Bank of Marin had gathered the data, loaded the systems, and was ready to roll out the biggest-ever change to its accounting this year.
Then businesses shuttered, schools closed, and most of the country went into lock-down mode as the coronavirus spread. Days before the San Francisco Bay area bank closed the books on its first quarter, Congress offered banks the option to delay that massive accounting change. Tucked into the $2 trillion coronavirus relief law President Trump signed March 27 was a provision that allowed banks to put off the current expected credit losses (CECL) standard until the end ...