FDIC Chairman Jelena McWilliams asked the Financial Accounting Standards Board to either delay or rollback its new current expected credit losses (CECL) accounting rules
to the Financial Accounting Standards Board, the administrator of CECL, the FDIC argued that helping the economy was bigger priority than accounting for a rainy day that’s already here.
The FCIC is seeking to exclude COVID-19-related modifications from being considered when determining a troubled debt restructuring classification, which have to be provisioned for. As well, it aims to permit financial institutions currently subject to the CECL methodology to optionally postpone implementation. Finally, it is calling for a moratorium on the effective date of CECL for banks like small community lenders, which aren’t yet subject to the accounting change.
Community Bank Regulatory Relief Act, asking for some similar regulatory forbearance. They also seeking
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