INDUSTRIES

Financial Institutions

Grown over 75 years, JCCS has built substantial experience in working with and serving financial institutions of all sizes. The industry is subject to numerous and ever-changing regulations, as well as highly volatile economic factors. Our team of specialists strive to provide insights and expertise to ease some of those burdens. And while we have a historical focus of serving credit unions, we are knowledgeable and experienced across banking and the entire financial institution industry.

The challenges currently facing financial institutions are unprecedented. Narrowing profitability and net interest margins are being dragged down due to persisting revenue recession. At the same time, the overhaul of credit loss accounting brought on by the new CECL standard demands time, resources and a significant shift in approach.

 

Credit unions are faced with a number of key issues, including technology, membership growth, income sources and compliance. It is important for our clients to work with a professional who understands each of these issues and how they impact the credit union.

— Tony Vanorny

Director of Audit and Accounting

JCCS offers a variety of services for credit unions, banks and other financial institutions. Common services include full financial statement audits, examinations, loan file reviews, testing for BSA and ACH compliance, and preparation of the tax returns required for state-chartered credit unions.

One of the clients JCCS has the pleasure of serving is a credit union that’s experienced much growth and change in recent years. As its needs have changed, so evolved our team and services. Recently, we advised and worked with the institution’s management through its transition from a federal- to a state-chartered credit union – with the resulting requirements to file annual information returns with the IRS, increased demands from state examiners because of its revenue and asset growth, and the retirement of two top executives.

If you’d like to meet with one of our CPAs and business advisors to talk about how we might serve you and your institution, please contact one of our banking and credit union specialists and they’ll get back to you shortly. We look forward to meeting with you.

Industry Specialists

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