The American Financial Services Association (AFSA) yesterday, March 24, asked in a comment letter to congressional leadership that they include CECL relief for depository and non-depository financial institutions in any relief package.
"The fundamental changes made by FASB’s CECL standard to the industry’s long-standing accounting practices could have a significant impact on the cost and availability of these products, especially for low and moderate-income consumers," AFSA President & CEO Bill Himpler wrote in the letter. "By requiring financial institutions to recognize and reserve for the full estimated credit loss on the loan at origination, CECL injects uncertainty and unpredictability in credit loss decisions and creates pro-cyclical dynamics that could accelerate an economic downturn and impede growth."
Read the full letter here.
The American Financial Services Association (AFSA) yesterday, March 24, asked in a comment letter to congressional leadership that they include CECL relief for depository and non-depository financial institutions in any relief package.… Read the rest
Across the country, AFSA member companies are working to ensure the customers and neighbors have access to credit in this time of financial insecurity. That's why our industry is one of the identified 16 critical infrastructure … Read the rest
When America has needed to flex its industrial and economic muscles to meet a challenge, her great companies have been there to help.
“Ford Motor Company, joining forces with firms including 3M and GE Healthcare, is lending its manufacturing… Read the rest
Below are some ways AFSA member companies are responding to the coronavirus pandemic. Many of our members have been fixtures in their communities for more than 100 years, and when you see the responses below you'll see why they are … Read the rest
The American Financial Services Association (AFSA), along with sister trade the Marketplace Lenders Association (MLA), called on Senate Majority Leader Mitch McConnell (R-KY) and Minority Leader Chuck Schumer (D-NY) to create an updated… Read the rest
The American Financial Service Association, along with other trades, in a comment letter on March 22, called on the Securities & Exchange Commission (SEC) to delay implementation of the Current Expected Credit Loss (CECL) accounting… Read the rest
Ally Financial this week, launched a comprehensive set of financial support initiatives to help the people and communities it serves to withstand the extraordinary pressures triggered by the COVID-19 health crisis and be better positioned… Read the rest
The American Financial Services Association joined with other financial-services trade associations on a letter to Congressional leaders in support of pro-consumer policies that will aid ongoing access to credit. You can read the letter… Read the rest
The American Financial Services Association (AFSA) today, March 20, sent a letter to House Financial Services Committee (HFSC) Chair Maxine Waters highlighting member company responses to the coronavirus pandemic. AFSA was pleased to… Read the rest
