Congressman Blaine Luetkemeyer (MO03), Ranking Member of the Subcommittee on Consumer Protection and Financial Institutions, joined bipartisan members of the House Financial Services Committee on legislation to stop the implementation of the Financial Accounting Standards Board’s (FASB) Current Expected Credit Loss (CECL) standard. This legislation will simply stop implementation until a comprehensive study can be done to assess the potential economic effects of CECL on financial institutions and consumers across the nation. Congressman Luetkemeyer released the following statement:

“With the potential to drastically impact consumers across the nation, it is simply unacceptable to continue the implementation of CECL without understanding the broad economic implications,” said Congressman Luetkemeyer. “It has become abundantly clear that no comprehensive analysis was done to see how the most significant accounting change in decades would affect our economy. In response to the growing groundswell of concern surrounding CECL, I’m proud to join my bipartisan colleagues on this commonsense legislation.”

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