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ABA: The American Bankers Association
Statement

ABA Applauds FDIC Recommendation to Delay CECL

“We applaud today’s call by FDIC Chairman McWilliams for FASB to delay required implementation of the CECL accounting standard for financial institutions. ABA has long called for delaying CECL until a quantitative impact study can be conducted to better understand how it might impact credit availability during periods of economic stress. With economic stress now here thanks to COVID-19, it is critically important that banks of all sizes have all the tools they need to lend to creditworthy individuals and businesses.

“We also appreciate Chairman McWilliams' recommendation to exclude COVID-19-related modifications from being considered a concession when determining a troubled debt restructuring classification. This step will also assist banks that are already stepping up and responding to the needs of individual and business customers during this difficult time.

“We urge FASB to embrace the FDIC's recommendations as soon as possible so banks across the country can remain focused on helping customers, communities and the nation overcome this unprecedented challenge.”

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About the American Bankers Association

The American Bankers Association is the voice of the nation’s $22.8 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard nearly $19 trillion in deposits and extend $11 trillion in loans.

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