Compliance Deadline: NCUA Transition to CECL

Compliance Deadlines Add to Calendar 2022-12-15 17:00:00 2022-12-15 17:00:00 Compliance Deadline: NCUA Transition to CECL On June 24, 2021, the National Credit Union Administration Board (the Board) issued a final rule establishing a three-year phase-in of the day-one adverse impacts of the Current Expected Credit Loss (CECL) accounting standard on a federally insured credit union’s (FICU) net worth ratio. The phase-in will only be applied to those FICUs that adopt the CECL standard for fiscal years beginning on or after December 15, 2022. Early adopters will not be eligible. In general, the phase-in will operate by supplementing nominal retained earnings and total assets with a “transitional amount,” measured as the difference between pre-CECL and post-CECL retained earnings. Final Regulation – 21-EF-20 Compliance Blog – 9/26/22 Download the latest full Compliance Calendar, including proposed regulations, past deadlines and more. Location NAFCU digital@nafcu.org America/New_York public

On June 24, 2021, the National Credit Union Administration Board (the Board) issued a final rule establishing a three-year phase-in of the day-one adverse impacts of the Current Expected Credit Loss (CECL) accounting standard on a federally insured credit union’s (FICU) net worth ratio. The phase-in will only be applied to those FICUs that adopt the CECL standard for fiscal years beginning on or after December 15, 2022. Early adopters will not be eligible. In general, the phase-in will operate by supplementing nominal retained earnings and total assets with a “transitional amount,” measured as the difference between pre-CECL and post-CECL retained earnings.

Final Regulation – 21-EF-20
Compliance Blog – 9/26/22

Download the latest full Compliance Calendar, including proposed regulations, past deadlines and more.