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Luetkemeyer Cites Bipartisan Concerns, Introduces Legislation to Block CECL

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Washington, December 21, 2018 | comments

Congressman Blaine Luetkemeyer, Chairman of the Subcommittee on Financial Institutions and Consumer Credit, has been at the forefront of the conversation surrounding the Financial Accounting Standards Board’s (FASB) Current Expected Credit Loss (CECL) standard. Several months ago, Chairman Luetkemeyer co-hosted a roundtable discussion with members of the House Financial Services Committee, regulators and stakeholders to discuss possible implications for our economy. Just last week, Chairman Luetkemeyer held a hearing, bringing together a panel of expert witnesses to discuss concerns.

Today, Chairman Luetkemeyer has sent letters to FASB Chairman Russell Golden and SEC Chairman Jay Clayton urging them to reconsider the CECL rule. Additionally, Chairman Luetkemeyer has introduced legislation prohibiting federal financial regulators from requiring compliance with CECL:

“CECL is the most significant accounting change to the banking industry in decades and frankly, a solution in search of a problem. I join my colleagues on both sides of the aisle who have expressed strong concerns over the broad economic impacts of this rule,” said Chairman Luetkemeyer. “My legislation will ensure that financial institutions are not required to comply with CECL in its current form. Ultimately, we need a rule and enforcement mechanism that reflects the realities of banking, and I look forward to working with FASB, financial regulators and stakeholders to make that a reality.”

For the full text of Congressman Luetkemeyer’s legislation please click here.

Letter from Chairman Luetkemeyer to FASB Chairman Russell Golden

Letter from Chairman Luetkemeyer to SEC Chairman Jay Clayton

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