On the legislative side, in what appears to be an unprecedented move, the stimulus package passed by the Senate on March 25, 2020 and by the House on March 27, 2020, and signed by the President later that day, contains a provision that would provide temporary relief from the FASB’s “current expected credit losses” accounting standard. The standard is generally viewed as requiring banks and credit unions to write off loan losses sooner and more aggressively than the prior standard. The relief would give affected banks and credit unions until December 31, 2020 or when public health officials declare the pandemic over, whichever comes first.
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