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ABA: The American Bankers Association
Statement

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

“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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About the American Bankers Association

The American Bankers Association is the voice of the nation’s $20.3 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $15.8 trillion in deposits and extend nearly $11 trillion in loans.

Press Contact

Blair Bernstein

(202) 663-5468

Contact Blair
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