For Immediate Release
June 16, 2016
ABA Media Contact: Blair Bernstein
(202) 663-5468
Email: bbernste@aba.com
Follow us on Twitter: @ABABankers​

ABA Statement on Final Current Expected Credit Loss (CECL) Rule

By Rob Nichols, ABA president and CEO

​“CECL marks the biggest change in the history of bank accounting and has the very real potential to affect how banks do business. ABA has worked closely with FASB over the last six years in an effort to create an improved credit impairment model for most debt securities and purchased loans. We appreciate the significant time and consideration FASB has given to bankers’ views as they worked on this extremely complex and difficult issue.
 
“While we continue to have strong concerns with the costs related to CECL’s life of loan loss concept, we are committed to working with both regulators and auditors to ensure banks of all sizes can meet the implementation challenges of the new standard.”
 
The American Bankers Association is the voice of the nation’s $16 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $12 trillion in deposits and extend more than $8 trillion in loans.
 
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