News stories tagged CECL

BRIEFLY: Capitalization of interest rule effective July 30 … while CECL transition rule takes effect Aug,. 2; Risky AML/CFT/CPF jurisdiction list updated; New leader at World Council of CUs; Have a happy, safe July 4 holiday!

(July 2, 2021) NCUA’s final rule permitting federally insured credit unions (FICUs) to extend financing of interest in connection with loan workouts and modifications is set to take effect July...

Fed announces tool for small banks grappling with CECL

(July 2, 2021) A new tool aimed at helping smaller banks calculate their allowances under the new current expected credit loss (CECL) accounting standard was announced by the Federal Reserve...

Ito: State system welcomes CECL, loan capitalization rules

(June 25, 2021) NASCUS President and CEO Lucy Ito said the state system embraces both new rules, which the association had supported. On interest capitalization, Ito said the new rule...

NASCUS-supported rules finalized on interest capitalization, CECL impact

(June 25, 2021) Final rules on capitalization of interest by federally insured credit unions, and on mitigating the day-one effect of the current expected credit loss (CECL) accounting standard on...

Rules on interest capitalization, CECL on NCUA Board agenda

(June 18, 2021) Two final rules – on mitigating the impact of the new CECL accounting standard, and allowing credit unions to capitalize interest, which NASCUS urged be finalized “expeditiously”...

BRIEFLY: House gives OK (again) to SAFE Banking Act; CECL session on technical issues set for May 20; Help in paying Medicare tax for employers offered

(April 23, 2021) The House passed NASCUS-backed legislation this week (again) aimed at providing a safe harbor for financial institutions seeking to serve legitimate cannabis-related businesses in states where the...

Summaries look at latest letters to CUs, alert from agency

(Jan. 29, 2021) NASCUS summaries of recent NCUA letters to credit unions – and a summary of a regulatory alert issued by the agency – are among the latest to...

State system supports CECL proposal, but seeks some changes from NCUA

The state credit union system offered support for mitigating the day-one effect of the current expected credit loss (CECL) accounting standard on capital levels, but also offered a number of...