On April 16, Senators Jerry Moran (R-KS) and Thom Tillis (R-NC) wrote to Securities and Exchange Commission Chairman Jay Clayton asking for equal implementation of the current expected credit losses (CECL) time frames on accounting standards and capital treatment across financial institutions. The Senators wrote: “We believe this necessitates you applying and enforcing the equal implementation of time frames on accounting standards and capital treatment across all financial institutions.” Section 4014 of the CARES Act provides for an optional deferral from implementation of the CECL accounting standard until the national emergency terminates (or December 31, 2020). On March 25 SFA wrote Chairman Clayton asking for CECL implementation parity across financial institutions and their parent companies.

Read the letter here.