releases: https://budd.house.gov/news/documentsingle.aspx?DocumentID=466
Data license: MIT · Data source: dwillis/congress-press
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| https://budd.house.gov/news/documentsingle.aspx?DocumentID=466 | Budd Introduces Bill Blocking CECL | 2018-12-21 | 2018 | 2018-12 | Republican | House | NC | Ted Budd | B001305 | budd.house.gov | legacy | Washington, D.C. - U.S. Representative Ted Budd (R-NC) released the following statement after introducing legislation that would block the Current Expected Credit Loss, or CECL, accounting standards from going into effect as they currently exist: The implementation of CECL accounting standards is something I have been concerned about for sometime. I've tried to shine a spotlight on the issue and highlight the negative impacts that FASB's new accounting standard will have on community financial institutions and the customers they serve. A few weeks back, I launched a website on the topic where folks could share their concerns with the new standard. I want to highlight a few, which show why I am so passionate about stopping this from taking effect and introduced legislation to that end today. A small community banker in New Hampshire said that CECL will restrict our capital. Moreover, this extra cost will have to be absorbed by our customers. A banker from New Mexico tells me that CECL will undoubtedly result in more small, rural family owned banks throwing in the towel. And finally, a rural Minnesota banker tells me that Our bank operates in a small rural market, and the CECL requirement to find appropriate economic statistics which can predict future loan losses will force us to use statistics for relatively distant metro markets in our small towns. He continues that using irrelevant statistics to project hypothetical future losses means we will be forced to make loss reserve decisions in significant part on the basis of statistical noise. "To summarize my view, CECL will not only cause harm by potentially impacting the ability of financial institutions to continue lending in stressful economic environments, but it's quite literally a solution in search of a problem. We need to hit pause. I want to thank Representative Blaine Luetkemeyer (R-MO) in particular for leading this bill and for being steadfast on this issue. He, along with many others from both sides of the aisle on the House Financial Services Committee, have been on top of this for some time of which I am grateful." You can view the bill text here. | 1 | 2026-03-30T12:14:52Z | 2026-03-30T12:14:52Z |