The industry called for modifications to the regulator's phase-in proposal on the new credit loss standard while acknowledging the broader changes it wants are up to the Financial Accounting Standards Board.
At a time when the industry is focused on serving members and assisting with the economic recovery, executives shouldn't be burdened by a costly new credit loss methodology.
Two bills — one providing relief from a loan accounting standard and another extending forebearance measures — would collectively contain credit losses.
Lawmakers should go further than their recent criticism of the Financial Accounting Standards Board's loan-loss rule and just hand over its duties to the Securities and Exchange Commission.
Lenders grew more optimistic that Congress will undo or narrow the loan-loss accounting standard after members of a House subcommittee assailed Russell Golden for approving the rule without studying its impact on credit availability.
Hal Schroeder of FASB claims that investors have no confidence in the current loss standard. Several investors at a prominent accounting conference disagree.
