A bipartisan group of senators yesterday urged Treasury Secretary Steven Mnuchin to direct the Financial Stability Oversight Council to conduct a study on the current expected credit loss accounting standard’s effect on lending and the economy.
Three years after it was issued—and amid numerous congressional hearings, a mandate for the Treasury Department to study its economic impacts, and recent regulator calls for reconsideration—the CECL accounting standard became effective for most large banks on January 1, 2020.
Whether institutions are using CECL or incurred loss methodology, estimating credit losses in today’s pandemic-stressed economic environment is challenging to say the least.
In a letter to IRS officials yesterday, ABA called for additional guidance to help taxpayers and financial institutions comply with tax-related obligations during the coronavirus pandemic.
In a comment letter to the financial regulatory agencies today, ABA warned of potential unintended consequences that could arise as a result of a recent interim final rule delaying the three-year phase-in of the regulatory capital effects of the CECL standard for two years.
A total of 88 million Americans received economic impact payments totaling $158 billion within the first three weeks of the program, the IRS reported today.
The American Institute of CPAs today issued recommendations aimed at a common understanding of how accountants can serve as agents for purposes of the Small Business Administration’s Paycheck Protection Program.
The Financial Accounting Standards Board today delayed for certain filers the effective date of its new lease accounting guidance, which requires all operating leases to be recorded on the balance sheet of lessees.
The American Bankers Association, the International Banking Federation and other trade organizations wrote to the Organization for Economic Co-operation and Development and European Commission today highlighting various compliance challenges related to tax withholding rules and procedures in connection with cross-border transactions during the coronavirus pandemic.
In a letter to SEC Chairman Jay Clayton this week, Rep. David Kustoff (R-Tenn.) urged the agency to rethink its approach to implementing the temporary delay of the current expected credit loss standard that was included in the CARES Act.