Jump to Content
ABA: The American Bankers Association
Statement

ABA Statement on Senate Introduction of CECL ‘Stop and Study’ Bill

“We applaud Sen. Thom Tillis and members of the Senate Banking Committee for introducing the Continued Encouragement for Consumer Lending Act. This important legislation would require FASB to delay the implementation of CECL until a quantitative impact study can be completed that can assess the new accounting standard’s true economic impact.

“An ABA review of preliminary bank estimates indicates CECL would likely cause significant spikes in loan loss reserves and inadvertently restrict consumer lending during periods of economic stress. Only a rigorous quantitative impact study conducted by regulators can properly assess the effect this new standard will have on financial institutions, their customers and the broader economy. This commonsense legislation would make that happen.

“We urge Congress to quickly consider this bill and put CECL on pause until we have a clearer picture of its potential impact.”

###

About the American Bankers Association

The American Bankers Association is the voice of the nation’s $18.6 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 $14.5 trillion in deposits and extend more than $10.5 trillion in loans.

Press Contact

Blair Bernstein

(202) 663-5468

Contact Blair
Useful Links

Resources for the Media