As a growing number of states legalize medical and/or recreational marijuana use—Illinois becoming the latest, effective January 2020—financial institutions must acknowledge that they may (and likely do) provide banking services for marijuana-related businesses (MRBs), intentionally or not.
Financial services professionals once considered effective fraud prevention as simple as requiring a customer to present the teller a driver’s license or entering an ATM PIN.
The Current Expected Credit Loss accounting standard (CECL) takes effect for financial institutions as early as next year, though palpable foot-dragging has accompanied the ramp up.
And now, this not-so-trick question: Who within a bank’s operations will feel the impact of the upcoming Current Expected Credit Losses (CECL) accounting standards? “Everybody,” says Steve Picarillo, managing director and head of risk management practice for Washington D.
The Financial Accounting Standards Board’s (FASB) Current Expected Credit Loss (CECL) standard goes into effect beginning in 2020 for public organizations that are SEC filers, 2021 for other organizations and 2022 for credit unions.