CECL update today, NAFCU monitoring for signs of guidance

NAFCU regulatory affairs staff today will monitor the Financial Accounting Standards Board’s (FASB) open meeting for an update on its current expected credit losses (CECL) standard. Credit unions are still waiting for substantive guidance on the CECL standard and NAFCU strongly believes that the industry should not be included within its scope.

Today’s meeting begins at 9 a.m. Eastern and is available to view via livestream.

Last month, FASB discussed three options to clarify implementation concerns brought up during a June FASB Transition Resource Group meeting on CECL – attended by NAFCU.

FASB last week issued a request for feedback on its proposed update to the current CECL effective date for non-public business entities, including credit unions. This change would make clear that the implementation of the accounting standard is only required for fiscal years after Dec. 15, 2021.


continue reading »