April 15, 2019

Two upcoming events to provide CECL insights

accountingCredit unions can sign up to attend two upcoming events focused on the current expected credit loss (CECL) standard: the Financial Accounting Standards Board (FASB) is hosting a closed-door workshop April 30, and Bloomberg Tax is hosting a free conference May 7.

Those interested in participating in the April 30 workshop for credit unions and community banks can contact FASB's Shayne Kuhaneck to reserve their spot.

Registration for Bloomberg Tax's May 7 conference is available here. The conference will feature speakers from various financial institutions, FASB and accounting firms.

Last week, the Federal Reserve Bank of St. Louis, along with other financial regulators, offered a webinar to help financial institutions prepare for CECL; it is available on-demand here. Financial regulators recently released a new CECL FAQ document to help institutions implement the standard. 

NAFCU has devoted considerable time and resources to assist credit unions with all their CECL requirement needs, while also sharing the industry's concerns with leaders at FASB. The association has urged FASB to exempt credit unions from the standard and CECL is also among NAFCU's priorities for the NCUA Board to address.

The association has also shared concerns with key decision makers and is working to obtain changes and more guidance on the standard. A number of lawmakers have also expressed concerns about the impact of the standard.