NAFCU urges FASB to accelerate TDR elimination date
NAFCU Regulatory Affairs Counsel James Akin last Thursday sent a letter to the Financial Accounting Standards Board (FASB) sharing the association’s response to the Proposed Accounting Standards Board Update, eliminating accounting guidance for troubled debt restructurings (TDR) and enhancing certain disclosure requirements.
While NAFCU generally supports FASB’s proposal to eliminate the accounting guidance for TDRs, the association strongly urges FASB to “accelerate the effective date of TDR elimination as optional for non-public entities as early as the annual period beginning after December 15, 2021,” wrote Akin. Non-public entities have successfully maintained sufficient loan loss allowance levels without TDR accounting guidance and will likely be able to continue doing so moving forward.
Akin also discusses the redundancy of TDR accounting guidance, sharing financial institutions’ track records of success in voluntarily disclosing information in the absence of TDR guidance during the pandemic. Regarding the current expected credit losses (CECL), NAFCU urges FASB to eliminate the adoption of CECL, citing major credit union concerns with the accounting standard. The association has previously called on FASB to exempt all non-public filers, including credit unions, from compliance with the CECL standard.
NAFCU also supports the adoption of narrowly tailored disclosures that provide meaningful information to users of financial statements without introducing unnecessary cost and burdensome complexity to the accounting process.
NAFCU continues to encourage FASB to eliminate TDR guidance and will keep credit unions updated on the process. Read the full letter here.
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Add to Calendar 2023-03-28 14:00:00 2023-03-28 14:00:00 A Deep Dive into FedNow Service Features and 24/7/365 Operations Join part 2 of this FedNow webinar series to deepen your knowledge of FedNow Service features and capabilities to prepare your credit union for 24/7/365 operations. Join Director of FedNow Product Management, Stephanie Miracle, and you’ll explore important operational topics that are top of mind for credit unions including release 1 features, reconcilement, accounting changes, reporting, liquidity management, fraud and risk mitigation, ISO 20022, and how to work with your service provider. Operations, technology and business development staff will find this webinar particularly valuable as they consider tactical next steps to convert to always-on payment operations. Key Takeaways Examine specific FedNow operational topics including reporting, reconcilement, seven-day accounting, liquidity management, ISO 20022 and more. Learn about fraud and risk considerations that are inherent to instant payments, and the Federal Reserve’s fraud mitigation approach and tools. Discover how to best engage with your service provider partners as you embark on your instant payments implementation journey. Register Now Registration is Complimentary, but you must register to view.One registration gives your entire team access to the live webinar and on-demand recording until March 28, 2024.Go to the Online Training Center to access the webinar after purchase » Who Should Attend? Credit union accounting and finance management NCRMs and risk titles NCCOs and compliance titles Education Credits NCCOs will receive 1.0 CEUs for participating in this webinar NCRMs will recieve 1.0 CEUs for participating in this webinar 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
A Deep Dive into FedNow Service Features and 24/7/365 Operations
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Add to Calendar 2023-03-28 14:00:00 2023-03-28 14:00:00 SECURE 2.0: Creating a New Retirement Plan Foundation About the Webinar The SECURE 2.0 Act of 2022 was passed by Congress and signed into law by the President on December 26th 2022. The law contains 92 provisions, many of which are designed to expand retirement savings and coverage and simplify retirement plan rules. A number of these provisions will serve as the foundation for new plan formation among small businesses and may propel overall increased participation and savings rates. This is one of the largest pieces of retirement plan legislation in some time. This legislation has been anticipated for nearly a year, with key features contained in previously proposed bills presented over the last several years. While some of these features are identical to what was previously proposed, others have been modified to some extent in the final version of the law. Watch On Demand Web NAFCU firstname.lastname@example.org America/New_York public
SECURE 2.0: Creating a New Retirement Plan Foundation
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