Comments on NCUA’s current expected credit loss (CECL) proposal are among several comment deadlines for credit unions during October. CUNA calls on credit unions to submit comments and has prepared a summary of the proposal.

CECL is a new accounting standard that recognizes lifetime expected credit losses (as opposed to the current incurred-loss approach). The proposal would temporarily mitigate the adverse Prompt Corrective Action consequences of the day-one capital adjustments, while requiring that FICUs account for CECL for other purposes, such as Call Reports. Comments are due Oct. 19.

Other comment deadlines in October include:

• Oct. 13: Federal Housing Financial Agency proposed benchmark levels for 2021 Fannie Mae and Freddie Mac housing goals;
• Oct. 13: Financial Crimes Enforcement Network (FinCEN) proposed renewal of Anti-Money Laundering programs under the Bank Secrecy Act;
• Oct. 13: FinCEN proposed renewal of Customer Identification Program requirements;
• Oct. 30: NCUA proposal on the assessment of an annual operating fee to federal credit unions; and
• Oct. 30: NCUA request for comment on methodology used to determine the overhead transfer rate.