As advocated by ICBA, the Financial Accounting Standards Board unanimously voted
to delay implementation of its Current Expected Credit Losses accounting standard for many community banks.
The vote delays until January 2023 CECL's effective date for private companies and small public companies with a public float of less than $250 million.
When FASB proposed the delay in July, ICBA said it supports the plan to help minimize the negative impact of CECL. ICBA also filed a comment letter in support of the plan.
Nevertheless, ICBA continues working to ensure CECL relief for all community banks and supports Senate and House legislation that would require regulators to study CECL's impact and delay its effective date by one year.
ICBA has worked with FASB officials since 2011 to achieve several substantive improvements to CECL and will continue advocating a more flexible CECL environment for community banks, as noted in its interactive online timeline.