FASB proposes modifying effective date of CECL standard

In promising news for credit unions on the compliance front, the Financial Accounting Standards Board is proposing to modify the effective date of its Current Expected Credit Losses standard for non-public companies. If approved, this change will allow private banks and credit unions an extra year to get ready for the new rules. Technically, the […]

In promising news for credit unions on the compliance front, the Financial Accounting Standards Board is proposing to modify the effective date of its Current Expected Credit Losses standard for non-public companies. If approved, this change will allow private banks and credit unions an extra year to get ready for the new rules. Technically, the effective date is changing only by one second past midnight.

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The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

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