Insights: Financial Institutions
Keys to Succession Planning
By: Randy Cole Financial institutions are facing the same challenges that all businesses are facing: a shrinking workforce and succession planning. This environment has many banks taking a serious look at their future and weighing options regarding mergers, acquisitions, or remaining independent. Financial institutions play a crucial role in the financial ecosystem by offering personalized…
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Consumer Compliance Trends
By: Kelly Shafer, CPA In this article we will review the top consumer compliance issues identified by the FDIC in a recent supervisory report and examine upcoming trends that are expected to gain attention from examiners during the latter half of 2024 and into 2025. The FDIC’s consumer compliance supervisory report released in the spring…
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New Regulatory Resource Available for Vendor Management
By: Kelly Shafer, CPA Changing technology combined with increased regulatory and financial reporting demands have led to banks placing more reliance than ever on outside vendors for various services. While outsourcing certain functions to third parties has brought efficiency and innovation to service delivery, the practice reduces the bank’s control over those functions. Management has…
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Escheatment 2023: What You Need to Know
By: Randy Cole With recent changes to unclaimed property laws in West Virginia, now is a good time for a refresher on the escheatment laws currently in place to ensure your bank is in compliance. Notable changes to laws over the last few years include reduced dormancy periods for certain property types and guidelines on…
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West Virginia Security for Public Deposits Program
By: Josh Sharp, CPA For better or worse, State and Federal laws are constantly changing regarding the banking environment. Occasionally, some changes will go under the radar. In this article we recap WV Senate Bill 438 changes and what you can expect. Senate Bill 438 is an act to amend and reenact §12-1-5 of the Code…
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Changes to TDR Accounting and Disclosures for CECL Adopters
Written By: Kelly Shafer, CPA In March of 2022, the Financial Accounting Standards Board (FASB) issued a follow-up standard to ASU 2016-13 – Measurement of Credit Losses on Financial Instruments (CECL) to address recommendations from a post-implementation review of CECL. This new standard, ASU 2022-02 – Troubled Debt Restructurings and Vintage Disclosures, introduces concepts deemed…
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If you’re hiring independent contractors, make sure they’re properly handled
Many businesses use independent contractors to help keep their costs down — especially in these times of staff shortages and inflationary pressures. If you’re among them, be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be an expensive mistake. The question of whether…
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Businesses, be prepared to champion the advantages of an HSA
With concerns about inflation in the news for months now, most business owners are keeping a close eye on costs. Although it can be difficult to control costs related to mission-critical functions such as overhead and materials, you might find some budge room in employee benefits. Many companies have lowered their benefits costs by offering…
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5 valuation terms that every business owner should know
As a business owner, you’ll likely need to have your company appraised at some point. An appraisal is essential in the event of a business sale, merger or acquisition. It’s also important when creating or updating a buy-sell agreement or doing estate planning. You can even use a business valuation to help kickstart or support…
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CECL Model Validation
By: Kelly Shafer, CPA The implementation of the new expected credit loss (CECL) standard on 1/1/23 has raised questions from regulators about the need for model validation. CECL replaces the incurred loss model and affects the calculation of the allowance for credit losses (ACL). Given the complexity of this calculation, many Financial Institutions (FIs) use…
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