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CSBS Supports FDIC Request to Delay Certain FASB Rules Due to COVID-19

Washington, D.C. – Conference of State Bank Supervisors President and CEO John W. Ryan statement on a letter from FDIC Chair Jelena McWilliams to the Financial Accounting Standards Board (FASB) urging a delay in transitions to and exclusions from certain accounting rules due to COVID-19:

“State regulators believe banks are well positioned and ready to work with their customers as the global COVID-19 pandemic impacts their communities. We fully support FDIC Chairman McWilliams’ request to FASB to address two significant impediments. Allowing institutions to delay their transition to the Current Expected Credit Losses (CECL) methodology will give banks more time to focus on their customers. In addition, providing clarity on the treatment of COVID-19 related loan-modifications for accounting purposes would encourage banks to help their customers in this time of need.”

Media Contact:  Susanna Barnett, 202-407-7156, [email protected]

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