Several financial trade advocates and individual banks weighed in on a proposed interagency policy statement on current expected credit loss (CECL) standards just before the notice-and-comment period expired.
A large swath of the comments requested clarity on banking regulators’ expectations for certain institutions, as well as how some current commonplace accounting practices might change under the new standards – for which mandatory compliance dates differ for entities of varying sizes and business types.
Get more insight on the industry’s reaction to the proposed guidance.