FASB’s current expected credit loss (CECL) standard is the most significant change in accounting rules to hit the financial services industry in decades. But there is a fundamental misalignment between FASB’s objectives in developing the CECL standard and the credit union industry.
We maintain that credit unions should not be subject to CECL because they were not a part of the poor lending practices that precipitated the financial crisis. Policymakers must consider the impact of the CECL standard on credit unions and their members.
How This Impacts You
The CECL standard will affect credit union capital, reserves for expected losses, necessitate development of new forecasts, and ultimately lead to increased compliance costs – both in dollars and staff time – that many credit unions cannot afford.
Exempt Credit Unions from the CECL Standard
Urge policymakers to consider the impact of the CECL standard on credit unions and their members.
December 23, 2019
This week: NAFCU closed Tuesday, Wednesday for Christmas, continues to tout CUs' good works
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Add to Calendar 2019-02-05 14:00:00 2019-02-05 14:00:00 CECL Update – The Time is Now FASB's new accounting standard related to calculating the allowance for loan losses known as CECL will require significant changes for credit unions. There continues to be new guidance on methods for implementation. This webinar will review the most recent updates as well as key items for implementation. Key Takeaways Review condensed timeline and current information related to the current effective credit loss (CECL) method Discuss auditor and examiner expectations related to CECL Walk through updated timeline of implementation Identify options for calculating the allowance for loan losses (ALL) Purchase Now$295 Members | $395 Nonmembers (Additional $50 for CD) One registration gives your entire credit union access to the on-demand recording until February 5, 2020.Already registered? Go to the Online Training Center to view live. Who Should Attend? NAFCU Certified Compliance Officers (NCCOs) NAFCU Certified Risk Managers (NCRMs) Chief Financial Officers Vice Presidents, Senior Vice Presidents and Executive Vice Presidents of Finance Controllers Open to all credit unions, regardless of membership or charter type! Education Credits NCCOs will receive 1.5 CEUs for participating in this webinar. NCRMs will receive 1.5 CEUs for participating in this webinar. CPA credit information is below; recommended 1.5 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, Education Manager, NAFCU Learning Objectives: Review condensed timeline and current information related to the current effective credit loss (CECL) method. Discuss auditor and examiner expectations related to CECL. Walk through updated timeline of implementation. Identify options for calculating the allowance for loan losses (ALL). Program Level: Basic Prerequisites Needed: None Advance Preparation Needed: None Delivery Method: Group Internet-Based Recommended CPE Credits: 1.5 credits Recommended Field of Study: Accounting - Technical National Association of Federal Credit Unions (NAFCU) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. Learn more. About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, D.C. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer. Web NAFCU email@example.com America/New_York public
Credits: NCCO, NCRM, CPE