Agencies Issue Revised Statement on Loan Modifications by Financial Institutions Working with Customers Affected by the Coronavirus

On April 7, 2020, federal financial institution regulatory agencies, in conjunction with state financial regulators, issued a revised interagency statement encouraging financial institutions to work with borrowers affected by COVID-19. This revised statement provides additional information regarding loan modifications and also provides the agencies' views on consumer protection considerations.

The revised statement explains the relationship between the interagency statement issued on March 22, 2020, and the temporary relief provided by Section 4013 of the Coronavirus Aid, Relief, and economic Security Act which was signed into law on March 27, 2020. To learn more, click the link below to download the entire statement from the FDIC.

https://www.fdic.gov/news/news/press/2020/pr20049a.pdf?source=govdelivery&utm_medium=email&utm_source=govdelivery

FASB Updates

Norwalk, CT, November 15, 2019 — Financial Accounting Standards Board (FASB) issued two Accounting Standards Updates (ASUs) that finalize various effective date delays for standards on current expected credit losses (CECL), leases, hedging, and long-duration insurance contracts.

  • ASU No. 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates, finalizes various effective date delays for private companies, not-for-profit organizations, and certain smaller reporting companies applying the credit losses (CECL), leases, and hedging standards.
  • ASU No. 2019-09, Financial Services—Insurance (Topic 944): Effective Date, finalizes insurance standard effective date delays for all insurance companies that issue long-duration contracts, such as life insurance and annuities.

For more information on this FASB release and others go to FASB.org

Bowl-A-Thon

April 17, 2019 - Nearman, Maynard, Vallez, CPAs participated in the Southernmost Chapter’s 3rd annual Bowl-A-Thon on April 17th at Kings-City Place Doral. It was a great evening sharing some laughs with our Credit Union affiliates while raising money for a good cause.