Houston - July 19, 2019
TPG’s abiity to address changes to accounting standards and regulations is just one reason why our software is considered best of breed.
2019 has been a productive time here at TPG as we have been striving to provide functionality to our users to improve their experience with our products and enable compliance to the various changes. The following is a summary of our efforts.
We have created the CECL Module to enable our users to comply with the FASB’s Current Expected Credit Loss standard. Although the standard is not yet finalized and implementation for some institutions has been extended, we are working collaboratively with our users to ensure the module provides the functionality needed by their institutions to be CECL-compliant.
On June 11, 2019, Congress introduces a bill to delay and study the impact CECL will have. On July 17, 2019, FASB proposes to delay the CECL implementation as follows:
Effective June 3, 2019, Fannie Mae and Freddie Mac began issuing a common single mortgage-backed security known as the Uniform Mortgage-Backed Security (UMBS) though the Common Securitization Platform (CSP). Our users can now account for, post to GL, and report this new security type, as well as exchange their existing MBS securities for the new UMBS security within the system.
As LIBOR is phased our per the the Alternative Reference Rates Committee’s (ARRC) recommendation, we have helped our users set up alternative indices such as SOFR (Secured Overnight Financing Rate), TGCR (Tri-Party General Collateral Rate),and BGCR (Broad General Collateral Rate).
Based on feedback we have received from our customers, TPG is working on providing our customers with data alternatives. Our plan is to:
TPG is working on updating our ePortfolio web portal application to support Bond Swap and Interactive Analytics.
Contact TPG to learn more about the benefits moving to our system would provide to your business..