Financial Institution News:

COVID 19 Tax and Other Relief Provisions for Financial Institutions

Community Bank Leverage Ratio The office of the Comptroller of the Currency (OCC), along with the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation (collectively, the agencies) have approved an interim final rule as of April 6, 2020 that makes temporary changes to the community bank leverage ratio framework […]

Borrower Accounting for a Forgivable Loan Received Under the Small Business Administration Paycheck Protection Program (PPP)

While much attention has been given to the PPP loan program, including the effects on the lenders, many borrowers have posed questions on how to record the loan and related forgiveness.  The Financial Accounting Standards Board has provided some clarity on the issue to help borrowers record and report the transaction appropriately.  Borrowers with financial […]

New Regulatory Reporting Changes for Financial Institutions: June 2020

New Data for June 2020 New to June 2020 call reports will be data surrounding the Federal Reserve Lending Facilities, the Paycheck Protection Program (PPP), and loan modifications under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Loan Modifications Items added include the number of loans with modifications under Section 4013 of the […]

PPP Lender Accounting and Reporting Issues 

Lender institutions face a variety of issues when it comes to PPP lending.  These include, but are not limited to proper accounting of the PPP loan itself and related fees as well as various restructuring of loans.  On June 30, 2020 the AICPA issued a set of technical questions and answers (TQA’s) to address some […]

Financial Institutions Using CARES Act Deferrals Won’t Violate GAAP

In a new article from the Journal of Accountancy, author Ken Tysiac states, “Eligible financial institutions will not be in violation of GAAP if they take advantage of the deferrals or suspensions of two FASB standards as permitted in the new federal coronavirus relief law, SEC Chief Accountant Sagar Teotia said Friday in a statement […]

30 Day Extension for HUD Submissions Due March 31, 2020

The U.S. Department of Housing and Urban Development (HUD) has issued audit submission deadline extensions and other waivers for audits of certain for-profit entities under the HUD Consolidated Audit Guide.

COVID-19 Financial Institution Impact

As we at Brady Martz have been assisting our clients with COVID-19 related questions, many financial institutions have been working with their clients and finding ways to handle the economic stress resulting from COVID-19.