Senate Banking Chair Calls for CECL Parity
AFSA has expressed concerns about the effect that the Current Expected Credit Loss (CECL) accounting standards have on financial institutions. Earlier this year, Congress extended the implementation date for banks to comply with the new CECL standard. AFSA has been working with Members of Congress, regulatory agencies, and the Administration asking that the delay be extended across the board to all financial institutions, not just banks.
AFSA is pleased that Senate Banking Committee Chairman Sen. Mike Crapo (R-ID) agrees with the association’s continued call for uniformity. In a letter sent to various prudential regulators in Washington, Chairman Crapo noted, “[I]t would also be prudent to extend relief related to TDRs [Troubled Debt Restructurings] and CECL to insurers and nonbanks that engaged in similar activities to banks and credit unions that are equally affected by these policies during this difficult time.”
AFSA will continued to work with policymakers to emphasize the need for parity and fairness between all financial institutions.
August 3rd, 2020
