Banks ask Fed to delay CECL impact on stress testing
Fed asked not to incorporate accounting switch’s impact into CCAR submissions until 2021
US banks are asking the Federal Reserve to wait until 2021 before they require lenders to incorporate the impact of forthcoming accounting changes into their annual stress-test submissions.
Already faced with a potentially large hit to capital from the switch to the Current Expected Credit Loss accounting standard, bank lobbyists are calling for a stay of execution, as well as a quantitative impact study (QIS) to determine how CECL will interact with the watchdog’s annual stress-testing
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