CUNA engaged w/ CECL hearing, H.R. 88 consideration this week

December 10, 2018

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:

  • Tuesday, 10 a.m. (ET): Senate Banking Committee hearing, “Oversight of the U.S. Securities and Exchange Commission;”
  • Tuesday, 10 a.m. (ET): House Judiciary Committee hearing, “Transparency and Accountability: Examining Google and its Data Collection, Use and Filtering Practices;” and
  • Wednesday, 10 a.m. (ET): House Financial Services subcommittee on monetary policy and trade hearing, “Evaluating the Effectiveness of the International Financial Institutions.”