During a House Financial Services subcommittee hearing today, lawmakers on both sides of the aisle expressed serious concerns about the economic effects of the Financial Accounting Standards Board’s current expected credit loss standard on the cost and availability of credit for consumers.
With the nation’s largest banks now beginning to implement the current expected credit loss standard, the American Bankers Association continues to call for a quantitative impact study that would analyze the full effect of the standard on both bank capital and the economy.
The Securities and Exchange Commission proposed changes to modernize its auditor independence framework last updated in 2003.
While generally welcoming the Securities and Exchange Commission’s proposed updates to “Guide 3,” ABA urged the SEC to allow more time before adding disclosures specific to the Current Expected Credit Loss model.
A financial transaction tax rate set between 0.1 and 0.5 percent may make an FTT seem innocuous, but it would have a significant negative effect on investors, the economy and the banking industry.
The Internal Revenue Service has issued a long-awaited package of final regulations on the Opportunity Zones tax incentive that was created by the 2017 tax reform law.
In a 71 to 23 vote this afternoon, the Senate approved a spending package for the current fiscal year, funding the government through Sept. 30, 2020.
The House today approved a spending package for the current fiscal year, funding the government through Sept. 30, 2020. The Senate is expected to vote on the spending bills later this week.
ABA and the Bank Policy Institute today offered feedback to the financial regulatory agencies on a recently proposed policy statement aimed at providing guidance for institutions implementing the current expected credit loss accounting standard.
The American Bankers Association submitted comments to the American Institute of Certified Public Accountants today on a proposal addressing how auditors will approach accounting estimates and related disclosures after the current expected credit loss standard is implemented.