Congressman Blaine Luetkemeyer (MO-03), Chairman of the Subcommittee on Financial Institutions and Consumer Credit, held a roundtable discussion today. Bringing together banking stakeholders, Financial Accounting Standards Board (FASB) officials, and financial regulators to discuss FASB’s Current Expected Credit Loss (CECL) rule, Chairman Luetkemeyer released the following statement:

“Today, I had the opportunity to sit down with stakeholders to discuss FASB’s misguided CECL rule. The reality is, financial institutions across the nation have expressed a tremendous amount of concern regarding this rule. We had a very productive conversation today, but our work on this issue is not done,” said Chairman Luetkemeyer. “I will continue to urge FASB to reconsider the rule and urge the regulators to provide clarity on how they will examine for this rule. I also thank my House Financial Services Committee Colleagues Congressman Ted Budd, Congressman Lee Zeldin, and Congressman Bill Huizenga for their leadership on this issue.”