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ABA: The American Bankers Association
Statement

ABA Statement on FASB Vote to Delay CECL for Small Companies

“With today’s vote to delay CECL implementation for smaller companies, FASB acknowledges the significant challenges of complying with one of the most sweeping accounting changes in years. We remain deeply disappointed that FASB has yet to take the logical next step of pausing implementation for all companies until a rigorous quantitative impact study can be completed to assess its full effects. Major market participants including investors, consumer groups, auditors and financial institutions, as well as members of Congress from both parties, have all called for such a delay given concerns that CECL could harm the broader economy and vulnerable populations in particular.

“While we view this as a missed opportunity, FASB still has time to do the right thing and put CECL on pause for all companies until it can determine its impact. If FASB chooses to proceed over the objections of market participants, we urge lawmakers to quickly take up the bipartisan ‘Stop and Study’ bills in both the House and Senate to ensure the economy is spared the potential harm from a new accounting standard that carries too much unnecessary risk.”

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About the American Bankers Association

The American Bankers Association is the voice of the nation’s $22.5 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $18 trillion in deposits and extend nearly $11 trillion in loans.

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