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CUNA Asks NCUA to Make CECL Implementation a Priority
Tuesday, June 28, 2016 6:50 AM

In a letter to NCUA Chairman Metsger, Credit Union National Association asked for the agency’s assurance that it will “make assisting credit unions with implementation of the new accounting standard a top priority.” The letter follows an interagency statement issued recently by NCUA and others regarding implementation of FASB’s current expected credit loss (CECL) standard on credit impairment. 

While the statement indicates the agencies will be developing implementation guidance, CUNA's letter asks NCUA to detail its plans for developing guidance specific to credit unions. 

In addition to information about its forthcoming guidance, CUNA also ask NCUA to develop a public framework for how it will assist credit unions as they prepare for implementation of the new standard. This framework should include a timeline of when the agency will release detailed compliance resources, such as credit union-specific examples and Q&As.

Further, CUNA urges the agency to establish an implementation task force comprised of accounting experts from credit unions of all asset sizes from across the country. This task force will be crucial in ensuring NCUA has a comprehensive understanding of the ongoing issues credit unions are dealing with as they prepare to comply.