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: