Removing Barriers Blog

FASB Votes Against Proposing Changes to CECL
Posted April 04, 2019 by CUNA Advocacy

Yesterday, the Financial Accounting Standards Board voted unanimously against formally issuing changes to the CECL accounting standard that would have affected how credit losses are recorded. The changes, suggested by a group of regional banks, were the subject of a January roundtable at FASB’s headquarters in Norwalk, CT.

While voting against the proposal, several Board members noted it included issues previously considered and dismissed during the CECL deliberation process, others commented that it did not pass a cost-benefit analysis. One Board member stated that, at this late stage, “it would be inappropriate and, in fact, unfair, for us to go back and start re-litigating decisions.”