How We Can Assist Current Financial Institutions with Operations, Accounting, and Tax Issues
These new accounting rules could impact bank loan covenants as they might change the borrowing base for many loans.
How to prepare: Briggs & Veselka is already working with financial institutions and their clients to advise them on the possible implications of these new accounting regulations; the intent is to help them prepare possible revisions to existing covenants, and as guidance for future loan agreements.
Many smaller banks and credit unions wish to increase the effectiveness or efficiency of their loan reviews but are often challenged by the lack of qualified personnel, particularly in smaller markets with a limited labor pool.
How to prepare: Briggs & Veselka offers outsourced loan review process, either on a turnkey or project basis. The work is completed by former bank loan review professionals, resulting in greater efficiency and better internal cost controls.
As regulations requiring credit card issuers and their customers to shift to imbedded chips, there have been increasing operations and liability issues.
How to prepare: Our banking group, in conjunction with our retail and restaurant industry groups, has taken a proactive approach on how to address the operations, IT security, and ancillary issues related to the changeover, designed to be helpful for smaller banks who might lack the IT experience in dealing with these issues.
As banks reach the deposit threshold, they must begin the process of adjusting operations and financial reporting requirements to meet stricter standards.
How to prepare: Our integrated team of CPAs specializing in banking, in concert with our Business Advisory Services group, can provide an integrated road map on making the shift, and can offer insights into the possible issues, based on working with other banks who have experienced the changeover.