Virus Relief Bill Delays CECL Rule for Banks

The $2 trillion crisis aid package deal now headed to President Trump’s desk provides big banking companies a momentary reprieve from a big improve in lender accounting requirements, marking a unusual intervention by Congress in what is usually the domain of the Monetary Accounting Specifications Board.

Large publicly-traded banking companies ended up meant to undertake the present anticipated credit history losses (CECL) accounting typical on Jan. 1. But the CARES Act handed by the Dwelling on Friday provides them till Dec. 31 — or when the coronavirus national crisis ends, whichever arrives very first — to overhaul how they account for losses on souring financial loans.

The January 2023 deadline for privately held banking companies, credit history unions, and smaller sized public corporations to comply continues to be in place.

The CECL hold off was integrated in the bill around the objections of Kathleen Casey, chair of the Monetary Accounting

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Best of BS Opinion: YES Bank fallout, Data Protection Bill, and more

The picture gets bleaker for the financial sector

The YES Bank episode and the Personal Data Protection Bill are some new factors buffeting India’s growth story from people who are strong proponents of growth. We know what to do on these, as we do about water management. Yet there are hindrances. Uddalok Bhattacharya sums up

If there is something worse than a public-sector bank, it is a poorly regulated private sector one, says Ajay Shah.

There is no time to lose on water management, says Sunita Narain.

SBI’s presence in YES Bank will give the investor community confidence. Tamal Bandyopadhyay explains why.

A rights issue may follow.

The rules proposed by the Personal Data Protection Bill seem to go against the growth mindset, says T V Ramachandran. India’s growth trajectory may now become shaky


Women are being drugged to sit in the front row

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