In a comment letter to the Financial Accounting Standards Board today, the American Bankers Association offered feedback on proposed technical corrections to clarify and amend recent accounting standard updates related to financial instruments, including the Current Expected Credit Loss standard. Among other things, ABA’s comments addressed accrued interest, vintage disclosures and contractual extensions. The association also reiterated its concern about the CECL standard more broadly.
CFPB to initiate new Section 1071 rulemaking
In a court filing, the CFPB said its leadership has directed staff to initiate new rulemaking to implement Section 1071 of the Dodd-Frank Act and plans to soon release a proposal to possibly replace or change its current...