A House Financial Services subcommittee held a hearing this week on the oversight of FASB and the PCAOB. A number of lawmakers, in bipartisan fashion, questioned FASB’s wisdom in adopting CECL before studying what the rule’s impact would be on lending, and whether it would disproportionately impact low- to moderate-income borrowers. Among those critical of FASB’s CECL process was U.S. Rep. Gregory Meeks (D-Brooklyn).
For more information, please contact:
Michael P. Smith, President, NYBA, at (212) 297-1699
Clare M. Cusack, General Counsel, at (212) 297-1664
Megan Rowan McGovern, Deputy General Counsel & VP, Government Relations, at (212) 297-1669