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Sallie Mae hints at over 300% increase in loan loss reserves under CECL

Sallie Mae is getting ready to increase its loan loss reserves by up to 313% in 2020 under the new accounting rules provided by the Financial Accounting Standards Board, Bloomberg Tax reported.

The current expected credit losses standard, which will go into effect Jan. 1, 2020, will make a significant impact on how the company records and reports its financial condition and results of operations, as well as on regulatory capital.

According to the news agency, CECL's impact will be so substantial that Sallie Mae is planning to develop a custom-made, unofficial accounting metric to present its financial health in a better manner.

Under the new FASB guidance, for all loans carried at amortized cost, upon loan origination, Sallie Mae will be required to measure its allowance for loan losses based on the company's estimate of all current expected credit losses over the remaining contractual term of the assets.