The Securities and Exchange Commission may be hands-off with respect to the pending credit losses standard, but the House Financial Services Committee is holding a hearing on the expected effect of the accounting change on the economy.
The House committee is convening experts from Capital One Financial Corp., Moody’s Analytics, Stieven Capital Advisors, and the newly formed Bank Policy Institute to hear their views on how Accounting Standards Codification Topic 326 will affect financial institutions and the economy. The hearing will explore “the availability and affordability of credit as well as the potential burden on financial institutions” resulting from the new standard, according to a memo to staff.
