Financial Regulators Issue CECL Policy Statement
As banks work to implement the current expected credit loss accounting standard, the financial regulatory agencies have finalized an interagency policy statement on allowances for credit losses.
Browsing: FASB
Former Comptroller: CECL a ‘Real Threat’ to Financial System
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.”
Financial Services Hearing Spotlights Lawmakers’ Serious Concerns About CECL
Insights from ABA staff expert Josh Stein on the recent FASB oversight hearing.
ABA Calls for ‘Full, Indefinite’ Delay of CECL for All Banks
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.
FASB Proposes Guidance to Ease Libor Transition
As banks work to reduce their dependence on the London Interbank Offered Rate, the Financial Accounting Standards Board yesterday proposed guidance that would help ease the potential effects of reference rate reform on financial reporting.
ABA’s Gullette: CECL Could Imperil Credit in Economic Downturn
With 75% of bank investors now opposed to the current expected credit loss standard, ABA SVP Mike Gullette highlighted the potential consequences the Financial Accounting Standards Board’s current expected credit loss standard is likely to have for lenders and the U.S. economy.
Industry Veterans Call for Pause on CECL Implementation
In an op-ed published today in The Washington Times, industry veterans William Isaac, former chairman of the FDIC and Thomas Vartanian, former general counsel of the Federal Home Loan Bank Board, warned of the dire consequences that could result from a hasty implementation of the current expected credit loss accounting standard.
House Lawmakers Introduce Bill to Stop and Study CECL
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.
Industry Veterans Call for Checks on FASB, Warn of CECL Consequences
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. Tillis Introduces Bill to ‘Stop and Study’ CECL
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.