Bipartisan Lawmakers Introduce Bill to Block Loan-Loss Rule

June 10, 2019, 9:58 PMUpdated: June 10, 2019, 11:50 PM

Rep. Vicente Gonzalez (D-Texas) introduced legislation to block a major bank accounting change triggered by the country’s financial crisis from taking effect in 2020.

Five Republicans and four other Democrats co-sponsored the bill, which was filed June 10.

The “CECL Consumer Impact and Study Bill of 2019” calls on the SEC and other federal regulators to study the effect the Financial Accounting Standards Board’s current expected credit losses (CECL) accounting standard could have on the availability of credit, particularly for consumers and small businesses, before companies are required to adopt it.

The bill also asks for analysis ...

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