Banks and credit unions have thrown support behind legislation proposing that the Financial Accounting Standards Board (FASB) put the brakes on implementation of its current expected credit loss (CECL) accounting standard and to conduct a quantitative study of its impact to capital and the economy.
Senate Banking Committee Member Thom Tillis (R-N.C.), introduced the “Stop and Study” bill, also known as the Continued Encouragement for Consumer Lending Act (S. 1564) in response to concerns expressed by various industry professionals.
Find out more details about the bill and the industry’s support for its passage.