Congressman Blaine Luetkemeyer (MO-03), Ranking Member of the Consumer Protection and Financial Institutions Subcommittee, requested additional information regarding the effects of the Financial Accounting Standards Board’s (FASB) Current Expected Credit Loss (CECL) rule on Government Sponsored Enterprises (GSEs) in a letter to Acting Director of the Federal Housing Finance Agency Joseph Otting. Congressman Luetkemeyer released the following statement:

“As the most significant accounting change in decades, I’ve expressed my strong concerns over the broad impacts of the CECL rule. With GSEs holding more than $5 trillion dollars in mortgage backed securities, the potential effects of this rule could drastically affect our economy and the housing market. It is irresponsible to move towards implementation until the effects of CECL on GSEs can be fully understood and I look forward to Acting Director Otting’s response to this important inquiry.”

For the full text of the letter, please click here.

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