Washington, D.C. (March 28, 2016)—Independent Community Bankers of America® (ICBA) President and CEO Camden R. Fine released this statement on the Financial Accounting Standards Board’s naming of ICBA Vice Chairman Timothy K. Zimmerman to its council on the Current Expected Credit Loss standard.
“ICBA is pleased that the Financial Accounting Standards Board has named Tim Zimmerman to its Transition Resource Group. As a certified public accountant and president and CEO of Standard Bank in Monroeville, Pa., Tim is an expert on how the Current Expected Credit Loss accounting standards update would affect community banks if it is not reformed. Tim is an ICBA leadership community banker and has worked closely on this issue with FASB, including as a community bank representative at FASB’s Feb. 4 roundtable meeting on the CECL standard.
“Tim will continue his efforts to reform the proposed accounting standard, which would hinder community banks’ ability to continue meeting the needs of their local customers and communities. ICBA has long urged FASB to avoid day-one losses for community financial institutions as they transition to the new standard and originate new loans. The final update should also promote the use of simple spreadsheet tools over complex modeling programs for smaller institutions.
“ICBA looks forward to this Friday’s first public meeting of the Transition Resource Group and to continuing our efforts to reform the CECL model, which would dramatically constrict access to credit unless FASB heeds the concerns of community bankers and many others.”
The Independent Community Bankers of America®, the nation’s voice for more than 6,000 community banks of all sizes and charter types, is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education and high-quality products and services.