Public comment on delay of implementation of CECL; Agency focus on transition away from LIBOR; FDIC finalized Part 370 rule amendments.
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.
Financial services legislative and regulatory news