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May 25, 2016
CECL survey responses due May 31
Responses for NAFCU's Economic & CU Monitor survey focusing on the Financial Accounting Standards Board's current expected credit lost (CECL) standard are due May 31.
The survey includes questions on how credit unions believe the CECL standard will impact their current allowance account and whether they believe they have enough CECL accounting guidance from NCUA. The survey also includes questions on how credit unions handle debt collection.
Survey results are critical to NAFCU advocacy efforts with regulators and legislators, as they offer the latest data on the top issues the credit union industry is facing. Member credit unions can fill out the Monitor survey online or via an Excel file to be returned to research@nafcu.org.
As urged by NAFCU, FASB last month extended the CECL effective date by one year. For credit unions and other nonpublic business organizations, the standard will apply for fiscal years beginning after Dec. 15, 2020.
A session is planned for NAFCU's Annual Conference and Solutions Expo that will help credit unions prepare for the CECL standard implementation. The conference is set for June 14-17 in downtown Nashville.
The survey includes questions on how credit unions believe the CECL standard will impact their current allowance account and whether they believe they have enough CECL accounting guidance from NCUA. The survey also includes questions on how credit unions handle debt collection.
Survey results are critical to NAFCU advocacy efforts with regulators and legislators, as they offer the latest data on the top issues the credit union industry is facing. Member credit unions can fill out the Monitor survey online or via an Excel file to be returned to research@nafcu.org.
As urged by NAFCU, FASB last month extended the CECL effective date by one year. For credit unions and other nonpublic business organizations, the standard will apply for fiscal years beginning after Dec. 15, 2020.
A session is planned for NAFCU's Annual Conference and Solutions Expo that will help credit unions prepare for the CECL standard implementation. The conference is set for June 14-17 in downtown Nashville.
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