AICPA and CIMA Banking and Credit Union Conferences, Day 2

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 two’s sessions.

• In Tuesday’s morning keynote session, Lamont Black, Ph.D., discussed the history of artificial intelligence (AI), from when it was first discussed in 1956 to the deep integration of AI in people’s everyday lives. Black advocated for the transformation of financial institutions’ operations through the development and refinement of an AI road map.
• U.S. Comptroller of the Currency Jonathan Gould delivered remarks to the banking conference participants on his regulatory agenda. Of note, Gould said that the risk tolerance of banking supervisors has been too low for too long and that this posture risks jeopardizing banks’ relevance as intermediaries in the larger financial institution ecosystem. Gould highlighted forthcoming proposed rulemakings and encouraged feedback. He also said that a one-size-fits-all approach to bank supervision might not consider each bank’s unique risk profile or the systemic risk an individual bank poses to the overall federal banking system.
• FASB member Fred Cannon joined FASB staff members to discuss the status of the FASB’s current technical and research agendas. The panelists presented to the banking conference and credit union conference attendees separately, as the FASB updates might affect each cohort in a different manner. Of note, the presenters said that the final Accounting Standards Update on purchased financial assets is expected to be released in the fourth quarter.
• Panelists from the SEC’s Office of the Chief Accountant and Division of Corporation Finance discussed comment letter trends, stressing the importance of fully addressing staff questions and engaging with the SEC. Panelists highlighted the ongoing focus on loan concentration disclosures, risk management, and maturity reporting. Other discussion topics included recent restatements related to fintech arrangements and scrutiny of allowance and loan policy disclosures, specifically enhanced disclosures of nonaccrual policies. Finally, the SEC staff discussed conclusions on recent accounting consultations focused on the balance sheet classification and lending activities related to digital assets.

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.