OCC Released Update to the Bank Accounting Advisory Series

Orrick - Finance 20/20
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On September 29, the Office of the Comptroller of the Currency released an update to the Bank Accounting Advisory Series (the “BAAS”). The goal of the BAAS is to promote consistent application of accounting standards among national banks and federal savings associations. The update to the BAAS includes answers to frequently asked questions regarding troubled debt restructuring, other real estate owned and pushdown accounting. Press Release. BAAS Update.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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