CUNA will be engaged with several hearings in both chambers of Congress this week, including one on the impact of the Financial Accounting Standards Board’ (FASB) current expected credit loss (CECL) standard. The House and Senate are both in session this week, and could vote on a farm bill, as well as a tax bill that contains two CUNA-supported extensions of expired tax provisions, H.R. 88.
The House Financial Services subcommittee on financial institutions and consumer credit will conduct the CECL hearing, titled “Assessing the Impact of FASB’s CECL Accounting Standard on Financial Institutions and the Economy,” Tuesday, starting at 2 p.m. (ET).
CUNA will send a letter for the record of this hearing.
CECL was adopted in 2016, uses an “expected loss” measurement for the recognition of credit losses. FASB recently finalized a CUNA-backed delay in implementation to give credit unions and other entities more time to come into compliance.
Other hearings CUNA is engaged with this week include: