Luetkemeyer on Inclusion of Short-Term CECL Delay in Phase Three Coronavirus Funding Bill
Washington, March 26, 2020
Tags: Financial Services
WASHINGTON, D.C. – Today, Congressman Blaine Luetkemeyer (MO-03) released the following statement regarding the short-term implementation delay of the Current Expected Credit Loss (CECL) accounting standard that has been included in the phase three coronavirus funding bill.
“The inclusion of a short-term CECL delay is a good start, but there is more to be done. This provision acknowledges the procyclical nature of CECL is a threat to our economy and the ability for small businesses to access credit when they need it most. FASB’s cavalier attitude toward the current crisis and American consumers has made it clear that Congress must step in. I look forward to working with members in both chambers to delay CECL even further and finding a permanent solution.”
Last week, Congressman Luetkemeyer led a letter to Congressional Leadership requesting a delay in the Current Expected Credit Loss (CECL) accounting standard be included in Congress’ third coronavirus funding package. Click HERE to read the letter.