Tax/Accounting

Luetkemeyer Seeks Information on CECL’s Effect on GSEs

Rep. Blaine Luetkemeyer (R-Mo.) today wrote to Federal Housing Finance Agency Acting Director Joseph Otting today requesting information on how the Financial Accounting Standards Board’s current expected credit loss standard will affect Fannie Mae and Freddie Mac.

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ABA Urges Regulators to Delay CECL

Noting the lack of guidance for community banks related to the CECL accounting standard, ABA today wrote to the financial regulatory agencies advising them to request a delay of the standard’s implementation until such guidance is issued.

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IRS Proposes Rules for 199A Deductions for Certain Trusts

In addition to final rules generally concerning 199A qualified business income deductions, the IRS last Friday concurrently issued proposed rules addressing how the deduction would affect charitable remainder trusts, split-interest trusts and regulated investment companies.

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Survey: Bank Investors Dispute Need for CECL

Three-quarters of bank investors disagree that change is necessary to loan loss accounting rules, while just 17 percent support a change, according to a recent survey of non-management bank investors conducted by FIG Partners.

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