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What's inside today's Tax Thursday in Three? The meaning of the "Byrd" bath, the compromises still to come on the tax bill, and an IRS staffing update. Bergin Fisniku, Director of our National Tax practice, shares more in today's edition.
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Federal Financial Institutions Examination Council announces two significant changes
The FFIEC has updated its IT examination guidelines, expanding the Development, Acquisition, and Maintenance (DA&M) booklet and retiring the Cybersecurity Assessment Tool (CAT) by August 31, 2025. Financial institutions must now enhance IT risk management and adopt alternative cybersecurity frameworks like NIST 2.0 and CISA Cybersecurity Performance Goals to stay compliant.


Port strike strains supply chain
A tentative agreement between the International Longshoremen's Association (ILA) and the US Maritime Alliance (USMX) ended a two-day strike, averting a potential $5 billion economic impact. While supply chain disruptions were minimal, this event underscores the importance of proactive risk management, inventory buffers, and diversified logistics strategies to mitigate future disruptions.


The importance of SOC 1 reports in financial services
Strengthen trust and compliance in financial services with a SOC 1 report, demonstrating robust internal controls and regulatory adherence. Learn how SOC 1 enhances credibility, mitigates risks, and sets your institution apart in a competitive market.