- Volcker Rule: Are banks keeping the [good] faith?
3/7/13 | Financial services regulatory practice
This FS Regulatory Brief provides our view of (a) where banks stand right now in preparing for Volcker, (b) the timing of the final rule and what it may look like, (c) the response of foreign regulators, and most important (d) what banks should be doing now.
DatalineDataline: Financial instruments classification and measurement - An update on the FASB's tentative approach to be exposed in Q1 2013 (No. 2012-21)
12/7/12 | Assurance services
Classification and measurement is an important part of the FASB and IASB’s joint project on financial instruments. The FASB expects to issue a revised exposure draft in the first quarter of 2013 for public comment. The board will likely ask for feedback on the amount of time needed to implement the changes before deciding on an effective date for the final standard. The IASB issued an exposure draft of its proposed changes to IFRS 9 in late November 2012 with a proposed effective date of January 1, 2015. The exposure draft has a 120-day comment period. This Dataline provides a summary of the boards' decisions that is based on the project summaries posted on their websites, our observations of their meetings, and our understanding of their intent.
- Rebooting the branch: Reinventing branch banking in a multi-channel, global environment
12/5/12 | Financial Services Institute
The rise of the digital consumer and the high-cost infrastructure of physical banking locations are leading to a declining ROI for branches. Evolving the branch network to align with changing consumer and economic realities can help banks boost ROI and position themselves for the future.
- A familiar foe: Combating a new wave of mortgage fraud
11/23/12 | Consumer finance
Mortgage fraud reports rose 31% in 2011, costing the industry $3 billion as fraudsters have changed their target from loan origination to default servicing, loan modifications, short sales, and property liquidations. Mortgage companies need to change their mortgage fraud prevention strategy.
- Experience radar: 2013, US Retail Banking
11/15/12 | Advisory services
Despite many threats to profitability, retail banks have rich opportunities for growth. Customers will pay for banking experiences they value. The challenge lies in delighting customers through experiences they value rather than exhausting resources on offerings they ignore.
- Successful integrations: Mergers and integrations in consumer finance companies
11/9/12 | Consumer finance
Merger and acquisition activity in consumer finance has increased due to regulatory scrutiny, higher capital costs, uncertainty over government sponsored entity (GSE) reform, and general market changes. Consumer finance companies should assess their integration plans while keeping the associated risks and opportunities top of mind.
- How digital mail can reduce customer communication costs
11/8/12 | Banking & capital markets
This point-of-view will help companies better understand the cost benefits to using digital mail and how it may impact the customer experience.
- Opportunity calls: An update on the evolution of mobile payments
11/2/12 | Banking & capital markets
This point-of-view discusses the four themes that we have identified that impact the evolution of mobile payments and shape how players should respond.
In briefIn brief: FASB amends and clarifies scope of balance sheet offsetting disclosures (No. 2012-48)
11/1/12 | Assurance services
Over the past several months, issuers and other constituents in a variety of industries have raised concerns to the FASB staff and board regarding the scope of the new balance sheet offsetting disclosure requirements required by Accounting Standards Update 2011-11, Disclosures about Offsetting Assets and Liabilities. In response to these concerns, at its October 31 meeting the FASB decided to amend and clarify the scope of the balance sheet offsetting disclosures. These disclosures are effective in Q1 2013 for calendar year-end companies. This In brief article provides an overview of the FASB's decision and what's next.
DatalineDataline: Highlights of the 2012 AICPA National Conference on Banks and Savings Institutions (No. 2012-14)
10/18/12 | Assurance services
The 2012 AICPA National Conference on Banks and Savings Institutions was held September 10 through 12, 2012 in Washington, DC. Representatives from the banking regulators, SEC, and standard setters presented at the Conference along with auditors, users, preparers, and industry experts. Presenters expressed views on a wide range of important accounting, auditing, and financial reporting topics. This Dataline provides highlights of topics discussed at the Conference.
- Banking industry reform - a new equilibrium
7/30/12 | Banking & capital markets
This PwC paper discusses the recent reform and how the banking industry is responding − via recapitalisation, restructuring, reform, etc − as well as renewing their strategies with the investors, communities and customers they serve.
