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During a meeting yesterday with Financial Accounting Standards Board Member Hal Schroeder, NAFCU discussed credit unions' concerns with the "current expected credit loss" standard that FASB finalized in June 2016.

NAFCU President and CEO Dan Berger, along with Director of Research and Chief Economist Curt Long, Director of Regulatory Affairs Alexander Monterrubio and Regulatory Affairs Counsel Ann Kossachev, met with Schroeder and Todd Cranford, FASB's head of government affairs and external relations.

NAFCU reiterated points Berger made in a June 5 letterto FASB Chairman Russell Golden outlining credit unions' concerns and pressing for suspension of the FASB's CECL.

"NAFCU still strongly believes that credit unions—as member-owned, not-for-profit cooperatives—should never have been included within the scope of the ASU on credit losses," Berger wrote in the letter. He noted that credit unions are not publicly traded and their financial statements are examined by the NCUA.

Last week, FASB's Resource Transition Group met in Norwalk, Conn., to discuss implementation issues with CECL and acceptable methods for determining the estimated life of a credit card receivable. Kossachev attended the meeting for NAFCU. Also in attendance was Doug Wright, chief financial officer at Mission Federal Credit Union, a member of NAFCU and the TRG.

Credit unions can learn more about some of the key qualities and trade-offs under various CECL implementation models in astudyNAFCU released last month. The CECL accounting standard is currently scheduled to begin taking effect for credit unions in fiscal years beginning after Dec. 15, 2020.