The federal banking agencies today finalized several rules originally issued as interim final rules during the spring weeks of the emergency coronavirus response.
Browsing: Loan loss accounting
As the deadline for an ABA-advocated, congressionally mandated Treasury Department study of the current expected credit loss standard looms, ABA recently wrote to Treasury to provide its view on which aspects of CECL the study must address.
A bipartisan group of senators yesterday urged Treasury Secretary Steven Mnuchin to direct the Financial Stability Oversight Council to conduct a study on the current expected credit loss accounting standard’s effect on lending and the economy.
Three years after it was issued—and amid numerous congressional hearings, a mandate for the Treasury Department to study its economic impacts, and recent regulator calls for reconsideration—the CECL accounting standard became effective for most large banks on January 1, 2020.
Whether institutions are using CECL or incurred loss methodology, estimating credit losses in today’s pandemic-stressed economic environment is challenging to say the least.
In a comment letter to the financial regulatory agencies today, ABA warned of potential unintended consequences that could arise as a result of a recent interim final rule delaying the three-year phase-in of the regulatory capital effects of the CECL standard for two years.
In a letter to SEC Chairman Jay Clayton this week, Rep. David Kustoff (R-Tenn.) urged the agency to rethink its approach to implementing the temporary delay of the current expected credit loss standard that was included in the CARES Act.
The federal banking agencies today updated guidance on working with borrowers affected by the coronavirus pandemic.
The federal banking agencies today announced two actions intended to help banks ensure the continued flow of credit to households and businesses during the coronavirus pandemic.
The Senate unanimously passed a sweeping $2 trillion stimulus package to provide relief to American consumers and businesses struggling as a result of the coronavirus pandemic.