In a significant move, the Financial Accounting Standards Board today voted to propose a delay for the implementation of the current expected credit loss standard until January 2023 for certain companies.
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.
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.
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.
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.
More than three-quarters of financial institutions will gather data from five or more years back as they prepare to implement the Current Expected Credit Loss standard.
Senior House Financial Services Committee member Blaine Luetkemeyer (R-Mo.) and Ranking Member Patrick McHenry (R-N.C.) today wrote to Securities and Exchange Commission Chairman Jay Clayton expressing concerns about the coming CECL loan loss accounting approach and its effects on markets and investors.