- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
Banking regulators are proposing changes to regulatory capital requirements to address forward-looking credit losses under a new accounting standard.
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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.
Recent guidance and potentially more to come is aiding companies in their long journey to adopt the new CECL method for reflecting credit losses.
Bank of America avoided a monetary penalty in agreeing to settle charges with the Treasury Department’s Office of the Comptroller of the Currency but was ordered to shore up previously disclosed deficiencies in its Bank Secrecy Act/anti-money laundering (BSA/AML) and sanctions compliance programs.
