Accounting standards

Parties talking about a temporary lift of Wells' asset cap; GDP would have to drop an “unlikely” 35% in Q2 before JPMorgan would be forced to stop payouts.

Congress and financial regulators have implemented a number of measures to help the industry survive the financial impact of the pandemic, and a fourth phase of stimulus could be coming.

Emergency loan program plagued by chaos on eve of launch; why Moven, one of the first challenger banks, is calling it quits; Fed faces conundrum on whether to remove Wells Fargo's asset cap; and more from this week's most-read stories.

The $2 trillion stimulus package, which the House passed earlier in the day, aims to expand Federal Reserve liquidity resources and provide financial institutions with some regulatory relief.

Lawmakers and regulators opted to delay compliance for banks that have implemented the credit loss standard, sparing them near-term capital hits.

The $2 trillion stimulus package, which the House passed earlier in the day, aims to expand Federal Reserve liquidity resources and provide financial institutions with some regulatory relief.

Regulators are allowing banks that implemented the loan-loss standard to forestall any capital hits until 2022.

NAFCU and CUNA wrote to the regulator asking for a variety of measures to help credit unions weather the pandemic, including not implementing the CECL standard until at least 2024.

Details of the $2 trillion deal were still fluid Wednesday, but lawmakers were closing in on a plan that would aim to put lenders and consumers alike on stronger financial footing as they weather the coronavirus pandemic.

Policymakers should abolish the new accounting standard because it could distract banks at exactly the moment they need to be focused on pulling their communities from the brink of recession.