By Mary Ellen Biery, Sageworks
October 23 — As Securities and Exchange Commission (SEC) filers prepare to meet the deadline to implement the FASB’s current expected credit loss model, or CECL, for fiscal years beginning after Dec. 1, 2019, SEC registrants are weighing what CECL transition disclosures to provide about the new standard and its expected impact. Some investors are already beginning to see early disclosures about the new standard.
October 19 — A survey of compliance professionals in the financial inudstry by Portland, Ore.-based Smarsh, found that organizations may not be keeping pace with their retention and supervision efforts — particularly with a growing, younger workforce that relies on expanding, mobile-friendly channels, such as social media and text messaging. As a result, evolving technologies and shifting demographics within the workforce, and within firms’ customer bases, are forcing organizations to rethink their approach to the adoption and oversight of electronic communications.
By John A. Thomson Jr.
The way that middle market companies are capitalized has changed, likely forever. Middle market companies have traditionally been owned and operated by an entrepreneur or team of businesspeople who built the business, actively managed it and had a significant, if not controlling, stake in the financial success of the business. Now private firms and family offices are increasingly acquiring these companies.
By Craig Johnson
According to the FFIEC BSA/AML Examination Manual, identifying geographic locations that may pose a higher risk is essential to a financial institution’s BSA/AML compliance program. U.S. financial institutions should understand and evaluate the specific risks associated with doing business in, opening accounts for consumers from, or facilitating transactions involving certain geographic locations. When considering BSA risks, focus on the geographic locations unique to your financial institution, and in particular, high intensity drug trafficking areas (HIDTAs). Many financial institutions have their main headquarters or branch locations in small towns or rural areas and perhaps not in an area where HIDTAs are top of mind, but many are located in or adjacent to counties designated as HIDTAs.
August 20 — The smallest community banks in Missouri may be dedicating an equivalent of 18 percent of their workforce to comply with regulations that govern how they operate.