Luetkemeyer Addresses CECL Concerns at CUNA GAC
FOR IMMEDIATE RELEASE
March 13, 2019
Jim Nussle, CUNA president/CEO, released the following statement after Congressman Blaine Luetkemeyer (R-MO), spoke at the 2019 Credit Union National Association Governmental Affairs Conference (CUNA GAC):
“Congressman Luetkemeyer is no stranger to credit union issues. His leadership in Congress demonstrates the ability to deliver bipartisan solutions in Washington. The proposed credit loss standard is not suitable for credit unions and true relief is needed from FASB. We are pleased to know that Congressman Luetkemeyer stands alongside credit unions on this radar issue”
Last Congress, Luetkemeyer and the House Financial Services Committee (HSFC) formally introduced data breach notification legislation for financial institutions which includes notification principles aligned with CUNA’s advocacy.
Congressman Luetkemeyer also addressed the new Financial Accounting Standards Board (FASB) proposal that is intended to ease transition to the credit losses standard (CECL), which is a growing concern among credit unions.
“When FASB put the rule out there, they did not do a study on the human impact on the economy,” Luetkemeyer further urges regulators to pause and consider the effect of the proposition could have on American businesses and the economy.
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 115 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. To find your nearest credit union, visit YourMoneyFurther.com.