The Wall Street Journal reported that FDIC Chairman Jelena McWilliams has asked FASB to defer CECL implementation for large public lenders.

The Journal noted that McWilliams advocated for large lenders to have the option to use the old model of recognizing credit losses as they discover more about the full impact of COVID-19.

According to the Journal, McWilliams stated that focusing on implementing the new standard may prevent banks from lending activity.