Bank of America postpones CECL, sets aside $3.6B for COVID-19 | Auto Finance News | Auto Finance News

Bank of America postpones CECL, sets aside $3.6B for COVID-19

Bank of America has tapped the Federal Reserve’s March 27 option to defer estimated capital impact under current expected credit loss (CECL) until 2022, Chief Financial Officer Paul Donofrio said during the bank’s first-quarter earnings call today.   The Charlotte-based bank increased its allowances for credit losses $3.3 billion Jan. 1, when it first was required to implement […]

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