East Boston Savings Bank had a 14 percent decrease in net income for the first quarter compared to the same period last year. Net income was $13 million, or $0.25 per diluted share, in the first quarter compared to $15.1 million, or $0.29 per diluted share, for the first quarter of 2019.
The CARES Act and an interim final rule by bank regulators provided conflicting guidance on CECL implentation, prompting federal bank regulators to issue another joint statement clarifying the rule.
Banks that became subject to CECL this year can delay implementing the standard for two years following an interim final rule issued by federal bank regulators on March 27.
As federal and state regulators encourage banks and credit unions to work with customers facing financial hardships due to the coronavirus crisis, the Federal Deposit Insurance Corporation chairman wants to delay the implementation of a new accounting standard for banks.
More than a third of bank and credit union executives said they felt comfortable with forecasting economic projections 12 months into the future in anticipation of FASB’s coming CECL rule, Sageworks recently said.
One-third of bankers and credit unions executives have not yet begun preparations for the Financial Accounting Standards Board’s (FASB) coming Current Expected Credit Losses (CECL) standard, according to a new poll by the financial information firm Sageworks.
