Regulatory reform is now. What should CPAs be paying attention to?

OSCPA’s Financial Institutions Conference 20+ year run has never been as timely as it was this year. The conference, held on August 17 in Columbus, addressed the issues that are on the minds of CPAs across the state: what’s going on during these difficult times and economic recovery?

The Financial Institutions Conference put it all into perspective with a jam-packed day of strategies, insights and solutions designed to help CPAs manage the complex issues facing financial institutions.

With the Dodd-Frank Wall Street Reform and Consumer Protection Act signed into law in July, regulators are now beginning the daunting task of drafting rules, conducting studies and gathering feedback from the business community.

In Ohio, while the economic environment is getting better, members of a regulatory panel during the conference agreed, the length of this economic crisis is taking its toll on Ohio’s banks.

I caught up with OSCPA member, Rep. Peter Beck, R-Mason, a partner with Donohoo Cupp & Beck CPAs in Milford, at the conference and received his take on what CPAs in Ohio should be paying attention to:

According to a recent study by Bankrate, Ohio is the most expensive state in the Midwest to close on a home purchase, and is pegged as the 13th highest in the nation in terms of origination, title and closing costs.

“The future is unknowable. No one can predict the future,” said Natalie Schoch, PH.D, director of knowledge management and trends, Kellogg Co., who led a discussion on leading in a time of change. “There are infinite futures, and the decisions we make will determine them.”

OSCPA member and conference attendee, Jim Francis with The Milton Banking Company in Newark said that he’s been through a lot of this before, it’s a little frightening this time around but people should have seen it coming.

“If it seems too good to be true, it probably is. Everyone thinks they deserve to have a house with no down payment. Bankers and mortgage brokers should have known better. Before this all started, no one knew about derivatives, now they are all you hear about. We’ve mortgaged our children and saddled them with more debt than they can handle. It’s also too easy for people to walk away. People weren’t taught how to budget, not to buy what they couldn’t afford. People aren’t concerned about debt – they feel they have a right to have what they want.”

Related resources

OSCPA Issue Monitoring: Financial Regulatory Reform

Financial institutions urged to weigh-in on regulatory reform act

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