financial institutions

COVID-19: Loan Modification Considerations for Financial Institutions and Their Customers

The Board of Governors of the Federal Reserve System (FRB), Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA), Office of the Comptroller of the Currency (OCC), Consumer Financial Protection Bureau (CFPB) and Conference of State Bank Supervisors (from now on referred to as the Agencies) have issued the Interagency Statement on Loan Modifications [...]

2020-03-24T12:03:03-04:00March 23rd, 2020|CECL, COVID-19, FINANCIAL INSTITUTIONS|

IRS Announces Relief for Financial Institutions Affected by Tax Law Change Raising the Age for Required Minimum Distributions

A new law enacted late in 2019 made a significant change in the minimum distribution requirements for individual retirement accounts (IRAs). The “Setting Every Community Up for Retirement Enhancement” (SECURE) Act became effective on December 20, 2019, and it raised the required minimum distribution (RMD) age from 70½ to 72 for individuals who will reach [...]

Providing Banking Services to Customers Engaged in Hemp-Related Businesses

The Agriculture Improvement Act of 2018 (or the 2018 Farm Bill), which removed hemp as a Schedule 1 controlled substance under the Controlled Substance Act, became law on December 20, 2018. The 2018 Farm Bill directs the United States Department of Agriculture (USDA), in consultation with the U.S. Attorney General, to regulate hemp production. The [...]

2019-12-13T15:27:04-05:00December 13th, 2019|FINANCIAL INSTITUTIONS|

CRI ATLANTA – Doug Mims: IIA Atlanta Chapter Financial Services Conference

CRI Partner Doug Mims will moderate a CECL panel at the third annual Institute of Internal Auditors Atlanta Chapter's 2020 Financial Services Conference. This roundtable, entitled "It's Never Too Early to Start Thinking About CECL," will cover lessons learned and best practices from a variety of perspectives. Panelists include top professionals from accounting, lending, regulatory [...]

2019-10-04T15:48:28-04:00October 4th, 2019|Around Town|

The Fundamentals of Customer Due Diligence

AML Perspectives Much has been made of the “Beneficial Ownership Requirements for Legal Entity Customers,” which went into effect July 11, 2016, with a compliance date May 11, 2018. In fact, on the surface, one could mistakenly ascertain FinCEN’s final rule related solely to beneficial ownership. Furthermore, there are indications that [...]

2019-01-04T13:24:03-05:00January 4th, 2019|FINANCIAL INSTITUTIONS|

The Evolution of the Bank Secrecy Act

AML Perspectives The Bank Secrecy Act (or “BSA”) has long been part of the regulatory landscape as a fundamental component of the safety and soundness process. In fact, most professionals who currently work for or with financial institutions do not recall when BSA was not a critical component of the financial institution [...]

2019-01-03T08:58:08-05:00December 3rd, 2018|FINANCIAL INSTITUTIONS|

The Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Audit Revisited

AML Perspectives The challenges of BSA/AML compliance continue to evolve for financial institutions as they seek to meet heightened regulatory expectations in areas such as Customer Due Diligence (CDD) or in automating monitoring processes, all while effectively managing the associated cost of ongoing compliance. In the meantime, the Financial Action Task [...]

2019-02-01T12:40:00-05:00November 5th, 2018|FINANCIAL INSTITUTIONS|

Carr, Riggs & Ingram (CRI) to Present Enterprise Risk Management Webinar for Financial Institutions on April 10

ENTERPRISE, AL - Carr, Riggs & Ingram (CRI), a top 20 CPA and Advisory firm, will be hosting a complimentary webinar titled “Financial Institutions: Current Trends in the Evolution of Enterprise Risk Management (ERM)” on April 10, 2018, from 9:30 to 10:30 AM CDT. This webinar will feature CRI Partners David Mills and Doug Mims. Embracing [...]

2018-11-12T15:42:47-05:00March 27th, 2018|PRESS RELEASES|

What’s Trending in Enterprise Risk Management?

Although much has changed for financial institutions since the Committee of Sponsoring Organizations (COSO) issued the Enterprise Risk Management (ERM) – Integrated Framework in 2004, much has remained the same. A financial services professional need only check their inbox or scroll through their newsfeed to ascertain that financial institutions, both large and small, are holding [...]

2018-11-12T15:42:48-05:00March 26th, 2018|FINANCIAL INSTITUTIONS|