New York State

While the deadline for the proposed $25 billion settlement with the nation’s largest banks over their roles in the economic crisis hits at the close of business today, some of the biggest state players, including California and New York, have yet to officially come on board for the deal, according to the Washington Post, a move that will significantly reduce its value.

A panelist noted that even in New York, non-CPAs can have a certain amount of profit-related bonuses, so it’s really about semantics.

In response to an audience question, Goldfarb said that succession planning was not a good reason for non-CPA ownership, although the audience member noted it might make transitioning easier.

Weinstein says a change would not dilute the brand. A key aspect is signing attest engagements. For other engagements, CPA firms have intense competition from non-CPA firms, he said.

The NYS Legislative Task Force on Demographic Research and Reapportionment—better known as LATFOR—has issued proposed maps for the New York Senate and Assembly, as required by law following the 2010 Census. But it's not end of the process—in fact, it's just the beginning.

New York State Assembly Speaker Sheldon Silver plans to introduce a bill that would increase New York’s minimum wage from $7.50 an hour to $8.50, according to the New York Times.

President Barack Obama is in the process of forming a special unit within the Justice Department’s Financial Fraud Enforcement Task Force devoted to investigating abusive lending and securitization practices during the buildup to the economic crisis, and has asked New York State Attorney General Eric Schneiderman to lead it, according to MSNBC.

While the five largest banks have agreed to overhaul their mortgage lending practices and pay $25 billion as part of a settlement agreement over deceptive practices, some state attorneys general have balked at the proposed deal, despite political pressure from the White House to sign on, according to the Associated Press.