Community banks and credit unions are enthusiastic about the Financial Accounting Standards Board’s (FASB) recent proposal to delay the effective date of the Current Expected Credit Loss (CECL) accounting standards until 2023 for certain smaller financial entities.
Many advocacy organizations have pushed for a delay in CECL’s implementation and expressed strong support for legislation introduced in the House and Senate that would compel federal regulators to “stop and study” the impact CECL would have on smaller institutions.
Find out more details about the proposal and the industry’s reaction.