A new bill intended to block CECL is awaiting action in the Senate Banking Committee, much to the delight of big banks.
Sen. Thom Tillis (R-N.C.) introduced a bill to require the Securities and Exchange Commission and other federal agencies to study the economic effects of a pending new accounting standard on credit losses before it would be allowed to go into effect. Written and codified by the Financial Accounting Standards Board, the new standard is scheduled to take effect for calendar-year public companies beginning Jan. 1, 2020. FASB declined to comment on the new legislation.
