Outside the Box: A new accounting rule on loan losses could be disastrous for the economy [MarketWatch]
JP Morgan Chase & Co. (JPM)
Last jp morgan chase & co. earnings: 4/14 06:43 am
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Source: MarketWatch
Opinion: A new accounting rule on loan losses could be disastrous for the economy Beginning in 2020, the Financial Accounting Standards Board (FASB) will require large financial institutions and smaller banks to estimate and report loan losses upon origination according to the Current Expected Credit Loss (CECL) standard, commonly referred to as the loan-loss rule. In recent congressional testimony , JPMorgan Chase CEO Jamie Dimon charged the rule will constrain banks and stymie lending. Even more portentously, CECL does not work: a major conceptual error in FASB’s guidance will cause significant losses to be reported where none exist and could result in a further significant decline in lending, which in turn could exacerbate a potential recession. The loan-loss rule requires, upon origination, recognition of credit losses using economic forecasts over the contractual lives of loans and held-to-maturity debt securities. One can appreciate the salutary transparency the anticipation of
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JPM
Earnings
- 4/12/24 - Beat
JPM
Sec Filings
- 4/18/24 - Form 424B2
- 4/18/24 - Form 424B2
- 4/18/24 - Form 424B2
- JPM's page on the SEC website