Comments on a proposed delay of the current expected credit loss (CECL) standard and NCUA’s “Second Chance” proposal are among the items with comments due in the September. A complete list of comment deadlines can be found on CUNA’s advocacy actions page.
CECL is a new accounting standard that uses an “expected loss” measurement for the recognition of credit losses. The Financial Accounting Standards Board, who issued CECL, proposed a delay for CECL as it applies to credit unions to January 2023 (past the currently scheduled January 2022).
Specifically, the proposal would create two groups with different implementation dates: Securities and Exchange Commission filers (except for small reporting companies as defined by the SEC) and all others, including credit unions.
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