- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Tammy Whitehouse2018-10-29T18:15:00
When the economy starts to sour, CECL will push it faster and further in that direction, say banks calling for a delay and study of the new loan loss rules.
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The long-awaited new accounting for credit losses, better known as CECL, is moving forward in 2019 unless someone takes definitive action to delay or alter it.
JPMorgan Chase, Wells Fargo Bank, Bank of America, and the company behind online money transfer app Zelle were sued by the Consumer Financial Protection Bureau for allegedly failing to safeguard Zelle’s network and causing customers to lose $870 million, the CFPB alleged.
USAA Federal Savings Bank has been hit with its third cease and desist order from the Treasury Department’s Office of the Comptroller of the Currency in the past five years for failing to correct unsafe and unsound banking practices.
Chinese authorities banned PwC’s Chinese unit from performing audits in the country for six months, labeling the subsidiary’s flawed audit work as complicit in the failure of giant property developer Evergrande.
Erica Williams was reappointed to a second term as chair of the Public Company Accounting Oversight Board after an ambitious first three years in the role that have seen the agency work to update many of its standards deemed outdated.
Software company Autodesk said it won’t restate several years of financial statements following an audit committee investigation into potential accounting misconduct.