- Private Student Loans: An analysis of the Consumer Financial Protection Bureau and Department of Education report on the Private Student Lending Industry
7/30/12 | Consumer finance
This report highlights shortcomings in the practices of the Private Student Lending (PSL) industry leading up to the 2008 financial crisis and changes since then. PSL lenders are encouraged to focus on better underwriting, loss mitigation options, and increasing transparency.
- US Basel III Regulatory Capital Regime and Market Risk Final Rule - July 2012
7/20/12 | Financial services regulatory practice
July 2012 - The three federal banking agencies released three notices of proposed rulemaking that will revise regulatory capital rules for US banking organizations and align them with the Basel III capital standards that were issued in December 2010 and subsequently updated in 2011 (Basel III).
- Grow a tree for ten years; grow men for a hundred: How private banks can nurture human talent to prosper in China
6/7/12 | Financial Services Institute
For private banks in China, managing and deploying talent causes retention problems and increases the demand for outside hiring of both experienced and entry-level talent. The ability for private banks in China to expand their client base depends in part on an organization's flexibility to meet differing client needs based on demographics, wealth tier, and preferences. Equally important is developing a team-based approach to building relationships with heirs and building close relationships with the next generation.
- The Volcker Rule: How much faith is good faith?
5/14/12 | Financial services regulatory practice
May 2012 - The Federal Reserve Board of Governors released a policy statement intending to clarify expectations for covered banking entities regarding the Volcker Rule. What constitutes “good faith” efforts toward compliance is unclear. The largest banks have been undertaking a “good faith” approach to Volcker since the passage of Dodd-Frank.
PwC comment letter (PCAOB)PwC Comments on Proposed Amendments to Conform the PCAOB's Rules and Forms to the Dodd-Frank Act and Make Certain Updates and Clarifications
5/8/12 | Assurance services
PwC believes that the audits of brokers and dealers should be conducted in accordance with PCAOB auditing and attestation standards once the SEC adopts Rule 17a-5 and, therefore, supports the changes to the Board's rules to reflect its pending jurisdiction over the auditors of brokers and dealers.
- Student lending default management: A guide to improved portfolio performance
4/30/12 | Consumer finance
Forecasts predict the federal student loan default rate, reported by the Department of Education, will reach double digits in 2012, with no relief in sight. By understanding the causes of why student lending default continues to rise, default managers can work to insulate themselves against this trend.
- Gaps in the Apps: Why the Traditional Security Lifecycle No Longer Works
4/3/12 | Financial Services Institute
As banks race to develop mobile banking apps that satisfy consumer demands, how can they guard against the security breaches that could damage their reputation and prompt customers to flee?
- The Price of Success: Aligning Pricing with the Customer Value Proposition
3/13/12 | Financial Services Institute
Banks should replace traditional pricing with data driven approach that includes customers' needs, preferences, behaviors, purchasing patterns, and price sensitivity.
- Banking Banana Skins 2012
1/30/12 | Banking & capital markets
PwC's Banking Banana Skins 2012 ranks bankers views on current risks facing the banking industry. The top three risks ranked are macro-economic risk, credit risk, and liquidity risk.
- Time for an Upgrade: Five Things You Need to Know to Make Your Commercial Lending Transformation a Success
1/19/12 | Financial Services Institute
Regulatory, market, and operational needs impact commercial lending processes and systems. Banks should focus on data strategy.
- Basel III and beyond: The trillion dollar question
1/19/12 | Banking & capital markets
Can bail-in capital bail out the banking industry? Bail-in capital is central to the regulatory reform of banks, and can help to restore confidence in the industry. The Basel Committee on Banking Supervision has announced that all non-core equity capital instruments would have to have a bail-in feature from January 1, 2013. This PwC publication examines the challenges and practical issues that need to be addressed before bail-in capital can become a reality.
PwC comment letter (PCAOB)PwC Comments on Proposal for Allocation of the Board's Accounting Support Fee Among Issuers, Brokers, & Dealers, and Other Amendments to the Board's Funding Rules
2/15/11 | Assurance services
PwC believes that, consistent with the existing rule, the issuer, rather than the registered public accounting firm as is proposed, should be responsible for submitting notice to the PCAOB when a registered public accounting firm has signed an unqualified opinion or issued a consent to reissue a previously issued report in special circumstances when the issuer has outstanding a past-due share of the accounting support fee. If adopted as proposed, PwC asks that the Board explain its rationale for this change since its purpose is not clear.