April 29 – The Independent Community Bankers of America (ICBA) has said the Financial Accounting Standards Board (FASB) has taken another important step in addressing community bank concerns with its proposed accounting standards update. FASB advanced a revised Current Expected Credit Loss proposal exempting many community banks from certain new financial statement disclosure requirements that would have been excessively burdensome for their non-complex business model. In addition, FASB extended the implementation dates for an additional year for all financial institutions.
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April 4 – Independent Community Bankers of America (ICBA) Vice Chairman Timothy K. Zimmerman has told the Financial Accounting Standards Board that it has made important ICBA-advocated revisions to its proposed accounting update. Representing the nation’s community banks at today’s FASB Transition Resource Group meeting on the Current Expected Credit Loss model, Zimmerman called on FASB to communicate and work with the federal banking agencies and auditors on these changes to ensure they are implemented.
February 8 – A delegation of community bankers from the Independent Community Bankers of America (ICBA) has met with the Financial Accounting Standards Board (FASB) on widespread concerns with FASB’s controversial proposed accounting reforms. The three community bankers—Greg Ohlendorf, president and CEO of First Community Bank and Trust in Beecher, Ill.; Lucas White, vice president and director of The Fountain Trust Co. in Covington, Ind.; and Tim Zimmerman, president and CEO of Standard Bank in Monroeville, Pa.—warned that the Current Expected Credit Loss (CECL) proposal could irreversibly damage the ability of community banks to continue meeting the needs of local customers and communities.
January 18 – The Financial Accounting Standards Board’s Current Expected Credit Loss impairment model, in its current form, “represents the biggest change in the history of bank accounting,” according to concerns detailed by the American Bankers Association in a letter to FASB Chairman Russell Golden. (more…)
January 7 – The Financial Accounting Standards Board — FASB — has agreed to hold a roundtable Feb. 4 to discuss the impact of FASB’s proposed Current Expected Credit Loss model with community bankers. The meeting was announced following criticism from Independent Community Bankers of America, which said FASB “lacks understanding of community banks.” ICBA President and CEO Camden R. Fine wrote that the board should also pause the standard-setting process until community bank concerns have been addressed. (more…)
Oct 11 – The Office of the Comptroller of the Currency has released an update to the Bank Accounting Advisory Series. The BAAS covers a variety of topics and promotes consistent application of accounting standards among national banks and federal savings associations.
June 25 – Advantage Systems, a provider of accounting and financial management tools for the mortgage industry, has announced that Memphis, Tenn.-based lender, Evolve Bank & Trust, utilized its Accounting for Mortgage Bankers system to support the company’s 25 percent increase in loan volume and enhance regulatory compliance since November 2012.
June 6 – CSBS has submitted a comment letter to the Financial Accounting Standards Board in response to a proposed accounting standards update titled Financial Instruments – Credit Losses.
May 10 – The Financial Accounting Standards Board has issued a proposed accounting standards update that would change recognition and measurement of credit losses for financial and regulatory reporting purposes. The FASB’s comment period closes May 31, 2013. The FDIC will host a free 90-minute teleconference at 1:00 p.m. EDT, May 16, 2013, to discuss the proposal with interested bankers. Employees of all FDIC-supervised institutions are invited to participate.
July 26 – The Office of the Comptroller of the Currency has released an update to the Bank Accounting Advisory Series. The BAAS is a longstanding document that covers a variety of topics that is issued and updated to promote consistent application of accounting standards among national banks and federal savings associations. The BAAS is a widely used source of accounting guidance for financial institutions.