Financial Accounting News

Bank Lobby Group Disparages Coming Accounting Rule Change

May 16, 2019, 3:55 PM

The American Bankers Association joined the chorus of voices decrying and calling for a delay of data-intensive credit loss accounting rules that were created in the aftermath of the 2008 financial crisis.

The Current Expected Credit Loss (CECL) standard, set to take effect in 2020, will be costly for banks to implement, the group’s Executive Vice President of Congressional Relations and Political Affairs James Ballentine wrote in a May 15 letter. The letter was addressed to Rep. Gregory Meeks (D-N.Y.), a member of the House Committee on Financial Services and chairman of its Consumer Protection and...

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