Message from Mike Percy, Managing Partner, Financial Services
Dear FIEB readers,
After many years of serving as the managing partner for Crowe financial services, I am excited to turn the reins over to our next leader. It is my pleasure to introduce you to John Epperson, Crowe managing principal of financial services. John brings energy and passion to the strategic issues our financial services clients are most focused on. John is the perfect choice to lead our Crowe financial services professionals, who are passionate about shaping our clients’ better tomorrow.
First quarter financial reporting results are now largely complete. For roughly 400 public banks filing with the SEC, financial performance is continuing to improve for the majority. For the quarterly provision for credit losses over average loans, first quarter was less than the fourth quarter. CECL adopters experienced less of a decline than incurred-loss banks.
As we hopefully are on our way to having the pandemic in the rearview mirror, regulators are beginning to turn their attention to traditional risk management practices. We continue to see a great deal of interest in environmental, social, and governance (ESG) disclosures, with a focus on climate change disclosures. This month, the Basel Committee on Banking Supervision issued two reports on climate change, continuing the increased interest from policymakers from around the world. We also see elevated focus on several consumer compliance issues.
I’m excited about the possibility of seeing some of you in person soon and hope this message finds you, your friends, your family, and your colleagues well.