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Banks appeal to Treasury to intervene on CECL

Tammy Whitehouse | October 19, 2018

A pending new accounting standard on credit losses could undermine the stability of the financial system in a recession and should be delayed so it can be further studied, according to nearly 50 banks that are asking the U.S. Treasury to intervene.

The Financial Accounting Standards Board is studying a request from Greg Baer, CEO of Bank of America and chairman of the newly formed “Bank Policy Institute,” addressed to Treasury Secretary Steven Mnuchin asking for a review by the Financial Stability Oversight Council of the systemic and economic risks posed by implementing the accounting standard. The “current expected credit loss” approach to recognizing loan losses in financial statements required under the new standard will threaten stability...

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