The chief U.S. accounting rulemaker faced fierce criticism of new-loan loss rules in a rare hearing before Congress.
Members of a House Financial Services subcommittee panned the current expected credit losses (CECL) accounting standard, meant to be the Financial Accounting Standards Board’s signature response to the 2008 financial crisis.
Rep. Blaine Luetkemeyer (R-Mo.) said the rule change, which overhauls how banks report losses on loans, could mean people in his district lose access to home mortgages.
“Your lack of concern for citizens of this country is breathtaking,” he said Wednesday.
It wasn’t the first time lawmakers have raised concerns. ...