Please note: We understand that some banks have already implemented CECL at their institution and didn’t send a note to Congress. If your bank falls into this category, please send a note to Rose Oswald Poels via email.

Please ask your member of Congress to support legislation delaying the implantation of FASB’s CECL standard until regulators fully study and understand the effect this new standard will have on financial institutions, their customers, and their communities. 

Why delay CECL? To study the potential impacts before implementation. We know Financial Accounting Standard Board’s (FASB) new Current Expected Credit Loss (CECL) poses operational challenges and additional costs for banks. However, we don’t know how it will change credit availability, product mix, cost of credit, or how the last several years of strong growth will change the modeling. Until the analysis is complete, CECL should be delayed. 

Take a moment to ask your lawmakers to support S. 1564/ H.R. 3182 which will delay CECL until its effects are evaluated. 

 Here’s how you do it using the WBA’s Legislative Action Center:  

  • Click on this link.  
    • Register if you haven’t in the past    
      • You only need to fill out 4 fields. No need to complete the entire form.    
      • Name  
      • Employer Name  
      • Home Address  
      • Work Email  
  • If you have registered in the past, enter your email  
  • Click on the tiny “Take Action” link  
  • Under “Additional Information” section at the bottom   
    • Tammy Baldwin Topics: Banking  
    • Ron Johnson: Economy & Jobs  
    • Congressman: Banking, Finance or Economy   
      • If you have to enter a phone number, enter your work phone  
      • NOTE: Not every congressman will have a field to enter  
  • Click “Go”  

Mission accomplished!   
Q: Will I get put on a “list” by doing this?   
A: Likely, yes. But it should only be an “update” email from your members of Congress. Not fundraising solicitations. You can always unsubscribe after receiving a first email. 
Q: Do emails really have an impact?  
A: Yes, in two ways. First, if an industry can send enough emails it will get the attention of an elected official and let them know that they need to take action. Second, you’re putting your member of Congress on notice that this is an issue for the industry. WBA and other national trade groups will also be sending actual letters to Congress and calling Congressional staff. However, we don’t want to overplay the value of email – this is one of several steps that need to be taken to change public policy.  
Q: May I send this link to every person in my bank?  
A: You bet! Please do! If you need it, please get prior approval from bank leadership.