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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.

If you have any questions, please contact Gunster securities law and corporate governance practice leader Bob Lamm.

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This publication is for general information only. It is not legal advice, and legal counsel should be contacted before any action is taken that might be influenced by this publication.

About Gunster

Gunster, Florida’s law firm for business, provides full-service legal counsel to leading organizations and individuals from its 12 offices statewide. Established in 1925, the firm has expanded, diversified and evolved, but always with a singular focus: Florida and its clients’ stake in it. A magnet for business-savvy attorneys who embrace collaboration for the greatest advantage of clients, Gunster’s growth has not been at the expense of personalized service but because of it. The firm serves clients from its offices in Boca Raton, Fort Lauderdale, Jacksonville, Miami, Orlando, Palm Beach, Stuart, Tallahassee, Tampa, The Florida Keys, Vero Beach, and its headquarters in West Palm Beach. With nearly 200 attorneys and 200 committed support staff, Gunster is ranked among the National Law Journal’s list of the 500 largest law firms and has been recognized as one of the Top 100 Diverse Law Firms by Law360. More information about its practice areas, offices and insider’s view newsletters is available at www.gunster.com.

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