As a result of ongoing advocacy by the industry to communicate the significant operational challenges and potential economic consequences arising from the current expected credit loss standard, the Financial Accounting Standards Board voted last week to delay the implementation of CECL for some—but not all—companies.

The ABA is calling on FASB to expand the extension to include banks of all sizes and continues to urge bankers to contact their lawmakers to support legislative efforts that would delay CECL’s implementation. Congress is currently considering two bills—S. 1564 and H.R. 3182—that would delay the standard so that a quantitative impact study can be conducted to determine the full implications CECL will have on the availability of credit in communities nationwide. Contact your lawmakers now.