With the Current Expected Credit Loss standard for loan loss accounting coming into effect for many banks — and the vast majority of bank assets — on Jan. 1, 2020, where are bank CFOs and managers in the process of implementing CECL, and what challenges are they seeing?
Rep. Blaine Luetkemeyer (R-Mo.) today warned of the negative consequences that the Financial Accounting Standards Board’s current expected credit loss standard could have on community banks and consumers if implementation moves forward.
Loan committees and chairs should be positioned to play a role to facilitate discussions about the new loan loss accounting standard.
With the Arkansas legislature considering a bill that would allow state and municipal entities to deposit public funds in credit unions, a pair of op-eds today in the Arkansas Business publication made the case for ending state and federal tax subsidies for credit unions that pursue bank-like activities.
As banks prepare to implement the Financial Accounting Standards Board’s current expected credit loss standard, Federal Reserve Board Chairman Jerome Powell said that the agency will be “watching carefully” to see how the standard will affect banks and the economy.
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.
The Financial Accounting Standards Board’s current expected credit loss standard presents significant operational challenges and stakeholders are concerned about real and potentially severe economic effects, participants noted at a roundtable discussion hosted by FASB today.
Setting ABA’s government relations agenda for 2019.
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.
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.