The Financial Accounting Standards Board (FASB) today backed off from its plan to make banks use market values to calculate how much the loans on their books are worth, according to Bloomberg.

The panel today approved a change to its proposal that will allow banks to report some financial instruments on their balance sheets at amortized cost rather than fair value. The American Bankers Association (ABA) and some large U.S. banks opposed the original plan, which would have forced lenders to mark deposits and loans to market values.

The original plan prompted 2,814 comment letters to FASB since its release in May and was opposed by Wells Fargo & Co., among others.

Wells Fargo already reports the fair value of its loans in the footnotes of its quarterly reports to regulators, but reporting changes through other comprehensive income could cause swings of billions of dollars in the book values.

“Today’s shift recognizes investor concerns that a company’s business model should be a key factor in measuring financial instruments,” said Frank Keating, CEO of the ABA, in a statement.