Bloomberg Tax
March 26, 2020, 9:51 AM

Congress Poised to Derail Biggest Bank Accounting Change in Decades

Nicola M. White
Nicola M. White

The Senate on Wednesday took the unprecedented step of trying to force a delay of the biggest change to bank accounting in decades as part of a wide-ranging coronavirus economic relief package.

The provision is tucked inside the sweeping measure (H.R. 748) passed by the Senate late Wednesday. The House is expected to vote on the package Friday. The provision would allow banks and credit unions temporary relief from the current expected credit losses (CECL) accounting standard. It would give them until Dec. 31—or when public health officials declare the pandemic over, whichever comes first—to overhaul ...

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