1. Short title
This Act may be cited as the “Eliminating CECL Accounting Standard Act”.
Eliminating CECL Accounting Standard Act
A BILL
To specify that no person shall be required to comply with the CECL Rule under any Federal statute or regulation.
2. Removing any requirement to comply with the CECL Rule
In general— No person shall be required to comply with the CECL Rule under any Federal statute or regulation.
CECL Rule defined— In this section, the term CECL Rule means the accounting standard contained in the Accounting Standards Update No. 2016–13 of the Financial Accounting Standards Board, titled “Financial Instruments–Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” issued June 2016.