On October 29, 2019, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation (the “Federal Banking Agencies”) issued a joint press release announcing a final rule which provides qualifying community banking organizations the ability to opt-in to a new community bank leverage ratio (“CBLR”) framework. As part of its announcement, the Federal Banking Agencies issued a CBLR compliance guide. To review the CBLR compliance guide, please click here.
On October 16, 2019, the Financial Accounting Standards Board (“FASB”) extended the implementation deadline for the current expected credit loss standard (“CECL”) for qualifying entities. The new implementation deadlines are as follows: Continue Reading CECL Implementation Delayed for Qualifying Entities
On September 17, 2019, the Federal Deposit Insurance Corporation (the “FDIC”) passed a final rule providing qualifying community banking organizations the ability to opt-in to a new community bank leverage ratio (“CBLR”) framework, which will greatly simplify regulatory determinations regarding capital adequacy and eliminate the need for qualifying community banking organizations to calculate and report quarterly risk-based capital ratios in their Call Reports. Continue reading to learn more about the rule, the CBLR framework, qualifying criteria for community banks and how a community bank can opt-in.
On September 17, 2019, the Securities and Exchange Commission (the “SEC”) proposed rules that would update the statistical disclosures currently required by Industry Guide 3, Statistical Disclosure by Bank Holding Companies (“Guide 3”) applicable to public bank holding companies, banks, savings and loan holding companies and savings and loan associations. The proposed rules are intended to also codify certain Guide 3 disclosures as well as eliminate other disclosures that overlap with SEC rules, Generally Accepted Accounting Principles and International Financial Reporting Standards.
This below article was originally posted on Vedder Thinking on June 20, 2019
Recreational cannabis is poised to become legal in Illinois in 2020, and Illinois employers should consider the impact now. In late May 2019, the Illinois House and Senate approved the Cannabis Regulation and Tax Act (the “CRTA”), which Illinois Governor J.B. Pritzker has promised to sign into law.