The 2023 CECL deadline is approaching.

Current Expected Credit Loss has been a controversial topic since the Financial Accounting Standards Board issued the regulation in 2016. CECL replaces the current incurred loss model, used by financial institutions to track their losses, in favor of an expected loss model. The new model requires institutions to project expected credit loss over time, as opposed to waiting for a trigger event or loss to occur.

With the original 2020 CECL deadline rapidly approaching, FASB is receiving major pushback from Congress, federal financial regulatory agencies and industry advocates. The strongest point of concern is the increased amount of resources that community financial institutions will need to retain to cover the estimated expected losses over the life of every loan.

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