The Financial Accounting Standards Board yesterday unanimously delayed implementation of the Current Expected Credit Loss accounting standard until 2023 for most financial institutions. Banks that file with the Securities and Exchange Commission, except those defined as “smaller reporting companies” will still have to convert to CECL on January 1, 2020. All other institutions will have until 2023 to convert.
Virtually all stakeholders, from consumer advocates to financial institutions, have called on FASB to delay implementation. AFSA is pleased to see that the Board has delayed the implementation but continues to call for a rigorous impact study before moving forward with the standard. AFSA continues to back legislation in Congress to delay implementation until this study is completed.
FASB Approves Delay of CECL
Oct 17, 2019
The Financial Accounting Standards Board yesterday unanimously delayed implementation of the Current Expected Credit Loss accounting standard until 2023 for most financial institutions. Banks that file with the Securities and Exchange… Read the rest
Consumer Advocates, Industry Agree: CECL Should be Delayed
Oct 16, 2019
For months, the American Financial Services Association and other financial-services industry partners have urged the Financial Accounting Standards Board (FASB) to delay implementation of the new Current Expected Credit Loss (CECL)… Read the rest
AFSA Comments on HMDA Proposed Rule
Oct 15, 2019
On Tuesday, October 15, the American Financial Services Association submitted a comment letter on the Consumer Financial Protection Bureau (CFPB)’s Advanced Notice of Proposed Rulemaking amending the October 2015 final rule on… Read the rest
Gen Z: Your Future Customers & How to Reach Them
Oct 14, 2019
The AFSA Annual Meeting is next week and this is our last program update! Are you joining us in Nashville? There's still time to register and hear from Michael Marx, Senior Director of Reasearch and Insights at Visa on creating products … Read the rest
CFPB Next to Get the House Financial Services Committee Treatment
Oct 11, 2019
On October 9, 2019, House Financial Services Chair Maxine Waters (D-CA) announced a new slate of committee hearings and markups. One notable session, scheduled for October 16, 2019, is entitled, “Who is Standing Up for Consumers? … Read the rest
Becerra Releases Proposed CCPA Regulations
Oct 10, 2019
Today, California Attorney General Xavier Becerra released the office’s long-awaited proposed regulations implementing the California Consumer Privacy Act (CCPA). AFSA previously submitted comments on behalf of its members,… Read the rest
AFSA Files Motion for Preliminary Injunction in NV Suit
Oct 09, 2019
Yesterday, AFSA filed a motion for a preliminary injunction in its lawsuit in federal court seeking to enjoin enforcement of the spousal credit history provisions of Nevada SB 311/Ch. 280. The motion is available here.
AFSA first filed suit… Read the rest
How Real-Time Payments Drive Satisfaction
Oct 08, 2019
Join us on October 17 at 2:00 p.m. ET for How Real-time Payments Drive Satisfaction, presented by ACI.
Are you ready for real-time payments? Is your strategy set?
Register today we discuss real-time payments and how they can instantly create
AFSA Annual Meeting Hot Topic: Cybersecurity
Oct 07, 2019
Sarah Bloom Raskin is one of the distinguished leaders of the financial services sector, having served as Deputy Treasury Secretary under President Obama from March of 2014 until January of 2017, as the highest-ranking woman in Treasury … Read the rest