Members of the House Financial Services Committee expressed concerns about CECL and cited CUNA data on credit union issues with the standard Tuesday in a hearing with NCUA Chairman Rodney Hood, who said his agency shares those concerns.
Registration is now live for the CUNA Current Expected Credit Loss School, a live training event Sept. 5-6 designed to prepare credit unions for the new Current Expected Credit Loss standard going into effect Dec. 15, 2021.
Federal financial regulators conducted a webinar on CECL Thursday, going over supervisory expectations and calculations methods, and highlighted an April 30 closed-door CECL workshop credit unions can participate in.
The NCUA, along with other federal financial regulators, has posted a FAQ document on the CECL standard. CUNA has called on NCUA to provide credit unions with resources on CECL to aid in implementation.
Financial regulators will conduct a webinar April 11on coming changes to the CECL standard, an announcement that comes after longtime efforts from CUNA calling for additional resources to help credit unions with implementation.
CUNA joined with several other financial services trade organizations to urge FASB to delay implementation of its CECL standard to ensure there are no unintended consequences. CUNA filed its own comment letter on the standard Monday.
Proposed changes to the CECL standard are unlikely to be adopted by credit unions, thus CUNA urged the Financial Accounting Standards Board Monday to explore ways relief for credit unions can be achieved.