Increased TDRs go hand-in-hand with the COVID economy. But what qualifies as a TDR right now? The CARES Act was passed to allow for short-term relief, but what happens when that expires? Join us to learn about compliant collections and reporting under COVID-related restraints.
One of the biggest concerns for financial institutions is the ever-evolving nature of loan modifications resulting from COVID-19. Early on in the pandemic, a primary concern for financial institutions was the potential for a high volume of loan modifications resulting in troubled debt restructurings (TDRs). As evidenced in the interagency guidance prior to passage of the CARES Act, short-term modifications (i.e., six months or less) would not be recognized as TDRs. Section 4013 of the CARES Act allowed for a temporary suspension of GAAP for TDRs. The Agencies have encouraged financial institutions to work prudently with borrowers and provide loan modifications to mitigate the pandemic’s adverse effects.
This session will focus on loan modifications under both interagency guidance and the CARES Act, troubled debt restructurings, how to account for modifications in 2021, and current regulatory guidance. Join us to learn how this impacts your institution
- Understand what qualifies as a TDR
- Determine the differences between interagency guidance and the CARES Act
- Know how to account for 2021 modifications
- Discuss current regulatory guidance
- TDR questionnaire
- Employee training log
- Interactive quiz
WHO SHOULD ATTEND?
This informative session is designed for accounting professionals and credit department decisionmakers, including CFOs, controllers, and CCOs. CEOs, CLOs, COOs, lenders, Audit Committee members, etc. will benefit from the regulatory guidance.
ABOUT THE PRESENTERS
Nicholas Meyer, CPA, CLA
Nicholas Meyer is a CPA in CliftonLarsonAllen’s (CLA’s) Minneapolis office. With CLA since September 2014, Nick has served financial institution clients in all audit areas, prepared financial statements, tested internal controls, and performed internal audit procedures. He has also worked with both privately held and public institutions. In addition to financial institutions, Nick has performed audits and other procedures on receivable factoring companies and trust companies.
Travis Whiting, CPA, CLA
Travis Whiting is in the financial institutions group in CliftonLarsonAllen’s (CLA’s) Minneapolis office. Since joining CLA in 2015, Travis has devoted 100% of his time to financial institutions, specifically community banks, ranging in asset size from $50 million to $3 billion. He focuses on financial statement audits, internal audits, loan file review, and other consulting services. He holds a bachelor’s in accounting from Saint John’s University in Collegeville, MN.
- Live Webinar - $245
- Recorded Webinar and Digital Download - $245 plus tax
- Live Webinar, Recorded Webinar and Digital Download - $320 plus tax