Newsroom

NAFCU is one of four associations participating today in a discussion on changes related to a credit union's allowance for loan and lease losses with the American Institute of Certified Public Accountants (AICPA). The roundtable is with the AICPA's Depository Institutions Expert Panel.

NAFCU Director of Regulatory Affairs Alexander Monterrubio and Vice President of Research and Chief Economist Curt Long will attend.

During the meeting, attendees will discuss the current expected credit loss (CECL) model and what associations can do to help their members prepare for the change, which goes into effect for credit unions fiscal years beginning after Dec. 15, 2020. The panel and associations will also go over financial institutions' readiness for changes to revenue recognition standards and the definition of a public business entity.

NAFCU still strongly believes that credit unions should not be included within the scope of the CECL standard. Credit unions can learn more about some of the key qualities and trade-offs under various CECL implementation models in a study NAFCU released earlier this summer.