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For Immediate Release
January 28, 2019
ABA Media Contact: Blair Bernstein
(202) 663-5468
Follow us on Twitter: @ABABankers

ABA Statement on FASB CECL Roundtable

By Rob Nichols, ABA president and CEO

​“While we applaud FASB for holding today’s roundtable on the Current Expected Credit Loss standard, the discussion confirmed that the operational challenges of CECL are significant, and that stakeholders are concerned about the real and potentially severe impact it could have on customers and communities.  It is clear that in its current form CECL will alter the economics of lending, and these unintended consequences will result in changes to product mix, credit availability and cost of credit, particularly to consumers and small businesses. With this in mind, we continue to strongly believe the standard should be delayed until the banking agencies conduct a quantitative impact study to determine the best way to mitigate those consequences.”
 
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The American Bankers Association is the voice of the nation’s $17 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $13 trillion in deposits and extend nearly $10 trillion in loans.