Accounting

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.

The acting head of the Consumer Financial Protection Bureau has made clear he wants to rein in the bureau’s spending, but what exactly he plans to cut is a mystery.

The agency will issue proposed changes to the quarterly financial reporting system for a 60-day comment period. The aim is to streamline the 'backbone' of the regulator's examination data-collection efforts.

Despite impending data requirements, many small banks are still struggling with automating loan risk calculations.

Malvern Bancorp’s restatement of nearly four years of results worked out in its favor, but it had to acknowledge — and explain — the reason: Outside accountants spotted a problem in its financial-reporting controls.

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

Many institutions have delayed planning for a big change to reserve accounting despite a belief that they should start testing systems and methodologies next year.

George Sutton, now an attorney in Salt Lake City, will sit on several Glacier Bancorp committees, including audit and compliance.