Bowman shuns CECL. Friends say it just needs a little help
How far should FASB go in reforming credit-loss accounting rules?
Regulators don’t often push to overhaul rules more than bankers want. Oddly though, Michelle Bowman, vice-chair for supervision at the Federal Reserve Board, may want to go further than the industry in reforming the measurement of lenders’ loan losses.
During a roundtable hosted by the Financial Accounting Standards Board in May, Bowman berated the offending accounting standard for failing to meet expectations and labelling it a “vendor compliance trap”.
Two sources read her remarks as wanting a
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