2 CUNA members named to CECL transition resource group
Two Credit Union National Association (CUNA) members have been named to the transition resource group for the upcoming current expected credit loss (CECL) proposal, the Financial Accounting Standards Board (FASB) announced Tuesday. According to FASB, the CECL proposal is likely to be finalized by mid-2016.
Susan Hannigan, senior vice president/chief financial officer at Jeanne D’Arc CU, Lowell, Mass., and Doug Wright, chief financial officer at Mission FCU, San Diego, have been named to the group.
“This is a great opportunity to ensure the credit union perspective is present during the resource group’s discussions,” said Elizabeth Eurgubian, CUNA’s deputy chief advocacy officer.
The CECL proposal would utilize a single “expected loss” measurement for the recognition of credit losses, which would replace the multiple existing impairment models in U.S. generally accepted accounting principles that generally use an “incurred loss” approach.continue reading »