FDIC Chair Jelena McWilliams urged the Financial Accounting Standards Board to delay the implementation of an accounting standards update in order to allow banks to focus on addressing the impact of COVID-19.
U.S. Representatives Carolyn B. Maloney (D-NY) and Patrick McHenry (R-NC) introduced a bill that would require all eight U.S. financial regulators to enact a set of data collection and dispersion standards for reported information.
The Federal Reserve Board, FDIC and Office of the Comptroller of the Currency rule release, adopting rules to reduce reporting requirements for eligible small depository institutions, was published in the Federal Register.
The Office of the Comptroller of the Currency, the FDIC and the Board of Governors of the Federal Reserve System requested comments on amendments to the bank capital rules to incorporate revised financial accounting standards for credit losses.
In an article published in the Federal Reserve Bank of New York Economic Policy Review, economists examined the "role of financial reporting in resolving agency conflicts among a firm’s managers, directors, and capital providers."