ABA Requests Delay of CECL Implementation
December 18, 2018
The Association sent communication to Steven Mnuchin, Chairman of the Financial Stability Oversight Council, urging FSOC to delay CECL implementation until a quantitative impact study to assess the full effects of the FASB’s CECL standard can be completed. There is a very quick turnaround for communication as the FSOC meets tomorrow. Should you want to send communication of your own, the Association’s letter, along with talking points and contact information are included here.
Also this past week, the House Financial Services Subcommittee on Financial Institutions and Consumer Credit held a hearing on CECL. There was overwhelming bipartisan concern about CECL and the procyclical impact it will have on the U.S. economy and access to credit in an economic downturn. Click here to view a video of the hearing.