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For Immediate Release
June 11, 2019
ABA Media Contact: Blair Bernstein
(202) 663-5468
Follow us on Twitter: @ABABankers

ABA Applauds Lawmakers for Introducing CECL ‘Stop and Study’ Bill

By Rob Nichols, ABA president and CEO

​“We welcome the introduction of the CECL Consumer Impact and Study Bill of 2019 by Rep. Vicente Gonzalez and Rep. Ted Budd and appreciate their leadership on this important issue. This bipartisan legislation, cosponsored by eight other House lawmakers, would require FASB to delay the implementation of CECL until a quantitative impact study can be completed. A rigorous study conducted by regulators is needed to assess the effect this new standard will have on the ability of financial institutions to serve their customers and support the broader economy, particularly when the economy is under stress.
“We urge Congress to quickly consider this bill, as well as the Continued Encouragement for Consumer Lending Act introduced in the Senate, and delay the implementation of CECL until we have a better understanding of its true economic impact."
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The American Bankers Association is the voice of the nation’s $18 trillion banking industry, which is composed of small, regional and large banks. Together, America’s banks employ more than 2 million men and women, safeguard nearly $14 trillion in deposits and extend more than $10 trillion in loans.