On January 18, 2018, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation issued an interagency statement for financial institutions on accounting and reporting implications of the new tax law, which was enacted on December 22, 2017. Since the new tax law was enacted before December 31, 2017, institutions must record its effects in their December 31, 2017 regulatory reports. Release.
