Bank Regulators Clarify CECL Delays
The CARES Act and an interim final rule by bank regulators provided conflicting guidance on CECL implentation, prompting federal bank regulators to issue another joint statement clarifying the rule. According to the statement, banks subject this year to the new...
People’s United Won’t Swear Off Future Mergers
Changing market dynamics and accounting standards will not change People’s United Bank’s strategy around mergers and acquisitions, bank executives said during the bank’s third quarter earnings conference call on Thursday. The bank maintains 11 branches throughout the...
FASB Formally OKs CECL Delay for Some Banks, Credit Unions
The Federal Accounting Standards Board voted on Oct. 16 to delay the new current expected credit loss standard for some companies. In its decision, FASB said the delay would provide additional implementation time for eligible entities. The delay does not apply to...
Despite Partial CECL Delay, Industry Trade Groups Still Seek Further Study
Many banks and credit unions will have additional time to prepare for the new Current Expected Credit Loss accounting system after the Financial Accounting Standards Board recently voted to delay implementation for a select group. Public banks that are SEC filers...This Week’s Paper: Digital Edition
