Fed's Powell defends bank CECL standard in US House appearance
Federal Reserve Chairman Jerome Powell got an earful from lawmakers of both parties Feb. 27 on an impending bank accounting switch that the industry says could harm the economy.
But Powell declined to side with those critics, saying the Fed does not believe the current expected credit loss model standard, or CECL, will cause banks to pull back on consumer lending. The Fed will monitor the issue closely and could take "appropriate action" if necessary, he added.
"We're aware of those ...