Rep. Blaine Luetkemeyer (R-Mo.) introduced a bill Thursday that would stave off a major bank accounting change as businesses deal with the fallout from the coronavirus.
The bill (H.R. 6429), introduced Thursday, would prohibit federal financial regulators from requiring businesses impacted by COVID-19 to comply with the current expected credit losses (CECL) accounting standard for six months.
- Luetkemeyer is a long-time foe of the accounting overhaul, which went into effect in January for large publicly traded businesses. Banks for the first time will show the results of their new loan loss estimates in their first quarter financial ...