CECL policy statement, corporate CU proposal on NCUA’s Feb. 23 agenda

The NCUA board will discuss a final interagency policy statement on the current expected credit loss (CECL) standard and propose a rule on corporate credit unions at its Feb. 20 meeting. The meeting will take place at 10 a.m. (ET), and will be streamed live on NCUA.gov.

CECL is a new accounting standard that uses an “expected loss” measurement for the recognition of credit losses. CUNA is concerned about its effect on credit unions, both from a compliance standpoint (credit unions have listed it as a top challenge) and its impact on the financial standing of credit unions.

CUNA commented on the proposed interagency policy statement in December, requesting NCUA continue to be proactive in its outreach to credit unions in terms of examination and guidance.

The agenda also includes:

 

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