FDIC chairman urged an accounting rule maker to make delays or exceptions to certain accounting rules to help financial institutions tackle the fallout from the coronavirus pandemic
By Mark Maurer and Matt Grossman March 19, 2020 6:19 pm ET The chairman of the Federal Deposit Insurance Corp. on Thursday urged an accounting rule maker to make delays or exceptions to certain accounting rules to help financial institutions tackle the fallout from the coronavirus pandemic.
Newsletter Sign-up The rule, known as Current Expected Credit Losses, or CECL, requires companies to forecast expected loan-related losses as soon as a loan is issued. It went into effect for large U.S. public companies in December. The FDIC approved a measure in 2018 allowing banks to take three years to phase in the impact of the rule on their regulatory capital.
The regulator also sought a delay for certain lenders that were expected to adopt the rule after December 2022. Financial institutions are better off focusing on ensuring the safety of their staff, customers and local communities, Ms. McWilliams wrote.Market volatility related to the pandemic is expected to make the implementation of CECL challenging for companies because of the difficulty in making predictions about credit risk, especially if they rely on economic indicators for forecasting.
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