As federal and state regulators encourage banks and credit unions to work with customers facing financial hardships due to the coronavirus crisis, the head of the FDIC wants to delay the implementation of a new accounting standard for banks.
Following a vote last month, the Financial Accounting Standards Board yesterday formally issued its proposal to delay the deadline for many banks, credit unions and other smaller companies to delay implementing a new accounting standard that would dramatically change how lenders would treat loans.
More than 40 percent of bank and credit union professionals said in a recent survey that financial institutions should begin working on preliminary CECL calculations by the end of next year, the financial information firm Sageworks said this week.
