Congressman Blaine Luetkemeyer (MO-03), Ranking Member of the Consumer Protection and Financial Institutions Subcommittee, has been leading the charge to stop and study the potential economic impacts of the Financial Accounting Standards Board’s (FASB) Current Expected Credit Loss (CECL) standard. Today, FASB voted to delay the implementation date of CECL for some smaller institutions. Congressman Luetkemeyer released the following statement:

“Without a commitment to better understand the broad economic consequences of CECL, an implementation delay is merely a halfhearted attempt to placate its opponents. This is not an acceptable alternative to a comprehensive analysis of the standard’s potential economic effects on financial institutions and consumers across the nation,” said Congressman Luetkemeyer. “Today’s vote is a clear indication that FASB is facing immense pressure to address the concerns surrounding CECL, but delaying is not enough.”

In June, Congressman Luetkemeyer joined bipartisan members of the House Financial Services Committee to introduce legislation to stop the implementation of CECL until a comprehensive study could be done on the potential economic implications.

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