Financial Accounting News

Bank Groups Renew Plea for Delay on Credit Loss Accounting Rule

March 8, 2019, 8:29 PM

Several top banking and business trade groups are again pleading with accounting rulemakers for extra time to implement new post-financial crisis bank accounting rules intended to estimate loan quality deterioration.

The American Bankers Association, U.S. Chamber of Commerce, the Credit Union National Association, Bank Policy Institute, Mortgage Bankers Association, and four other groups on March 5 wrote to the Financial Accounting Standards Board and the Securities and Exchange Commission. They asked for a delay until either FASB or SEC studies how adoption of the “current expected credit loss” model could affect lending and the economy. The groups individually made similar...

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