As banks prepare to implement the current expected credit loss accounting standard, the financial regulatory agencies have issued a proposed interagency policy statement on allowances for credit losses and proposed interagency guidance on credit risk review systems.
Browsing: Tax and Accounting
The Financial Accounting Standards Board today voted to extend the implementation of the current expected credit loss standard for certain financial institutions, as proposed earlier this year.
The credit union industry has strayed from its original tax-exempt purpose and its tax exemption can no longer be justified, according to an economist at the nonpartisan Tax Foundation, a respected research group in Washington, D.C.
As the Financial Accounting Standards Board prepares to vote this week on a delay of its current expected credit loss accounting standard for some—but not all—banks, Reps. Vicente Gonzalez (D-Texas) and Ted Budd (R-N.C.) today called on FASB to consider extending the delay to all companies and to immediately begin a quantitative impact study of CECL.
As the Financial Accounting Standards Board prepares to vote this week on a delay of the CECL accounting standard for certain companies, the Center for Responsible Lending on Friday warned that the standard could seriously affect credit availability to low- and moderate-income borrowers.
Heated competition for bank funding is an increasingly important focus for community bank leaders, according to an annual survey released today by the Federal Reserve, the FDIC and the Conference of State Bank Supervisors.
Since the ABA Banking Journal Podcast last checked in on the Current Expected Credit Loss standard—which is coming into effect for many banks and the vast majority of bank assets on Jan. 1, 2020—there have been several key developments.
The SEC last week issued a long-awaited proposal to update required disclosures that bank and savings and loan registrants are required to provide to investors.
The American Bankers Association on Friday called on the Financial Accounting Standards Board to extend a “full and indefinite delay” of the current expected credit loss standard to all companies, regardless of size.
With a pending proposal by the Financial Accounting Standards Board to delay the Current Expected Credit Loss standard’s implementation deadline to 2023 for certain institutions, top accounting officials at federal agencies warned banks not to “rest on their laurels” when it comes to implementing CECL.