- A proposed change by the Financial Accounting Standards Board (FASB), as outlined in proposed Accounting Standards Update, Financial Instruments—Credit Losses (Subtopic 825-15), could significantly change the way banks account for credit losses.
- External bank auditors have new guidance from the Basel Committee on Banking Supervision as of March 31, and banks should understand the updated guidelines before their next audit. The new guidelines, 46 pages in all, replace The Relationship Between Banking Supervisors and Banks' External Auditors, published in 2002, and External Audit Quality and Banking Supervision, from 2008.
- On April 2, 2014 the Federal Financial Institutions Examination Council (FFIEC) released a statement related to Distributed Denial of Service (DDoS) attacks on public facing websites. The statement highlights that DDoS attacks have increased since late 2012 and, in many cases, have been executed by politically motivated groups.
- 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.
- 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.
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