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Brad Sherman of California and Gregory Meeks of New York are worried the proposed accounting standard for recording loan losses will reduce access to credit for small businesses and low- and moderate-income communities.

The National Credit Union Administration will hold its final open board meeting of 2018 this week, amid a host of other regulatory and legislative activity.

Banks have criticized the new accounting standard, but it would likely soften future bubbles and reduce subsequent credit crunches by requiring that reserves be held upfront when loans are made.

Readers weigh in on consumers taking on more debt, President Trump's criticism of the Federal Reserve and Zions CEO Harris Simmons as Banker of the Year.

Bank groups are pushing a variety of proposals to delay the loan-loss rule or soften its impact. The accounting standards board has agreed to review at least one of them — but at a pace that might not be fast enough for lenders.

Moelis submits a revised Fannie/Freddie blueprint; FASB considering a plan to have banks break out charge-offs and recoveries on year-by-year basis; Wells Fargo layoffs begin with 1,000 jobs in mortgage and tech; and more from this week's most-read stories.

The Financial Accounting Standards Board is considering a plan to have banks break out charge-offs and recoveries on a year-by-year basis. Bankers fear new systems would be needed to comply.

Credit union advocates are keeping a close watch on several races in this week's midterm elections.

The Bank Policy Institute said the Current Expected Credit Loss model is a “sea change” from how banks have traditionally set aside reserves.

Many community banks lack the historical loss data they need to adopt the new accounting standard, which raises questions about the model’s efficacy for these institutions.