- 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.
- Proposed limitations on greenhouse gas emissions for existing power plants and expanded compliance standards from NERC continue to be issues faced by joint action agencies. The energy industry should be proactive in identifying potential impacts on their organizations.
- The DFI issued a letter highlighting changes that affect the registration process and filing requirements of charitable organizations operating in Wisconsin.
- As part of continuing efforts to ease the burden on private companies that prepare their financial statements in accordance with Generally Accepted Accounting Principles (GAAP), the Financial Accounting Standards Board (FASB) has established another alternative to GAAP reporting requirements. The alternative, described in Accounting Standards Update (ASU) 2014-07, Consolidation (Topic 810): Applying Variable Interest Entities Guidance to Common Control Leasing Arrangements, may provide relief for private companies that lease property from a business entity owned by an owner of the private company.
- At the recent National Association of Insurance Commissioners (NAIC) Spring 2014 national meeting, two new documents were approved for release as exposure drafts: the Draft Own Risk and Solvency Assessment (ORSA) Guidance for Financial Analysts and the Draft ORSA Guidance for Financial Examiners. While the documents are intended to be guidance for insurance department financial analysts and examiners, the guidance provides a window into expectations for the future.
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