loan and lease losses for all lenders. It will also require significant changes to bank operations, since it will require analysis of data supporting the modeling of loss expectations, and forecasting losses into the future.

The new standard will become effective for SEC filers for fiscal years (and interim periods within those fiscal years) beginning after December 15, 2019. For other public companies, the standard will be effective for fiscal years (and interim periods within those fiscal years) beginning after December 15, 2020. For all other organizations, the new rule will become effective for fiscal years beginning after December 15, 2020, and for interim periods within fiscal years beginning after December 15, 2021.

Early application of the revised standards will be permitted for fiscal years and interim periods within them beginning after December 15, 2018.

06/16/2016

CFPB tips for servicemembers shopping for auto loans

The CFPB has posted the third article in its series on shopping for auto loans. The current entry features tips on these topics for servicemembers:

  • Reductions of interest rate under the Servicemembers Civil Relief Act (SCRA)
  • Permission from the lender to take a vehicle overseas
  • Special military interest rates or discounts

06/16/2016

Gruenberg on the impact of reforms on the financial system and economy

In remarks to the Exchequer Club in Washington, D.C., FDIC Chairman Gruenberg shared some thoughts on the broader effects on the U.S. financial system and economy of the prudential safety and soundness reforms that the regulators have implemented since the financial crisis. He noted the regulators have undertaken a series of measures to strengthen the banking system of the United States and promote a more stable and resilient financial system. Gruenberg discussed credit availability, bank profitability, market liquidity, and the migration of financial activities to nonbanks. The Chairman concluded, "the economic environment remains challenging for U.S. banks, with narrower net interest margins and modest overall economic growth. Nevertheless, I think an objective look at relevant data suggests that on balance, the reforms that have been put in place since the crisis have made the financial system more resilient and more stable, while strengthening the ability of banking organizations to serve the U.S. economy."

06/16/2016

OCC hosts director workshops in Florida

The OCC will host two workshops in Tampa, Florida, on July 26–27, for directors of national community banks and federal savings associations. The Credit Risk workshop on July 26 focuses on credit risk within the loan portfolio, such as identifying trends and recognizing problems. The workshop also covers the roles of the board and management, how to stay informed of changes in credit risk, and how to effect change. The Operational Risk workshop on July 27 focuses on the key components of operational risk—people, processes and systems. The workshop also covers governance, third-party risk, vendor management, and cybersecurity.

06/16/2016

FOMC statement and economic projections

The Federal Reserve Board has released the statement, implementation note, economic projections, and materials from the June 14–15, 2016, meeting of Federal Open Market Committee. The Committee decided to maintain the target range for the federal funds rate at 1/4 to 1/2 percent.

06/16/2016

FHFA 2015 Report to Congress

The Federal Housing Finance Authority (FHFA) has released its 2015 Report to Congress. The report provides information about FHFA's 2015 examinations of Fannie Mae, Freddie Mac, 11 Federal Home Loan Banks and the Banks' Office of Finance. The report also describes FHFA's actions as conservator of Fannie Mae and Freddie Mac during the year and it describes the Agency's regulatory guidance, research and publications.

06/16/2016

April TIC data released

The Department of the Treasury has released the Treasury International Capital (TIC) data for April 2016. The sum total in April of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a monthly net TIC inflow of $80.4 billion. Of this, net foreign private inflows were $110.9 billion, and net foreign official outflows were $30.4 billion. Foreign residents decreased their holdings of long-term U.S. securities in April: net sales were $68.7 billion. Net sales by private foreign investors were $60.5 billion, while net sales by foreign official institutions were $8.2 billion. U.S. residents increased their holdings of long-term foreign securities, with net purchases of $10.9 billion.

06/15/2016

CFPB: before co-signing an auto loan

The CFPB has posted an article with tips for consumers to consider prior to co-signing for an auto loan. The article is the second in the CFPB series on auto loans, “Take control of your auto loan.”

06/15/2016

NCUA request for stakeholder comments

The NCUA has posted five questions for stakeholders' consideration regarding the regulator’s efforts to modify supervision and examination procedures with its Exam Flexibility Initiative:

  • How can NCUA conduct future examinations in ways that minimize their impact on credit unions’ operations?
  • What concerns do credit unions have about the current examination and supervision program?
  • What steps should NCUA take to improve the efficiency of its examination program while ensuring it remains effective?
  • How can NCUA better use technology in examinations?
  • What metrics should NCUA consider to determine a credit union’s eligibility for an extended examination cycle?

Comments can be submitted online. The NCUA will accept suggestions received after August 1, but comments received before that date will receive full consideration.

06/15/2016

The NCUA Report features diversity

The June 2016 issue of The NCUA Report features an article by the regulator’s Office of Minority and Women Inclusion outlining how diversity leads to better service, greater innovation and increased membership. Other articles in this issue include:

  • NCUA Extends Call Report Deadlines for July, October Reporting
  • Chairman’s Corner: Instant Replay Timeout: Official Review of the Regulatory Process
  • Board Member McWatters’ Perspective: Accounting Standards May Drive ALLL Changes
  • Board Actions: Stabilization Fund to Pay Treasury $700 Million
  • How Will Your Commercial Loan Underwriting and Deal Structure Change with the New Member Business Lending Rule?
  • Grants Give Low-Income Credit Unions the Means to Grow
  • Reaching the Credit-Invisible.

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