Banking


The Office of the Comptroller of the Currency issues Bulletin 2002-39, Investment Portfolio Credit Risks: Safekeeping Arrangements ( www.occ.treas.gov/ftp/bulletin/2002-39.doc ), alerting national banks to potentially significant credit risks inherent in custody relationships involving their own assets. Recently, several financial institutions suffered losses when deposit brokers (entities that broker, among other things, certificates of deposit), to which they had sent funds for the purchase and safekeeping of CDs, failed. The OCC guidance consequently emphasizes the risks of entrusting assets to even registered broker/dealers and the importance of reviewing their credit histories, and it outlines steps banks can take to see that FDIC insurance covers their purchased CDs.

SPONSORED REPORT

States look to unclaimed property for revenue

This free report outlines the escheat process, common types of AUP, how different states are handling it and how companies can plan for potential audits and liabilities.

PODCAST

Using drones to enhance audits

Hermann Sidhu, CPA, global assurance digital leader at EY, walks us through EY’s exciting new project to use drones to help audit large warehouses and outdoor inventories.