Browsing: CECL

Newsbytes

On Friday, the House passed—and President Trump signed into law—the CARES Act, a $2 trillion stimulus package to provide relief to American consumers and businesses struggling as a result of the coronavirus pandemic.

Tax and Accounting

In a bipartisan letter, Reps. Gregory Meeks (D-N.Y.) and Blaine Luetkemeyer (R-Mo.) today joined the chorus of voices—including FDIC Chairman Jelena McWilliams—calling for the Financial Accounting Standards Board to suspend and delay its Current Expected Credit Loss standard amid the coronavirus pandemic.

Tax and Accounting

In light of the sudden and significant economic changes wrought by the coronavirus pandemic and public health response, FDIC Chairman Jelena McWilliams today asked the Financial Accounting Standards Board to allow banks that have begun implementing Current Expected Credit Loss methodology to postpone it, as well as to impose a CECL moratorium for banks not yet required to implement it.

Community Banking

In an op-ed in American Banker today, industry veteran and former Comptroller of the Currency Gene Ludwig warned that the Financial Accounting Standards Board’s current expected credit loss standard “will both undermine the financial industry’s ability to work itself out of a crisis and discourage lending to small businesses.”

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