Cruz cosponsors CECL legislation

Posted: Jun 24, 2019 | Author:

United States Sen. Ted Cruz (R-Texas) has signed onto SB 1564 by Sen. Thom Tillis (R-N.C.). The bill, which was filed on May 21, would stop the implementation of the Financial Accounting Standards Board regulation on current expected credit loss (CECL) and study its potential impact on the financial industry and the U.S. economy.

Cruz becomes the eighth cosponsor of the bill, joining Sens. Tom Cotton (R-Ark.), John Boozman (R-Ark.), Jerry Moran (R-Kan.), Kevin Cramer (R-N.D.), David Perdue (R-Ga.), Mike Rounds (R-S.D.), and Joni Ernst (R-Iowa).

For more information, please contact Jeff Huffman, Texas Credit Union Association, at 469-385-6488 or jhuffman@txcua.coop.