CUs: Get answers on CECL during April 11 webinar
The Federal Reserve Bank of St. Louis is offering an "Ask the Regulators" webinar on April 11 to help financial institutions prepare for the current expected credit loss (CECL) accounting standard. NAFCU recently urged the Financial Accounting Standards Board (FASB) to exempt credit unions from this standard.
Registration for the webinar, which is slated to begin at 2 p.m. Eastern April 11, is available here.
According to a release from the NCUA, "the webinar will focus on how CECL changes will affect smaller institutions and will include a detailed discussion of the weighted average remaining maturity method for estimating the allowance for credit losses." There will also be a question and answer session; participants can submit questions in advance via email@example.com.
In addition to Federal Reserve staff, representatives from the NCUA, FASB, FDIC, Office of the Comptroller of the Currency, Securities and Exchange Commission and Conference of State Bank Supervisors will participate in the webinar.
NAFCU has devoted considerable time and resources to educate credit unions on CECL requirements, and to share the industry's concerns with FASB. Credit unions' unique capital framework limits the NCUA's ability to mitigate CECL's effect on institutions' net worth without action from FASB.
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