Fed and agencies want further CECL changes to account for existing US rules

The federal banking agencies (Federal Reserve, FDIC, OCC) proposed a revision to their regulatory capital rules to address and provide an option to phase in the regulatory capital effects of the new accounting standard for credit losses, known as the Current Expected Credit Losses (CECL) methodology. Last week, the Fed announced it had approved a rules change on CECL for the phased-in approach to adoption.

This allows banking organizations to phase in the day-one regulatory capital effects of CECL adoption over three years. The current proposal would revise the agencies’ regulatory capital rules and other rules to take into consideration differences between the new accounting standard, but will also include existing US generally accepted accounting principles.

Read the full release 

 

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