The Financial Accounting Standards Board Wednesday agreed to a CUNA-supported update to the current expected credit loss (CECL) standard, eliminating Troubled Debt Restructuring (TDR) accounting requirements for entities upon adoption of CECL.
NCUA should finalize pending rulemakings on the Capitalization of Interest in Connection with Loan Workouts and Modifications proposal, and the Transition to the CECL Methodology, CUNA wrote members of the NCUA board Thursday.
CUNA supports NCUA’s proposed current expected credit loss (CECL) transition methodology, it wrote to the agency Monday. CUNA also strongly supports the proposal’s effective exemption of credit unions with less than $10 million in assets from CECL.
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.
CUNA President/CEO Jim Nussle and Senior Director of Advocacy and Counsel Luke Martone met with new FASB Chair Richard Jones Thursday. CUNA previously wrote to Jones about the current expected credit loss (CECL) standard, which FASB implements, when he took over as chair July 1.
CUNA welcomed the new chairman of the Financial Accounting Standards Board Richard Jones, with a letter sent Wednesday. FASB is a standard-setting entity responsible for, among other things, the current expected credit loss (CECL) standard..