A group of community bankers from the Independent Community Bankers of America met last week with the Financial Accounting Standards Board to discuss their concerns with FASB’s upcoming impairment standard on credit losses.
The three community bankers—Greg Ohlendorf, president and CEO of First Community Bank and Trust in Beecher, Ill.; Lucas White, vice president and director of The Fountain Trust Co. in Covington, Ind.; and Tim Zimmerman, president and CEO of Standard Bank in Monroeville, Pa.—warned that FASB’s Current Expected Credit Loss, or CECL, proposal could irreversibly damage the ability of community banks to continue meeting the needs of local customers and communities, according to the ICBA. Michael Gullette, vice president of accounting and financial management at the American Bankers Association, also participated in the roundtable meeting along with representatives of three other banks, according to the ABA. The CECL proposal would be part of the financial instruments impairment standard
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