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October 23, 2013
FASB talks credit-loss proposal with NAFCU reps
Oct. 24, 2013 – The Financial Accounting Standards Board discussed the board's proposed credit-loss proposal by teleconference last week with NAFCU's Regulatory Committee and staff.
The Regulatory Committee includes 25 NAFCU member credit union representatives and is chaired by At-Large Director Cutler Dawson, president and CEO of Navy FCU. It has a direct role in shaping NAFCU's policy on regulations affecting members.
This May, NAFCU told FASB its proposed statement of accounting standards on credit losses – which would replace the current credit-loss impairment model with an expected loss model – would be difficult and costly for credit unions to implement. In a comment letter, NAFCU said the proposal would:
The Regulatory Committee includes 25 NAFCU member credit union representatives and is chaired by At-Large Director Cutler Dawson, president and CEO of Navy FCU. It has a direct role in shaping NAFCU's policy on regulations affecting members.
This May, NAFCU told FASB its proposed statement of accounting standards on credit losses – which would replace the current credit-loss impairment model with an expected loss model – would be difficult and costly for credit unions to implement. In a comment letter, NAFCU said the proposal would:
- result in an increase in credit unions' allowances, misleading members and possibly affecting regulatory capital requirements; and
- impose significant costs on credit unions by requiring increased data collection and triggering added costs for recording systems and the hiring and training of personnel to conduct forecasts.
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