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NAFCU-member credit unions have until Wednesday to submit responses to the Economic & CU Monitor survey, which is focused on Financial Accounting Standards Board's (FASB) current expected credit losses (CECL) standard.

This standard goes into effect for credit unions fiscal years beginning after Dec. 15, 2021. FASB indicated at a recent meeting attended by NAFCU and a member credit union that it would be issuing guidance clarifying that credit unions would not need to begin reporting data on losses on call reports until the beginning of 2022 in order to allow credit unions to see how business entities report the data and how auditors and regulators approach the standard. NAFCU has resources available to help credit unions prepare for implementation.

In the survey, NAFCU would like to know what credit loss methodology credit unions have been using, and which models they expect to use to comply with CECL. The survey also asks whether credit unions have begun collecting data for CECL and what products will be most impacted by CECL requirements.  

Responses to the Monitor survey are due Wednesday; the survey can be filled out online.

NAFCU relies on survey responses on to provide its members a glimpse of trends affecting the credit union industry as a whole. The association also uses survey responses to inform its advocacy efforts on Capitol Hill and with regulatory agencies such as the NCUA, the CFPB and the Federal Reserve.