Three-quarters of bank investors disagree that change is necessary to loan loss accounting rules, while just 17 percent support a change, according to a recent survey of non-management bank investors conducted by FIG Partners.

The rapid pace of change will continue in 2019, ABA policy staff project.

As the Financial Stability Oversight Council meets today to discuss, among other topics, the Financial Accounting Standards Board’s Current Expected Credit Loss model for loan loss accounting, 28 Republican House members urged a delay in CECL’s implementation date and a comprehensive study of its effects on the banking industry and access to credit.

The Financial Stability Oversight Council meets today in open and executive sessions. Among other things, the preliminary agenda for the executive session includes the current expected credit loss accounting model.

The projected effects of the Financial Accounting Standards Board’s Current Expected Credit Loss model for loan loss accounting are significant enough that FASB should delay CECL’s effective date and perform a quantitative impact study of the model, ABA said today.

The Financial Accounting Standards Board issued an accounting standards update today to allow non-public business entities to implement CECL on Jan. 1, 2022, instead of Dec. 31, 2021, as originally required.

The American Institute of Certified Public Accountants’ financial reporting executive committee today issued a working draft of accounting issues related to the implementation of the Current Expected Credit Loss standard.

In a letter to Treasury Secretary Steven Mnuchin yesterday, ABA and 52 state bankers associations called for a quantitative impact study to assess the full effects of the Financial Accounting Standards Board’s Current Expected Credit Loss standard on bank capital.

In a comment letter to the Financial Accounting Standards Board today, the American Bankers Association offered support for a proposal that would allow non-public business entities to implement CECL on Jan. 1, 2022.

The Financial Accounting Standards Board today issued an exposure draft of an accounting standards update that would make technical corrections to the Current Expected Credit Loss accounting standard.