Bankers: Ask Lawmakers to Support CECL Stop and Study Bills
June 28, 2019
Given the significant operational challenges and potential economic consequences arising from the current expected credit loss standard, ABA is calling on bankers to contact their lawmakers immediately in support of legislation that would delay CECL’s implementation.
Congress is currently considering two bills—S. 1564 and H.R. 3182—that would delay the standard so that a quantitative impact study can be conducted to determine the full implications CECL will have on the availability of credit in communities nationwide. ABA has previous raised concerns to both lawmakers and the Financial Accounting Standards Board about the procyclical nature of CECL, warning that it could have adverse effects on lending, particularly during an economic downturn. Contact your lawmakers now.