Newsroom
June 16, 2016
FASB issues final CECL standard
The Financial Accounting Standards Board today issued its final "current expected credit loss" standard – effective for credit unions beginning for fiscal years after Dec. 15, 2020 – one year later than originally planned for credit unions under a NAFCU-sought change approved in April.
"We are disappointed the board did not heed our call to issue an updated draft for public comment before finalizing this standard," said NAFCU President and CEO Dan Berger. "Credit unions still have reservations with the standard due to its impact on their operations and their ability to serve members."
In April, the board also voted to make certain disclosure requirements in the CECL standard optional for "non-public business entities," which include credit unions.
In February, Berger urged the board to issue an updated credit losses exposure draft and solicit additional public comments before finalizing the accounting standard. NAFCU also said that credit unions, as member-owned, not-for-profit cooperatives, should be entirely exempt from the credit losses project.
NAFCU is reviewing the final standard for its full impact on credit unions.
"We are disappointed the board did not heed our call to issue an updated draft for public comment before finalizing this standard," said NAFCU President and CEO Dan Berger. "Credit unions still have reservations with the standard due to its impact on their operations and their ability to serve members."
In April, the board also voted to make certain disclosure requirements in the CECL standard optional for "non-public business entities," which include credit unions.
In February, Berger urged the board to issue an updated credit losses exposure draft and solicit additional public comments before finalizing the accounting standard. NAFCU also said that credit unions, as member-owned, not-for-profit cooperatives, should be entirely exempt from the credit losses project.
NAFCU is reviewing the final standard for its full impact on credit unions.
Share This
Related Resources
Macro Data Report - Retail Sales
Reports
Add to Calendar 2021-04-15 09:00:00 2021-04-15 09:00:00 Attracting Younger Borrowers with Education Lending Listen On: Key Takeaways: [02:29] 66% of Gen Z are saying that they are worried about accumulating or not being able to pay off their student loan debt. More than 80% of respondents in that survey said they are going to attain at least a two-year degree. [03:21] 67% of student loan borrowers took out at least one additional product with the credit union who they finance their student loan through. It is a great opportunity to not only attract but to continue to retain and grow those relationships. [10:07] Franklin Mint wanted to offer the program to prospective members so they did print advertising, online advertising, outdoor advertising, and Pandora. The first 7 months of the year they averaged 300-400 visits to their student loan page. After the campaign, it went up to 1500-4000 visits. Web NAFCU digital@nafcu.org America/New_York public
Attracting Younger Borrowers with Education Lending
Consumer Lending, Student Loans, Credit Unions
preferred partner
LendKey
Podcast
COVID is Driving New Member Interest in Life Insurance
Strategy, Marketing, Growth & Retention, Customer Engagement
preferred partner
CUNA Mutual Group
Blog Post
FinCEN Publishes ANPRM on Beneficial Ownership Database
BSA
Blog Post
Get daily updates.
Subscribe to NAFCU today.