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OCC Updates Bank Accounting Advisory Series

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.

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Evolve Bank & Trust Sees 25 Percent Increase in Loan Production With Advantage Systems’ Accounting System

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. 

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CSBS Warns Against Costly and Burdensome Accounting Standards

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.

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FDIC Announces Banker Teleconference on FASB Proposal to Change the Accounting for 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.

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OCC Updates Bank Accounting Advisory Series

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.

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FDIC to Host Seminar on Commercial Real Estate Loan Workouts and Related Accounting Issues

Nov 28 – The FDIC will host a free telephone seminar to discuss prudent commercial real estate loan workouts and related accounting issues, including the treatment for troubled debt restructurings. The seminar will be held from 1:00 to 2:30 p.m. EST on Dec. 15, 2011. Employees of all FDIC-supervised institutions are invited to participate.

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Ohio Community Banker Voices Concerns Over FASB Accounting Proposal

Oct 13 – Independent Community Bankers of America Treasurer Jack Hartings, president and CEO of The Peoples Bank, Coldwater, Ohio, represented the nation’s Main Street community banks during a meeting yesterday with the Financial Accounting Standards Board. The roundtable was the first discussion of the proposed accounting treatment for financial instruments and its impact on private and not-for-profit companies. ICBA has continued to voice its objection to the proposal since it was first announced.

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CSBS Opposes FASB’s Fair Value Accounting Proposal

Sept 29 – The Conference of State Bank Supervisors detailed strong opposition to the Financial Accounting Standards Board’s Proposed Accounting Standards Update on Accounting for Financial Instruments and Revisions to the Accounting for Derivative Instruments and Hedging Activities.  In a comment letter, CSBS stated that the proposal is significantly flawed and has the capacity to damage the business model of institutions that hold long-term financial assets.  This damage could have a significant negative impact on local economies and small businesses.

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ICBA Urges FASB to Withdraw Exposure Draft Proposal on Accounting Standards

Sept 2 – The Independent Community Bankers of America has urged the Financial Accounting Standards Board not to go forward with accounting changes in  its Exposure Draft: Accounting for Financial Instruments and Revisions to the Accounting for Derivative Instruments and Hedging Activities.

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Speech by Governor Duke on Regulatory Perspectives on the Changing Accounting Landscape

Sept 14 – At the AICPA National Conference on Banks and Savings Institutions in Washington, D.C., Governor Elizabeth A. Duke spoke about the changing accounting landscape. her speech is below.

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