Washington Report 360 | July 19, 2019

Public comment on delay of implementation of CECL; Agency focus on transition away from LIBOR; FDIC finalized Part 370 rule amendments.

Key highlights

  • FASB agreed to seek public comment on a proposal to delay implementation of the Current Expected Credit Loss (CECL) accounting standard for small public lenders, private lenders, and nonprofit lenders.
  • Agencies are focusing on issues related to the transition away from LIBOR; NY Fed President and the SEC encourage firms to work now on managing the transition.
  • The FDIC finalized amendments to its Part 370 rule permitting covered institutions an optional one-year delay from the April 1, 2020 compliance date.

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