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US banks' 2020 credit-loss accounting standard had intended effect during pandemic, study says

By Neil Roland ( January 4, 2022, 18:53 GMT | Insight) -- A US accounting standard that went into effect for most banks just before the pandemic worked as intended, resulting in higher allowances set aside early on for estimated credit losses and then a steady stream of allowances later, a Federal Reserve study said. “[Current Expected Credit Losses] adopters’ loan-loss provisioning was noticeably more responsive to the dramatic changes in economic outlook that occurred in the Covid-19 pandemic,” the study said.A US accounting standard that went into effect for most banks just before the pandemic worked as intended, resulting in higher allowances set aside early on for estimated credit losses and then a steady stream of allowances later, a Federal Reserve study said....

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