Loan Modifications: Welcome to Atypical Accounting
Loan modifications are occurring at a record pace. Do I just dust off the financial reporting from the Great Recession? What is different and what is the same? In addition to covering the accounting, including the CARES Act and the Interagency Statement (as revised), we will also provide observations on how financial institutions are accounting for the different types of modifications, disclosures and internal control considerations.
Join FMS and Crowe LLP for an extended webinar taking a deep dive and a look at practices today.
Partner, Crowe LLP
Sydney Garmong is a partner in the national office with Crowe LLP, located in Washington, DC. Her primary responsibility is to address accounting and regulatory issues affecting financial institutions. In this role, Sydney is responsible for responding to proposals issued by standard-setters and regulators on matters affecting financial institutions.
She currently serves as a member of the American Institute of Certified Public Accountants (AICPA) Depository Institutions Expert Panel (DIEP), and previously served as the chairperson. This committee maintains an ongoing liaison with various regulatory agencies and standard-setting bodies who affect financial institutions and include the FDIC, Federal Reserve, NCUA, OCC, SEC and the FASB. Sydney currents serves as the chairperson of the AICPA's Credit Losses Task Force, which is focused on accounting and auditing implementation issues of the FASB's Current Expected Credit Losses (CECL) model.
Sydney also is a member of the Financial Accounting Standards Advisory Council (FASAC), which advises the FASB on agenda projects, possible new agenda items, project priorities, procedural and other matters. She is a former member of the Public Company Accounting Oversight Board's (PCAOB) Standing Advisory Group (SAG).
In addition to addressing technical issues, Sydney is a frequent speaker at industry and regulatory conferences. Sydney currently serves as chairperson for the AICPA National Conference on Bank and Savings Institutions. Sydney is also a committee member of the AICPA National Conference on Credit Unions and served previously served as chairperson.
Sydney is a former chairperson of the Financial Manager Society's (FMS) Board of Directors. She is also the former chair of FMS's Accounting Council, which helps shape the direction of FMS in the area of accounting issues, and a former member of FMS's Financial Institutions Accounting Committee (FIAC).
She serves as treasurer on the Board of Directors of WHF Foundation, and formerly served as president and secretary. Sydney is also a former member of the Board of Directors of Women in Housing and Finance (WHF). Sydney is a member of Crowe's women's initiative, Women Leading @ Crowe, and serves on its Executive Council. She also serves on the Board of Trustees of Crowe Horwath Foundation.
Prior to joining Crowe, she was a senior manager at the AICPA in Washington DC. During her three years with the AICPA, she addressed financial institution and financial instrument accounting, auditing and regulatory matters. She served as the staff liaison to the AICPA's Financial Services Expert Panel and worked on financial institution projects with the Financial Reporting Executive Committee (FinREC), the AICPAÕs senior technical committee.
Sydney was a senior manager, prior to joining the AICPA, with an accounting firm where she served clients in the financial services industry, including banks, thrifts, credit unions, and mortgage companies, for ten years.
Sydney holds a Bachelor of Science in Finance and Real Estate from Indiana University in Bloomington, Indiana. She is a certified public accountant, licensed in the District of Columbia, and a member of the AICPA.
David F. Lawrence
CPA – Partner, Crowe LLP
Dave is a partner in Crowe’s Audit group. He leads the Financial Institutions Assurance practice for Michigan and oversees the delivery of assurance and advisory services to a number of clients in Michigan and other states.
Dave has over 35 years of experience serving financial institutions, from de novo banks to large multi-bank holding companies, natural person and corporate credit unions, finance companies and mortgage companies.
Dave leads Crowe internal development courses dealing with both engagement management and supervisory issues and technical issues relevant to the financial institutions industry and is a frequent speaker to industry trade groups on technical and industry topics.
CPA – Partner, Crowe LLP
Mandi is a partner in the financial services practice of Crowe LLP, where she started her career with Crowe in 2004. She divides her time between providing audit and advisory services to financial institutions. From 2016-2018 she served as a Professional Accounting Fellow in the Office of the Chief Accountant of the Office of the Comptroller of the Currency (OCC). At the OCC, she spent much of her time on the agency’s CECL initiatives, including liaising with the standard-setters, developing and delivering examiner CECL training, and working across the OCC to develop agency and interagency policies and positions. She leads Crowe’s CECL audit methodology and training initiatives and uses her significant CECL expertise to consult with financial institutions on implementation of the new standard.
Registration to the live session includes:
- One online connection
- CPE credit for registrant
- Permission to reproduce the handouts and other written material for additional attendees at your location
Only registered attendees of the live session can obtain CPE credit. Attendees of FMS live webinars also receive two views of the On-Demand version of the program they attend. Use this bonus feature to share the program with colleagues or as a refresher at a later date. Instructions for viewing the on-demand session will be emailed to you at the conclusion of the live event.
|| Earn up to 1.5 hours of CPE credit.
- Level: Basic
- Prerequisites: None
- Advance preparation: None
- Field of Study: Accounting - Technical
- Instructional Method: Group Internet Based
- Length: 75 minutes
For more information regarding administrative policies such as concerns or refunds, call 800-ASK-4FMS (800-275-4367). FMS is registered with the National Association of State Boards of Accountancy as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses. Complaints regarding sponsors may be addressed to: The National Registry of CPE Sponsors, 150 Fourth Avenue, North, Suite 700, Nashville, TN 37219-2417 Web: www.nasba.org.
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