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.
Comments are due Sept. 16.
Other comment deadlines this month include: