• Cybersecurity: Steps to take now

    The federal government expects banks to get a lot more serious about cybersecurity. For the first time in history, the US Treasury Secretary has criticized the nation’s safeguards to protect against cybersecurity attacks on our financial infrastructure. In response, the Federal Financial Institutions Examination Council (FFIEC) took three initial steps to increase awareness in the US banking system.
  • FDIC issues guidance to S-Corporation banks regarding Basel III dividend limitations

    On July 21, 2014, the Federal Deposit Insurance Corporation (FDIC) issued Financial Institution Letter FIL-40-2014. The guidance clarifies how the FDIC will evaluate requests by S-Corporation banks to make shareholder dividend payments to cover taxes on their pass-through share of the bank's earnings. Without FDIC approval, these dividends would not be permitted under the capital conservation buffer requirements in the Basel III rule.
  • Prepared for the M&A transaction costs impact on your financial statement?

    As a result of additional regulatory requirements, merger and acquisition discussions and activity are increasing in the banking industry. Associated transaction costs incurred related to a merger or acquisition transaction can be significant. These costs can include fees for financial advice, legal services, due diligence services, and expenses to arrange debt financing and can greatly impact a company’s financial statement.