- On April 2, 2014 the Federal Financial Institutions Examination Council (FFIEC) released a statement related to cyber-attacks on financial institutions’ ATM and Card Authorization Systems. The FFIEC statement notes that there has been an increase in cyber-attacks launched to gain access to and modify the settings on ATMs.
- On Jan. 24, 2014, the IRS issued Revenue Procedure 2014-16, which allows banks to automatically change their accounting method from capitalizing to currently deducting certain costs of acquiring and holding other real estate owned (OREO).
- Is your financial institution Regulation O compliant? How transparent are transactions among insiders of your financial institution? Insider abuse can be difficult to detect and cannot only lead to substantial FDIC penalties but will increase the reputation risk of your financial institution.