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.

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How tax reform will impact individual taxpayers

Amy Wang, a CPA who is a senior technical manager for tax advocacy at the AICPA, answers to some of the most common questions on how the new tax reform law will impact individual taxpayers.