A bipartisan group of House lawmakers—led by Reps. Ted Budd (R-N.C.) and Vicente Gonzalez (D-Texas)—have introduced H.R. 3182, a bill calling for a halt to the implementation of the current expected credit loss standard until a quantitative impact study can be completed.
In an op-ed published yesterday in The Hill, industry veterans William Isaac, former chairman of the FDIC and Thomas Vartanian, former general counsel of the Federal Home Loan Bank Board, pointed out the peril of imposing accounting standards without sufficient oversight or study.
Sen. Thom Tillis (R-N.C.) yesterday introduced a long-awaited bill—S. 1564—calling for a delay in the implementation of the Financial Accounting Standards Board’s current expected credit loss standard until a quantitative impact study can be completed to understand its likely effects it will have on the economy.
The American Institute of CPAs wrote to the Financial Accounting Standards Board this week seeking a delay in the implementation of a new lease accounting standard.
The heads of the banking agencies told lawmakers that they expect to have regulatory changes from the S. 2155 regulatory reform law implemented by year-end.
Responding to requests from certain specialty lenders, FASB yesterday said it would allow companies to avoid CECL by electing a “fair value option” for certain assets.
In a letter to Rep. Gregory Meeks (D-N.Y.) today, the American Bankers Association reiterated its call for a delay in the implementation of the current expected credit loss accounting standard until a quantitative impact study can be conducted and the full economic effects of CECL can be determined.
The federal banking agencies plan to reintroduce the examination manual for anti-money laundering/Bank Secrecy Act compliance later this year, Comptroller of the Currency Joseph Otting told the Senate Banking Committee today.
Led by Sens. Thom Tillis (R-N.C.) and Doug Jones (D-Ala.), a bipartisan group of 15 senators wrote to the Federal Reserve and FDIC today urging a delay in the implementation of the Current Expected Credit Loss model for loan loss accounting until after the agencies can study CECL’s economic effects.
A bipartisan group of lawmakers wrote to the Securities and Exchange Commission today expressing concern about the adverse effect of FASB’s current expected credit loss accounting standard on banks and their customers during times of economic stress.