American Financial Services Association - FASB agrees on CECL Delay
Member login
American Financial Services Association

FASB agrees on CECL Delay

Blog Posts

The Financial Accounting Standards Board (FASB) today voted to propose a delay in the implementation deadline of the new Current Expected Credit Loss (CECL) accounting standard for all private companies and for small public companies.

As a result of the new FASB vote, the CECL standard wouldn't take effect until January 2023 for financial institutions and credit unions that fall under the proposal. Public companies with a market cap below $250 million and annual revenue of less than $100 million are also included. The CECL standard would still take full effect for larger public companies in January 2020.

Politico reported that the full proposal that contains the delay provision is expected to be put out for public comment by mid-August with a 30-day comment period, and the document will likely be finalized in the fall, according to FASB spokesperson Christine Klimek.

AFSA has continually raised concerns about the potential negative consequences of the new CECL standard on the economy and cost and availability of important financial products.

While AFSA applauds FASB for taking this initial step by providing additional time for smaller financial institutions to comply with this new standard, we still maintain that a quantitative study on the consequences of such fundamental accounting changes on consumers, financial institutions, and the broader U.S. economy should be conducted before financial institutions of any size are required to implement the CECL model.

AFSA remains supportive of H.R. 3182, a bipartisan bill that would delay the implementation of the standard until one year after a quantitative impact study is completed, as detailed in a June 20th letter.

FASB agrees on CECL Delay
Jul 17, 2019

The Financial Accounting Standards Board (FASB) today voted to propose a delay in the implementation deadline of the new Current Expected Credit Loss (CECL) accounting standard for all private companies and for small public companies.… Read the rest

Regulators, Executives, Consumer Advocates Agree on Need for Data Privacy Standard
Jul 15, 2019

AFSA this week attended the US Chamber of Commerce’s Data Done Right Conference, where elected officials, chief regulators, business executives, and leaders of consumer privacy groups spoke about the state of data privacy today … Read the rest

Webinar Will Help Set Strategy for Used-Vehicle Financing
Jul 12, 2019

Join us July 25th at 2 p.m. ET for Opportunities in Used Vehicle Financing, presented by TransUnion.

Consumer demand for new vehicles has begun to wane, following years of rapid growth. This, coupled with an influx in off-lease vehicles, is… Read the rest

Settlement Highlights Need for Consumer Education
Jul 11, 2019

Yesterday’s announced settlement by the Consumer Financial Protection Bureau (CFPB) with a well-known debt-settlement provider – along with several other recent actions by the CFPB and the FTC against debt-settlement firms… Read the rest

CFPB Symposium Highlights Need for “Abusive” Standard
Jul 11, 2019

The Consumer Financial Protection Bureau (CFPB) on June 25 held the first in its evolving symposia series, dealing with the term “abusive” and if the Bureau should use its rulemaking authority to further define the term. The Read the rest

FDIC Should Promote Loans that Work
Jul 11, 2019

Federal regulators started pushing large banks to offer small-dollar loans to customers as an alternative to payday loans last year. A Bloomberg BGov article yesterday quotes analysts and large banking institutions saying, essentially… Read the rest

AFSA Continues to Press on TCPA
Jul 10, 2019

Complaints about robocalls continue to rise, and occur seemingly anywhere, at any time. Members of Congress say they hear about the robocall problem in town hall events back in their districts. It’s no different at the regulatory agencies… Read the rest

CFPB Releases Study on Consumer Credit Card Behavior
Jul 08, 2019

The Consumer Financial Protection Bureau’s Office of Research has released a study on consumer credit card payment behavior. The study examines whether consumer pay off their balances monthly, retain a balance from one month to the… Read the rest

Opportunities in Used Vehicle Financing
Jul 03, 2019

Join us July 25th at 2 p.m. ET for Opportunities in Used Vehicle Financing, presented by TransUnion.

Following years of rapid growth, waning demand for new vehicles coupled with an influx in off-lease vehicles is driving focus toward used … Read the rest

AFSA Launches CCPA Working Group
Jul 01, 2019

Following up on presentations made at AFSA’s May committee meetings, the AFSA Operations and Regulatory is creating the California Consumer Protection Act Working Group.

“The purpose of the group is to give AFSA members focused… Read the rest

1 112 113 114 115 116 117 118 119 120 121 122 140