WASHINGTON, D.C. – Today, Congressman Blaine Luetkemeyer (MO-03) joined Congressman Gregory Meeks (NY-05) in sending a letter urging the Financial Accounting Standard Board (FASB) to suspend implementation of the Current Expected Credit Loss (CECL) accounting standard in response to the coronavirus. “There is simply too much uncertainty at this time to implement a foundational… Read more »

WASHINGTON, D.C. – Today, Congressman Blaine Luetkemeyer (MO-03) led a letter to Congressional Leadership requesting a delay in the Current Expected Credit Loss (CECL) accounting standard be included in Congress’ third coronavirus funding package. “It is clear that CECL poses a significant threat to exacerbate the current economic instability and could blunt the effectiveness of the… Read more »

WASHINGTON, D.C. – Today, Congressman Blaine Luetkemeyer (R-MO), Ranking Member of the Subcommittee on Consumer Protection and Financial Institutions introduced the Coronavirus Accounting Relief Act. This legislation would prohibit financial regulators from requiring compliance with the Current Expected Credit Loss (CECL) accounting standard for six months for any entity impacted by… Read more »

WASHINGTON, D.C. – Today, Congressman Blaine Luetkemeyer (R-MO), Ranking Member of the Subcommittee on Consumer Protection and Financial Institutions, introduced a bill to replace the position of the Director at the Consumer Financial Protection Bureau (CFPB) with a five-member bipartisan commission. “As former CFPB Director Mick Mulvaney said himself, the CFPB’s ‘lack of… Read more »

WASHINGTON, D.C. – Today, at a hearing entitled “The Community Reinvestment Act: Is the OCC Undermining the Law’s Purpose and Intent?” in the House Financial Services Committee, Congressman Blaine Luetkemeyer (MO-03) addressed much needed updates to the Community Reinvestment Act (CRA). “Today we’re here to discuss the Community Reinvestment Act and I stress the word ‘community,’… Read more »

WASHINGTON, D.C. – Today, Congressman Blaine Luetkemeyer (MO-03) spoke on the House floor regarding legislation from Democrats that would put the federal government in charge of establishing credit scores for consumers, subsequentially weakening one of the most objective, accurate ways to determine a borrower’s credit worthiness. “Thank you, Mr. Speaker. “The bill we are… Read more »

WASHINGTON, D.C. – Today in the Subcommittee on Investor Protection, Entrepreneurship and Capital Markets at a hearing entitled “An Examination of the Financial Accounting Standards Board and the Public Company Accounting Oversight Board,” members from both sides of the aisle expressed serious concern with FASB’s CECL accounting standard. During his questioning, Congressman Blaine… Read more »

WASHINGTON, D.C. – Today, U.S. Rep. Blaine Luetkemeyer (MO-03), Chairman of the Financial Institutions and Consumer Credit Subcommittee, issued the following statement after the hearing entitled “Examining Opportunities and Challenges in the Financial Technology (“Fintach”) Marketplace.” Read more »

U.S. Rep. Blaine Luetkemeyer (MO-03), Chairman of the House Subcommittee Financial Institutions and Consumer Credit issued the following statement after Jay Powell was confirmed as the next chairman of the Federal Reserve Read more »

U.S. Rep. Blaine Luetkemeyer (MO-03) issued the following statement after the Financial Institutions and Consumer Credit Subcommittee hearing entitled “Legislative Proposals for a More Efficient Federal Financial Regulatory Regime: Part III.” Read more »