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NAFCU today is attending the Financial Accounting Standards Board's public meeting where community bank representatives, auditors and banking regulators will share their views and concerns over measuring credit losses on financial assets.

NAFCU Regulatory Affairs Counsel Alexander Monterrubio is representing the association in today's meeting, which is focused on FASB's project on accounting for impairment in financial instruments. The meeting will be streamed live on FASB's website.

On Monday, NAFCU President and CEO Dan Berger urged FASB to reconsider its current expected credit loss standard in a letter. He emphasized the need for any proposed update to consider the unique structure of credit unions as member-owned, not-for-profit institutions. He stated NAFCU's belief that credit unions should not be subject to the proposed update as the costs for credit unions outweigh the benefits.

Berger also urged the board to extend by one year the implementation of the CECL standard in light of the delay in finalization. FASB is now expecting to finalize its CECL standard near the end of the second quarter of 2016.

Accordingly, Reps. Scott Tipton, R-Colo., Patrick Murphy, D-Fla., and 60 other House members sent a NAFCU-endorsed letter to FASB last week to raise concerns about how its proposed CECL standard could hurt credit unions and community banks.