NCUA, financial regulators release CECL FAQs

NCUA, along with the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corp., and Office of the Comptroller of the Currency, just released an updated version on CECL FAQs.  CECL uses an “expected loss” measurement for the recognition of credit losses. Sources close to the LSCU say the most important takeaway will […]

NCUA, along with the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corp., and Office of the Comptroller of the Currency, just released an updated version on CECL FAQs.  CECL uses an “expected loss” measurement for the recognition of credit losses. Sources close to the LSCU say the most important takeaway will be that the regulators will not mandate a single approach when implementing CECL. See the full FAQ information here.

It may also be helpful to know NCUA will participate in a webinar on April 11  at 2 p.m. ET with other financial regulators on coming changes to the current CECL standard. Register here for the webinar.

It will be hosted by the Federal Reserve Bank of St. Louis, and the Financial Accounting Standards Board (which issued the standard), Federal Reserve, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, Securities and Exchange Commission and the Conference of State Bank Supervisors will present.

The webinar will focus on how CECL changes will affect smaller institutions and will include a detailed discussion of the weighted average remaining maturity method for estimating the allowance for credit losses.

The LSCU’s annual SCUCE, planned this year for June 19-21 in Orlando, FL, will include two breakout sessions on CECL, one for those who want to gain knowledge of CECL and the other for those more experienced with CECL. Learn more about registration and sessions here.

In addition, LEVERAGE offers a complete CECL solution. Click here for details.

 

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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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