The federal regulatory agencies today published an FAQ document on the Financial Accounting Standards Board’s Current Expected Credit Loss standard and the implementation process. The FAQs summarize key elements of the new standard, highlight changes to U.S. generally accepted accounting principles, provide regulatory perspective on CECL processes and methodologies, and outline steps banks can take to prepare for implementation. CECL will be effective in 2020 for Securities and Exchange Commission registrants and in 2021 for all others.
FDIC extends comment period for Genius Act implementation
The FDIC announced that it will push back to May the deadline for comment on its proposal to create a process through which banks can seek agency approval to issue stablecoins through a subsidiary.









