Banking & Finance

PCAOB Announces Audit Practitioner Fellowship Program

The Public Company Accounting Oversight Board (PCAOB) has launched a new Audit Practitioner Fellowship Program to bring experienced auditors to the PCAOB for two-year terms. The application deadline for this program is May 15, 2026.

Federal Reserve Approves Home BancShares Merger with Mountain Commerce

The Federal Reserve Board has approved the application by Home BancShares to acquire Mountain Commerce Bancorp, Inc. This approval also allows Centennial Bank to merge with Mountain Commerce Bank and establish a branch at its current location.

Federal Reserve Enforcement Actions Against Former Bank Employees

The Federal Reserve Board has issued consent prohibition orders against two former bank employees for embezzlement and misappropriation of customer funds. Cassandra Grayson, formerly of Equity Bank, and Sandra Adams, formerly of First State Bank of Dongola, are subject to these enforcement actions.

GASB Fair Value Standard Post-Implementation Review Report Published

The Governmental Accounting Standards Board (GASB) has published a Post-Implementation Review (PIR) report on its fair value standard, GASB Statement No. 72. The report concludes that the standard met its objectives, was operational, and provided decision-useful information.

GASB Issues Implementation Guide 2025-1 with Q&As

The Governmental Accounting Standards Board (GASB) has issued Implementation Guide No. 2025-1, providing 12 new questions and answers to clarify GASB standards on various topics including leases, accounting changes, and cash flows. This guidance is intended to assist state and local governments in applying generally accepted accounting principles.

GASB Proposes Guidance for Statement 103 Financial Reporting

The Governmental Accounting Standards Board (GASB) has proposed new guidance to assist stakeholders in applying Statement No. 103, which addresses financial reporting model improvements. This proposal is open for public comment.

GASB Seeks Input on Financial Stress and Dissolution Disclosures

The Governmental Accounting Standards Board (GASB) is seeking public comment on a Preliminary Views document regarding disclosures for severe financial stress and probable dissolution. The document aims to clarify and improve existing guidance on going concern uncertainties and establish new disclosure requirements for governments facing significant financial distress or dissolution.

GASB Issues Guidance on Subsequent Events

The Governmental Accounting Standards Board (GASB) has issued Statement No. 105, 'Subsequent Events,' to improve financial reporting requirements for subsequent events. The guidance is effective for fiscal years beginning after June 15, 2026.

FinCEN Advisory: Chinese Money Laundering Networks Used by Mexican Criminal Groups

FinCEN issued an advisory on January 13, 2026, detailing how transnational criminal organizations based in Mexico are using Chinese money laundering networks to launder illicit proceeds. The advisory highlights specific typologies and red flags for financial institutions to identify and report suspicious activity.

FinCEN Alert on Cross-Border Transfers Involving Illegal Aliens and Cartels

The Financial Crimes Enforcement Network (FinCEN) issued an alert urging Money Services Businesses (MSBs) to be vigilant in detecting and reporting suspicious activity related to cross-border funds transfers involving individuals without legal status in the U.S. This alert is part of efforts to prevent the exploitation of the U.S. financial system by illegal aliens and criminal organizations.