Over the past year, Baker Tilly has provided you with summaries and insights on some of the more significant matters related to the financial services industries. The volume of regulatory, legislative, and operational matters warranting our attention has been higher than any period in recent memory. We provide current updates on these issues and some brief thoughts on how these matters may develop in the coming months below. 

FHA-approved supervised mortgagees
Beginning in 2010, the HUD FHA Reform Act increased compliance and reporting requirements for supervised institutions.

Basel III
Basel III in its current form presents challenges to banks on many fronts, making preparation crucial.

Allowance for loan and lease losses
With the increased regulatory scrutiny and challenges of documenting and defending the estimation, many companies find themselves overwhelmed by the process of estimating and documenting the allowance for loan and lease losses (ALLL) every month or quarter.

Implementing enterprise risk management
The Office of the Comptroller of the Currency (OCC) set forth guidance on model risk management in April of this year.

Dodd-Frank Wall Street Reform Act (Say-on-Pay, Consumer Protection, Internal Controls)
Say-On-Pay vote: On January 25, 2011, rules were approved in a 3-2 vote by the Securities and Exchange Commission (SEC) to implement the say-on-pay provision in the Dodd-Frank Wall Street reform legislation.

Consumer Protection: On July 21, 2011, the Consumer Financial Protection Bureau will formally be able to send its examiners into the large financial players, such as JPMorgan Chase.

Internal Controls: The long-lasting upheaval in the mortgage markets from the economic recession has resulted in significant costs and changes for those financial services companies performing mortgage lending and servicing activities.
 

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