WASHINGTON, D.C. –  On October 18, Congressman Blaine Luetkemeyer (MO-03), Ranking Member of the Subcommittee on Consumer Protection and Financial Institutions, sent a letter to Treasury Secretary Steven Mnuchin urging the Financial Stability Oversight Council (FSOC) to require the Office of Financial Research (OFR) to conduct a study on the Current Expected Credit Loss (CECL) accounting standard.

“FSOC was established to protect the financial system of the United States and OFR conducts the essential analyses and research necessary for FSOC to accomplish its statutory goal. Numerous industries and organizations have voiced concern over the impact CECL will have, not only on businesses, but on the individuals and families they serve,” the members said in the letter. “These wide-ranging effects have certainly reached a point where more information is needed to understand any potential negative impact CECL could have.”

The full text of the letter can be read here.