The accounting firm Crowe Chizek and Co., LLC reported that RDS here has successfully completed its annual Type 2 SAS70 audit examination. The audit evaluated controls related to the cuStar core data processing application system and service center operations for a six-month test period.
The Dallas bank has begun encouraging larger borrowers to seek forgiveness of Paycheck Protection Program loans first as it holds out for the government to streamline the process for loans below $150,000.
Regulators said they will allow banks to deduct Treasury securities — a source of market volatility in the pandemic — from the net stable funding ratio on the same day they provided relief from auditing requirements.
The new policy will allow the company to close some work sites and reduce the size of others. It’s part of a broader effort to cut expenses to help offset revenue declines brought on by the coronavirus pandemic.