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SEC Proposes Overhaul of Bank Disclosure Rules

Sept. 17, 2019, 10:15 PM

The SEC wants input on a proposal to streamline and modernize its disclosure requirements for certain banking and lending institution information.

The Securities and Exchange Commission Sept. 17 released proposed rules that would replace and supersede 30-year-old banking industry guidance, which doesn’t carry the weight of law.

The new rules would be part of regulation S-K, which spells out the SEC’s non-financial statement disclosure requirements. The rules would strip out statistical disclosures that overlap with existing accounting standards and other SEC rules.

The proposal reflects changes in technology, practice, and accounting rules—including a controversial accounting standard for estimating credit losses...

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