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The banking industry and its allies in Congress have been outspoken in their fierce opposition to CECL since the broad outlines became clear, well ahead of FASB’s formal promulgation – its Accounting Standards Update (Topic 326) – in June 2016. However, the last few months of 2018 saw a marked intensification of that hostility. Blaine Luetkemeyer, R-MO, garnered frequent attention as Chairman of House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit. The start of the New Year, along with the new Congress, represents a good time to review these recent CECL developments and to anticipate the next big battle.

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