Financial institutions and specialty finance companies represent a broad spectrum of disciplines and service areas, many with differing business models but all using financial assets as a means to generate increasing returns on equity invested. It is in this marketplace that the recent economic crisis and resulting increase in state and federal oversight has fundamentally changed the landscape in which these companies operate.
In addition to significant changes in the regulatory environment, the economic crisis has disrupted traditional revenue streams for financial institutions and specialty finance companies. Regulated financial institutions have experienced capital flight from investors while, at the same time, are having to manage declining and depressed asset values and their associated negative impact on earnings and required capital levels. Specialty finance companies have found that certain revenues and practices that were previously unregulated now may come under scrutiny of state or federal entities. Further, the impact of both the Dodd-Frank legislation and other changes in regulatory oversight by various federal agencies is a concern for industry leaders as they look to adapt to stricter and more complex compliance regulations in addition to ever-changing accounting rules and disclosures.
BDO’s Financial Institutions and Specialty Finance practice understands the unique needs and complex issues you face – from complying with Dodd-Frank provisions or growing through acquiring failed banks through the FDIC, to addressing paradigm changes in corporate credit unions and raising capital. Working with enterprises ranging in size from start-ups to multibillion dollar institutions, we provide a comprehensive suite of integrated, value-added services to commercial, savings, agency and mortgage banks; branches of foreign banks operating in the United States; credit unions and specialty finance companies including mortgage originators; credit card receivable aggregators; and non-traditional lenders. We take a proactive approach to addressing concerns before they become major issues, and provide tailored services that best fit your needs.
Beyond traditional audit, tax and consulting services, some of the specific ways BDO helps financial institutions and specialty finance companies include:
- Compliance consulting regarding anti-money laundering and other regulatory requirements
- Investigations of alleged legal and regulatory violations
- Acquisition integration planning and execution
- Operational improvement process optimization and integration
- Restructuring services and crisis management
- Fraud prevention and investigative services
- Cost segregation and deposit reclassification studies