December 21, 2020
To our clients and friends:
For many banks, the impact of COVID-19 on the financial performance has reduced or eliminated entirely the achievement of the 2020 performance-based compensation goals established before the breakout of the pandemic. As 2020 comes to an end, banks will need to evaluate the impact of COVID-19 on their performance-based compensation, specifically whether to adjust or eliminate performance goals to provide more realistic incentives for their executive officers and employees.
Our Alert, which is available here, provides an overview of key considerations for adjusting or eliminating performance goals in consideration of the effects of COVID-19.
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December 17, 2020
On December 17, 2020, the NCUA adopted a final rule expanding access to subordinated debt and modifying the NCUA’s existing secondary capital rules for low-income designated credit unions.
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December 14, 2020
To our clients and friends:
The SEC recently adopted amendments to modernize, simplify and enhance certain financial disclosure provisions, including the MD&A section. Our Alert regarding the changes is available here.
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November 30, 2020
To our clients and friends:
The SEC recently adopted changes to its shareholder proposal rule. Our Alert regarding the changes is available here.
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September 28, 2020
The Securities and Exchange Commission recently adopted new rules to update its statistical disclosure requirements for banking registrants, including domestic and foreign bank holding companies, banks, savings and loan holding companies, and savings and loan associations. The rules are contained in a new Item 1400 of Regulation S-K and will replace Industry Guide 3, Statistical Disclosure by Bank Holding Companies. These changes represent the first updates to Guide 3 in more than 30 years. Our Alert regarding this release is available here.
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