AGENCIES DELAY CECL EFFECTIVE DATE

The OCC, Federal Reserve and FDIC have published a final rule delaying the effective date of their rule to address changes in credit loss accounting under U.S. generally accepted accounting principles, including banking organizations’ implementation of the current expected credit losses methodology (CECL). The final rule had an effective date of April¬†1, 2019, and provides that banking organizations may early adopt the final rule prior to that date. The agencies have determined that a delay of the effective date to July¬†1, 2019, is appropriate.

 

A copy of the final rule is attached.

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