Accounting

The San Juan company disclosed an error in the way it calculated the provision for losses in its commercial loan book.

The New Jersey bank did not say exactly what the problem was, but it is beefing up how allegations of financial-reporting violations are reported to upper management.

The issue had forced the Los Angeles company to scuttle its deal to acquire U&I Financial in Washington state.

Wells Fargo, which has been told by the Fed that it needs to improve its governance and controls, on Thursday received an important thumbs-up from its outside auditor and also named the four senior directors who will retire next month.

Comerica's chief accounting officer since 2010, Carr will replace David Duprey, who is retiring early next year.

Timothy Zimmerman, who once called CECL a dangerous proposal, now sees a justification for the FASB standard. And he is urging bankers to start working on plans to comply with the change.

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The bank and cloud accounting platform will offer services to mutual customers via API.