In March, KPMG surveyed lenders to check their progress on implementation of the CECL (Current Expected Credit Losses) reporting requirement. Just as the first calendar quarter was about to close the COVID-19 lockdown began and the banks and other lending institutions we surveyed were just beginning to grapple with the implications of the sudden economic disruption. In June, we repeated the survey with more respondents and found that many of the same challenges that financial institutions faced at the end of the first quarter are still issues. Indeed, the increased number of modified loans and distressed borrowers has introduced new challenges. In the new survey we took the pulse of lenders on recent regulatory updates, the expected impact of the economic downturn on the CECL methodology, and estimates for the second period of reporting earnings under CECL.