Government Relations Call To Action
Despite the promises that CECL calculations "should" be a simple process for traditional banks, we have yet to see a simple solution. The regulators seem to be facing the same problem, as they have expressed their frustration on training examination staff. The complexities raise the question with bankers, regulators and legislators as to what possible benefit can be derived from these artificial calculations.
As a result, reasonable consideration seems to be entering the picture.
HR 3182 was introduced this week in Congress by a bipartisan group of Representatives. This bill would halt the implementation of the expected credit loss standard of CECL until an impact study can be completed. There are 10 cosponsors so far.
Kentucky legislators have not yet signed on as cosponsors, but from our conversations with our delegation this would not appear to be as a result of lack of interest. We will be contacting our delegation and asking each to sign onto HR 3182 and we ask that you do the same.
This link will take you to a fillable email form. Completing your address links you to your House Representative. Customize your message, and click send. Be sure to personalize your communications regarding your experience with CECL implementation and value.