Removing Barriers Blog

NCUA CECL proposal highlights Oct. comment deadlines

Comments on NCUA’s current expected credit loss (CECL) proposal are among several comment deadlines for credit unions during October. CUNA calls on credit unions to submit comments and has prepared a summary of the proposal.

CECL is a new accounting standard that recognizes lifetime expected credit losses (as opposed to the current incurred-loss approach). The proposal would temporarily mitigate the adverse Prompt Corrective Action consequences of the day-one capital adjustments, while requiring that FICUs account for CECL for other purposes, such as Call Reports. Comments are due Oct. 19.

Other comment deadlines in October include:

  • Oct. 13: Federal Housing Financial Agency proposed benchmark levels for 2021 Fannie Mae and Freddie Mac housing goals;
  • Oct. 13: Financial Crimes Enforcement Network (FinCEN) proposed renewal of Anti-Money Laundering programs under the Bank Secrecy Act;
  • Oct. 13: FinCEN proposed renewal of Customer Identification Program requirements;
  • Oct. 30: NCUA proposal on the assessment of an annual operating fee to federal credit unions; and
  • Oct. 30: NCUA request for comment on methodology used to determine the overhead transfer rate.