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The Board of Governors of the Federal Reserve System, the FDIC and the Office of the Comptroller of the Currency ("OCC" and, collectively, the "agencies") expressed their support of the March 2014 guidance on the "external audits of banks" by the Basel Committee on Banking Supervision ("BCBS"). While recognizing that the existing practices in the United States are broadly consistent with the BCBS guidance, the agencies also acknowledged that "differences exist between the standards and practices followed in the United States and the principles and expectations" in the BCBS guidance. For that

SEC Chief Accountant James Schnurr discussed the SEC's key accounting priorities at the AICPA National Conference on Banks and Savings Institutions. The priorities he outlined included (i) the implementation of the new revenue recognition standard, (ii) the upcoming release of the Financial Accounting Standards Board's new credit impairment standard and (iii) reconsideration of issues related to the International Financial Reporting Standards.

The SEC announced accounting and disclosure fraud charges against a bank holding company for failing to report the true volume of loans that were at least 90 days past due, which increased substantially in number during the financial crisis. An SEC investigation found that, as the real estate market declined in 2009 and 2010 and its construction loans began to mature without repayment or completion of the underlying project, the bank did not renew, extend or take other appropriate action for 90 days or more on a material amount of its matured loans. According to the SEC Order, instead of fully