WASHINGTON, DC (May 22, 2019) — The National Association of Federally-Insured Credit Unions’ (NAFCU) President and CEO Dan Berger issued the following statement after Senator Thom Tillis, R-N.C., introduced the Continued Encouragement for Consumer Lending Act (S.1564), which requires a quantitative study on the potential impact of the Current Expected Credit Loss (CECL) standard:
“We thank Senator Thom Tillis and the cosponsors for introducing legislation to halt the enforcement of the CECL standard until its impact can be fully studied and understood. We encourage the Senate to act swiftly on this bill,” said NAFCU’s President and CEO Dan Berger.
“As it stands, CECL is an unnecessarily complex accounting method that only adds to the mounting regulatory stress placed upon credit unions. Taking the time to fully study the consequences of this new regulation on consumers’ access to credit and the economy as a whole is a necessary step that must be taken. More so, we continue to maintain that credit unions should be exempt from CECL.”
The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to www.nafcu.org or @NAFCU on Twitter.
