Banking Industry | CPA | Florida


We know the Banking industry. Learn how we can help companies like yours.

Growth of 3 percent is expected in US banks and credit units in 2013, according to the latest forecast from First Research.  Regulatory pressures, stricter accounting standards and new disclosure requirements will have an effect. A recent study by a New York consulting firm gave mixed reviews to Florida based banks, suggesting that 92 faced capital or earning concerns that meant they should be sold, while 100 were good targets to acquire due to low returns and excess capital. 

Six South Florida banks made progress toward operating without the FDIC’s help, according to Mike Seemuth’s recent story in the Daily Business Review. And the publication’s survey of 67 banks based here shows their residential mortgage loans had increased 2.7 percent from the prior year. Small business lending has increased, according to the Miami Herald, and a group of local investors has agreed to recapitalize troubled U.S. Century Bank.

Yet the pace of mergers and acquisitions may remain slow this year, according to Kaufman, Rossin banking practice leader Ivan Garces, even though "some of the smaller banks and even the mid-sized banks are going to have to start combining because of the regulatory pressures on them."

In acquisition mode? Don’t forget the regulators. Proper due diligence pays specific attention to BSA/AML issues. Ensuring the target institution is Bank Secrecy Act/Anti-Money Laundering compliant can make a tremendous difference to the risk you take on as an acquirer. The acquiring bank takes on the legal problems of the bank you purchase, so there’s no excuse for ignoring issues.

Our professional teams have years of experience helping banks in this area. We can assist with review of BSA/AML policies and procedures, identify needed changes, deliver required training, and assist with integration issues in the case of an acquisition.

Are you sure your clients’ data is secure? A recent industry report showed that nearly half of all financial institutions, have been victims of cyber-crime, according to our information security specialist Jorge Rey.  Failure to adequately manage information security risk can expose an institution to legal and regulatory sanctions.

Kaufman, Rossin can help you meet the regulatory requirements of the PCI, FFIEC, GLBA, FDICIA, SOX and NCUA. Our consulting team has extensive experience in assessing and implementing security testing for financial institutions. We can help you minimize risk and cost. And we can assist you in monitoring a system that has integrity and safeguards.

Considering outsourcing? In today's environment, the outsourcing of business processes has become part of every organization, including many banks. Outsourcing allows management to focus on your core business. However, companies face operational, financial, reputational and regulatory risks that should be entering into an outsourcing agreement.

If you are considering outsourcing processes that affect your financial reporting cycles, like payroll or data centers, you should make sure the vendor you choose has a SAS 70 audit, or its new replacement SSAE No. 16. Our professionals can perform these audit procedures for vendors, or provide consulting services to make sure you’re not adding risk while seeking cost effectiveness.