AICPA and CIMA Banking and Credit Union Conferences, Day 1

The 50th annual American Institute of Certified Public Accountants (AICPA) and Chartered Institute of Management Accountants (CIMA) Conference on Banks and Savings Institutions and the AICPA and CIMA Conference on Credit Unions are underway, co-located in National Harbor, Maryland. As in prior years, these conferences highlight the current accounting and financial reporting landscape for financial institutions. Panelists from the Securities and Exchange Commission (SEC), the Financial Accounting Standards Board (FASB), the Public Company Accounting Oversight Board (PCAOB), and prudential regulators provide thoughts on current policy matters, and industry experts deliver keynote presentations on a wide range of topics, from current economic analyses to the growing adoption of AI at organizations. This special edition of Take Into Account highlights quick takeaways from day one’s sessions.

• Economists Todd Buchholz and Douglas Duncan discussed their views on the current state of the economy and the housing market. Buchholz noted that although debt levels are increasing, consumer debt service levels are relatively in line with historical norms. Although Duncan did not forecast a recession, he noted his belief that the level of new housing permits is a leading indicator of financial stress and said that new housing permits are down.
• Chief accountants from the federal banking agencies discussed current themes and policy updates, including changes to how banks will report loan modifications made to distressed borrowers on the call report and proposed changes to reporting thresholds under Part 363 of the Federal Deposit Insurance Corporation Improvement Act (FDICIA).
• SEC Chief Accountant Kurt Hohl discussed the SEC’s rulemaking agenda as well as the role of the PCAOB. Hohl noted that the PCAOB is a cornerstone of the U.S. capital markets ecosystem and acknowledged the PCAOB’s issuance of QC 1000: “A Firm’s System of Quality Control,” effective in December 2026. However, Hohl questioned whether future inspections of audit firms should focus on the firms’ system of quality control rather than making inferences about quality control through inspection of individual issuer audits.
• America’s Credit Unions Chief Economist Curt Long shared insights on the latest financial, operational, and competitive trends affecting credit unions. Long highlighted that lending is expected to remain subdued amid headwinds such as softer demand, tight liquidity, and rising delinquencies. At the same time, he said, earnings are showing signs of improvement and merger activity is beginning to strengthen. 

As in prior years, Crowe will publish more fulsome takeaways from each conference in the coming weeks. Please visit Crowe financial services for current industry insights.  

Portions of AICPA materials reprinted with permission. Copyright 2025 by AICPA.
FASB materials reprinted with permission. Copyright 2025 by Financial Accounting Foundation, Norwalk, Connecticut. Copyright 1974-1980 by American Institute of Certified Public Accountants.