On Nov. 5, AFSA joined several financial institutions in a proposal to the Financial Accounting Standards Board (FASB) regarding Accounting Standards Update 2016-13, better known as CECL. CECL, or current expected credit loss, is a new accounting standard that will change how financial institutions account for expected credit losses.
FASB implemented the CECL standards in response to the financial crisis. The new standards will have a broad impact on the financial services industry. They will apply to institutions that issue credit, though the implementation dates vary. For SEC filers, the standard is effective for fiscal years beginning after Dec. 15, 2019. Other entities have an additional year. As a result of these new standards, many predict a significant increase in expected credit loss reserve levels.
The joint proposal aims to help FASB meet its goal of preventing another crisis while avoiding unintended consequences of additional capital cost passed on to consumers and small business through higher prices, reduced loan tenors, and less access to credit for already underserved borrowers.
AFSA Comments on Accounting Standards
Nov 05, 2018
On Nov. 5, AFSA joined several financial institutions in a proposal to the Financial Accounting Standards Board (FASB) regarding Accounting Standards Update 2016-13, better known as CECL. CECL, or current expected credit loss, is a new … Read the rest
Resource Directory Featured Listing: GOLDpoint Systems
Nov 01, 2018
November’s featured Resource Directory listing is GOLDpoint Systems. GOLDPoint Systems offers one of the most complete Loan Management Software Systems in the Direct and Indirect market, covering the complete loan life cycle. … Read the rest
AFSA Webinar to Cover Digital Customer Engagement
Oct 30, 2018
Join us on Tuesday, November 6 at 2 p.m. ET as ACI Worldwide presents Text Talk: Customer Engagement & Payments Go Mobile.
Mobile devices have indisputably taken a central role in our lives, with consumers now happily paying for almost… Read the rest
AFSA Files Amicus in 9th Circuit Case
Oct 30, 2018
On Oct. 29, AFSA filed an amicus brief in support of Toyota Motor Credit Corp. in a case in front of the 9th Circuit. The matter originated in the bankruptcy court. The court is being asked to decide the enforceability of a lease assumption agreement… Read the rest
AFSA Announces New Board Leadership; Executive Staff Succession Plan
Oct 26, 2018
WASHINGTON–(BUSINESS WIRE)–The American Financial Services Association (AFSA) today announced that its Board of Directors has elected a new chairman, chair-elect and vice chairman-treasurer for the next 12 months. Additionally,… Read the rest
AFSA Webinar to Cover Digital Customer Engagement
Oct 25, 2018
Join us on Tuesday, November 6 at 2 p.m. ET as ACI Worldwide presents Text Talk: Customer Engagement & Payments Go Mobile.
Mobile devices have indisputably taken a central role in our lives, with consumers now happily paying for almost… Read the rest
Four Consumer Credit Executives Recognized for Distinguished Service
Oct 23, 2018
Four consumer credit industry executives were honored with the 2018 American Financial Services Association (AFSA) Distinguished Service Award (DSA) during AFSA’s 102nd Annual Meeting this week in Marina del Rey, Calif.
The association’s… Read the rest
AFSA Submits TCPA Comment to FCC
Oct 22, 2018
AFSA and the Consumer Mortgage Coalition submitted comments to the Federal Communications Commission (FCC) on the Telephone Consumer Protection Act (TCPA). The FCC asked for comment on a recent 9th Circuit panel decision in Marks v. Crunch… Read the rest
Pew Report Confirms Benefits of Installment Lending
Oct 18, 2018
The Pew Charitable Trusts released a report on installment loans entitled State Laws Put Installment Loan Borrowers at Risk: How outdated policies discourage safer lending. It is important to note that this title is misleading to readers… Read the rest
AFSA Webinar to Cover Digital Customer Engagement
Oct 18, 2018
Join us on Tuesday, November 6 at 2 p.m. ET as ACI Worldwide presents Text Talk: Customer Engagement & Payments Go Mobile.
Mobile devices have indisputably taken a central role in our lives, with consumers now happily paying for almost… Read the rest