Inside Fall 2019

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Making the transition to FDICIA reporting: Get an early start

The Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA) was designed to strengthen the FDIC and improve the safety and soundness of financial institutions, imposing stricter auditing, reporting and governance obligations on institutions as their assets cross the $500 million and $1 billion marks. This article explains that, as a bank grows, it’s important to anticipate when it will reach these thresholds and begin to prepare well in advance. A sidebar discusses the auditor independence requirements for FDICIA-covered banks...Read article

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Are you prepared?
5 common cyber threats to the banking industry

Cybersecurity is one of the most critical issues businesses face today — and banking is among the industries most affected by these attacks. This article looks at some of the most common cyber threats and explains how banks can conduct risk assessments to identify and quantify their institutions’ specific vulnerabilities and develop plans to address these threats and mitigate the risk...Read article

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Know the risks of the secondary market mortgage business

In the past few years, community banks have been turning more frequently to the strategy of selling the mortgage loans they’ve originated to the secondary market. This article points out that banks that don’t have a good grasp of the risks and rewards of this approach may end up losing out. It notes that, when entering into loan sale agreements, it’s important for community banks to pay close attention to the details — including all representations and warranties — to ensure the outcome is positive...Read article

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BANKWire

This summary of recent developments in banking discusses a recent FASB proposal that provides breathing room for community banks struggling to implement the current expected credit losses (CECL) model and the new lease accounting standard. It also looks at a recent report issued by the Federal Reserve suggesting how to reform the Community Reinvestment Act by expanding assessment areas and updating asset thresholds, among other things. Finally, it discusses a new OCC Bulletin encouraging banks to refer to the OCC’s core lending principles in connection with their community revitalization efforts.

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